Japan Precision and SPE: All-In-One: updated April-June 2026 earnings preview

研报英文原文证据摘录

Japan Precision and SPE: All-In-One: updated April-June 2026 earnings preview

28Japan July

SPE sector: Investment opinion and earnings trends (as of July 27, 2026)

2026n Investment opinion — The share prices of front-end process equipment makers rose through June as the medium-term WFE market assumption factored Precision

into earnings forecasts increased from $200bn as of March-April to $250bn. However, they are now adjusting from a high reached on July 1. Back-end and

process equipment share prices peaked around June 20 and are weakening ahead of April-June results announcements, with Disco leading the

adjustment. Disco’s correction expanded after Q1 results were announced on July 23, and we think the stock could easily rally on positive news. In the SPE

front-end processing space we like TEL. However, it appears that as of end-July in the US the consensus for CY28 WFE has risen to $280bn-$290bn, so

Japanese equipment maker outlooks may look weak compared with those of US equipment makers.

n April-June earnings forecasts — We expect earnings to be favorable overall. At TEL, we expect OP to increase QoQ and YoY and H1 guidance to be revised. At

Screen, we think FQ1 results are likely to be weak relative to peers because in FQ4 a large number of inspections were completed and shipments were

somewhat sluggish. At Lasertec, we think sales could increase rapidly in FQ4 and FQ1. Advantest has indicated that earnings will pull back in reaction to a large

guidance beat in March Q. However, sales to customers in Taiwan were extremely brisk through April-May, and sales and OP appear likely to increase QoQ.

n Events and shareholder returns — Horiba is scheduled to announce an update to its five-year plan ending FY12/28 after the August 7 market close. We