Japan Tech: Earnings Check-in [Replay]

We discuss our key takeaways from earnings season, address sector debates, and highlight our preferred stock ideas. Related research: Murata Mfg. (6981.T): 2Q above expectations: Positive on sharp rise in guidance and medium- to long-term capacity expansion; raise TP, Buy. TDK (6762.T): 2Q above expectations: Major upward revision of guidance. Growth potential from next fiscal year onward also strengthens. Raise TP/maintain Buy. Kioxia Holdings (285A.T): Earnings Review: 2Q in line; 3Q guidance below expectations partly on shipment timing shift, but outlook for earnings growth into 4Q and FY3/28 intact; maintain Buy. Lasertec (6920.T): Earnings Review: New order guidance higher than expected, ACTIS TAM expansion scenario materializing; reiterate Buy (on CL).