Screen Holdings

研报英文原文证据摘录

Screen Holdings

Global Markets Research

28 July 2026Screen Holdings

7735.T 7735 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

Q1 performance weak, but we see no need for Rating Neutralconcern about demand

Target price JPY 11,600Quick Note

Closing price

28 July 2026 JPY 14,175First impression slightly negative: No need for concern about demand, but no

unexpected positives (Note: Quick Note reports are not a

Amid equity market expectations for upward revisions, the company raised full-year vehicle for changes to ratings, target

operating profit guidance from ¥150.0bn to ¥156.5bn (up 28% y-y), in the range of our prices, or earnings forecasts)

forecast of ¥155.5bn and the 28 July Bloomberg consensus forecast of ¥157.1bn. Q1

operating profits of ¥14.4bn (down 41% y-y) were much lower than our forecast of ¥28.9bn

and the 28 July Bloomberg consensus forecast of ¥29.2bn. This was due to SPE sales,

and also reflects plans to book in Q2 projects from the previous quarter that were delayed

Research Analysts(we estimate just under ¥20bn). Achieving H1 guidance will require sharp sales growth in

Q2, and with management saying that over half of the equipment intended for sale in Q2 Japan semiconductor production

has been shipped, we think guidance is achievable. SPE orders hit an all-time high in Q1, equipment

indicating that company has already filled the majority of its full-year production quota. We Atsushi Yoshioka - NSC

see no need for concern about underlying equipment demand. However, we see no atsushi.yoshioka@nomura.com

+81 3 6703 1176particular new positives, and with investors possibly focusing on the weak performance in

Q1, our first impression of results is slightly negative.

We see little upside to 27/3 sales guidance