Tokyo Electron

研报英文原文证据摘录

Tokyo Electron

Global Markets Research

22 July 2026Tokyo Electron

8035.T 8035 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

RatingWe expect 27/3 Q1 results to provide relatively

Remains Buystrong reassurance

Target price

We hike operating profit forecasts on upward revisions to WFE market Increased from 60,000 JPY 80,000

forecasts, see plenty of factors to drive growth in excess of market

Closing price

We see plenty of factors for market outperformance, reiterate Buy rating 21 July 2026 JPY 66,570

We raise our operating profit forecasts for Tokyo Electron, having raised our WFE market

growth estimates for 2026 from 21% y-y to 26%, for 2027 from 16% to 21%, and for 2028 Implied upside +20.2%

from 11% to 20%. We also now assume that the company will continue to carry out annual

share buybacks of ¥150bn, in view of its 29 May 2026 announcement of a buyback of up

to ¥150bn, its history of ongoing buybacks, and its cash flow. We think the company will

Relative performance chartincrease its share of the WFE market, as it appears to have landed orders for

molybdenum deposition processes for advanced NAND flash memory, and it produces

wafer bonders, probers, and other equipment that is growing faster than the WFE market

average, on which basis we reiterate our Buy rating. We also 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 26–27x.

Evidence of price hike benefits in 27/3 H2 might prompt us to factor them in further

Tokyo Electron's share price rose after it released 26/3 Q4 results, which we attributed to

expectations for price hikes as well as increased expectations for WFE market growth, as

we outlined in our previous report.