Electronic materials briefing: Upbeat on improved certainty of 3x–4x BP growth

研报英文原文证据摘录

Electronic materials briefing: Upbeat on improved certainty of 3x–4x BP growth

30 June 2026

Tokyo Intraday Comment

Foods Ajinomoto (2802)

Rating: Buy

Price Objective: ¥6,100

Company Note On 30 June, Ajinomoto held a briefing regarding its growth strategy for electronic

Share price: ¥5,873 (30 Jun) materials. Genjin Mago, president of Ajinomoto Fine-Techno (AFT), expressed a bullish

Senior Analyst: Hiroshi Saji view on the strong growth potential of ABF and related products through 2030. This

outlook is underpinned by greater usage of ABF (Ajinomoto Build-up Film; an interlayer

insulating material) in larger and multilayer package substrates for high-performance

semiconductors such as CPUs, GPUs, and ASICs, as well as increased demand for AI

server package substrates that incorporate multiple high-performance semiconductors

via ABF. We have a positive impression of the briefing.

ICT domain (e.g., ABF and other electronic materials) is a key growth area:

Ajinomoto president & CEO Shigeo Nakamura stated that the ICT domain, including

electronic materials such as ABF, was a key growth area that would continue expanding

on the back of growing data volume and AI adoption. Mr. Nakamura outlined his

aim for the company to maintain its de facto standard position under the high-

speed development system, while both creating social value and achieving sustainable

business growth.

AI semiconductors to account for around 90% of ABF mix within four years:

During the briefing, AFT president Mago said that ABF for new applications such as AI

semiconductors was expected to account for around 90% of the product mix within four

years (it does not assume a 5-to-10-year timeframe), owing to full-scale contributions

from advanced AI packaging (2.5D). Mr.