Ibiden: Updating our forecasts: We keep our target price and Buy rating

研报英文原文证据摘录

Ibiden: Updating our forecasts: We keep our target price and Buy rating

Global Markets Research

28 July 2026Ibiden

4062.T 4062 JP / EQUITY: JAPAN ELECTRONIC PARTS

RatingUpdating our forecasts: We keep our target price

Remains Buyand Buy rating

Target price JPY 18,600 RemainsFocusing on uptake of EMIB-T

Closing price JPY 16,700We retain ¥18,600 target price, reiterate Buy rating 27 July 2026

We revise our assumptions for Ibiden but only fine-tune our profit forecasts, and we retain

Implied upside +11.4%our ¥18,600 target price and Buy rating. Our focus from here is on capacity increases for

EMIB-T. As construction of new facilities takes time, it would likely be preferable for the

company to acquire existing plant infrastructure. We assume EMIB-T shipments of

800,000 units in 29/3, as we think the company's production capacity will be a constraint.

Relative performance chart

We assume two-die structure for Rubin Ultra, EMIB-T shipments brought forward to

28/3

In addition to the change in our USD/JPY assumption from 155 to 160, our forecast

revisions reflect the following three points. First, we raise our shipment value forecasts for

commodity server packages for 27/3 onwards and assume sales CAGR of 31% for 26/3–

29/3. Second, we lower our price assumptions for Rubin Ultra packages on the

assumption that Rubin Ultra will mainly consist of two dies rather than four. Third, we bring

forward the start date for EMIB-T shipments by one year to 28/3 H2. We only fine-tune our

profit forecasts as we expect the positives and negatives to largely cancel each other out.

The design of EMIB-T involves embedding silicon bridges without using interposers, and

this makes it easier to produce larger packaging substrates. By increasing the compute