Advantest: Quantifying the upside from CPU renaissance; lifting PT to ¥55,700

We update our proprietary bottom-up Tester Model to raise Advantest SoC tester demand by 82% to 8,042 units in CY2028 (FY29/3), more than doubling from 3,744 units in FY27/3, as we factor in strong CPU and ASIC tester demand. Of the 8,042 testers, majority (~85%) are AI-related testers, including 75% from GPUs, ASICs and CPU demand and 10% from CPO / networking. ASIC tester demand will likely be as big as GPU tester from CY2027, as ASIC test time narrows the gap and volume growth outweighs GPU. Agentic CPUs are expected to provide extra leg of growth, and we believe the CPU tester upside is still underestimated. By CY2028, we estimate that ~19% of AI-related testing demand to come from CPU testing, driven by both test time increase as agentic AI would require much more powerful CPUs, as well as unit volume increase. We raise FY27/3 / FY28/3 revenue by 8% / 32%, and OP by 14% / 37% respectively, with our new OP now 7% / 14% above consensus. Applying 30x P/E multiple to our Q5-Q8 EPS and