高盛-日本半導(dǎo)體

2September2024|5:48PMJST

JapanTechnology:SemiconductorCapitalEquipment

Earningswrap/meetingtakeaways:Strongdemandforleading-edgesemiconductorscomesintosharperfocus

Equipmentdemandstrongforadvancedsemiconductorapplications,

ShuheiNakamura

+81(3)4587-9932|

butchipdemandstillweakforconsumerelectronics

shuhei.nakamura@

GoldmanSachsJapanCo.,Ltd.

Inthisreport,welookatthehighlightsoftheApril-June2024earningsseason,

KahoOtake

summarizeourkeytakeawaysfromcompanymeetings,andprovideanupdateonourinvestmentviewsandstockpicksfortheJapansemiconductorproduction

+81(3)4587-7498|kaho.otake@GoldmanSachsJapanCo.,Ltd.

equipment(SPE)sector.

Thekeypointsfromcompanymeetingsontheoverallindustryclimateareasfollows.(1)Equipmentdemandforadvancedsemiconductorapplicationsis

recovering(ordersarepickingupatcompaniesthatsupplycomponentstomajor

SPEmanufacturers).(2)DemandforequipmentinChinaismixed,buttherehas

beennosigni?cantslowdownrecently(localChineseSPEmanufacturersare

especiallyupbeatontheoutlook).(3)Regardingback-endequipmentforgenerativeAI,demandforCoWoSproductsisparticularlystrong,andthereisnonotable

slowdownindemandforHBMproducts.However,(4)semiconductordemandforconsumerapplicationsandrelatedinvestmentappetiteatglobalOSATsremain

sluggish.(5)Demandforpowersemiconductor-relatedequipmentisalsoshowingsignsofapause.

WespotlightAdvantest,TokyoElectron,andDiscoamonglarge-caps

Amongindividualstocks,weremainBuy-ratedonlargecapsAdvantest,whichis

_

poisedtoseeanincreaseindemandfortestersgivenasubstantialincreasein

testingtimeowingtogreaterdemandforadvancedchipsusedingenerativeAI,

TokyoElectron,whichhasahighshareinequipmentforadvancedsemiconductorsandthepotentialtomaintainanincreaseinitsgrosspro?tmargineventhrough

FY3/26whenitsChinabusinessweightingislikelytodecline,andDisco,whichhasmultiplestructuralgrowthdriverssuchasadvancedpackagingandback-end

automation.Amongsmall-andmid-capstocks,wehighlightJEOL,whichweexpecttoseeanincreaseinordersformulti-beamwritingequipment,andUlvac,wherethegrossmarginisimprovingoncompany-speci?cfactors.Ontheotherhand,we

remainbearishonTokyoSeimitsuasdemandforchipsotherthansomeadvancedsemiconductors(e.g.,forgenerativeAIapplications)remainssluggishandthereis

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

GoldmanSachsJapanTechnology:SemiconductorCapitalEquipment

nosigni?cantrecoveryininvestmentbyOSATsoutsideChina.Notethatwehavemademinorrevisionsof0%~-6%toourearningsestimates(Exhibit2)and12-monthtarget

prices(Exhibit2)owingtochangesinourforexassumptions(USD/JPY150→145).

SeeourindividualreportsonourinvestmentratingchangesonAdvantestandHOYA.

Exhibit1:Ratingsand12-monthtargetpricesforcompaniesinourcoverage

Up/down

CompanyName

TokyoElectron

Disco

Ulvac

JEOL

SCREENHD

Advantest

Lasertec

KokusaiElectric

HOYA

TokyoSeimitsu

PricesasofAugust30,2024close

Currentprice

(￥)

25,805

42,660

8,147

6,544

10,895

6,641

28,080

3,915

20,595

8,230

Ticker

8035.T

6146.T

6728.T

6951.T

7735.T

6857.T

6920.T

6525.T

7741.T

7729.T

Old

Buy

Buy

Buy

Buy

Neutral

Neutral

Neutral

Neutral

Buy

Sell

New

Buy

Buy

Buy

Buy

Neutral

Buy

Neutral

Neutral

Neutral

Sell

Old

43,000

66,000

12,000

9,100

15,500

6,000

34,000

4,500

23,000

8,600

New

43,000

63,000

12,000

8,900

14,500

8,100

34,000

4,500

22,000

8,300

side

+67%

+48%

+47%

+36%

+33%

+22%

+21%

+15%

+7%

+1%

Pricetarget

(￥)

Rating

Source:Re?nitivEikon,GoldmanSachsGlobalInvestmentResearch

_

2September20242

GoldmanSachsJapanTechnology:SemiconductorCapitalEquipment

Exhibit2:Ournew/oldestimatesandconsensusforecastsforourcoverage

NewOldConUpdatedasof30-Aug-2024

SalesFY1FY2FY3

(JPYmn)

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

DISCO

411,800415,300

-0.8%

400,000

+3%

467,800476,100

-1.7%

467,000

+0%

502,100511,900

-1.9%

525,000

-4%

KokusaiElectric

229,700229,700

0.0%

225,600

+2%

262,300262,300

0.0%

272,000

-4%

291,700291,700

0.0%

306,150

-5%

Ulvac

279,900279,900

0.0%280,000

-0%

305,600305,600

0.0%307,800

-1%

326,100326,100

0.0%339,000

-4%

Advantest

637,100608,300

+4.7%604,000

+5%

788,700681,900

+15.7%690,950

+14%

830,500736,700

+12.7%766,000

+8%

Lasertec

251,200251,200

0.0%

256,000

-2%

285,200281,500

+1.3%

331,185

-14%

339,500335,500

+1.2%

372,150

-9%

JEOL

193,900195,400

-0.8%

188,219

+3%

204,000207,400

-1.6%

205,973

-1%

210,700214,100

-1.6%

214,100

-2%

TokyoSeimitsu

143,500144,200

-0.5%

148,250

-3%

152,300154,400

-1.4%

164,000

-7%

173,800176,100

-1.3%

177,300

-2%

SCREENHoldings

572,000572,000

0.0%

569,500

+0%

608,700612,800

-0.7%

619,975

-2%

654,900659,400

-0.7%

680,000

-4%

HOYA

867,000872,500

-0.6%

864,000

+0%

932,700946,700

-1.5%

919,900

+1%

1,003,0001,017,700

-1.4%

992,950

+1%

TokyoElectron

2,302,2002,302,200

0.0%

2,300,000

+0%

2,768,5002,768,500

0.0%

2,653,200

+4%

3,132,6003,132,600

0.0%

3,030,000

+3%

OperatingprofitFY1FY2FY3

(JPYmn)

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

DISCO

183,000186,800

-2.0%

175,300

+4%

215,600223,900

-3.7%

216,538

-0%

235,100244,400

-3.8%

249,000

-6%

KokusaiElectric

50,00050,000

0.0%

48,800

+2%

60,70060,700

0.0%

65,800

-8%

70,70070,700

0.0%

81,700

-13%

Ulvac

35,40035,400

0.0%

35,400

0%

44,90044,900

0.0%

45,950

-2%

52,00052,000

0.0%

53,437

-3%

Advantest

162,600144,800

+12.3%

141,396

+15%

250,700180,300

+39.0%

198,000

+27%

274,800201,500

+36.4%

238,000

+15%

Lasertec

108,500111,100

-2.3%

111,340

-3%

119,500121,200

-1.4%

147,400

-19%

146,100147,600

-1.0%

163,600

-11%

JEOL

34,90035,400

-1.4%

31,735

+10%

38,10039,400

-3.3%

37,950

+0%

38,90040,200

-3.2%

41,600

-6%

TokyoSeimitsu

27,50027,900

-1.4%

29,350

-6%

28,80030,000

-4.0%

34,950

-18%

36,00037,300

-3.5%

38,450

-6%

SCREENHoldings

109,900110,200

-0.3%

109,004

+1%

117,100118,600

-1.3%

121,750

-4%

127,900129,500

-1.2%

140,026

-9%

HOYA

252,700254,700

-0.8%

253,950

-0%

288,500291,800

-1.1%

287,216

+0%

320,300323,100

-0.9%

323,173

-1%

TokyoElectron

639,000639,000

0.0%

627,000

+2%

866,200866,200

0.0%

795,000

+9%

1,027,4001,027,400

0.0%

938,500

+9%

NetprofitFY1FY2FY3

(JPYmn)

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

DISCO

137,200140,000

-2.0%

129,000

+6%

161,500167,700

-3.7%

159,800

+1%

176,100183,000

-3.8%

183,000

-4%

KokusaiElectric

33,80033,800

0.0%

33,821

-0%

44,10044,100

0.0%

47,800

-8%

51,30051,300

0.0%

58,550

-12%

Ulvac

25,50025,500

0.0%

24,800

+3%

32,10032,100

0.0%

32,650

-2%

37,00037,000

0.0%

39,023

-5%

Advantest

121,700105,100

+15.8%

106,617

+14%

189,600131,800

+43.9%

148,850

+27%

208,200147,800

+40.9%

178,520

+17%

Lasertec

77,10079,000

-2.4%

81,000

-5%

84,90086,100

-1.4%

107,404

-21%

103,800104,900

-1.0%

118,200

-12%

JEOL

25,90026,300

-1.5%

23,807

+9%

28,20029,200

-3.4%

27,850

+1%

28,80029,700

-3.0%

29,700

-3%

TokyoSeimitsu

22,20022,500

-1.3%

23,100

-4%

20,30021,200

-4.2%

24,750

-18%

25,40026,300

-3.4%

28,150

-10%

SCREENHoldings

80,30080,500

-0.2%

77,375

+4%

85,50086,600

-1.3%

86,700

-1%

93,40094,500

-1.2%

98,000

-5%

HOYA

213,400216,600

-1.5%

201,483

+6%

243,700247,100

-1.4%

229,000

+6%

269,200273,000

-1.4%

255,375

+5%

TokyoElectron

497,900497,900

0.0%

478,000

+4%

673,200673,200

0.0%

604,400

+11%

797,700797,700

0.0%

720,000

+11%

EPSFY1FY2FY3

(JPY)

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

GSENewGSEOld

Newvs.Old

BBG

vs.BBG

DISCO

1,266.11,291.9

-2.0%

1,191.0

+6%

1,490.41,547.6

-3.7%

1,475.0

+1%

1,625.11,688.8

-3.8%

1,689.0

-4%

KokusaiElectric

146.4146.4

0.0%

146.6

-0%

191.0191.0

0.0%

205.2

-7%

222.2222.2

0.0%

254.5

-13%

Ulvac517.5517.50.0%503.3+3%651.5651.50.0%662.6-2%750.9750.90.0%792.0-5%

Advantest165.8142.7+16.1%144.4+15%260.7180.6+44.3%201.8+29%289.2204.6+41.3%241.7+20%

Lasertec854.9876.0-2.4%889.7-4%941.4954.7-1.4%1,170.7-20%1,150.91,163.1-1.0%1,293.6-11%

JEOL506.8514.7-1.5%466.1+9%551.9571.4-3.4%545.1+1%563.6581.2-3.0%581.2-3%

TokyoSeimitsu548.8556.2-1.3%571.1-4%501.8524.1-4.2%631.2-20%627.9650.2-3.4%694.3-10%

SCREENHoldings826.9828.9-0.2%798.9+4%880.4891.8-1.3%898.4-2%961.8973.1-1.2%1,009.1-5%

HOYA629.1638.5-1.5%582.4+8%740.3750.6-1.4%671.7+10%843.3855.2-1.4%775.8+9%

TokyoElectron1,080.81,080.80.0%1,037.6+4%1,477.41,477.40.0%1,307.0+13%1,770.01,770.00.0%1,562.9+13%

Source:Bloomberg,Companydata,GoldmanSachsGlobalInvestmentResearch

_

Exhibit3:Forexsensitivityatcompaniesinourcoverage

JEOL DISCO Lasertec AdvantestTokyoSeimitsu HOYASCREENHD

UlvacKokusaiElectricTokyoElectron

1.0%

0.8%

0.6%0.6%

0.2%0.1%

0.1%0.0%

0.0%0.0%

0.0%0.2%0.4%0.6%0.8%1.0%1.2%

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

2September20243

GoldmanSachsJapanTechnology:SemiconductorCapitalEquipment

NotCoveredcompanycommentary

Shimadzu(7701.T)

Shimadzugotofftoaslowstartin1Q3/25,partlyduetotheimpactofproductioncutsthatthecompanyhadnotanticipatedatthestartofthe?scalyear.However,the

companysaiditaimstomakeupfortheslow1Qstartin2Qand2H,astheorder

backlogforitscoremeasuringequipmentbusinessremainshigh,anddemandisstronginJapan,India,andNorthAmerica.DemandfromChinaisalsoshowingsignsof

bottomingout.Inturbomolecularpumps(TMP,includedinindustrialequipment),a

recoveryinSPEapplicationsisbecomingclear,withdemandparticularlystronginJapanandNorthAmerica(perthecompany).ShimadzusaidOPMfortheindustrialequipmentsegmentcouldexceeditsinitialguidance,giventhatTMPscommandrelativelyhigh

marginscomparedtoitsothersemiconductor-relatedproducts.

Nikon(7731.T)

Nikon’s1Q3/25resultsweremixedacrosssegments.Thecompanysaidthatthe

imagingproductsbusiness,whichcontinuestoenjoystrongsales,isoutperformingitsinitialguidance,butthecomponents,healthcare,andprecisionequipmentbusinessesgotofftoaslowstart.Inthecomponentsbusiness,thecompanysaidthatcustomersarestilladjustinginventoriesofopticalcomponentsforEUVmaskinspection

equipment,andthatvisibilityispooronthetimingofanyrecoveryin2H3/25or

thereafter.Nikonsaidtheoutlookisalsouncertainforitsprecisionequipmentbusiness,

asmajorNorthAmericanIDMcustomershaveloweredtheircapexoutlooksfor

FY24-25.NikoncommentedthatattainingitsFY3/26operatingpro?ttargetof￥70bnunderitsmedium-termplanwilldependonsemiconductormarketconditions.

HamamatsuPhotonics(6965.T)

_

Thecompany’smainstaymedicalequipmentandsemiconductorproductscontinuetobeimpactedbyinventoryadjustmentsatcustomers,andHamamatsuloweredits

full-FY9/24guidanceforthesecondtimeatits3Qearningsrelease.However,itsaidordershavebeenpickingupfromabottompointin3QinCT,bloodtesting,and

semiconductor?eldsotherthanwaferinspection,andthattheBBratiohasbeenabove1sinceMay.Itthereforethinksquarterlyresultswillbottomoutgradually(mentioningitwilllikelybe2H2025beforeafullrecoveryinwaferinspectionequipment,as

customersstillhavehighinventorylevels).Inindividualbusinesses,demandforstealthdicingusedforHBMremainsstrong,andHamamatsusaidordersforX-raysources

usedinLiB(battery)inspectionarealsopoisedtorecover,astheoperatingrateof

China’slargestbatterymakerhasrecoveredfromabottomofaround50%toaround70%.

Horiba(6856.T)

Initsmainstaysemiconductorbusiness,Horibasaidthatdemandformass?ow

controllers(MFCs)atChineseSPEmakershasbeenrecoveringcomparedtothree

2September20244

GoldmanSachsJapanTechnology:SemiconductorCapitalEquipment

monthsago,whiledemandforNANDapplicationshasstartedtopickupoutsideChina.ThecompanysaidtheBBratioforthesemiconductorsegmentexceeded1in2Q

(Apr-Jun).Intheautomotivebusiness(anothercoresegment),Horibasaidinvestmentinelectri?cationhasslowedsomewhatduetosluggishEVdemand,butthatinquiries

aboutinvestinginupgradesofinternalcombustionengineequipmenthavepickedup,notingthatexhaustgas-relatedsalescouldincreaseoverthenexttwotothreeyears.Horibasaidpro?tabilityisstillanissueintheFC/batterybusinessastheunitremainsinthered,butthatithasresumedacceptingneworders(whilecontrollingpro?tability)

sincetheendof1H,andthatitsbacklogissteadilygrowing.

Tazmo(6266.T)

Tazmosaiditbookedordersworthover￥3bnforadvancedpackage(CoWoS)debondingequipmentin2Q,the?rstsubstantialordertotalsince3Qoftheprevious?scalyear.

Thecompanysaiditexpectsinquiriestoremainsteadyandplanstoincreaseits

productioncapacityfromthecurrentlevelof4-5unitspermonthtoaround7unitsby

early2025.TazmonotedthataKoreanequipmentmakerhasobtainedcerti?cationfromaTaiwanesefoundrycustomerforsomeprocesses(laserirradiation),butthatitsown

equipmentisstillbeingusedforcleaningprocesses,andthattherehasbeennomajorchangeinthecompetitiveenvironment.Ontheotherhand,Tazmosaidcustomersaretakingawait-and-seeapproachforinvestinginequipmentforpowersemiconductors,

andthatitisunlikelytoseearecoveryinordersthis?scalyear.Intermsofoverall

earnings,itsaidoperatingpro?tin1Hwasaround￥6bnhigherthanitexpected,mainlyduetoadelayinR&Dexpenses,andthatearningsarelargelyontrackwithfull-year

guidance.

ShibauraMechatronics(6590.T)

ShibauraMechatronicssaid1Q3/25resultsexceededitsinitialexpectationsforsales,

operatingpro?ts,andorders.Earningswerebuoyedbysolidoutputofsemiconductor

_

equipmentforback-endprocesses(salesarerecognizedonapercentage-of-completionbasis),whileorderswereboostedbyphosphateetchingequipmentforChinese

customersandadvancedpackagingequipmentforTSMC.Shibaurasaiditexpects

orderstoremainstrong(withsomequarterly?uctuation)forback-endequipment

(bonders)usedinadvancedpackaging,mainlyCoWoS.Thecompanylooksforback-endequipmentordersofaround￥12bninFY3/25(1Qactual:around￥4bn),comparedwith￥10.5bninFY3/24.Astooverallearnings,Shibaurasaiditneedstoreconsiderits

earningsoutlookforFY3/26,asitsFY3/25earningsareonpacetoalreadyexceeditsmedium-termplantargetsforFY3/26.

MicronicsJapan(6871.T)

Ordersinthecoreprobecardbusinesshitarecordhighof￥16.8bnin2Q12/24,well

abovethecompany’sexpectations.DRAMaccountedforaround80%oftheorders,ofwhichHBMmadeupjustunder50%,maintainingthehighlevelseenin1Q.OrdersforgeneralDRAMwerealsostrong.ProbecardsforDRAMapplicationsaresuppliedmainlytoSamsung,whileJapanElectronicMaterials(6855.T,NC)isthemainsupplierofprobecardsforMicronTechnology’sHBMapplications.MicronicsJapansaidthatinquiriesfor

2September20245

GoldmanSachsJapanTechnology:SemiconductorCapitalEquipment

HBMprobecardsremainstrong,althoughitdidnotdiscloseguidancefororders.ItalsonotedthattherequiredspecsforprobecardsdifferasthegenerationofHBMevolvesfromHBM3to3eto4,andthatadditionaldemandmayemergewhenmassproductionofHBM4begins.

TOWA(6315.T)

Ordersin1Q3/25cameinat￥13.1bn,thelowerendofthe￥13-15bnrangethe

companyhadexpectedatthestartofthequarter.Thiswaslargelyduetocancellationsofaround￥600mnforsingulationequipment,andthecompanysaidordersforitscoremoldingequipmentaretrendingwell,mainlyfromChinaOSATs.ItreceivedordersforseveralHBMmoldingunitsin1Q,andwhileordersin2Qarelikelytobelimitedas

customersarecurrentlysettinguptheequipment,TOWAsaiditstillexpectstoreceiveordersforaround20unitsforthefullyear.InvestmentappetiteatTaiwanOSATs

remainsweak,andwhilethecompanyhadinitiallyexpectedarecoveryinordersfrom2Q,itnowseesarecoveryasmorelikelyin3Qorthereafter.

PILLAR(6490.T)

1Qresultsmarkedaslowstartagainstthefull-yearplan,withsluggishsalesof

?uororesinproductstoSPEmakers.However,thecompanysaidordersforitscoreelectronicequipmentandrotaryjointsforCMPequipment(partoftheindustrial

equipmentbusiness)couldpickupfrom2Q,anditseespotentialforbusiness

conditionstoimprovein2Hasoperatingratesrise.SalestoChineseSPEmakersare

alsoonanuptrend,andwithsaleshavingpreviouslybeenhamperedbyresinshortages,

PILLARsaiditiscurrentlyworkingtoexpandsalesfurther,includingbyprovidingsamplesofrotaryjointstoCMPmakers.

EbaraCorporation(6361.T)

Intheprecisionmachinerysegment,acompanywideearningspillar,CMPequipmentfellslightlyshortofplanin1H12/24onslower-than-expectedrecoveryininvestmentby

_

non-Chinesecustomers,butcomponents(mainlydryvacuumpumps)businesswas

slightlyaheadofplanonthebackofhighercustomercapacityutilization.For2H12/24,managementexpectsordersforCMPequipmentfromChinatoremain?athoh,whileordersfromnon-Chinesecustomersareexpectedtoincreasesigni?cantly.Italsolooksforcomponentorderstoremainhigh(atleastatthesamelevelasin1H).

Ushio(6925.T)

ManagementsaidthatitscollaborationwithAMATonlithographyequipment,akeyfacetofitsgrowthstrategyunderthecurrentmedium-termplan,isprogressing

smoothly.Thecompaniesaredevelopingequipmentforuseininterposersin

cutting-edgepackageapplications(suchasCoWoS),andaccordingtoUshiothe

equipmentisbeingevaluatedbyTaiwanesefoundriesandawiderangeofother

customers.Ontheotherhand,salesofotherlithographyequipment(steppers,directwriters)havenotshownasigni?cantrecoveryasthemainapplicationsarein

smartphones/PCsandgeneral-purposeservers,butmanagementexpectssalesto

2September20246

GoldmanSachsJapanTechnology:SemiconductorCapitalEquipment

graduallyrecoverin2H12/24inlinewithitsinitialguidance.WithregardtolightsourcesforEUVmaskinspectionequipment,managementlooksforsalestofallbyaround40%yoyinFY3/25,andsaidthat1Qsaleswereconsistentwithitsexpectations.Itadded

thatitisbeingsomewhatcautiousinitsR&Dspendingforfutureapplications.

HirataCorporation(6258.T)

Ordersforrelativelyhigh-marginsemiconductorwafertransferequipmentremain

strong,particularlyfromcorecustomersDiscoandEbara,andinquiriesarealsopickingupagainfromnon-coreclients.Ordersforautomotiveequipmentalsocontinuetobe

robust,bothforICEandEVapplications,andmanagementsaiditwantstoimprovethepro?tabilityofEVbattery-relatedequipment,anareathatwasoneofthefactorsbehindnarrowermarginsin1Q12/24(marginsonEVbatteryequipmentarestilllowerthanonordersforICEenginesandEVEDUs).WithregardtoOLEDequipment,whichhasbeenoneofHirata’searningsdriversinthepast,managementsaidsigni?cantgrowthis

becominglesslikely(asproductsfromlocalmanufacturersarebeingadoptedinKorea),andthatitislookingfornewgrowthdriversinareassuchasmedical/scienti?candFA.

Exhibit4:Valuationsandconsensusforecastsforstocksmentioned

SPE/FPD

CompanyName

HIRATAPILLAR

ShibauraMechatronics

MicronicsJapanUshio

TOWAEbaraTazmo

Precision

CompanyName

Nikon

Horiba

Shimadzu

HamamatsuPhotonicsUpdatedasof

8/30/2024

Ticker

6258JTEquity

6490JTEquity

6590JTEquity

6871JTEquity

6925JTEquity

6315JTEquity

6361JTEquity

6266JTEquity

Ticker

7731JTEquity

6856JTEquity

7701JTEquity

6965JTEquity

StockPrice

5,160

4,345

8,580

4,800

2,075

7,440

1,972

3,5