Japan SPE sector: KLA‘s Apr–Jun 2026 results

研报英文原文证据摘录

Japan SPE sector: KLA‘s Apr–Jun 2026 results

Japan SPE sector: KLA's Apr– Global Markets Research 29 July 2026

Jun 2026 results

EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

Research AnalystsDemand outlook strengthened, production

Japan semiconductor productionconstraints also resolved equipment

Atsushi Yoshioka - NSCQuick Note atsushi.yoshioka@nomura.com

+81 3 6703 1176

KLA raises 2026 outlook for WFE and advanced packaging markets

KLA announced its Apr–Jun 2026 (Q4) results on 28 July local time. Q4 sales and Q1

(Jul–Sep) sales guidance were slightly higher than the 28 July Bloomberg consensus

forecasts. The company noted that customer requests to bring forward delivery dates are

picking up across all segments, and raised its 2026 WFE market (including advanced

packaging) outlook from its previous forecast of over $140bn to $150–155bn (growth of

around 25% y-y). The company also expects significant growth in the WFE market in

2027. The advanced packaging market growth rate for 2026 was raised from around 20%

to the 35–40% range, and KLA's revenue growth in that market was raised from the 55–

60% range to more than 70%. Tokyo Electron [8035], which has a high proportion of sales

related to advanced packaging in areas close to front-end processes, should also benefit

from stronger demand in this market.

Risk of KLA's capacity becoming an industry bottleneck appears to have

diminished

Based on company comments that sales in 2026 H2 are expected to increase by 20%

over H1, KLA’s 2026 revenue growth rate is likely to be in the 20–25% range, below the

growth rate of the WFE market. This is because production in 2026 H1 was constrained

by a shortage of optical components and other parts with long lead times. However, the