关于东和（Towa）HBM及存储生产设备需求强劲的管理层会议要点

June 18, 2026 10:20 AM GMT Towa(6315)| Japan Takeaways from ManagementMeeting: Robust Demand forHBM/Memory ProductionEquipment in Anticipation ofIncreased Wafer Output Towa (6315.T, 6315 JP) Mid Small Cap/Manufacturer|Japan Stock RatingEqual-weightIndustry ViewIn-LinePrice target¥3,200Shr price, close (Jun 18, 2026)¥3,330Mkt cap, curr, basic (bn)¥249.8Avg daily trading value (bn)¥11.6 Key Takeaways China demand is strong, mainly for memory-related applications. Solid HBM-related demand is supported by differentiation based on yield stability, etc. Yieldsfor PLP equipment for ASIC applications are being evaluated. Order backlog remains high, supporting high facilities utilization at mass-production sites in China and Malaysia. Leadtimes for high-end equipment havelengthened from 6 months to about 10 months. Compared with transfer molding, molds are less important in compressionmolding. There is emerging demand for laser singulation equipment forautomotive and other applications. With its long-term vision for sales of ¥100bn, Towa is looking to expand into newareas beyond molding and package singulation equipment. The company expects initial demand for INNOMS will be to replace existingequipment that has been in use for more than 10 years since delivery to thecustomer. The key selling point is economic rationality, as a smaller footprint iscombined with higher production capacity. On June 18, we had the opportunity to meet with Towa president Muneo Miura. Wecame away with a favorable impression of current business conditions and newproduct development. Key takeaways are as follows: Regarding China, continuedinvestment in semiconductor self-sufficiency is keeping order levels high. Customersare currently evaluating yields for the CPM1080 system for inference ASICpackages; if this proceeds smoothly, the company expects full-scale mass-production to start next year. For HBM, Towa maintains its advantages in liquidencapsulation; for NCF, stable production yields are resulting in improved customerevaluations. Major selling points for INNOMS, the compression molding system tobe launched in August, include a smaller footprint and a projected ~50% reductionin mass-production costs; the company will initially target replacement demand.Towa also expect that the pace of growth in SG&A expenses will slow goingforward. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to 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 oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Valuation Methodology and Risks Towa (6315.T) Our price target is based on a P/E of 23x and our F3/28 EPS estimate. Our P/E applies theaverage forward P/E (FY27e basis) for SPE names. Risks to Upside Demand growth for HBM/advanced package devices; positive view on China biz chances aschip production rises; growth for new biz; M&A; TOB; alliances; stronger shareholder returns Risks to Downside Stagnant chip/SPE market; heightened geopolitical risk; reduced China demand; stall in techadvances; slow sales expansion for cutting-edge package/HBM equip., lost tech edge due tomarket changes, margin decline. Disclosure Section 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 Websiteat 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. For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as 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 you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report a