Kokusai Electric Corporation

KOKUSAI ELECTRIC's full-year results for the fiscal year ending March 2026 showed revenue of 235 billion yen, down 1.6% year on year, operating profit of 41.8 billion yen, down 18.5%, and net profit attributable to owners of the parent of 30 billion yen, down 16.4%. According to the company, on the revenue side, sales of equipment for NAND and mainly DRAM-related upgrade and retrofit work grew, but DRAM-related capital investment in China, which had been brisk in the previous fiscal year, settled down, resulting in lower overall revenue. On the profit side, the company cited lower utilization rates at production plants, changes in product mix, and upfront investment including research and development for the future. The gross margin remained above 40% at 41.2%, while selling, general and administrative expenses swelled to 55.1 billion yen, pushing their ratio to revenue up to 23.4%, and research and development spending also rose to 18.2 billion yen, an increase of more than 40% over two fiscal years. The share price climbed from the 4,200 yen range to the 10,800 yen range before pulling back, with a gap of more than 2.5 times between the lowest and highest month-end closing prices.