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    Yu Yoshida

    Senior Analyst at CLSA

    Yu Yoshida is a Senior Analyst at CLSA Securities Japan, specializing in the Japanese technology hardware sector with a focus on semiconductor and electronic equipment companies. He covers leading firms such as SCREEN Holdings, Tokyo Electron, Advantest, and Lasertec, and is recognized for delivering high-quality insights that have ranked him among the top 1,501 Wall Street analysts on TipRanks, with historical ratings showing a breakdown of 71% Buy recommendations and performance tracked for excess returns. Yoshida has built his research career at CLSA, where his expertise and analysis have made him a key resource for institutional investors following Japan’s advanced technology sector. His professional credentials include recognized proficiency covering market-leading Japanese electronics firms for over a decade, though details on specific securities licenses or FINRA registration are not published.

    Yu Yoshida's questions to TOELY leadership

    Yu Yoshida's questions to TOELY leadership • Q3 2025

    Question

    Asked for a breakdown of the 2024 and 2025 WFE market forecast by application, the expected growth rate in China for 2025, and the outlook for the WFE market in calendar year 2026.

    Answer

    For calendar 2025, DRAM is expected to grow 10-20% and NAND to double its share, while logic will decline 10-20% due to China, resulting in a flat overall market. China's non-memory market is expected to decline 10-20%. Calendar 2026 is projected to see double-digit growth driven by AI-related investments in 3nm/2nm nodes and HBM.

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    Yu Yoshida's questions to TOELY leadership • Q1 2025

    Question

    Inquired about the reasons for the shift in the SPE new equipment sales forecast, specifically why the foundry/logic composition decreased while DRAM increased, and which sub-segments were responsible for the changes.

    Answer

    The shift is driven by strong AI-related demand, causing some customers to convert logic production lines to memory, thus boosting DRAM investment. While advanced logic for AI servers remains strong, other logic investments have been revised. China's proportion of sales is expected to decline from over 40% in Q3 to below 40% in Q4, normalizing in the future. Recovering PC and smartphone utilization is also driving new investment.

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    Yu Yoshida's questions to TOELY leadership • Q4 2024

    Question

    Asked for an update on the WFE market outlook for 2025, the potential for new products like cryogenic and conductor etching, and the specific applications for conductor etching.

    Answer

    The executive confirmed the double-digit growth outlook for the WFE market in 2025, driven by AI servers, PCs, and smartphones. The company's market share is expected to recover with the rebound in leading-edge investment. New PORs for cryogenic etching and other systems are expected in 2025-2026 for memory customers, and conductor etching PORs have been won for both capacitor and logic applications.

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    Yu Yoshida's questions to TOELY leadership • Q3 2024

    Question

    Asked for a breakdown of the WFE market forecast for 2024 and 2025 by application and geography, the timing of market recovery within fiscal 2025, and the drivers behind the growth in Field Solutions sales.

    Answer

    For 2024, WFE is expected to be ~30% memory and ~60% logic, with China accounting for ~40%. DRAM is forecast to grow 30-40% in 2024, while NAND will be flat until 2025. The market recovery is expected to be stronger in the second half of fiscal 2025. Field Solutions growth is driven by increasing customer utilization rates, which boosts the parts and modifications business.

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    Yu Yoshida's questions to ADVANTEST (ATEYY) leadership

    Yu Yoshida's questions to ADVANTEST (ATEYY) leadership • Q3 2024

    Question

    Yu Yoshida asked about Advantest's market share expectations for SoC and memory testers in 2024 and 2025, and inquired about the competitive landscape, particularly regarding custom ASIC clients. He also followed up on whether the die-level test market is included in the 2025 outlook.

    Answer

    Executive Douglas Lefever stated that 2024 market share is tracking at or above the midterm plan target of 58% or greater. For 2025, he anticipates upside growth from new AI HPC customers. Regarding the follow-up, Mr. Lefever explained it is premature for the die-level handler market to have a significant impact in 2025, with production-level business more likely in the following year.

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    Yu Yoshida's questions to ADVANTEST (ATEYY) leadership • Q3 2024

    Question

    Yu Yoshida inquired about the company's market share expectations for SoC and memory testers for 2024 and 2025, the competitiveness of the market, and if the 2025 outlook includes the die-level test market.

    Answer

    Douglas Lefever, an executive, responded that the company is tracking at or above its midterm plan target of 58% or greater market share for calendar year 2024. He anticipates upside growth in 2025 from new AI HPC customers. Lefever also noted that it is premature for the die-level handler market to have a significant impact in 2025, with large-scale production business more likely in the following year.

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    Yu Yoshida's questions to ADVANTEST (ATEYY) leadership • Q1 2025

    Question

    Asked about the long-term (2025-26) market outlook and margin assumptions given the strong 2024 forecast. Later, asked for a more detailed breakdown of the SoC business, specifically the proportion of AI/HPC, and inquired about potential upside drivers like edge AI.

    Answer

    The company stated it is difficult to forecast specifics for 2025-26 but expects the current up-cycle and growth to continue, driven by high-performance computing. Margin improvement for HBM is a key focus. While not providing a precise breakdown, they confirmed that high-end HPC for AI accelerators accounts for a huge portion of SoC sales. They see significant upside potential from edge AI applications in smartphones and PCs, which have much larger volumes than data centers.

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    Yu Yoshida's questions to ADVANTEST (ATEYY) leadership • Q1 2024

    Question

    In a follow-up question, Yu Yoshida of CLSA asked for a more detailed breakdown of the 'computing and communication' SoC category, specifically the proportion driven by AI and HPC. He also asked if 'edge AI' in devices like smartphones and PCs represents the most significant future upside potential.

    Answer

    An executive declined to provide a precise breakdown but confirmed that high-end AI accelerators constitute a 'huge portion' of sales this fiscal year. Douglas Lefever addressed the upside, stating that while data centers are the primary driver now, the first signs of edge AI in PCs and phones are emerging. He cited strong growth forecasts for AI-equipped smartphones, calling it a 'really, really nice upside' due to high consumer volumes.

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    Yu Yoshida's questions to ADVANTEST (ATEYY) leadership • Q3 2024

    Question

    Asked for a detailed breakdown of the FY24 market outlook for SoC and memory testers, including customer segments, product mix, market share, and gross profit. Later questioned why the 2024 market share forecast is flat when growth drivers like AI, HPC, and HBM align with the company's strengths.

    Answer

    Executives expect slight growth in the SoC tester market in 2024, driven by AI/HPC in the second half. The memory tester market, particularly for HBM, is expected to be very strong. Market share is officially projected to remain in the high 50% range, but they acknowledged a 'fair probability' of gaining share due to favorable market trends. Gross profit margins are expected to improve in the second half of the year with SoC recovery.

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    Yu Yoshida's questions to ADVANTEST (ATEYY) leadership • Q3 2024

    Question

    Yu Yoshida of CLSA inquired about Advantest's market share expectations for SoC and memory testers in 2024 and 2025, and whether the market is becoming more competitive, citing a competitor's comments on custom ASIC client adoption.

    Answer

    Executive Douglas Lefever stated that 2024 market share is tracking at or above the midterm plan target of 58% or greater. He anticipates upside growth in 2025 from new AI HPC customers, including the 'Mag 7' and their custom ASIC partners. Lefever also clarified that the die-level handler market is not expected to have a significant impact on the 2025 outlook, with large-scale production likely in the following year.

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