Nikkei · Semi equipment · World No.1 batch ALD
Kokusai Electric
World #1 in batch atomic-layer deposition (ALD), ~70% share (~46% across batch deposition). Spun from Hitachi Kokusai’s semiconductor unit, held by KKR, IPO’d 2023. Key for GAA, 3D DRAM and 3D NAND deposition. Customers include Samsung, SK Hynix, Micron and TSMC.
6525.T Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Kokusai Electric is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 11 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · World No.1 in batch ALD (~80%) · FY2026 revenue JPY 235.1bn (-1.6%)
- Customer concentration · Memory and advanced-logic deposition.
- Segments · Batch ALD · Batch CVD/oxidation/diffusion
Revenue from
- SK hynix High confidence
Supplies batch ALD/CVD tools to SK hynix's memory lines — a beneficiary of HBM DRAM expansion.Confirms EN KOKUSAI ELECTRIC Published May 13, 2026: KOKUSAI ELECTRIC FY2026 Financial Results (ended Mar 2026) - Samsung Electronics High confidence
Supplies batch ALD/CVD tools to Samsung's memory and advanced-logic lines — demand for uniform deposition grows as layers stack.Confirms EN KOKUSAI ELECTRIC Published May 13, 2026: KOKUSAI ELECTRIC FY2026 Financial Results (ended Mar 2026) - Foundry · memory (batch deposition) Medium confidence
Supplies batch ALD for advanced-node deposition at foundries like TSMC — the logic axis offsetting memory concentration.Confirms EN KOKUSAI ELECTRIC Published May 13, 2026: KOKUSAI ELECTRIC FY2026 Financial Results (ended Mar 2026) - Micron Technology Medium confidence
Supplies batch ALD/CVD tools to Micron's memory lines — the deposition channel of 3D-NAND/DRAM expansion.Confirms EN KOKUSAI ELECTRIC Published May 13, 2026: KOKUSAI ELECTRIC FY2026 Financial Results (ended Mar 2026)
Pays to
- R&D engineers (undisclosed) Low confidence
ALD/CVD R&D. - components & materials (undisclosed) Low confidence
Deposition chamber parts/precursors.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Kokusai Electric | node | · | · | · | -35.4 | +165.3 | +70 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a bottleneck position as world No.1 in batch atomic-layer deposition (~70% share). Processing many wafers at once gives batch tools a cost and throughput edge, so as leading-edge nodes stack layers — GAA, 3D DRAM, 3D NAND — demand for uniform thin-film deposition grows, and with Samsung, SK hynix, Micron and TSMC as common customers, revenue tracks total memory and advanced-logic deposition investment rather than any single fab. Spun from Hitachi Kokusai's semiconductor unit, held by KKR and IPO'd in 2023, it has a portfolio concentrated purely on deposition. Risks are heavy exposure to the memory capex cycle, which swings in downturns, and ongoing share contests with deposition rivals like Lam and Applied.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥7,833 · Price ¥10,840 (07-10) · Upside -28%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Mizuho Securities | Buy | ¥10,000 | Feb 24, 2026 | Report ↗ |
| Macquarie | Outperform | ¥7,000 | Feb 13, 2026 | Report ↗ |
| Morgan Stanley | Overweight | ¥6,500 | Feb 3, 2026 | Report ↗ |
As the batch-ALD play on the memory (HBM/NAND) capex recovery, Mizuho, Macquarie and Morgan Stanley keep buy-side ratings, with consensus targets near JPY7,400 and a high of JPY10,000.
Analyses covering this node
- Target upside is a residual, not a signal: consensus writes down the chain after the fact Jul 10, 2026