Semiconductor/Semi Capital Equipment: 1Q preview: Focus on data center-driven Renesas and Kioxia after the pullback

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Semiconductor/Semi Capital Equipment: 1Q preview: Focus on data center-driven Renesas and Kioxia after the pullback

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Semiconductor/Semi Capital Equipment

1Q preview: Focus on data center-driven

Renesas and Kioxia after the pullback

Price Objective Change

10 July 2026

Solid results expected across coverage Equity

We revise earnings estimates for the SPE sector following our upward revision to WFE Japan

(wafer fabrication equipment) spending assumptions and provide a preview of upcoming Semiconductor/Semiconductor

Apr–Jun quarter results for the semiconductor and SPE sectors. For Renesas, we expect Capital Equipment

results to confirm the favorable market conditions highlighted at its June 25 Capital

Mikio Hirakawa >>

Markets Day. Both the semiconductor and SPE industries remain in an upcycle, and we Research Analyst

expect generally strong quarterly performances across the sector. BofAS Japan

+81 3 6225 7989

mikio.hirakawa@bofa.com

Focus: Renesas and Kioxia Mayako Ouchi >>

The key focus for Renesas is revenue growth from data center (DC) applications, its Research Analyst

BofAS Japan

primary growth driver. We estimate DC revenue, led by digital power products for GPUs mayako.ouchi@bofa.com

and ASICs, will exceed 20% of companywide sales in FY12/27. Texas Instruments’ Rina Fukunaga >>

earnings announcement on July 22 (July 23 JST) will also be closely watched as a leading Research Analyst

indicator for Renesas’ DC business. As the market increasingly recognizes the value of rina.fukunaga@bofa.com

Renesas’ DC exposure, we expect its valuation discount versus global peers to narrow.

Kioxia has become increasingly attractive following the recent share price correction.

The company continues to maintain disciplined capex while introducing LTAs (long-term