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    Masahiro Shibano

    Senior Equity Analyst at Citigroup Global Markets Japan

    Masahiro Shibano is a Senior Equity Analyst at Citigroup Global Markets Japan, specializing in coverage of leading Japanese technology and electronics companies such as Tokyo Electron, Epson, SCREEN Holdings, Lasertec, and Advantest. Renowned for his in-depth research on companies within the semiconductor and equipment sectors, Shibano has established a robust career track record evidenced by his consistent coverage of these major firms throughout multiple years. He has held his current analyst position at Citigroup Global Markets Japan since before 2024, building a reputation for analytical rigor and sector expertise, although specific performance rankings or quantitative metrics are not publicly disclosed. Shibano holds Japan FSA securities regulatory credentials necessary for equity research professionals, reflecting his compliance and knowledge standards within the Japanese financial industry.

    Masahiro Shibano's questions to TOELY leadership

    Masahiro Shibano's questions to TOELY leadership • Q1 2025

    Question

    Asked if the upward revision to the sales plan was due to gaining market share, given the company's statement that the overall WFE market forecast hadn't changed significantly. Also requested clarification on the sales trend in China for the rest of the year.

    Answer

    The upward sales revision is due to a combination of both favorable market trends and the company gaining advantages. For China, sales peaked in Q1. The proportion of sales from China will gradually decrease, remaining above 40% in Q3 but falling to the 30% range in Q4. Overall China investment is expected to be smaller next fiscal year compared to this year.

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    Masahiro Shibano's questions to TOELY leadership • Q3 2024

    Question

    Inquired about the strategic background for the significant increases in the 5-year plan (2025-2029) for R&D, CapEx, and hiring, and whether the CapEx would be focused domestically or internationally.

    Answer

    The increased investment is driven by a growing served available market and the need to develop new products. R&D will be conducted both in the company's own factories and in facilities close to customers. The figures are based on a specific plan to address these growing opportunities.

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