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    Masahiro Nakanomyo

    Senior Equity Analyst at Jefferies Securities

    Masahiro Nakanomyo is a Senior Equity Analyst at Jefferies Japan Limited specializing in electronics, industrials, and precision instrument companies, with deep expertise in the Japanese market built over a 20-year career. He covers major publicly listed firms such as Sony Group, Citizen Watch, SCREEN Holdings, Konica Minolta, and Seiko Epson, and is recognized for his balanced stock ratings and willingness to take high-conviction, non-consensus positions that leverage sector fundamentals and corporate strategy insights. Nakanomyo has built a reputation for rigorous bottom-up analysis and has been acknowledged in key research surveys for identifying transformational opportunities among Japanese corporates. He maintains professional credentials required for Japan-based sell-side analysts and participates actively in investor relations events and expert panels.

    Masahiro Nakanomyo's questions to ADVANTEST (ATEYY) leadership

    Masahiro Nakanomyo's questions to ADVANTEST (ATEYY) leadership • Q3 2024

    Question

    Questioned the system-level test (SLT) business performance and outlook, and asked for the company's overall perspective on the 2024 fiscal year's recovery potential compared to 2022 levels.

    Answer

    The SLT business saw a recent recovery but the full-year outlook is impacted by softness in the mobility sector; long-term growth is still expected. For 2024, the overall tester market could recover to 2022 levels, but this recovery will be led by memory testers rather than SoC testers, which poses a challenge for profitability.

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    Masahiro Nakanomyo's questions to ADVANTEST (ATEYY) leadership • Q2 2024

    Question

    Asked if HBM tester demand is recovering independently of the broader SoC market, which is still waiting for utilization to improve. Also requested quantification of the new tester demand driven by HBM and advanced packaging.

    Answer

    The recovery dynamics are different. SoC tester demand is delayed as customers reuse existing underutilized capacity. In contrast, HBM demand is recovering sooner as customers for that segment purchase new equipment as needed. The primary driver for new HBM tester demand is the drastically longer test time required. The company expects 30-40% annual growth for HBM devices but could not quantify the specific tester market size at the time.

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