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

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)