Ebara (6361.T): Beyond the Cycle: Abundant growth drivers for the semiconductor business; expectations for improved profitability; Buy

研报英文原文证据摘录

Ebara (6361.T): Beyond the Cycle: Abundant growth drivers for the semiconductor business; expectations for improved profitability; Buy

Equity Research

19 June 2026 | 2:23PM JST

Ebara (6361.T): Beyond the Cycle: Abundant growth drivers for the

semiconductor business; expectations for improved profitability; Buy

Shuhei Nakamura

+81(3)4587-9932 |

shuhei.nakamura@gs.com

Goldman Sachs Japan Co., Ltd.

Kaho Otake

+81(3)4587-7498 | kaho.otake@gs.com

We are hosting our “Beyond the Cycle 2026” seminar from May 8 to June 19.

Presenter: Isao Nambu, Executive Officer, President of Ebara’s Precision Machinery

Company

Moderator: Shuhei Nakamura, Goldman Sachs (Semiconductor and Semiconductor

Production Equipment analyst)

Bottom line: Discussions focused on the recent business environment, future growth

drivers, and Ebara’s views on profitability in the precision machinery segment.

Overall, we believe the content supported expectations for earnings growth

outpacing the WFE market. We continue to see a high likelihood that the company

will revise up its orders, sales, and profit guidance for the precision machinery

segment at 2Q results given strong capex appetite at key semiconductor customers.

We also see meaningful scope for multiple expansion as awareness of the stock

broadens among a wider range of investors. We reiterate our Buy rating.

Recent market environment

Equipment demand remains robust on the back of the ongoing expansion of capex

for AI semiconductors, and management’s view is that the WFE market will trend

stronger over 2026-2027 than the 8% annual growth anticipated in the

medium-term plan (2025-2028). Following the completion of a new production

building at its Kumamoto site, Ebara has a production system in place capable of

meeting robust near-term demand.