Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Sales decreased by 0.4% YoY to JPY169.5bn, while net income increased by 7.8% YoY to JPY56.8bn.</li><li>Lasertec's full-year forecast remains unchanged, with progress reaching 77.1% for sales and 78.9% for net income.</li><li>Semiconductor-related equipment sales forecast adjusted, with mask inspection now over 80% of the total breakdown.</li></ul>

Sales decreased by 0.4% YoY to JPY169.5bn, while net income increased by 7.8% YoY to JPY56.8bn.Lasertec's full-year forecast remains unchanged, with progress reaching 77.1% for sales and 78.9% for net income.Semiconductor-related equipment sales forecast adjusted, with mask inspection now over 80% of the total breakdown.

Lasertec Corp (6920 JP): Q3 FY06/26 flash update

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.</li>
<li>Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.</li>
<li>Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.</li>
</ul>


Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.
Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.
Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.


<ul><li>Lasertec's Q2 FY06/26 results show sales of JPY98.3bn (-4.6% YoY) and production of JPY63.1bn (-40.7% YoY).</li><li>The company revised its full-year forecast upward, with sales now expected at JPY220.0bn (-12.5% YoY).</li><li>Lasertec plans R&D spending of JPY13.0bn (+11.3% YoY) and capital expenditures of JPY2.7bn (-46.4% YoY).</li></ul>

Lasertec's Q2 FY06/26 results show sales of JPY98.3bn (-4.6% YoY) and production of JPY63.1bn (-40.7% YoY).The company revised its full-year forecast upward, with sales now expected at JPY220.0bn (-12.5% YoY).Lasertec plans R&D spending of JPY13.0bn (+11.3% YoY) and capital expenditures of JPY2.7bn (-46.4% YoY).

Lasertec Corp (6920 JP): 1H FY06/26 flash update

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Mizuho was out overnight with bullish commentary on the segment and it raised both Advantest Corp  and Shin Etsu Chemical to buy, so this may help mellow the negative sentiment.</li>
<li>Japan AI related had a big fall yesterday but may stabilise soon with many stocks back down around their 200-day levels with intact growth outlooks and earnings done.</li>
<li>Sumi Forestry could see a squeeze after US homebuilders KB Home, DR Horton and Lennar rallied on the Treasury's bond-buying intervention.</li>
</ul>


Mizuho was out overnight with bullish commentary on the segment and it raised both Advantest Corp  and Shin Etsu Chemical to buy, so this may help mellow the negative sentiment.
Japan AI related had a big fall yesterday but may stabilise soon with many stocks back down around their 200-day levels with intact growth outlooks and earnings done.
Sumi Forestry could see a squeeze after US homebuilders KB Home, DR Horton and Lennar rallied on the Treasury's bond-buying intervention.


Japan Morning Connection: Advantest, Shin Etsu Upgraded to Buy Amid Negative AI Sentiment

<ul>
<li>Intel's upsized $20bn share offering points to increased capex plans, a positive for Japanese SPE and its main suppliers.</li>
<li>Interesting news that SpaceX is chasing the low-band spectrum with comments to the FCC that it looks to “advance rapid, widespread deployment of flexible broadband spectrum resources”.</li>
<li>Kioxia may feel slight pressure with news its Y800bn buyback has concluded.</li>
</ul>


Intel's upsized $20bn share offering points to increased capex plans, a positive for Japanese SPE and its main suppliers.
Interesting news that SpaceX is chasing the low-band spectrum with comments to the FCC that it looks to “advance rapid, widespread deployment of flexible broadband spectrum resources”.
Kioxia may feel slight pressure with news its Y800bn buyback has concluded.


Japan Morning Connection: Intel's Upsized Share Offering May Lift Suppliers Lasertec, Screen and TOK

Japan

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)