Lasertec slumps after weaker-than-expected earnings, disclosure pullback

Lasertec

01/11/2024 04:55

By Sam Nussey
       TOKYO, Nov 1 (Reuters) - Shares in Japan's Lasertec
 6920.T  fell 16% on Friday, a day after the maker of inspection
equipment used in chipmaking reported weaker-than-expected
first-quarter earnings.
    Lasertec booked a net income of 8.9 billion yen ($58.43
million) for the July-September period, up 16% from a year
earlier but below analysts' expectation.
    The company, which makes machines for inspecting masks used
to produce patterns for chips, pointed to some revision in plans
by device makers for expanding cutting-edge chip capacity. 
    Lasertec maintained its full-year guidance including net
sales of 240 billion yen and said it would no longer disclose
quarterly orders, citing short-term fluctuations and requests
from investors to reduce share price volatility. 
    "Investors' confidence is getting lower without other
positive leading indicators, due to no more quarterly order
disclosure," Bernstein analyst David Dai said in a client note.
    Lasertec is targeting net sales of 400 billion to 500
billion yen and operating margin of more than 35% in the
financial year ending June 2030.
    "In the near term, customer investment momentum is likely to
change, but we still expect earnings to sustain (medium-term)
growth amid expanding demand for advance processes and masks,"
Jefferies analysts said in a note.
    Lasertec's shares have declined by almost half year-to-date,
compared with a 12% rise in the Topix index  .TOPX . 
     
    ($1 = 152.3300 yen)

 (Reporting by Sam Nussey; Editing by Subhranshu Sahu)
 ((mailto:sam.nussey@tr.com;))