Electronics/SPE: Review of Jan–Mar results: Highlight Renesas, Panasonic and Kioxia

研报英文原文证据摘录

Electronics/SPE: Review of Jan–Mar results: Highlight Renesas, Panasonic and Kioxia

come from (1) share gains via new products such as QLC high-

capacity SSDs and Super High IOPS SSDs, and (2) greater price and earnings stability

through long-term contracts, leading to a narrowing valuation discount.

At the 2 June Investor Day, we will focus on updates on these product developments, go-

to-market strategies and progress in negotiations for long-term agreements.

Exhibit 4: Renesas CMD (25 June), where data center opportunities will be discussed, is a key catalyst

Key points to watch from Apr–Jun onwards across our coverage

Ticker Company Rating Focus points

6146 Disco Buy AI-related demand (incl. generative AI), ramp-up of hybrid bonding and panel-level packaging demand

6501 Hitachi Buy Progress in Physical AI strategy (incl. portfolio strategy for Connective Industries)

6503 Mitsubishi Electric Buy Growth in infrastructure businesses incl. defense; new medium-term plan (29 May 2026) and capital allocation

6504 Fuji Electric UP Earnings expansion in Energy (UPS, switchboards) and recovery in automotive power semiconductors

6723 Renesas Buy Expansion in AI accelerator-related business (updates at June CMD; auto semiconductor cycle)

6752 Panasonic Buy Trends in AI-related revenues (BBU, multilayer substrates, capacitors) and realization of structural reform benefits

6753 Sharp UP Development of growth drivers (overseas business, smart appliances)

6754 Anritsu UP Ramp-up in data center and 6G-related demand

6758 Sony Buy Strategy for leveraging generative AI, IP acquisition, expansion of anime/content business

6857 Advantest Buy Growth in tester demand for AI accelerators; adoption of die-level and silicon photonics testing; share gains in system-level test