Professional
Added to YB: 2026-03-10
Pitch date: 2026-03-06
3445.T [neutral]
RS Technologies Co., Ltd.
+6.44%
current return
Author Info
Bireme Capital uses a value-oriented, bottom-up analysis to identify high IRR opportunities in publicly listed equities. Visit the website.
Company Info
RS Technologies Co., Ltd. provides silicon wafer reclamation and sale services in Japan, Taiwan, China, South Korea, the United States, Europe, and internationally.
Market Cap
JPY 110.6B
Pitch Price
JPY 3.9K
Price Target
11.7K (+176%)
Dividend
1.32%
EV/EBITDA
5.09
P/E
10.28
EV/Sales
1.44
Sector
Semiconductors and Semiconductor Equipment
Category
value
Bireme Capital Portfolio Holding: RS Technologies Co., Ltd.
3445.T (holding update): Japan's #1 reclaimed silicon wafer supplier (30% global share). EBIT grew 1.5b→10b yen since 2015 on semi growth + complex node demand. Expanding capacity 30% in Taiwan/Japan, 4x in China. Trades 8-9x EBIT vs peer Phoenix Silicon ~30x. Owns 33% of GRINM (IPO'd 2022), stake worth ~100b yen (≈RS's mkt cap). 2-3x upside potential on re-rating.
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