Advantest (6857): Raising earnings estimates: Expectations for CPU/CPO demand in addition to GPU/ASIC

研报英文原文证据摘录

Advantest (6857): Raising earnings estimates: Expectations for CPU/CPO demand in addition to GPU/ASIC

J P M O R G A N Asia Pacific Equity Research

16 June 2026

Advantest (6857) Overweight

6857.T, 6857 JP

Raising earnings estimates: Expectations for CPU/CPO Price (16 Jun 26):¥30,340

demand in addition to GPU/ASIC ▲Price Target (Dec-26):¥41,000 Prior (Dec-26):¥31,000

We revise our earnings estimates based on recent developments. We maintain our

Overweight rating and raise our price target to ¥41,000 (from ¥31,000; by end- Japan Equity Research

December 2026). We lower our assumptions for GPU test times (total test times, Technology - Semiconductor/

including the number of processes), but raise our overall estimates to reflect a Technical Materials

revised new/upgrade ratio and conservative assumptions for unit price increases. AC Mio Shikanai

In addition, increases in SoC tester capacity to meet high demand are ahead of (81-3) 6736 1313

schedule. We expect growth to remain strong (we forecast operating profit CAGR mio.shikanai@jpmorgan.com

of 28% in FY2025–28), driven by expanding opportunities for CPUs and CPOs as Junya Ayada

well as GPUs and ASICs. (81-3) 6736 8631

junya.ayada@jpmorgan.com

• Earnings estimates: We revise our operating profit estimates from ¥737.5 JPMorgan Securities Japan Co., Ltd.

billion to ¥778 billion (+56% YoY) for FY2026 and from ¥871.9 billion to

¥952.7 billion (+23% YoY) for FY2027. We introduce an FY2028 estimate of

Key Changes (FYE Mar)

¥1,039.3 billion (+9%). We lower our assumption for GPU test times (total test

Prev Cur Δ

times, including the number of processes), which can fluctuate right up until Adj. EPS - 27E (¥) 738.07 793.50 7.5%

just before chip shipment, from +70% versus the previous generation to +30%, Adj.