Higher semi capex to boost long-term growth

研报英文原文证据摘录

Higher semi capex to boost long-term growth

Macquarie Equity Research Rorze Corp.

Key Risks to Investment Thesis Company Description

• Chip sector capex is subject to cyclicality; weaker demand Rorze Corp. is an automation systems maker for

could lead to spending delays. semiconductor and FPD production. It operates through two

• Competition from the likes of Brooks Automation, Hirata, major business divisions: Semiconductor & FPD Equipment,

Sinfonia, as well as internalisation of EFEM at SPE makers. and Life Science. The Semiconductor & FPD Equipment

• Rorze may be affected by the ability of its large clients to segment provides EFEM (Equipment Front End Module) to

SPE makers, wafer sorters and stockers directly to IDM/ sell tools to China due to tighter export controls.

foundries. The Life Science segment provides bio genome-

• Rorze's margin is exposed to forex moves. JPY depreciation related equipment. Rorze's largest clients are Applied

against the USD will in general have a positive impact on its Materials, TSMC and Samsung group.

top line but a negative impact on profit. Rorze guides for

¥159/US$ for FY2/27.

• Rorze remains exposed to further losses from its US lawsuit

with KHI following the March 2026 verdict.

Figure 1 - Rorze: Sales by region (FY2/26A) Figure 2 - Rorze: Sales by segment (FY2/27E)

Source: Company data, June 2026 Source: Macquarie Research, June 2026

Rorze Corp. (6323 JP) JPY/(bn) unless otherwise noted

Income Statement Feb FY 2026A 2027E 2028E 2029E Q4/26A Q1/27E Balance Sheet 2026A 2027E 2028E 2029E

Revenue 128.8 165.0 195.1 222.1 34.3 39.9 Cash 74.3 89.7 116.3 150.7

Cost of Goods Sold 76.1 100.6 118.6 134.9 20.4 24.4 Receivables 32.4 36.2 42.8 48.7

Gross Profit 52.7 64.4 76.4 87.2 13.9 15.6 Inventories 45.5 55.6 60.3 62.6