揖斐电：2027财年第一季度业绩简报要点

研报英文原文证据摘录

M

Update

August 5, 2026 05:53 AM GMT

Ibiden (4062) | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Shoji Sato

Equity Analyst

F3/27 1Q Results Briefing

Takeaways

Sota Harashima

Equity Analyst

Key Takeaways

Significant upside remains to the upwardly revised company forecast for F3/27

Ibiden plans to decide on and announce new capex involving construction of new

Ibiden (4062.T, 4062 JT)

buildings early in F3/27

Electronic Components | Japan

Ibiden believes it is the furthest ahead among the three companies working on

EMIB-T package substrates. It plans small-scale production at Cell 5 in F3/28 and

mass production at the Gama Plant in F3/29

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Overweight

In-Line

¥27,500

¥16,330

¥4,560.1

¥66.9

We note three key takeaways from Director Miyazaki’s presentation at the earnings

briefing held at 9:45am today.

(1) Why 1Q results exceeded the May plan and Ibiden revised up its full-year

forecast: (1) Demand for semiconductor FC package substrates exceeds production

capacity, with pricing particularly firm across all customers for high-value-added

products. (2) Productivity improvements at the Ono plant. (3) Easing materials

procurement risks. The company plans to review and announce its forecasts for

F3/28 onward by the time of the 2Q earnings briefing.

(2) Next capex following the total ¥500bn investment announced in May: The

company expects to simultaneously undertake investments involving new buildings

on land adjacent to the Gama plant and Ono plant. It plans to make a decision early

in F3/27.

(3) EMIB-T package substrates: Three companies are working on these, but Ibiden

believes it is the furthest ahead. The key technical challenges are embedding silicon

bridges in the buildup layers for interconnections and embedding passive

components in the core layers to strengthen power delivery. The company looks to

continue improving technological readiness and steadily raising yields. Production is

planned at two locations, Cell 5 and the Gama plant. Before starting mass

production at the Gama plant in F3/29, the company plans to begin small-scale

…