Rohm (6963): Maintain Overweight: Raise price target, reflecting analog/discrete semiconductor squeeze, Kioxia‘s share price rise

研报英文原文证据摘录

Rohm (6963): Maintain Overweight: Raise price target, reflecting analog/discrete semiconductor squeeze, Kioxia‘s share price rise

y Changes (FYE Mar)

billion (Bloomberg consensus estimate: ¥60.1 billion), while we add a new Prev Cur Δ

FY2028 forecast of ¥120.1 billion (¥83.5 billion) assuming ¥155/$. We also Adj. EPS - 27E (¥) 87.06 111.31 27.8%

forecast 1Q operating profit of ¥9.9 billion, above guidance of ¥5 billion. Adj. EPS - 28E (¥) 134.15 164.81 22.9%

Operating profit peaked at ¥92.3 billion in the previous cycle (FY2020-22), but

Style Exposure we think Rohm could surpass this as early as FY2027.

• In the analog/discrete semiconductor industry, the supply/demand balance has

continued to improve for Si-MOSFETs in particular owing to rising AI server

demand for products such as low-voltage Si-MOSFETs and 650V super

junction MOSFETs, but a supply squeeze at the top Si-MOSFET

manufacturers began to emerge from January-March through April-June 2026.

Although we think Rohm ranks fourth or fifth, we believe it has started to

benefit from growing demand for products such as 80-100V Si-MOSFETs (the

company has strengths in small-signal and low-voltage transistors). 80-100V

Si-MOSFETs are widely used not only in AI server IBC and PSU applications,

but also in 48V systems for automobiles, switching power supplies for

industrial equipment, 48V power supply lines, battery protection circuits,

inverters for home appliances, and electric power tools, and the supply/demand

squeeze has become more acute overall. We expect earnings momentum to

improve in the analog LSI business, as well, owing to a recovery in industrial

machinery applications and an overall supply-demand squeeze, and we

estimate that products such as Drive MOS for data centers will contribute to