SCREEN Holdings (7735.T): Conf. call takeaways: SPE orders still strong; production capacity/margins in focus; stay cautious relative to coverage

Goldman Sachs summarizes a conference call held with SCREEN Holdings' IR team on the afternoon of September 24. SPE segment orders have remained at record high levels since 4Q3/26, reaching a volume the company believes can fully support 2H3/27 guidance, with SPE sales growth for FY3/28 potentially exceeding that of FY3/27 on current customer forecasts, supported by strong WFE demand. Management is procuring materials and components and securing production capacity by increasing shifts and improving efficiency at the Hikone plant, while also utilizing subsidiaries/group companies in Kyoto. Management noted there could be upside if equipment scheduled for FY3/28 delivery were brought forward or post-sales revenue were stronger than expected, and plans to improve profitability by passing on higher material/component costs, launching value-added products and raising production efficiency. SCREEN's next medium-term plan is due in May 2027, with an IR Day scheduled for end-March. Goldman ma