¥1,524.5-0.68%
6-month dailyInvestment Thesis
Q Glass (quartz, Df 0.0005) wins M9 CCL specification for Nvidia Rubin-era products. PE 13.4x massively undervalued for M9 winner.
Risk
Conglomerate dilution. Q Glass scale-up uncertain.
Monitoring Trigger
M9 CCL mass production ramp H2 2026.
Key Metrics
13.4
PE
12
Fwd PE
1
P/B
7.8%
ROE
7%
Op Margin
N/A
D/E
3.5%
Div Yield
N/A
FCF
1.4T
Mkt Cap
Peer Comparison
| Company | PE | Fwd PE | ROE | Op Margin | FCF |
|---|---|---|---|---|---|
| Advantest | 54 | 44 | 49.3% | 44.2% | +¥375B est. |
| Tokyo Electron | 40.21 | 30.85 | 23.9% | 24.2% | +¥398B |
| SCREEN Holdings | 23.29 | 17.85 | 19.8% | 19.0% | +¥49.4B |
| DISCO Corp | 55.44 | 43 | N/A | 42.3% | +¥63.7B (OCF ¥133.5B minus capex ¥69.8B; capex doubled FY2025→FY2026) |
| Lasertec | 44.17 | 45.06 | 43.0% | 46.1% | +¥96B |
| Shin-Etsu Chemical | 25 | 23.5 | 11.1% | 24.7% | +¥346B |
| Keyence | 43.64 | 39.9 | 13.5% | 51.0% | +¥451B (cash equivalents; FCF strongly positive given asset-light model) |
| Renesas Electronics | Loss | 17.78 | -2.1% GAAP / ~10.5% Non-GAAP | 33.7% Non-GAAP Q1 2026 (H1 guided 31.3%) | +¥364B (confirmed: OCF ¥453B minus capex ¥89B) |
| SoftBank Group | ~6.8x nominal (meaningless — non-recurring OpenAI gains) | 22.09 | ~43% nominal (OpenAI-inflated) | N/A (holding company) | -¥1,396B (approx) |
| SUMCO | Loss | N/A | -1.54% | -0.8% | -¥11B |
| Socionext | 36.77 | 22.44 | 6.0% | 7.5% | -¥4B |
| Nitto Boseki | ~25x operating basis | 22 | 13% | 13% | N/A |
| Asahi Kasei | 13.4 | 12 | 7.8% | 7% | N/A |
| Mitsubishi Gas Chemical | 12 | 11 | 8% | 8% | N/A |
| Meiko Electronics | 16 | 14 | 15.6% | 12% | N/A |
| Fujimi Inc | 18 | 16 | 12% | 15% | N/A |
| Hirose Electric | 22 | 20 | 8% | 15% | N/A |