Daifuku Beyond the Cycle

Goldman Sachs reiterates a Buy rating on Daifuku, citing strong cleanroom business momentum, superior profitability, and upgraded industry demand forecasts.

Key Takeaways

• 1.Daifuku management shows high confidence in cleanroom business growth, with operating profit estimates exceeding market consensus.
• 2.Semiconductor market forecasts for 2026/2027 have been revised upward, driven by AI and data center investments.
• 3.Profitability is improving due to scale, with OPM of over 20% likely to become sustainable.

Table of Contents

• Daifuku (6383.T): Beyond the Cycle: High levels of orders, sales, and OPM with potential for further upside. Reiterate Buy.
• Unprecedentedly strong inquiries. Reaffirming the powerful tailwinds in the current environment
• Regional mix/share gains appear to be benefiting from tailwinds
• Profitability is trending upward. OPM of over 20% looks set to become the new normal
• Price Target Risks and Methodology - Daifuku (6383.T)
• Disclosure Appendix

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