Ebara Corporation: Maintain Buy: earnings growth likely to accelerate due to precision machinery

研报英文原文证据摘录

Ebara Corporation: Maintain Buy: earnings growth likely to accelerate due to precision machinery

Ebara Corporation Equities

JapanMaintain Buy: earnings growth likely to

accelerate due to precision machinery Factory Equipment

12-month rating Buy

12m price target ¥7,180Raising price target to ¥7,180, maintaining Buy rating

Prior : ¥6,250

Alongside upward revisions to our earnings forecasts, we are raising our target multiple

due to the increased visibility on earnings growth and accordingly revising up our price Price (15 Jun 2026) ¥6,204

target from ¥6,250 to ¥7,180. We maintain our Buy rating based on the receding risk of RIC: 6361.T BBG: 6361 JP

earnings deterioration in the energy business due to the stabilisation of the Middle East

situation, and accelerated earnings growth in precision machinery due to capex growth Trading data and key metrics

in the semiconductor industry. Confirmation of earnings growth in upcoming quarterly 52-wk range ¥6,204-2,229

results could serve as a share price catalyst. Market cap. ¥2,867b/US$17.9b

Shares o/s 462m (ORD)

Earnings growth likely due to precision machinery Free float 93%

Driven by expansion in AI-related demand, capex in the semiconductor industry is rising Avg. daily volume ('000) 3,235

at Taiwanese foundries, South Korean semiconductor memory manufacturers, and also Avg. daily value (m) ¥16,728.4

in memory/logic fields in advanced economies globally. We believe that semiconductor Common s/h equity (12/26E) ¥584b

industry capex is likely to enter a strong expansion phase during 2026-28. We expect P/BV (12/26E) 4.9x

Ebara's core product, CMP equipment, to continue achieving sales growth exceeding Net debt to EBITDA (12/26E) 0.2x

WFE due to growth in CMP processes driven by advancements in miniaturisation and