Earnings update: We raise our forecasts, target price

研报英文原文证据摘录

Earnings update: We raise our forecasts, target price

Global Markets Research

28 July 2026Niterra

5334.T 5334 JP / EQUITY: JAPAN AUTOS & AUTO PARTS

RatingEarnings update: We raise our forecasts, target

Remains Buyprice

Target price

We revise up our earnings outlook, forecasting 26% revenue CAGR for Increased from 9,500 JPY 10,300

electrostatic chucks for 26/3 to 29/3

Closing price

Raising our target price to ¥10,300 and reiterating our Buy rating 28 July 2026 JPY 8,941

We raise our forecasts for Niterra, hike our target price to ¥10,300, and reiterate our Buy rating.

Implied upside +15.2%In revising our forecasts, we first raise our earnings forecast for the automotive components

segment to reflect an adjustment to our exchange rate assumption in the direction of a weaker

yen (from ¥155 to ¥160 against the dollar) and the recent decline in platinum prices. Second,

we raise our earnings forecasts for electrostatic chucks to reflect increased semiconductor

Relative performance chartcapex. We change the cost of capital used in calculating our target price from 7.5% to 7.3%,

taking into account the rise we expect in the profit weighting of the high-growth ESC business

(from 16.8% to 18.4% in 29/3). While not explicitly factored into our forecasts through 29/3, we

also anticipate the adoption of ceramic core stacks for solid oxide fuel cells (SOFCs) in

industrial markets, including power generation for data centers, as well as an increase in

customers for silicon nitride ceramics used in EV inverters.

We raise our earnings outlook for the automotive components segment and

electrostatic chucks

We raise our earnings forecasts for ESCs and hike our sales CAGR forecast for 26/3–29/3 from

22% to 26%. We also expect profitability to improve, with ESC operating margins reaching