Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is rapidly recovering due to growth in storage orders, with a target price raised to JPY 52,000 from JPY 44,000 [5][8] - The company has adjusted its revenue and net profit guidance upwards for the fiscal year, indicating confidence in future performance [6] - The report highlights a significant increase in DRAM revenue share, reflecting a strong demand for HBM-related equipment [6] Financial Performance - For FY2026, the company expects revenue of JPY 2,410 billion, a slight decrease of 0.9% year-on-year, with a net profit of JPY 550 billion, an increase of 1.1% year-on-year [6][10] - The company anticipates a revenue increase of 15% to 20% in the WFE market for CY2026, driven by demand for advanced packaging and 2nm production [7] - The report projects double-digit growth in Logic and DRAM-related revenues for FY27 and FY28 [8] Business Segmentation - The revenue breakdown shows a decrease in logic foundry revenue share from 59% to 56%, while DRAM's share increased from 27% to 36% [6] - The company has achieved significant coverage in the HBM-related bonding and etching equipment sectors, validating the logic of the storage boom cycle [6] Market Trends - The report indicates that the global WFE market is expected to grow by over 15% in CY2026, with DRAM and logic foundry sectors driving this growth [7] - The company is well-positioned to benefit from the increasing demand for AI chips and advanced packaging technologies [7] Valuation Metrics - The report provides updated valuation metrics, with a projected PE ratio of 39.1x for FY27, reflecting the company's strong market position and growth potential [8][23]