27/3 Q1 preliminary nonconsolidated sales and shipment data: No surprises: Quick Note

研报英文原文证据摘录

27/3 Q1 preliminary nonconsolidated sales and shipment data: No surprises: Quick Note

Global Markets Research

6 July 2026Disco

6146.T 6146 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

27/3 Q1 preliminary nonconsolidated sales and Rating Neutralshipment data: No surprises

Target price JPY 72,500Quick Note

Closing price

6 July 2026 JPY 78,000First impression in line: Shipment upside within bounds of expectations, qualitative

comments come as no surprise either (Note: Quick Note reports are not a

Disco released preliminary nonconsolidated sales and shipment data for 27/3 Q1, posting vehicle for changes to ratings, target

nonconsolidated sales of ¥95.0bn (up 26% y-y, down 9% q-q) and nonconsolidated prices, or earnings forecasts)

shipments of ¥116.5bn (up 25%, up 19% q-q), versus guidance of ¥86.4bn and ¥110.0bn

respectively. Based on consolidated/parent ratios and SG&A costs linked to shipment

value, we estimate Q1 consolidated shipments of ¥139.8bn and consolidated operating

profits of just under ¥48.0bn, versus our respective forecasts of ¥135.0bn and ¥46.9bn

Research Analystsand the 6 July Bloomberg consensus forecasts of ¥134.7bn and ¥47.7bn. We think

shipment upside was within the bounds of expectations, given expectations for improved Japan semiconductor production

business conditions within the SPE industry as a whole. With no surprises in qualitative equipment

comments either (see below), our overall impression is neutral. Atsushi Yoshioka - NSC

atsushi.yoshioka@nomura.com

Steady improvement in business conditions in Q1, but concentrated shipments of +81 3 6703 1176

HBM production equipment

Details remain unclear, but consolidated shipments (ex forex effects of around ¥2bn) look