Semiconductor Supply Chain
12 companies
Japan dominates critical semiconductor supply layers: 90% coater/developer share (TEL), 70% batch ALD (Kokusai), 70%+ dicing (DISCO), 100% EUV mask inspection (Lasertec), 30% silicon wafers (Shin-Etsu). Government committed >¥2T in subsidies: TSMC Kumamoto (Fab 1 operational, Fab 2 upgraded to 3nm), Rapidus 2nm (pilot Apr 2025, mass production 2027), Micron HBM. JIC has taken JSR and Shinko Electric private to prevent foreign acquisition — consolidation pattern.
Recent Updates
Shin-Etsu (4063.T): FY2026 results internalized (Apr 28). Electronics Materials +8.7% YoY. PB 2.81→1.86. New ¥250B buyback. FY2027 guidance withheld. SK Hynix wafer shortage through 2030.
Updated: 4063.T
Evolved Socionext (6526.T): FY2026 beat, margin risk flagged, supply chain strengthened
Updated: 6526.T
Evolved SCREEN Holdings (7735.T): TSMC confirmed, metrics refreshed, recovery thesis maintained
Updated: 7735.T
Deep evolved Shin-Etsu: UPGRADED. CEO 'AI stock' pivot, Isesaki ¥83B plant, GaN-on-QST 800V record, 5.9% total yield.
Updated: 4063.T
Deep evolved Advantest: 3rd guidance raise to ¥1.07T, capacity 5K systems, Teradyne GPU threat, HBM4 surge
Updated: 6857.T
Supply Chain Map
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Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Kokusai Electric | 6525.T | HIGH | 37.06 | 30.51 | 7.51 | 16.35% | 18.6% | 65% | 0.5% | +¥16B |
| Ibiden | 4062.T | HIGH | 112 | 62 | 7 | 11.5% | 14.5% | 55% | 0.16% | -¥100B |
| Tokyo Electron | 8035.T | HIGH | 40.21 | 30.85 | 10.06 | 23.9% | 24.2% | 31% | 1.4% | +¥398B |
| Advantest | 6857.T | HIGH | 54 | 44 | 24 | 49.3% | 44.2% | 14% | 0.22% | +¥375B est. |
| SCREEN Holdings | 7735.T | HIGH | 23.29 | 17.85 | 4.43 | 19.8% | 19.0% | 0.01 | 1.35% | +¥49.4B |
| Shin-Etsu Chemical | 4063.T | HIGH | 25 | 23.5 | 1.86 | 11.1% | 24.7% | 5% | 1.46% | +¥346B |
| DISCO Corp | 6146.T | MEDIUM | 55.44 | 43 | 13.37 | — | 42.3% | 0% | 0.66% | +¥63.7B (OCF ¥133.5B minus capex ¥69.8B; capex doubled FY2025→FY2026) |
| Lasertec | 6920.T | MEDIUM | 44.17 | 45.06 | 16.52 | 43.0% | 46.1% | 0% | 0.8% | +¥96B |
| Resonac Holdings | 4004.T | MEDIUM | 83.53 | ~31.6x | 3.34 | 5.72% | 4.3% | 133% | ~1.0% | +¥24B |
| Renesas Electronics | 6723.T | MEDIUM | Loss | 17.78 | 2.29 | -2.1% GAAP / ~10.5% Non-GAAP | 33.7% Non-GAAP Q1 2026 (H1 guided 31.3%) | 50% | 1.1% | +¥364B (confirmed: OCF ¥453B minus capex ¥89B) |
| SUMCO | 3436.T | LOW | Loss | — | 1.53 | -1.54% | -0.8% | 55% | 1.0% | -¥11B |
| Socionext | 6526.T | MEDIUM | 36.77 | 22.44 | 2.45 | 6.0% | 7.5% | 1% | 2.8% | -¥4B |
Companies
Kokusai Electric
6525.THIGHDeposition Equipment
~70% global share in batch ALD — essential for GAA transistors and 3D DRAM. 5 confirmed GAA POR wins (CY2024). Won TSMC 2025 Excellent Production Supp...
Ibiden
4062.THIGHIC Package Substrates
Critical AI chip chokepoint — one of only 2-3 companies globally making high-end ABF substrates. Without Ibiden substrates, NVIDIA cannot manufacture ...
Tokyo Electron
8035.THIGHSemiconductor Equipment
#3 global WFE. ~90% global share coater/developer tracks. FY26 company guidance: sales ¥2,350B, OP margin 24.3%, AI-related equipment ~40% of sales (u...
Advantest
6857.THIGHTesting Equipment
FY2025: revenue ¥1.13T (+44.7%), OP ¥499.1B (+118.8%), NI ¥375.4B — all records. FY2026 guidance: ¥1.42T revenue (+25.8%), ¥627.5B OP, flat ~44% margi...
SCREEN Holdings
7735.THIGHCleaning Equipment
#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 ...
Shin-Etsu Chemical
4063.THIGHSilicon Wafers / Materials
#1 global silicon wafer maker. FY2026 actual (released Apr 28): Revenue ¥2,574B (2nd highest ever), Electronics Materials +8.7% YoY (¥1,115.7B = 43% o...
DISCO Corp
6146.TMEDIUMDicing / Grinding
~70%+ global dicing/grinding share. Every AI package (CoWoS, HBM, chiplet) needs DISCO. FY2026: 6th consecutive record — ¥436.9B revenue, 42.3% OP mar...
Lasertec
6920.TMEDIUMEUV Inspection
100% monopoly in actinic EUV mask blank inspection. 46.1% op margin. Co-dependent with ASML — ACTIS A200HiT launched Oct 2025 extends monopoly to High...
Resonac Holdings
4004.TMEDIUMSiC Substrates / Materials
Dual-engine semiconductor materials play: (1) SiC substrate supplier to Infineon/Rohm with confirmed multi-year agreements; 8-inch mass production sta...
Renesas Electronics
6723.TMEDIUMChip Design
#1 auto MCU globally (~18% share). Auto cycle early recovery confirmed Q1 2026: revenue +23.2% YoY, automotive channel inventory fell vs plan (demand-...
SUMCO
3436.TLOWSilicon Wafers
Leveraged recovery play on silicon wafer upcycle. Loss-making but 300mm AI/HBM wafer demand structurally growing (+13% Q1 2026 YoY). Miyazaki plant 20...
Socionext
6526.TMEDIUMCustom SoC Design
Fabless custom SoC on TSMC 3nm/A14 for AI data center and automotive. FY2026 beat by 5.7% — revenue ¥200.8B, strong sequential recovery (Q1 ¥34.6B→Q4 ...