Japan Technology: Semiconductor Capital Equipment: June SEAJ data: Front-end equipment leads strong demand; we revise GSe; Buy on Lasertec/Ebara/Disco/Tokyo Electron

研报英文原文证据摘录

Japan Technology: Semiconductor Capital Equipment: June SEAJ data: Front-end equipment leads strong demand; we revise GSe; Buy on Lasertec/Ebara/Disco/Tokyo Electron

Equity Research

23 July 2026 | 12:38AM JST

JAPAN TECHNOLOGY: SEMICONDUCTOR CAPITAL EQUIPMENT

June SEAJ data: Front-end equipment leads strong demand; we revise

GSe; Buy on Lasertec/Ebara/Disco/Tokyo Electron

Strong start to FY in April-June Shuhei Nakamura +81(3)4587-9932 |

According to June 2026 data released after the July 21 close by the Semiconductor shuhei.nakamura@gs.com

Goldman Sachs Japan Co., Ltd.

Equipment Association of Japan (SEAJ), monthly sales of Japanese semiconductor

Kaho Otake

production equipment in April-June averaged ¥513.6 bn (+27% yoy, +7.0% qoq). +81(3)4587-7498 | kaho.otake@gs.com

SEAJ updated its demand forecast for Japanese semiconductor production

equipment on July 2, forecasting FY3/27 sales of ¥6.55 tn (+26% yoy) and FY3/28

sales of ¥7.40 tn (+13% yoy).

Front-end equipment demand particularly strong

Per SEAJ, whereas back-end equipment demand (centered on inspection equipment)

was strong until FY3/26, front-end equipment demand is driving growth thus far in

FY3/27, with strong demand across a broad range of applications, including HBM

and leading-edge logic as well as commodity DRAM and SSD (NAND). The SEAJ

noted that the demand outlook is currently being revised upward almost every

month, suggesting that customer requests for accelerated delivery of ordered

equipment are continuing.

Retain Buy ratings on Lasertec/Ebara/Disco/Tokyo Electron

With the market environment remaining strong overall, we see substantial upside to

the share prices of companies whose earnings growth outpaces market consensus