CKD "Maintaining Buy; earnings growth in semiconductor applications to continue"

研报英文原文证据摘录

CKD "Maintaining Buy; earnings growth in semiconductor applications to continue"

Global Research

19 May 2026ab

CKD Equities

JapanMaintaining Buy; earnings growth in

semiconductor applications to continue Industrial, Diversified

12-month rating Buy

12m price target ¥7,230Lifting PT to ¥7,230; reiterating Buy rating

Prior : ¥6,330

Alongside upward revisions to our forecasts, we are raising our price target to ¥7,230

(from ¥6,330) and maintaining our Buy rating. We expect full-fledged growth in the Price (18 May 2026) ¥6,230

core equipment business, supported by a recovery in semiconductor-related demand. RIC: 6407.T BBG: 6407 JP

Confirmation of earnings expansion in upcoming quarterly results could serve as a share

price catalyst. Trading data and key metrics

52-wk range ¥7,000-2,201

Earnings growth to continue in semiconductor-related equipment Market cap. ¥416b/US$2.62b

Driven by AI-related demand, semiconductor capex is expanding beyond Taiwanese Shares o/s 66.8m (ORD)

foundries and Korean memory makers to include memory and logic companies in Free float 84%

advanced economies. The Q4 FY3/26 results show the company has entered a full- Avg. daily volume ('000) 646

fledged earnings expansion phase underpinned by its equipment business and higher Avg. daily value (m) ¥3,421.9

sales of fluid control and pneumatic components for semiconductor applications. Common s/h equity (03/27E) ¥166b

Following upfront investment, equipment production capacity has already expanded to P/BV (03/27E) 2.5x

around ¥200bn, and we expect earnings growth to accelerate through higher utilisation Net debt to EBITDA (03/27E) NM

and volume effects. We do not anticipate any major additional investments will be

required through FY3/29, the final year of the current medium-term plan.