EBARA IR Day 2026

研报英文原文证据摘录

EBARA IR Day 2026

Update

July 14, 2026 11:21 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MEbara (6361) | Japan Suzune Tamura, CFA

Equity Analyst

EBARA IR Day 2026 Suzune.Tamura@morganstanleymufg.comKazuo Yoshikawa, CFA +81 3 6836-8891

Kazuo.Yoshikawa@morganstanleymufg.com +81 3 6836-8408

CMP capacity expansion under discussion for future demand: Ebara completed its

K3 plant in Kumamoto in 2025, which has meaningfully lifted manufacturing

capacity. While current demand can be handled by K3, demand for 2026–27 is now

tracking stronger than initially expected, and the company is discussing when to

make the next capacity investment. Management had previously positioned K3 as an

investment designed with 2030 in mind, but its latest comments suggest a Ebara (6361.T, 6361 JP)

somewhat more positive stance toward additional investment. This likely reflects Semiconductor Production Equipment | Japan

the strength of demand Ebara is seeing. The company also confirmed that the CMP Stock Rating Overweight

Industry View Attractive

(chemical mechanical planarization) market CAGR of 9% for 2025–30, as presented Price target ¥5,800

in its medium-term plan, now appears to have upside risk. Shr price, close (Jul 14, 2026) ¥5,881

Mkt cap, curr, basic (bn) ¥2,709.9

Avg daily trading value (bn) ¥14.8

Advanced packaging CMP share has risen to over 50%: Although Ebara had

initially lagged Applied Materials (covered by Shane Brett) in CMP tools for

advanced packaging, the company stated that it now has at least a 50% share. We

were also encouraged by management’s confidence in achieving high share in areas

expected to ramp in earnest, including Cu-Cu hybrid bonding and BSPDN. For hybrid

bonding applications, the company aims to leverage its experience in CIS.