SPE Outlook: Raising Price Targets for Major Stocks

研报英文原文证据摘录

SPE Outlook: Raising Price Targets for Major Stocks

Japan | Precision Equipment EquityJuneResearch23, 2026

KEY STOCKS FEATURED INCLUDE:SPE Outlook: Raising Price Targets for Major

TICKER RATING PRICE TARGETStocks

7745 JP BUY ¥3,500

We prepare earnings forecasts for 21 SPE-related stocks ahead of the 6857 JP BUY ¥37,000

Apr-Jun results announcements. The semiconductor market is expanding 6146 JP HOLD ¥80,000

significantly on continued upbeat momentum in generative AI and steep 6856 JP BUY ¥33,000

upswing in memory prices. The SPE market remains vibrant too. Share 6525 JP BUY ¥12,000

prices have climbed further in June, and we substantially raise price targets,

mainly for major stocks, this time. We expect continuation of strong

momentum in semiconductor stock prices.

KEY CHANGES INCLUDE:

SPE market outlook: We expect the SPE market to expand to US$167bn (up 24.9% YoY), TICKER RATING PRICE TARGET

including front-end process equipment to US$143bn (up 24.5%), in 2026. We forecast further 6146 JP HOLD ¥80,000 (¥75,000)

expansion to US$194bn (up 15.3%), including front-end process equipment to US$165bn

6856 JP BUY ¥33,000 (¥30,000)

(up 14.9%), in 2027. The WSTS forecast issued in June projects a significant rise in the

semiconductor market to US$1,511bn (up 89%) in 2026. Main drivers of the robust growth are 6525 JP BUY ¥12,000 (¥8,500)

continued upbeat momentum in generative AI devices and steep upswing in memory prices.

WSTS anticipates a further rise by the semiconductor market to US$1,913bn (up 26%) in 2027

with an assumption of no change in memory prices. Considering the prospect of rising memory

supply into 2027, we think there is a possibility of memory prices moving lower from the current