Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

<ul><li>Order and revenue pipeline filling up – Rigaku disclosed that Q2 orders at Semiconductor Process Control Instruments reached more than 3x the year-ago level on strong demand from Memory customers, driven by HBM and DRAM capacity expansion.</li><li>Although Q2 results already benefitted from strong Memory demand, Rigaku expects further acceleration going into H2 and beyond.</li><li>The Company’s next-gen semiconductor metrology equipment has also received positive feedback from customers, which we expect should gradually translate to improved margins as they are delivered. </li></ul>

Order and revenue pipeline filling up – Rigaku disclosed that Q2 orders at Semiconductor Process Control Instruments reached more than 3x the year-ago level on strong demand from Memory customers, driven by HBM and DRAM capacity expansion.Although Q2 results already benefitted from strong Memory demand, Rigaku expects further acceleration going into H2 and beyond.The Company’s next-gen semiconductor metrology equipment has also received positive feedback from customers, which we expect should gradually translate to improved margins as they are delivered. 

Rigaku Holdings (268A JP) - Stepping on the Acceleration Pedal

<ul><li>Rigaku’s valuation has re-rated upwards over the past year from a scientific- instrument multiple (low teens PER) to a semi-cap multiple (high 30s to low 40s PER) as investors increasingly recognize the Company’s Semiconductor Process Control Instruments business as the primary growth and earnings driver.</li><li>We believe Rigaku’s growth upside remains underappreciated as the Company’s FY12/27 medium-term plan (MTP) targets were anchored on a less constructive semiconductor industry environment and outlook.</li><li>Furthermore, the demand visibility for Rigaku’s X-ray metrology equipment has improved as the leading chipmakers and WFE reaffirmed their increasingly complex product roadmaps and announced record multi- year capex plans. </li></ul>

Rigaku’s valuation has re-rated upwards over the past year from a scientific- instrument multiple (low teens PER) to a semi-cap multiple (high 30s to low 40s PER) as investors increasingly recognize the Company’s Semiconductor Process Control Instruments business as the primary growth and earnings driver.We believe Rigaku’s growth upside remains underappreciated as the Company’s FY12/27 medium-term plan (MTP) targets were anchored on a less constructive semiconductor industry environment and outlook.Furthermore, the demand visibility for Rigaku’s X-ray metrology equipment has improved as the leading chipmakers and WFE reaffirmed their increasingly complex product roadmaps and announced record multi- year capex plans. 

Rigaku Holdings (268A JP) - Capitalizing on Rising Semiconductor Complexity

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> is set to hog the limelight this week with pricing set to be announced on the 4th of June</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) is set to hog the limelight this week with pricing set to be announced on the 4th of June
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On 21 April, <a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> announced a business/capital alliance with larger US SPE metrology firm Onto Innovations. For that, Carlyle sold 27% of their 42% holding to Onto.</li>
<li>That left 15% to sell to clean up. Shorts are large-ish. The sale price to Onto was well below. An offering should have been imminent. It was.</li>
<li>On 22 May, they announced a cleanup sale. Rigaku has a big market share in x-ray and growing presence in the booming SPE metrology space. But it's not cheap.</li>
</ul>


On 21 April, Rigaku Holdings (268A JP) announced a business/capital alliance with larger US SPE metrology firm Onto Innovations. For that, Carlyle sold 27% of their 42% holding to Onto.
That left 15% to sell to clean up. Shorts are large-ish. The sale price to Onto was well below. An offering should have been imminent. It was.
On 22 May, they announced a cleanup sale. Rigaku has a big market share in x-ray and growing presence in the booming SPE metrology space. But it's not cheap.


[Japan Offering] Rigaku (268A) PE Firm Cleanup Selldown Smaller Than Expected 3mos Ago

Japan

Rigaku Holdings Corporation engages in the manufacture and sale of scientific equipment. The company offers multipurpose analytical instruments, such as X-ray diffraction equipment and X-ray fluorescence; semiconductor process control equipment, including semiconductor X-ray inspection equipment and X-ray transmission equipment; and product-related warranties, repairs, maintenance, and relocation. Its products are used in life science, academia, semiconductor electronic device, battery, and other applications.

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Rigaku Holdings (268A JP)