Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

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.

Japan Experts, Extraordinary Performance

Equity Bottom-Up

<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