SCREEN Holdings
7735.THIGHScore: 75.8Cleaning Equipment · Weight: 10%· Data as of 2026-05-06
Investment Thesis
#1 global wet cleaning (single-wafer). 83% revenue from SPE. Foundry 52% of SPE (TSMC 2nm/A16 ramp). Forward PE 17.9x — cheapest Japan semi equipment stock (TEL 32x, Advantest 42x). Near-zero debt (D/E 0.01), ¥180B net cash. NAND recovery in FY2027 is free option not priced in (currently only 3% of SPE). Advanced packaging entry via Nikon hybrid bonding acquisition expands TAM.
Risk
China is 39% of sales — biggest geopolitical risk. FY2026 is cyclical down year (-14% operating income). ACM Research gaining share in China domestic market. Non-disclosure of order backlog creates forecasting opacity.
Monitoring Trigger
If China export controls expand to wet cleaning tools for sub-28nm, downgrade. If NAND capex recovers (Kioxia/Samsung expansion orders), upgrade to STRONG BUY.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Semiconductor Equipment | ¥443B | 75% | Wafer cleaning (#1 global), track systems |
| Graphic Arts | ¥59B | 10% | Printing equipment |
| Display/Coater | ¥47B | 8% | FPD, advanced packaging coater |
| PCB Equipment | ¥41B | 7% | PCB processing |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | TSMC | Wafer cleaning (CoWoS, advanced packaging) | TSMC awarded SCREEN 'Excellent Contribution in Green Manufacturing' Dec 2024 |
| probable | SK Hynix | HBM memory cleaning | SK Hynix M15X expansion underway; HBM sold out 2026 |