味之素（2802.T）ABF需求强劲、具备竞争优势及供应链体系稳健

Ajinomoto (2802.T) Strong demand for ABF,competitive advantages and robust supplysystem Ajinomoto held a briefing on its functional materials business earlier today.Managementreportedthatshipmentsremainstrongcurrentlytrackingaheadofthe+11%YoYFY3/27salesgrowthplanforthisbusiness.Overthemediumterm,weexpectABF(AjinomotoBuild-upFilm)tocontinueservingasakeymaterialevenasnewsubstratetechnologies emerge,maintaining itsroleas the company'sgrowthdriver.Thestockhasoutperformed theTOPIXFood indexbyc25%overthepastthreemonths,likelyreflectingrecognitionofstablegrowthinthefoodbusinessplusnearly30%salesgrowthpotential inthenon-foodbusiness.Today'spresentation reinforcesthecompany'smedium-termgrowthprospects,andwebelievethestockwill likelycontinueoutperformingtheTOPIXFoodindex. Hiroki WatanabeAc+81-3-6776-8296hiroki.watanabe@citi.com .Evolution of semiconductor packaging lncreasing semiconductorperformance drives demand for larger and more multilayered packagesubstrates.This increases ABF usage per substrate, creating dual growthdrivers:rising semiconductor shipmentvolumesand increasing ABFusage persemiconductor.WsTSforecasts extremely high growth forthe logicIC marketofc37%in2026andc27%in2027,indicatingverysignificantgrowthpotentialfortheABFbusiness. ·ABFcompetitiveadvantage(1)-High-speeddevelopmentsystemandvalueco-creationwith customersAjinomoto has established abusiness modelthat involves deep collaboration with package substrate manufacturers fromearly development stages,jointly designing and developingABF optimizedforchip performance. This makes Ajinomoto an indispensable partner incustomers'product development,creating extremely strong relationships.Management also mentioned that prices for existing products areunlikely toimprovements. .ABFcompetitiveadvantage(2):CompletereplicationofcustomerprocessesAjinomoto has built capabilities to replicate customers'manufacturing and evaluation processes in-house.Thisdramatically shortensdevelopment lead times and enables rapid resolutionof challenges in cuttingedgefinewiringprocesses.Thissolutionprovisionextendsbeyondtypicalmaterials manufacturing,creating extremely high barriers to entry. ProactiveexpansionofproductioncapacityAjinomotoplans majorinvestmentstomeetstrongdemand.InadditiontotheoneinKawasaki,anewfactoryinGunmabeganoperationsin2025.Thecompanyhas impressivelevelsofmanufacturingcapacitythatcanaccommodatesuddendemandincreasesbyextendingproductionhours.Thecompanyhasalreadypurchased land inGifuforathird productionsite,scheduledtobeginoperationsin2032. is developing optical waveguidematerialsfor light transmission and related adhesive and sealing materials.This holds· AjinomotoValuation We calculate our target price using a sum-of-the-parts method. Based on our FY3/28 estimates, we apply the following segment PERs:seasonings and foods 22x,frozen foods 18x,functional materials 50x,and bio-pharma & ingredients 25x,amongothers.OurtargetpriceimpliesaPBRof8.Ox.Risks Risks to ourtarget price include 1) fluctuations in overseas seasoning and food business profitability caused by sharp forex share price couldfail toreach ourtarget price if any ofthese factors diverges significantly from ourassumptions. ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 Appendix A-1 by"Ac"intheauthorblockor(ii)listedinboldalongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlisted inboldalongsidethecontentand (b)viewsexpressed solelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerand securityreferencedandwere preparedin an independent manner,includingwith respecttoCitigroupGlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Ajinomoto (2802)Short-TermView/CatalystWatchResearch Citigroup Global Markets Inc.oritsaffiliatesreceived compensationforproductsand services otherthan investment bankingservicesfromAjinomotointhepast12months. CitigroupGlobal MarketsInc.orits affiliates currentlyhas,orhadwithinthepast12months,thefollowing asclients,andtheservicesprovidedwerenon-investment-banking,securities-related:Ajinomoto servicesprovidedwerenon-investment-banking,non-securities-related:AjinomotoCitigroup Global Markets Inc.and/orits affiliates has a significant financial interest in relation toAjinomoto.(For an explanation ofthedeterminationof significantfinancial interest,please refertothepolicyformanaging conflicts ofinterestwhichcanbefounda