IR Day: Growth expectations for photomasks: Quick Note

研报英文原文证据摘录

IR Day: Growth expectations for photomasks: Quick Note

Global Markets Research

13 July 2026Dai Nippon Printing

7912.T 7912 JP / EQUITY: JAPAN PAPER & PULP

RatingIR Day: Growth expectations for photomasks Buy

Target price JPY 3,700Quick Note

Closing price

13 July 2026 JPY 3,101First impression in line: Growth prospects for electronics look reassuring

Dai Nippon Printing held an IR Day event at 13:00 JST on 13 July. During the briefing, (Note: Quick Note reports are not a

management raised its sales forecasts for photomasks and said it expected the third-party vehicle for changes to ratings, target

market to expand, which we find reassuring. We think it will benefit from growth in the prices, or earnings forecasts)

third-party photomask market by increasing capex. By contrast, it pushed back its sales

plans for glass core substrates but this came as no surprise given that customers have

been doing the same about using the product.

Upward revisions to photomask sales forecasts Research Analysts

The main takeaways from the briefing were as follows. (1) Dai Nippon Printing's glass core Japan chemicals & textiles

substrates have a number of advantages, including bubble-free copper filling, which Yusho Yoshitake - NSC

ensures low resistance, and dense packing of vias with high aspect ratios (deep and yusho.yoshitake@nomura.com

narrow holes). It expects sales to start growing from around 2029 to over ¥30bn in 2032. +81 3 6703 1169

(2) In photomasks, the company now has a better view over EUV projects than it did at Japan glass, cement, paper & pulp

last year's IR Day, and third-party sales per customer have been growing too. Takaomi Kono - NSC

Management raised its 2024–28 sales CAGR forecast from 12% to 19%. It also hiked its takaomi.kono@nomura.com