Takeaways from Management Meeting: Robust Demand for HBM/Memory Production Equipment in Anticipation of Increased Wafer Output

研报英文原文证据摘录

Takeaways from Management Meeting: Robust Demand for HBM/Memory Production Equipment in Anticipation of Increased Wafer Output

Update

June 18, 2026 10:20 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTowa (6315) | Japan Yoshihito Hasegawa

Equity Analyst

Takeaways from Management Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Meeting: Robust Demand for

HBM/Memory Production

Towa (6315.T, 6315 JP)

Mid Small Cap/Manufacturer | Japan

Equipment in Anticipation of Stock Rating Equal-weight

Industry View In-Line

Price target ¥3,200Increased Wafer Output Shr price, close (Jun 18, 2026) ¥3,330

Mkt cap, curr, basic (bn) ¥249.8

Avg daily trading value (bn) ¥11.6

Key Takeaways

China demand is strong, mainly for memory-related applications. Solid HBM-

related demand is supported by differentiation based on yield stability, etc. Yields

for PLP equipment for ASIC applications are being evaluated.

Order backlog remains high, supporting high facilities utilization at mass-

production sites in China and Malaysia. Leadtimes for high-end equipment have

lengthened from 6 months to about 10 months.

Compared with transfer molding, molds are less important in compression

molding. There is emerging demand for laser singulation equipment for

automotive and other applications.

With its long-term vision for sales of ¥100bn, Towa is looking to expand into new

areas beyond molding and package singulation equipment.

The company expects initial demand for INNOMS will be to replace existing

equipment that has been in use for more than 10 years since delivery to the

customer. The key selling point is economic rationality, as a smaller footprint is

combined with higher production capacity.

On June 18, we had the opportunity to meet with Towa president Muneo Miura. We