Japan Precision Equipment and Semiconductor Equipment: Week 1 recap – April-June 2026

研报英文原文证据摘录

Japan Precision Equipment and Semiconductor Equipment: Week 1 recap – April-June 2026

Japan Precision Equipment and Semiconductor

Equipment

03 August 2026 Citi Research

Screen Holdings (7735.T): Meeting held on morning of July 30

Apr-Jun sales fell 10% YoY and OP fell 41%. Screen said results were in line with

internal targets. However, we understand that potential downside is above

¥5bn, due partly to weak shipments YTD in 2026. Screen raised FY3/27

guidance slightly. New guidance calls for sales to grow 60% QoQ in Jul-Sep, but

Screen emphasized the potential for recovery on shipment progress through

July.

End-June inventories were high at ¥192.5bn, and Screen noted good progress in

purchasing to achieve sales guidance in Jul-Sep. We understand that shipments

started somewhat slow through June, but have recovered quickly since July. Long-

delayed projects for Chinese customers are generally poised to be recorded as sales

in Jul-Sep. Screen raised H2 SPE sales guidance from ¥340bn to ¥360bn, but we

understand that some upside is possible (mainly in Q4). Screen said the operating

margin was low in Apr-Jun but should not fall below 20% from Jul-Sep.

SPE sales amount to ¥720bn when doubling FY3/27 H2, but we understand that

Screen expects current facilities can handle sales up to ¥900bn in FY3/28 and

¥1trn in FY3/29.

Tokyo Electron (8035.T): Meeting held on morning of July 31

Apr-Jun sales and profits increased YoY and QoQ. We understand that TEL

responded to accelerated shipment requests from DRAM makers and major

foundries. It raised H1 OP guidance from ¥431bn to ¥458bn, but OP could

surpass guidance in Jul-Sep. TEL newly presented soft guidance for FY3/27 OP

to surpass ¥1trn, and expectations could increase for price hikes to yield benefits

from Q4.