Advantest Corp

6857: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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AI Packaging Hurdles Rise; Lifting Fair Values for Advantest and Ajinomoto by 21% and 9%

Kazunori Ito

Mar 2, 2026

Following meetings with companies regarding December-quarter results, we revised our earnings forecasts for Advantest and Ajinomoto. We note that the technological hurdles for semiconductor packaging will increase significantly as artificial intelligence architectures evolve.

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Advantest Corp

AI Packaging Hurdles Rise; Lifting Fair Values for Advantest and Ajinomoto by 21% and 9%

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