Sumco Q1 Results and Recovery Outlook

SUMCO beat its Q1 company guidance and signaled that the earnings trough has been reached, with Q2 guidance showing the first sequential improvement in some time.

Key Takeaways

• 1.SUMCO achieved its 22nd consecutive quarter of beating company guidance, with a Q1 operating loss of ¥5.2bn.
• 2.Q1 2026 is likely the earnings trough, as Q2 guidance indicates the first sequential improvement in several quarters.
• 3.Management provides a constructive outlook for 300mm wafers driven by generative AI, supporting an earnings recovery towards FY12/27-28.

Table of Contents

• Q1 Results: Slightly Below Consensus but Ahead of Company Forecast
• Q2 Outlook: First Upturn-Oriented Guidance in Some Time
• Key Takeaways from the Briefing and Our View
• Price Target Risks and Methodology - SUMCO
• Disclosure Appendix
• Price target and rating history chart(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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