CPU package substrate earnings outlook improves; Buy, PO ¥29,800

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CPU package substrate earnings outlook improves; Buy, PO ¥29,800

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Ibiden (4062)

CPU package substrate earnings outlook

improves; Buy, PO ¥29,800

Reiterate Rating: BUY | PO: 29,800 JPY | Price: 24,385 JPY

23 June 2026

Reiterate Buy, PO ¥29,800 Equity

We raise our earnings forecasts for Ibiden, reflecting an improved demand outlook for

CPU package substrates (FY3/27 OP [operating profit]: ¥94.8bn → ¥98.7bn; FY3/28 OP:

¥138.0bn → ¥162.5bn). We raise our price objective (PO) from ¥17,700 to ¥29,800. We Key Changes

reiterate our Buy rating. The basis for our PO is a P/E of 50x our FY3/29 estimate (¥) Previous Current

(previously 34x). We note that Ibiden’s share price already reflects potential upside to Price Obj. 17,700 29,800

company guidance OP in FY3/31. 2027E Rev (m) 511,000 520,600

2028E Rev (m) 610,000 665,800

On track to achieve profit growth above company targets 2029E Rev (m) 753,100 841,500

Our investment thesis is based on three factors: (1) sustained competitive leadership 2027E EPS 228.1 244.9

and business expansion in GPU package substrates, (2) greater visibility on profitability 2028E EPS 333.3 400.6

improvement in CPU package substrates, and (3) increasing earnings contribution from 2029E EPS 478.6 596.4

silicon bridge package substrates from FY3/29 onward. In particular, we expect demand 2027E EBITDA (m) 175,400 180,700

growth in the CPU market, supported by expansion of the agentic AI market, to 2028E EBITDA (m) 235,600 267,700

contribute significantly to improving profitability in Ibiden's CPU package substrate 2029E EBITDA (m) 323,200 374,600

business. Combined with contributions from silicon bridge package substrates, we

forecast FY3/31 OP of ¥441.2bn (5-year CAGR of 48%), substantially exceeding the Masashi Kubota >>