27/3 Q1 results: Company raises outlook for information technology segment: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Company raises outlook for information technology segment: Quick Note

Global Markets Research

31 July 2026Hoya

7741.T 7741 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

27/3 Q1 results: Company raises outlook for Rating Buyinformation technology segment

Target price JPY 29,800Quick Note

Closing price

31 July 2026 JPY 24,675First impression slightly positive: Solid earnings, positive changes at both

segments (Note: Quick Note reports are not a

Hoya released 27/3 Q1 results during trading hours on 31 July, posting profits from vehicle for changes to ratings, target

ordinary operating activities of ¥82.4bn (up 24% y-y), ahead of our forecast of ¥75.7bn prices, or earnings forecasts)

even discounting for one-time tariff refunds in the US (we estimate refunds of just over

¥1bn). Excluding one-time factors, profits from ordinary operating activities at the

information technology segment were much higher than we had expected, beating our

forecast by just over ¥5bn. Along with results, the company announced a share buyback

Research Analystsprogram of up to ¥200bn (through 24 March 2027), exceeding our forecast of ¥160bn. Q2

guidance for profits from ordinary operating activities of ¥82.6bn (up 18% y-y) is slightly Japan semiconductor production

higher than our forecast of ¥80.3bn, and combined with the positive changes at both equipment

segments as discussed below, leaves us with a slightly positive impression. Atsushi Yoshioka - NSC

atsushi.yoshioka@nomura.com

Company appears keen to achieve both higher average unit prices and higher +81 3 6703 1176

volumes for mask blanks

The overshoot versus our Q1 forecast was due to better-than-expected sales of mask

blanks, HDD substrates, and optical solutions (including CUPO) at the information