Kokusai Electric

研报英文原文证据摘录

Kokusai Electric

Global Markets Research

22 July 2026Kokusai Electric

6525.T 6525 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

RatingRelatively large scope for margin improvement Remains Buy

Target price

We hike operating profit forecasts on upward revisions to WFE market Increased from 8,250 JPY 11,300

forecasts, see mix of positives and negatives in Q1

Closing price JPY 9,000We raise forecasts primarily to reflect hikes to market estimates, reiterate Buy 21 July 2026

rating

We raise our operating profit forecasts for Kokusai Electric, having raised our WFE market Implied upside +25.6%

growth estimates for 2026 from 21% y-y to 26%, for 2027 from 16% to 21%, and for 2028 from

11% to 20%. We roll forward the base year for our valuation methodology to 29/3 as we now

see better prospects for WFE market growth in 2028, and obtain our target price using a fair-

value P/E of 25–26x. We reiterate our Buy rating. We still expect the company to achieve Relative performance chart

growth in excess of the WFE market average based on its high sales exposure to memory. We

think Kokusai Electric has more scope to improve margins that rivals, given that it made smaller

price hikes to pass on cost increases than rivals in the past, based on our estimates, and that

current conditions are conducive to cost pass-throughs, and will be keeping a close eye on

margin improvements.

We see plenty of scope for margin improvement on better sales mix, ability to pass

on cost increases

Improvements in margins versus growth in sales at Kokusai Electric have been below the

industry trend over the past three years on a number of factors, including high-margin mini-

batch ALD systems accounting for over 60% of sales, a decline in the sales weighting of the