2026年日本峰会反馈

Yoshihito HasegawaEquity AnalystYoshihito. lapan Summit 2026 Feedback MjC expects probe card production capacity to increase by approximately ￥2bn each quarter.Demand remains strong,and despite vigorous capacity expansionefforts the lead time is unchanged at five months.■ The expected operating margin improvement (27% in F12/26 1Q,29.3% in 2Q, and Mid Small Cap/Manufacturer| Japan Stock Rating IndustryViewIn-LinePrice target￥14,000Shr price, close (May 25, 2026)¥15,330Mkt cap, curr, basic (bn)￥593.6Avg daily trading value (bn)￥9.3 34.7% in 3Q) is mainly attributable to changes in product mix, even with limits toproduction capacity.Profitability by product is not disclosed. While pin count affects product prices, fundamentally, newly designed products are more profitable than repeatproducts and large-lot production items are more profitable than small-lot.More than half of DRAM probe card sales are for HBM.While sales for HBM4e are gradually ramping up, increased HBM4 demand is driving earnings for now.HTSl, with whom a strategic partnership agreement was signed in May 2025, hasbeen a business partner since around 2020, as the company seeks to strengthenbusiness foundations in the Taiwan region. We highlight key comments from the group meeting with Japan Micronics at ourJapan Summit 2026 event that was held May 20-22.According to capital investmentplanning to install equipment in all production-capable areas in Japan and Korea.Competitors are also expanding capacity, but demand for probe cards is increasingdaily, making lead time a crucial point for winning orders. With an eye towardHBM4e and beyond, there is a strong focus on technological development andstrengthening supply capabilities. Since 2023, the company has been building arelationship with Hermes Testing Solutions Inc. (HTSl; not covered) for technicalsupport and procurement of cantilever-type probe cards. Going forward, thecompanies aim to strengthen their business foundation in the Taiwan region. Morgan Stanley does and seeks to do business withcompanies covered in Morgan StanleyResearch.As a resultinvestors should be aware that thefirm may havea conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a singlefactor in making their investmentdecision For analyst certification and other important disclosures,referto the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions onand trading securities held by a research analyst account. OurpricetargetisbasedonaP/Eof23xandourF12/27EPSforecast.ThetargetP/Ereferences the average forward P/Efor FY26for companies we classify as SPE and related names new growth scenario for TE segment; non-continuous growth from M&A, tie-ups, etc. shortens test times; stiffer price competition;fears of supply gluts; delays generating demandfor non-memory probe cards; weak TE segment. The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co, Ltd. and its affiliates (collectively, Morgan Stanley).For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY, 10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orprice targetreferenced in this researchreport,please contact the Client Support Teamas follows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternatively youmay contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY10036USAAnalystCertification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not Morgan Stanley Research has been published in accordance with our conflict management policy,which is available at www.morganstanley.com/institutiona/research/conflictpolicies.A Portuguese version of the policy can be found at www.morganstanley.com.brImportantRegulatoryDisclosuresonSubjectCompanies As of April 30,2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of thefollowing companies covered in Morgan Stanley Research: Asahi Diamond Industrial,Daihen,Ferrotec,JapanMaterial,MEC,Micronics Japan,Mitsui High-tec,Nissha,Nitto Boseki,Osaka Organic Chemical Industry,SankenEle