2H CY26 investment strategy: Maintain Buy on Lasertec/Ebara/Disco/TEL; reinstate rating on Kokusai Electric at Neutral

研报英文原文证据摘录

2H CY26 investment strategy: Maintain Buy on Lasertec/Ebara/Disco/TEL; reinstate rating on Kokusai Electric at Neutral

Equity Research

30 June 2026 | 3:51PM JST

JAPAN TECHNOLOGY: SEMICONDUCTOR CAPITAL EQUIPMENT

2H CY26 investment strategy: Maintain Buy on

Lasertec/Ebara/Disco/TEL; reinstate rating on Kokusai Electric at

Neutral

Earnings expectations for the sector as a whole likely to continue Shuhei Nakamura +81(3)4587-9932 |

rising shuhei.nakamura@gs.comGoldman Sachs Japan Co., Ltd.

Equipment demand has increased substantially on the back of rising capex appetite Kaho Otake

among major semiconductor manufacturers triggered by growing demand for AI +81(3)4587-7498 | kaho.otake@gs.com Goldman Sachs Japan Co., Ltd.

semiconductors, and share prices for the 10 companies in our SPE coverage have

risen by an average of 65% YTD, significantly outperforming TOPIX’s 17% gain over

the same period. While we believe expectations for equipment demand growth over

CY26-CY27 have largely been priced in by the rise in share prices/multiples over the

past six months or so, we expect the WFE market to grow by +32% yoy in CY27, an

even faster growth rate than in CY26. As a result, we expect earnings expectations

for the sector as a whole to continue to rise for FY27-FY28.

Raising target prices for 10 SPE coverage companies by an average of

16%

We raise our earnings estimates (mainly front-end process companies) for our 10 SPE

coverage companies, reflecting the recent upward revisions to capex forecasts by

memory majors such as Samsung and Micron, as well as various data including trade

statistics released to date. In addition, we raise our 12-month target prices by an

average of 16%, reflecting also the roll forward of the valuation base year for