4062

Ibiden is a global leader in high-end IC package substrates (ABF/FC-BGA), with its electronics business contributing about 59% of FY2025 total sales of JPY 416.2 billion, core customers including Intel, AMD, and NVIDIA, and a mature ceramics/DPF business alongside a heavy AI/HPC-driven expansion cycle of roughly JPY 500 billion over FY2026-28, backed by a 57.3% equity ratio and net cash of about JPY 100.4 billion. The core thesis is that Ibiden owns valuable process know-how, yield capability, customer qualifications, and an early position in AI/HPC substrates, but its capital intensity, customer concentration, and mixed business profile make the current valuation demanding. Research rating Watch: a strong company worth studying, but not a price that offers enough margin of safety today.