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    Mikio Hirakawa

    Senior Analyst at BofA Securities

    Mikio Hirakawa is a Senior Analyst at BofA Securities Japan, specializing in research coverage of leading Japanese electronics and industrial companies, including Fujitsu, Hitachi, SCREEN Holdings, Sharp, and Mitsubishi Electric. He regularly delivers in-depth reports and strategic forecasts for these firms, contributing to investor insight and sector performance evaluation. Hirakawa has maintained consistent coverage across multiple major Japanese corporations, affirming his expertise in the electronics and industrial sectors, though specific performance rankings and returns data are not publicly disclosed. His role at BofA Securities marks a significant tenure in equity research; however, professional credentials such as FINRA registration and securities licenses are not currently available.

    Mikio Hirakawa's questions to HITACHI (HTHIY) leadership

    Mikio Hirakawa's questions to HITACHI (HTHIY) leadership • Q2 2025

    Question

    In a follow-up, Mikio Hirakawa of BofA Securities asked for the internal evaluation of Q2 results versus forecast and inquired about the second-half profitability assumptions for GlobalLogic given rising personnel costs.

    Answer

    Executive Tomomi Kato confirmed that Q2 results for the three core sectors were better than forecast on revenue and adjusted EBITA, with orders also trending positively. Regarding GlobalLogic, he acknowledged that rising manpower costs are a pressure but stated that improved cost controls and new orders from the tech and telecom sectors provide confidence in achieving the second-half forecast.

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    Mikio Hirakawa's questions to TOELY leadership

    Mikio Hirakawa's questions to TOELY leadership • Q4 2024

    Question

    Inquired about the R&D expense strategy, asking if the company targets a specific R&D-to-sales ratio and which areas the increased budget is focused on. Followed up with a question clarifying the competitive landscape for cryogenic etching against Lam Research, specifically for advanced NAND nodes.

    Answer

    The executive stated there is no fixed cap on the R&D-to-sales ratio; the company invests to maximize growth. The increased R&D focuses on areas like cryogenic/conductor etching, ALD, advanced packaging, and EUV-related technologies. On the follow-up, it was confirmed that the company sees a significant opportunity for its cryogenic etching in the >400 layer NAND node, where customer decisions are still pending and evaluations are ongoing.

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    Mikio Hirakawa's questions to TOELY leadership • Q3 2024

    Question

    Questioned the proportion of mature node investment within the logic/foundry segment for the current and next fiscal years.

    Answer

    The company estimates that mature node investment accounts for about 40% of logic/foundry in fiscal 2024. For fiscal 2025, the absolute investment amount is expected to remain similar, but its proportion may decline slightly as investment in leading-edge devices increases.

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    Mikio Hirakawa's questions to ADVANTEST (ATEYY) leadership

    Mikio Hirakawa's questions to ADVANTEST (ATEYY) leadership • Q3 2024

    Question

    Asked about the reasons for the projected drop in Q4 SoC tester sales and sought clarification on the delayed recovery timeline for the overall SoC tester market.

    Answer

    The Q4 SoC tester sales decline is attributed to weakness in the smartphone sector, which typically drives demand in that period. The overall market recovery has been pushed out further because demand for automotive, consumer, and smartphone-related testers is slowing down more than previously expected.

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