Ajinomoto (2802.T): Strong demand for ABF, competitive advantages and robust supply system

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Ajinomoto (2802.T): Strong demand for ABF, competitive advantages and robust supply system

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30 Jun 2026 12:22:27 ET │ 11 pages

Ajinomoto (2802.T)

Strong demand for ABF, competitive advantages and robust supply

system

CITI’S TAKE Buy

Ajinomoto held a briefing on its functional materials business earlier Price (30 Jun 26 15:30) ¥5,873.0

today. Management reported that shipments remain strong currently, Target price ¥6,400.0

tracking ahead of the +11% YoY FY3/27 sales growth plan for this

Expected share price return 9.0% business. Over the medium term, we expect ABF (Ajinomoto Build-up

Film) to continue serving as a key material even as new substrate Expected dividend yield 0.9%

technologies emerge, maintaining its role as the company’s growth driver. Expected total return 9.8%

The stock has outperformed the TOPIX Food index by c25% over the past Market Cap ¥5,613,056M

three months, likely reflecting recognition of stable growth in the food US$34,739M

business plus nearly 30% sales growth potential in the non-food

business. Today’s presentation reinforces the company’s medium-term

growth prospects, and we believe the stock will likely continue

outperforming the TOPIX Food index. Hiroki WatanabeAC

+81-3-6776-8296

hiroki.watanabe@citi.com

• Evolution of semiconductor packaging —Increasing semiconductor

performance drives demand for larger and more multilayered package

substrates. This increases ABF usage per substrate, creating dual growth

drivers: rising semiconductor shipment volumes and increasing ABF usage per

semiconductor. WSTS forecasts extremely high growth for the logic IC market

of c37% in 2026 and c27% in 2027, indicating very significant growth potential

for the ABF business.

• ABF competitive advantage (1) — High-speed development system and value