1、Morningstar Equity Company Report|Report as of 4 Aug 2025 04:07,UTC|Reporting Currency:JPY|Trading Currency:JPY|Exchange:TOKYO STOCK EXCHANGEPage 1 of 25?QQQQ 4 Aug 2025 03:58,UTCLast Price Fair Value Estimate27,000.00 JPY4 Aug 2025 03:57,UTCPrice/FVEMarket Cap10.31 Tril3 Aug 2025Economic MoatTMWide

2、Equity Style Box0 UncertaintyHighCapital AllocationStandardESG Risk Rating Assessment1;Kazunori ItoDirectorMorningstar+81 3 5511 ContentsAnalyst Note(4 Aug 2025)Business DescriptionBusiness Strategy&Outlook(9 Dec 2024)Bulls Say/Bears Say(4 Aug 2025)Fair Value and Profit Drivers(4 Aug 2025)Economic M

3、oat(9 Dec 2024)Risk and Uncertainty(9 Dec 2024)Financial Strength(4 Aug 2025)Capital Allocation(10 Feb 2025)FinancialsESG RiskRecent Analyst NotesResearch Methodology for Valuing CompaniesImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Pe

4、rsonal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ primary analyst covering this company does not own its stock.Reporting Currency:JPY|Trading Currency:JPYCurrency amounts expressed with$are in U.S.do

5、llars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.Tokyo Electron Earnings:Pickup of the WFE Market to be Delayed;Cut Fair Value by 10%Analyst Note Kazunori Ito,Director,4 Aug 2025Tokyo Electrons first-quarter sales and operating

6、income are on track to meet the first-half guidance.However,the company lowered its full-year sales and operating income guidance for fiscal 2026(ending March 2026)by 9.6%and 21.6%,respectively,due to a slower recovery in the second half.Why it matters:The company explained that the downward revisio