Added to YB: 2026-04-10
Pitch date: 2026-04-08
4062.T [neutral]
Ibiden Co.,Ltd.
+98.1%
current return
Author Info
No bio for this author
Company Info
Ibiden Co.,Ltd. provides electronics in Japan, the rest of Asia, North America, Europe, and internationally.
Market Cap
JPY 5.6T
Pitch Price
JPY 9.7K
Price Target
9.8K (-49%)
Dividend
0.18%
EV/EBITDA
38.48
P/E
85.36
EV/Sales
12.16
Sector
Electronic Equipment, Instruments and Components
Category
growth
Ibiden: The Hidden Bottleneck Beneath AI
4062.T (overview): AI substrate bottleneck - Ibiden holds 70-80% share at highest complexity (20+ layers, 100mm+ body). Yield advantage vs competitors, customer prepayments fund ¥500B capex. ABF film monopoly (Ajinomoto) protects incumbents. Electronics margin 19.2% (+560bps) despite depreciation surge. Pricing caution vs sold-out market creates valuation tension. Base: ¥650B rev, 18% margin, ¥340 EPS by FY29 → ¥9,800 target (28x). Bear ¥5,200, bull ¥14,500. Key: ROIC >10%, Gama ramp, ASIC >15% mix.
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