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Daifuku Co., Ltd.

6383.THIGH

Core · Weight: 11%· Data as of 2026-05-19

¥6,777-0.04%
6-month daily

Investment Thesis

Global #1 semiconductor cleanroom AMHS (40% market share). Q1 FY2026 (Jan-Mar 2026): Orders ¥221.4B (+54.7% YoY) — RECORD quarterly high. Revenue ¥172.7B (+7.8%). OP ¥26.3B (+13.2%). Order backlog >¥700B (exceeds full FY2026 revenue guidance of ¥700B). FY2026 guidance: Revenue ¥700B, OP ¥105B, Orders ¥780-820B (+16-22%). New Shiga Works cleanroom factory completed April 3, 2026 (+30% domestic AMHS capacity). TSMC Kumamoto Fab 2: 3nm upgrade approved April 2026, construction begun — AMHS orders expected FY2027-2028. AI-driven semiconductor capex is structural multi-year tailwind.

Risk

1) Valuation stretched: PE 38-41x, P/B 5.1x (above 80th percentile for machinery sector). 2) TSMC Kumamoto Fab 2 tool install deferred to 2027 — no direct AMHS orders in FY2026. 3) FY2026 guidance revenue ¥700B is conservative (+5.9%) vs Q1 order surge — execution risk. 4) Currency risk — 60%+ revenue international; yen strengthening hits reported earnings.

Monitoring Trigger

Q2 FY2026 orders (Aug 2026): If order backlog exceeds ¥750B, ADD to 13%. If TSMC Kumamoto Fab 2 tool order confirmed (2027), ADD to 14%. If quarterly order intake falls below ¥150B, TRIM to 8%.

Key Dates

2026-08earningsQ2 FY2026 earnings — verify order backlog vs ¥700B+ target; first test of FY2026 order guidance
2026-2027catalystRapidus IIM-1 AMHS installation orders (PROBABLE) — 2nm GAA fab in Hokkaido
2026-Q3monitoringCheck if Samsung (CFI subsidiary) cleanroom orders sustained at Q1 +54.7% pace
2027-H1catalystTSMC Kumamoto Fab 2 tool installation — triggers Daifuku AMHS orders; major revenue catalyst

Update History

2026-04-14exploreNEW
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New stock added to Reshoring theme: Daifuku — world's largest AMHS maker, direct TSMC/Rapidus beneficiary

ticker:not in theme6383.T added to Reshoring & Green Manufacturing
2026-04-28exploreHOLD
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Theme expansion — supply chain coverage extended upstream (graphite electrodes, cleanroom HVAC, industrial gases). No metric/thesis changes for this stock.

theme_coverage:4 stocks7 stocks; upstream value chain populated
2026-05-19evolveUPGRADED
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Q1 FY2026: Record orders ¥221.4B (+54.7%). Backlog >¥700B. New factory April 2026. TSMC Kumamoto 3nm approved. Weight 10%→11%.

pe:28.338-41x TTMweight:0.100.11thesis:Backlog ¥632BBacklog >¥700B + record Q1 orders + new factory + TSMC 3nm upgradesupply_chain.TSMC:No new tools in 20263nm approved, construction started, tools 2027+

Key Metrics

38-41x TTM
PE
N/A
Fwd PE
5.1
P/B
18.4%
ROE
15.2%
Op Margin
N/A
D/E
1.3%
Div Yield
N/A
FCF
¥1,350B
Mkt Cap

Business Segments

SegmentRevenueShareDescription
Cleanroom Systems (Semiconductor AMHS)
Intralogistics
Automotive/FA Systems

Supply Chain Evidence

EvidenceCustomerProductDetail
CONFIRMEDTSMC (Taiwan + JASM Kumamoto)Cleanroom AMHS — FOUP stockers, OHT transportTSMC confirmed Kumamoto Fab 2 construction started (CEO C.C. Wei, April 2026). Taiwan govt approved 3nm upgrade. AMHS orders expected FY2027-2028 when tool installation begins.[source](2026-04)
CONFIRMEDSamsungSemiconductor fab AMHSNamed customer in Daifuku investor materials
CONFIRMEDKioxia (Japan)NAND flash fab AMHSNamed customer; Japan fabs use Daifuku systems
PROBABLERapidus (Hokkaido IIM-1)2nm fab AMHSDaifuku dominant Japan AMHS supplier; Rapidus requires AMHS for 2nm production. No public contract yet

Sources & References

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Peer Comparison

CompanyPEFwd PEROEOp MarginFCF
Yamato Kogyo Co., Ltd.8.788.5%2.8%+¥40B
Daifuku Co., Ltd.38-41x TTMN/A18.4%15.2%N/A
Tokyo Steel Manufacturing Co., Ltd.10.4xN/A (guiding net loss FY2027)6.43%2.7%Negative (OCF -¥3.28B FY2026)
Kanto Denka Kogyo Co., Ltd.26.5~15x (co. guidance) / ~34x (analyst consensus)5.0%8.4%-¥3.9B
Tokai Carbon Co., Ltd.11.8N/A~6%~16% (Q1 FY2025)N/A
Taikisha Ltd.12.7N/A~9%~7-8% (H1 FY2026 expanded)Positive
Nippon Sanso Holdings Corporation19.8N/A~11%~14.6% (FY2026 guidance)Positive