Earnings update

研报英文原文证据摘录

Earnings update

Global Markets Research

16 July 2026Rohm

6963.T 6963 JP / EQUITY: JAPAN ELECTRONIC PARTS

RatingEarnings update Remains Neutral

Target price

Demand recovering across the board, including for server and industrial Remains JPY 5,000

machinery applications

Closing price JPY 5,257We retain Neutral rating, see prospects for radical restructuring but issues with 15 July 2026

improving competitiveness in SiC

We think Rohm saw steady benefits from the market recovery and yen depreciation in Implied upside -4.9%

27/3 Q1. We raise our forecasts, partly to reflect a change in our forex assumptions (from

155 to 160 for USD/JPY). While demand for power semiconductors for AI servers is

strong, we think Rohm will see smaller contributions than sector peers, and we would like

to see increased uptake going forward. The share price has risen on expectations of Relative performance chart

realignment in the power semiconductor industry and the share price of Kioxia Holdings

[285A], in which Rohm has an indirect stake. We now value the stock on a fully diluted

basis as the conditions for CB conversion have been met, but retain our target price of

¥5,000 as this is offset by upward revisions to our forecasts, and retain our Neutral rating.

We see steady performance in 27/3 Q1 on a recovery in demand across almost all

applications

We estimate 27/3 Q1 sales of ¥130.0bn (up 16.5% q-q) and operating profits of ¥9.0bn (up

¥7.8bn). While we think there was a reactive increase in sales following curbs on

shipments in March, demand looks to have been brisk across almost all applications,

partly thanks to the end of inventory corrections, not least for server and industrial

machinery parts. Demand looks to have been strong across the entire IC portfolio and for

70–100V Si-MOSFETs.