Mid Small Cap/Manufacturer: Strategy for SPE-Related Stocks: Early Summer 2026

研报英文原文证据摘录

Mid Small Cap/Manufacturer: Strategy for SPE-Related Stocks: Early Summer 2026

Idea

June 11, 2026 06:55 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMid Small Cap/Manufacturer | Japan Yoshihito Hasegawa

Equity Analyst

Strategy for SPE-Related Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Stocks: Early Summer 2026

Despite concerns about impact from interest rates and stock

Mid Small Cap/Manufacturer

selection on share prices, demand remains robust for SPE and Japan

Industry View In-Line

test-related equipment used for producing AI semis. Highlight

What’s Changed

Ferrotec/Daihen (rising demand for equipment components),

Japan Material (6055.T) From To

Micronics Japan/Tokyo Seimitsu (test-related names). Price Target ¥2,000 ¥2,400

Towa (6315.T) From To

Key Takeaways Price Target ¥2,600 ¥3,200

Ferrotec (still OW): Earnings growth led by rising demand for TEC used in optical Daihen (6622.T) From To

Price Target ¥15,000 ¥20,000

transceivers and components used in SPE, along w/ higher plant operating rates.

Micronics Japan (6871.T) From To

Daihen (still OW): Output of power supplies for SPE to reach full capacity this Price Target ¥14,000 ¥19,000

summer. Further margin expansion on automated production of transformers,

Tokyo Seimitsu (7729.T) From To

greater demand for grid-scale storage batteries, restructuring in Europe. Price Target ¥18,000 ¥22,000

Micronics Japan (still OW): No concern over probe card demand, supported by Ferrotec (6890.T) From To

generational shifts in HBM technology and increased memory production. Supply Price Target ¥7,700 ¥13,000

capacity the key earnings driver.

Tokyo Seimitsu (still OW): High-precision temperature-controlled probers benefit

from rising performance requirements. Capacity expansion and cost reductions to