DISCO CORP (=) : Asia Technology Virtual Corporate Day Takeaway

研报英文原文证据摘录

DISCO CORP (=) : Asia Technology Virtual Corporate Day Takeaway

EQUITIES

IT HARDWARE

DISCO CORP NEUTRALPRICE* JPY66,910  TARGET PRICE JPY64,900 (DOWNSIDE 3%)

FLASH NOTE

Asia Technology Virtual Corporate Day Takeaway

26 MAY 2026 Securities Research Report Production time: 11:50* (London time)

Research Analyst & Publishing Entities

Alex Chang BNP Paribas Securities (Asia) Limited +852 28251849 alex.q.chang@asia.bnpparibas.com

What happened?

We hosted a conference call with the management of Disco Corp at our Asia Technology Virtual Corporate Day event.

Key themes discussed are:

Memory market dynamics: Near-term memory revenue growth is heavily concentrated in HBM. A broader recovery

in standard DRAM and NAND equipment orders depends on when front-end capacity expansions reach the back end.

Processing yields at memory manufacturers are a critical factor, as they inherently drive equipment volume.

Generative AI and Advanced Packaging: Generative AI is the primary growth driver for Disco’s shipment and

advanced packaging. The complex 2.5D structures required for AI packaging demand an intensive, multi-step

manufacturing process that heavily utilizes Disco’s full suite of dicers, grinders, and laser saws.

Divergent OSAT cycles: The OSAT market shows a geographic split. Chinese OSAT demand is exceptionally strong

– driven by state subsidies and semiconductor localization, making its cyclicality difficulty to forecast. Conversely,

globally and Taiwanese OSAT are recovering from post-COVID inventory adjustments and slowly benefiting from AI

packaging spillovers, despite sluggish consumer smartphone and PC demand.

Strategic capacity expansion: To meet high-end demand without raw material constraints, Disco is actively optimizing

capacity.