Ibiden (4062.T): Staying Buy - strong growth to continue, though priced in to some extent following sharp rise

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Ibiden (4062.T): Staying Buy - strong growth to continue, though priced in to some extent following sharp rise

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18 Jun 2026 08:56:12 ET │ 16 pages

Ibiden (4062.T)

Staying Buy - strong growth to continue, though priced in to some

extent following sharp rise

CITI'S TAKE

Lifting our forecasts, revising our risk premium to 3.0% from 5.0%, and Buy

shifting our base year to FY3/29 from FY3/28, we raise our target price from

¥7,000 to ¥30,000 and maintain our Buy rating. The medium-term growth Price (18 Jun 26 15:30) ¥25,715.0

outlook presented by Ibiden with full-year results exceeded our previous Target price ¥30,000.0↑

expectations, raising hopes for strong profit growth driven by AI server

from ¥7,000.0market expansion. While the market already values Ibiden highly, we see

further upside potential based on 1) rising multiples across the electronics Expected share price return 16.7%

components sector, 2) the premium accorded to the stock during broad Expected dividend yield 0.1%

server demand growth, and 3) expectations for product price increases.

Expected total return 16.7%

Changes from previous assumptions — We previously assumed AI server unit Market Cap ¥7,180,799M

growth of 20% annually from CY26-CY28 but, based on the outlooks issued by firms US$45,104M

with recent results, we raise this to nearly 30% annually. Additionally, considering

CPU demand emerging in AI applications, we assume server CPU growth of c5%

annually. While supply-demand has been easing due to capacity increases during

Covid, we expect tightening not only for GPU/ASIC but also including CPU demand. Price Performance

Packaging prices — GPU/ASIC substrate size continues to increase, with unit prices (RIC: 4062.T, BB: 4062 JP)

rising as well.