Investment Thesis
SiC MOSFET specialist anchoring Japan's power semiconductor consolidation JV (Rohm + Toshiba TDSC + Mitsubishi Electric MoU March 27, 2026). FY2025 (Mar 2026): Revenue ¥481.1B, OP ¥10.8B (beat ¥5B guide), NI -¥158.4B (kitchen-sink SiC impairment — depreciation falls sharply from FY2026 forward). FY2026 guided: Revenue ¥510B (+6%), OP ¥30B (+176%) — mechanically credible as depreciation burden falls. Gen 5 SiC (~30% lower on-resistance) sample availability July 2026. Toyota bZ5, Schaeffler, Infineon confirmed. CAUTION: JV talks slower than expected (Rohm president warned May 15, 2026); Denso bid withdrawn April 28, 2026; P/B 2.56x vs historical 1.3x; analyst consensus PT ¥2,944 vs market ¥5,400+ (-47%).
Risk
1) JV EXECUTION: Three-party JV (Rohm+Toshiba+Mitsubishi) delayed — Rohm president acknowledged talks more complex than expected (May 15, 2026). No formal equity structure yet. 2) VALUATION: P/B 2.56x vs pre-crisis 1.3-1.4x — stock 3x'd from lows on M&A speculation; analyst consensus PT ¥2,944 vs price ¥5,400+ = -47% implied downside. 3) SiC market: Chinese competition (BYD, CATL vertical integration) structural headwind; BEV slowdown caused the ¥158.4B impairment. 4) Net loss FY2025 — ROE still negative. First clean profitability quarter not yet achieved. 5) Denso bid withdrawn — clearest value-unlock path now gone.
Monitoring Trigger
FY2025 results in May — need to see operating profit turn positive. Watch SiC automotive design win announcements.
Key Dates
Update History
FY2025: OP ¥10.8B beat (¥5B guided), but NI -¥158.4B (SiC impairment — worse than prior ¥57B). FY2026 guide: OP ¥30B (+176%). PB 1.37→2.56x. Denso bid withdrawn. JV delayed. Supply chain confirmed 3 entries. Gen 5 SiC samples July 2026. HOLD-cautious.
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| SiC Power Devices | Growing | #1 Japan SiC | SiC MOSFETs for EV powertrains, AI server PSUs, industrial |
| LSI (Analog ICs) | Major | N/A | Power management ICs, LED drivers, motor drivers |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Toyota bZ5 (China-market BEV) | SiC MOSFETs via HAIMOSIC JV (Rohm + Zhenghai Group), ~360K units/year capacity | Rohm SiC MOSFETs adopted for mass production in Toyota bZ5. HAIMOSIC JV in Shanghai supplies power modules. Production started 2025.[source](2025-06-23) |
| confirmed | Schaeffler | SiC MOSFET bare chips for high-voltage inverter brick targeting major Chinese carmaker | Mass production commenced September 2025 per Rohm official press release.[source](2025-09-04) |
| confirmed | Infineon Technologies | SiC package second-source MOU — mutual package collaboration for on-board chargers, PV, energy storage, AI data centers | MOU signed September 25, 2025. Covers selected SiC power device packages as mutual second-source.[source](2025-09-25) |
Sources & References
Peer Comparison
| Company | PE | Fwd PE | ROE | Op Margin | FCF |
|---|---|---|---|---|---|
| Nitto Boseki | 29 | 22 | 13% | 13% | N/A |
| Murata Manufacturing | ~49.7x TTM (fwd ~37x on FY2026 guidance) | 18.23 | 8.09% | 15.1% | N/A |
| Fuji Electric | 20.6 | 18 | 13% | 11% | N/A |
| TDK Corporation | 21 | 12.3 | 8.32% | 10% | N/A |
| Taiyo Yuden | 65 | 28 | 3.92% | 5% | N/A |
| Rohm | Loss (FY2025 NI -¥158.4B SiC impairment) | 15 | Loss | 1% | N/A |
| Asahi Kasei | 13.4 | 12 | 7.8% | 7% | N/A |
| Arisawa Manufacturing | 14.85 | 14.54 | 6.85% | 7% | N/A |