Screen Holdings Co U/Adr

Good afternoon, everyone. Now we'd like to start Screen Holdings Financial Results Briefing on Second Quarter Fiscal Year ending in March 2025. Now, let me introduce you the speakers from our side. Toshio Hiroe, Representative Director, President, and CEO. This is Hiroe. Thank you very much for your kind cooperation and support. And Yoichi Kondo, Representative Director and CFO. I'm Kondo. And we also have two officers attending this meeting. Masato Goto, Senior Corporate Strategy Officer. And Akihiko Miyagawa, Senior Financial Strategy Officer. Now, we'd like to invite CFO Kondo to give us a summary of consolidated business results and forecast.

Thank you very much. I would like to present you summary first half earnings of fiscal year ending March 2025. First half summary. Both sales and profits increased year on year. We hit the record highs for first half in terms of both net sales and OP income and margins. We revised the full-year earnings forecast upward driven by SBE, GA, and FD. We revised the annual dividend forecast upward from 233 yen to 247 yen per share, with the interim dividend increase to 120 yen per share. SBE, both sales and profits increased year-on-year, and net sales and operating income margin hit the record high for the first half. we expect a solid performance for the second half. GA and FT, first half earnings actually exceeded the forecast. The cash flow, in comparison with the first quarter, second quarter operating cash flow increased significantly. Next page. This is the first half net sale, 277.3 billion. OP income, 58.2%. Composition Group Sales by Destination So Japan, 14 percent, Taiwan, 19 percent, China, 40 percent, Korea, 3 percent, other Asia, 3 percent, North America, 14 percent, Europe, 7 percent. That is a commission group sales by this nation, 40 percent is recorded by China, so it remains very high. Group sales by segment is shown in the next slide. SBE 81.6%, GA 9%, FT 6.5%, and BE 2.1%. And FT was doing pretty well according to these results. This is earnings by segment. SBE, SNP sale, $206.8 billion. OP income, $29.9 billion. OP margin, 25.6%. GA, $12.8 billion. 1.2 billion of OPE income, OPE margin 9.4%, FPE net sales 9.3 billion, OPE income 0.3 billion, OPE margin 3.8%, PE net sales 3 billion, OPE income 0.1, OPE margin 5.9%. Earnings by segment. Then on QOQ first, as to SPE, Sales and profit increased. Sales to logic and post-sales actually increased. Sales to Taiwan and North America actually grew. XGA, sales profits went up. Recurrent business was very good. FT, sales and profits increased. Initially, we focused on deficit, but in actuality, we had the profitability. PE, sales and profit decreased. Post-sales remained solid. However, the equity sales was slow. SBE, both sales and profits increased. Sales to Foundry Memory increased. Sales to China Taiwan also increased. GAA, sales increased thanks to strong recovery business. Meanwhile, profits remained almost flat due to higher fixed costs. FT, both sales and profits increased. Sales to LCD and OLED both increased. PE, both sales and profits decreased. We expect recovery in equipment demand in next year. balance sheet on a consolidated basis. The asset, 668.1 billion, and cash deposit increased, and we now accumulated profit. The equity ratio is 59.1%, and the turnover is 30 days or so, and actually Northern Accounts Payable is under-degraded. Now, cash flow, we saw the recovery of cash flow and we now see that that's 65.6 million over cash flow and reduction of the variables not on the same level of year on year level however we could see pretty good recovery and this is operating income zones and the 2024 first half at 38.5 billion and 2025 plus 23 and profitability plus 3.5 and fixed cost minus 8 and exchange rate plus 1.4 therefore results are 58.2 billion so we consider this is very important to control fixed cost and always SPE and MPE are very good in terms of sales and in-care capacity it is increased and also profitability was increasing due to the SBE. And that's all from myself. Thank you very much. Thank you very much. Next, President Hiroi, we'll talk about business environment and outlook. Mr. Hiroi, could you please go ahead? Thank you. This is Hiroi speaking. I would like to talk about business environment and outlook. First of all, business environment. As to SBE, AI-related semiconductor is expected to drive growth, that is the current situation, and growth is expected in server, smartphone, and PC demands. On a monetary basis, growth is prominent, especially for server, and related investments are active. Current DM prices are declining slightly. However, investment in mutualization still continues on the customer's side. Next, as far as GA is concerned, POD-related investment continues to progress steadily, mainly in Europe and U.S., especially included business. So, thanks to improved utilization ratio of equipment on the client side, recurring business is very robust. Display demand is turning up as we expected. In this term, sales and orders expected to come mainly from OLED during this fiscal year, like a large-scale OLED and medium and small-sized OLED. As for PE, for recovery in package-related investments, it's too slow. It will take time. So we consider that recovery have to wait until next fiscal year. Let's talk about business outlook. So the fiscal year ended March 20, 2025, second half. Full year forecast has been revised upward. Sales and profits are going to increase year on year. And net sales, OP income, net income, all are going to hit record high for the first consecutive fiscal year as a result of upward revision of the forecast as to interim dividend 120 yen per share that's our decision to make so it's an 11 year from the july forecast and 127 yen per share is the upwardly revised year end dividend Therefore, as a result, total annual dividend is projected to be record high, 247 yen. I would like to talk more about SPE business overview. Market trends and outlook is the next topic. So let's talk about WFE outlook. As for CI 2024, mid-single digit growth is projected. So nothing has been changed since July meeting. FY 2025, stronger growth is expected. So I think the situation will be a little better. As to foundry and logic, investment in leading-edge nodes is accelerating. However, partially some reassessments are anticipated. As memory business, Memory is driving the WMD growth this year. It is expected to be the growth driver in CY25 as well. We consider memory will grow more next year. Now, investment trends by application. As to Foundry, investment in leading edge nodes, including advanced packaging, is now steadily growing. Next, about logic. Investment is continuing at a certain level, although there are some reassessment and review in scale was made. As to memory, investment focused on D1 for HBM. As to non-investment, it's progressing with a growing server volume and increasing demand from hyperscalers. Hyperscalers actually driving the growth. As to image devices, Investment remained rather low-key this year. We expect an increase in CY 2025. PowerDevice and others is expected to recover in CY 2025 due to the improvement in supply-demand balance. Based at Garuka Chinese market, China, investment continued at a certain level. That's how we project. But gradually, it shifted to the factory launch phase. Not a huge investment. The plant has started to have the factory launch phase, therefore the investment will decline some part. Now composition with goodness by application and post-sales. By application, Onto Q, foundry is on the decline, logic going on, and so actually logic is supplementing the loss by foundry. In second quarter, second quarter year-on-year comparison said logic is increasing greatly. As to post sales, first quarter, second quarter, we see the actual percentage on the increase. So, from July forecast, there is an upward revision because of this situation.

This shows the competition of recovery cells by application, a destination, sorry. And when you see the queue on the key in first quarter, second quarter, the proportion of China has declined. And against that, North America, Taiwan, and Europe have increased. This is the situation we have. And when we compare the second quarter to the previous second quarter, this increase was Taiwan and also North America. And this slide shows you the composition of equipment sales by application. And the first half year-on-year comparison shows the increase of DRAM and logic. So the recovery of DRAM can be seen in the trend. And when we compare the actual from the first half to the forecast in the second half, the share of the cells to flush is projected to rise. So in the second half of the year, we can expect the investment into flush. and the previous fiscal year performance and the expectation for this fiscal year. As you see on the right side, the sales to logic, D1 and flush are expected to rise. And the total volume is expected to increase. And this is the composition of sales by destination. So in the same way, when we compare the first half year on year comparison, there's an increase with Taiwan and also China. And the actual from the first half and second half expectation, the sales to China is expected to decline. But compared to the July forecast, when we see the current situation, immediate situation, We can say that in the second half, share of sales to China is to some position I focused. And well, we see the increase in the sales to Japan and South Korea. And the previous year's full year performance and this year, we expect the big increase was Taiwan. And China sales ratio is projected to decline, but the absolute sales volume will grow. So this is a forecast for this fiscal year. And about GA. Recurring business is very robust. So in the first half, the sales of the post-sales ratio reached 54%. And merely with ink, we have a very strong recurring business. And in the second half, we will go back to the normal level of 50%. But we have the possibility that this strong situation with the current business may continue. So we'll pay this close attention to the trend. And in order to improve the operating profit margin, we are trying to enhance this post sales. Next is about FT. Display demand is now turning up. So in the second half, mainly with OLED, we can expect the sales order, sales and order to increase. And in the first half, we could turn into black. So for the full year focused, we made an upward revision. So in order to make the profit for the full year, we're trying to make the better of our effort. And this is about PE. We are struggling with PE business. Post sales itself is strong, but package-related investment to circuit board will pick up next year and beyond. So there's a kind of delay in the recovery of that investment. That is the impression we now have. But now we have the inquiry in Japan. So dealing with these inquiries, we'd like to increase the order received. And on this page, you can find the business forecast, which was upwardly devised this time. So the sales is 577 billion yen, so that is the increase of 14% over the previous year. And operating income is 113.5 billion yen, that is the increase by 20%. And that income is 80 billion yen, that is increase of the 13.5%. So we expect the increase of sales and profit. And about SPE, in the second half, which was announced in October, so please pay attention to October forecast, that is 244 billion yen, and that's 58.5 billion yen in OP income, 24.0% OP immersion. We scrutinized this forecast into the second half. That's what we promised with you in the previous occasion. and begin the improvement of the profit in the first half, and also with some visibilities we now have, we came up with these figures. So we missed the upward revision for the second half forecast, and also resulting in the full year focused upward revision. And as for the GA, compared to the July forecast, there's almost no change, but there's a increase with the operating income that is because of the situation we now explain to you. And FT, I mentioned earlier that we turn into black in the first half. And given that in the second half, we're going to have the 2 billion yen of the operating income. And PE, the market condition is still severe. So we made the downward elevation of 500 million yen. and it is difficult to increase the profit sales with this division and others at the very bottom. From the October forecast, we have the figure of the 5.5 billion. That is the increase because the development investment in the first half is now sliding into the second half. The purpose of which is the investment for the advanced package and SVE-related investment. So we'd like to carry out these investments in a very proactive manner. And this is already expenses, capex and depreciation. And from the beginning of the year, we haven't changed them. Mitra management plan, we said that we're going to scrutinize our investment for the future growth. And this process is going on. So the investment into development and also acquiring the production property, we have been discussing them. And now we have some visibility about it. So when they are materialized, let me come back with another report to you. And next stage is analysis of operating income growth. So comparing to the previous year's performance, we have the focus for this fiscal year. So sales and capacity utilization will have 36.5 billion yen increase, and profitability will bring 2.5 billion yen increase, and fixed costs, we expect a negative 19.5 billion yen and so another 0.5 from the exchange rates total 130.5 billion yen is the focus for this full year and as you can find at the bottom as for the sales and capacity utilization they are mainly come from the spe and ft mostly they are from sbe and as for the profitability improvement it will come from the sbe and increase in fixed costs will come from SBE, Holdings, New Businesses, and GA. But most of this will be with SBE. So the labor cost, depreciation, amortization, all of the expenses increase, and we would like to make the gross investment without any increases of these costs. And this is about the dividend. As I mentioned earlier, You can see the comparison to July. So in October announcement, we have 120 yen per share dividend. And year end dividend payment will be 127 yen. So the total annual dividend will be 247 yen. So this is the national forecast, but the record high figure. And in order to achieve this, we'd like to continue to make effort. And this is the page about the ESC-related initiatives. But please go through these. And let me introduce you one topic out of these. That is about the transfer of shares of subsidiary in SBE business. As was announced on October 16th, there was a transfer of shares of subsidiary, Laser Systems and Solutions of Europe in France. The shares of this company is transferred to Sumitomo Heavy Industries. The contract was concluded October 10th. And amount of transfer is not disclosed. And this is already incorporated into the financial forecast, as I mentioned. I mentioned earlier. And this company, Laser Systems and Solutions, produces the annealing equipment for the laser equipment. And Sumitomo Heavy Industries' laser annealing equipment has a synergy with this company's product. So we decided that this would result in a win-win relationship and decided to transfer the shares to Sumitomo Heavy Industries. And we have the technology of flash lamp anneal. So we would like to make efforts so that our flash anneal anneal will be adapted by the layers as much as possible. That's all from me. Thank you very much for your attention. So President Hiroi, thank you very much for the presentation. Now it's ready to go into the Q&A session.

First person, CLSA Securities, Yoshida-san, please. Yes, first of all, the SBE for the second quarter, the sales to China was lower than anticipated, and SBE sales, I think some plans are unachieved. However, the OP margin was pretty good, but the post sales was pretty good. So could you please explain the situation about revision of the OP? income and OP margin. I think equity will be better. However, in the second half, I think there was some reduction comparison with the first half. So could you please explain the background? This is Hiro speaking. Let me explain. In the second quarter, the sales actually is a little bit different from July forecast because some customers' sale and delivery time was shifted to the second half. So that was reflected. So that's the reason for the difference. And in comparison with July forecast, OP margin was improved because post-sales ratio was – the share of the post-sales was improved more than we anticipated. So that contributed to our profit. Another point I would like to mention is in the first quarter, so we were talking about some evaluation of the machine that was shifted to the second quarter and that might be shifted to the second half. I think that was already communicated to you. So in the second quarter, we could not match the timing with the customer. So finally, the sales is sliding to the second half. This is the reason why the upward revision in comparison with the July forecast. Another point, SP related development cost. Development cost we could not use as a plan, then development cost will be used in the second half, and that will be actually consumed in the second half of the year. So that is a major factor for the upper revision of the earnings in the first half. As to the second half, China, product mix will be unchanged. Percentage is, will be unchanged. However, product mix in China is actually changing. The percentage of existing customers is increasing and the percentage of new customers are on the decline. So we try to check the customers and market. We actually examine the numbers. So the number we presented this time is pretty appropriate and correct numbers. Thank you. Another question. So WPE, so you said that meet single-digit growth. So I think it's a little bit better figure from the IRD presentation. So what kind of application are you think about when you take a look at upgrade? And on IRD, you are talking about the two-digit increase and you changed information. Do you consider still two-digit growth can be anticipated? So how are you thinking about the next year's situation? Yes. So as to WFE, calendar year 2024, that will be unchanged. As to calendar year 2025, we have rather bit bullish view because DRAM will recover pretty well. I already commented on that. As to flash memory, that will also recover. So we are pretty good at foundry. We also consider there was a recovery in the foundry business. In the logic, the customer refrained from investment for logic. So we can subtract that number. Then finally, we came up with that number, which is the plus. As to DRAM, plus 15% off, plus 15%. And foundry, plus 15%. 5% or so, and logic minus 15, that's how we forecast. And meet one digit percent number is a result of that calculation. Well, as to next year's forecast, next year's forecast is unchanged. So somewhat second half sales is revised upward, then Next year's plan is to be evaluated and examined more in detail, but WFE will be strong. That's how we see the situation. So next year's forecast is not changed. So the actual number has not changed. Yes, that's right. So the similar percentage growth can be anticipated right now. So growth ratio is not changed. Yes, that is right. Thank you.

Thank you very much. Next is Shimamoto-san from Okasan Securities. I am Shimamoto from Okasan Securities. Thank you for this opportunity. I have a question about the WFE, how to think about next year. One is about China. So about the... front-end process, there is a kind of slowing down in China. But with you, that is not a cause of the concern. So I want to know more about how you look, what battle you have about China next year. So the question about China, we also expect that will slow down. I have been talking about China in the same way. And this fiscal year, we had better than expected situation. But next year and onward, the situation will go back to normal. I think the adjustment will be made in that way. And at the bottom of this WFE page, you can find now there's a phase to start the new factories. They are now in the phase to enhance their production capacity. In that sense, another adjustment will take place in China. Thank you very much. And I think this is a difficult question to answer, but how much negative or how much decline do you expect or you brace yourself against for this calendar year or next year? Well, we are still making the investigation into a situation, so I cannot answer a question with specific figures, but more than 30% is expected. Yes. Next is about DRAM. So you mentioned the price decline with DRAM. So do we have to see it's a big change in a situation? So would you comment on the price decline of DRAM? So about the DRAM price, there was the supply and demand or balance in inventory took place. And the largest player in South Korea shifted their production to the commodity type DRAM that is best made in use on newspapers. So in that sense, temporarily, there was a decline in the DRAM price. And from now, for the smartphones and PCs, depending on the market situation of these, the situation related to the run will change. I myself think this price drop would be a temporary one. Thank you very much. It's very clear now. Thank you very much. Thank you very much, Yamamoto-san.

Next, Nakamura-san from Goldman Sachs. Would you please go ahead? Thank you very much. Thank you. First question is about SBE business and to the production capacity. As to Q5 startup, how is the current situation? And 500 billion yen capacity is original plan. However, according to sales plan, the level has not reached that level. And what do you think about that? What is the attitude about that? And if demand further increase, then to what extent? you can cover, you can actually deal with next year's demand. Thank you. Thank you for your question. Let me answer. SBE, SQV5 production capacity with full capacity production is already achieved. So like 500 billion yen level is available with our production system. Then when we think about the future course, SQ5, in parallel, the production improvement is going on for that system. We're looking for the production improvement. We try to capture more orders. So the second half, order, placement, in value-wise, the more order will be captured. We do not expose the exact number, but we are aiming at the order captured at the level of more than 500 billion yen. Thank you. And the second question, yeah, the calendar year 2025, WFA. So, one month ago, DRAM investment is grinding by some of the Korean customers, and I think you just reduced the value. However, according to the explanation, we feel that DRAM is still strong and robust. Then in the past one month or two months, what kind of change have you seen from your customer side regarding the forecast? Because you actually changed your forecast. Yes. Well, major customer, are rather bearish. However, HBM-related customers' investment is now active. So that's how the situation is changed to the positive way. Okay, thank you. In that sense, we consider a part of the customers may reduce DRAM investment That was what you are thinking about. However, the situation is getting better for you. Yes. Yes. That's how we see it currently. Thank you.

Thank you very much, Nakamura-san. Let's let me invite Wadaki-san from Morgan Stanley MUFC Securities. Thank you for the opportunity. My question is that the high profitable business with China and whether they'll decline with it next year, you may suffer from it. So, of course, there's a difference between the calendar year and the fiscal year. But how do you see this decline of profitable business in China? So we have the simulation internally. And when we see the profit structure, we may have the one similar to that of this second half. That's how we expect for the next fiscal year. So we come up with this forecast for the second half this time. And profitability, if we can achieve this 24%, as we expect, I think we can also target the same level in next fiscal year, even with the decline of the China sales ratio.

Thank you very much. Mr. Yoshioka from Nomura Securities. Could you please go ahead? Thank you. I am Yoshioka from Nomura Securities. Thank you. I have two questions. So, I may ask about China again. So three months ago, I think there are less inquiries from China. That's what you talked about. So in comparison with now and three months ago, how is the inquiry situation, how inquiries are changing? Could you please give us the latest information and also the sales in China to the second half of FY2024? So, like the first half of 2026, how do you think it will be changing? So, could you please give me some more further information about China business? Thank you. As to China market, we see the focus for the second half. So, we have actually scrutinized the number, and we came up with this number. we will settle with these figures. So in the second half, 38% or so for China, and we thought it can be lower, but it's a little better, and finally 38%. So this is the most recent situation, and the year ending March. 2026. That to go down to 30 percent or so. I'm not sure how much we have to scrutinize this. And after that, I think it will get to 30 percent. We consider 25 to 30 percent. That is a leveled number for China. So we consider probably 25 to 30 percent is the final figure we reach. That's how we project. Okay, thank you. So this is the second half of this year. So you change the information, but you have more inquiries and you have bullish view. And second point, SPE, OP margin or profitability. So most recently you have the upward revision because of the post sales increasing. So that's the reason you mentioned. And as to post sales, why for sales increasing is it any structural uh aspect or can we anticipate more for the second half and could you please elaborate on why you have the post sales increase to have better results yes in this case the customers we had a kind of the similar level assumption than Just recently, there are some inquiries or the project for change or additional purchase order of parts. So we do not see any particular reason for increase, but we aiming at 20% of post sales to share. That's what we are aiming at. rather than the result of our effort, but thanks to the timing of the customers, we could increase the post sales. Okay, I understand. Thank you.

Ms. Shoka-san, thank you very much. Mr. Yamamoto from Ms. Ho Securities, please. This is Yamamoto from Ms. Ho Securities. Can you hear me? Yes. Please go ahead. Thank you for the opportunity. My first question is about SPE OP version. So in the midterm management plan, no further increase of OP immersion is not expected. So because of the increase of the fixed cost and also because of the mix. So in this timeframe, the midterm management plan, we cannot expect the further increase for OP immersion. So, or do you have any expectation to achieve the better results for the OP immersion? So at present, as you said, the target of midterm medicine plan itself is almost achieved now. So we are now developing and also making the investment for the capex in order to achieve this figure. That's the target of midterm medicine plan. And there's no change in this concept. So this is a level we want to achieve. And in the next midterm management plan period, we have the intention to achieve the higher target. That's why we are making the proceeding investment for the future growth. So we are in the second and third year of midterm management plan to carry out this investment. so if you can see expect to the further improvement of the productivity as such as at sq5 can you expect a greater investment into the future growth yes that's what we want to do but the investment for the development of course requires human resource and we have limited resource for development so At some point, I think the level of investment will be settled to the one we have been planning. And the laser system solutions share is now transferred to semi-term heavy industries. And when you see your business portfolio, are there any other businesses you think it's better to transfer to the other companies? So do you have any other ideas to spit out or to They missed part of the businesses. So what do you think of your current business portfolio? So in the previous midterm management plan, we reviewed our portfolio from various angles. And in the current midterm management plan period, we have some projects related to the business portfolio review. That's what I explained to you previous occasions and this is relate one of these and flash lamp anneal in evaluation with customers we are strategically promoting our flash lamp anneal to various customers so we could focus our resource to the flash lamp anneal and as for the laser annealing we will let us mitomo heavy industries with expertise and resource to handle it. And I think that will serve the better for the future of this laser system solutions of Europe. That's why we decided to transfer the shares of this company to Sumitomo Heavy Industries. And do you expect more of this kind of transfer? Or can we cannot expect? So Uju repeats your question. So Japanese companies do not make the official comment to review the business portfolios, but sometimes, so there's not many cases that the company or subsidiary is transferred to other companies as a way to improve the business portfolio, but screen holdings did that. So are there any other cases you have in mind to transfer the shares of your subsidiary to other companies? So other than this, all the device of the business portfolio complete as for the ones we planned in the previous mid-term management plan. So we are going to make the 80 billion yen strategic investment from now. So we'll move on to that phase of making investment to establish the new business portfolio. Thank you very much.

Nakano Mio-san from Jefferies Securities, please. Yes, thank you. I am Nakano Mio from Jefferies. Can you hear me? Yes, I can hear you. Thank you for your questions. First question, this is confirmation. In your presentation, the second half in comparison with the first half, there will be more purchase order increasing. Because of the recent situation, you see this kind of condition already. Like in China, there's a decrease somehow. And stable in North America. But in Taiwan, business is active. So what is the breakdown? Can you please share with me? Yes. As to purchase order, we do not disclose the number. We cannot share with you the breakdown. of the purchase orders we receive. But the total value of the order should be increasing. And that's how we see with recent inquiries, talking about percentage. Foundry is very strong. Share of foundry is almost 50% or so. That's how we project. And the situation will progress like this. Okay, thank you. And the second question, and again about China, 42% China share will be getting down to 30% or so. I think it's about your sales, your company's share of sales. When we take a look at the whole WFE, it is considered that China business will decline So when we talk about China, you said that new companies have less investment, but existing company will continue the similar investment. But I think you have powerful players or not powerful, or you have account which purchase a lot or accounts which don't. I think China's customers are not so weak. So what do you think of your China sales in comparison with the whole China market? Well, it's a very difficult question and difficult issue to deal with. Rather than memory, logic is an area we have strengths. So the new customers or existing customers of the logic from logic customers, we get a lot of purchase orders and we get a lot of inquiries. As to memory related business, we are not really strong. However, in the memory related business, I think the certain amount of purchase will be received or yes. However, investment trend When we take a look at, probably the memory investment will decline. That's how we see Chinese market. So is it a positive aspect for you, generally speaking? What should we say? Should we say positive or not? Yes, for us, I think it's a good direction for us, better direction when we think about our portfolio. Okay, thank you. Thank you very much.

Thank you very much. Next, let me invite Mr. Damianton from Macaulay Capital Securities. And Damianton is the last person to ask questions on this occasion. Thank you. For next fiscal year's outlook, You said that the market condition may be a little bit weaker. Then next fiscal year, you revised your plan. So where did you see the stronger situation than expected? Is it with China or the foundry? So compared to the three months ago, where did you see the stronger situation? So as I answered previously, WFE focus for the calendar year 2024, DLM will have plus 15%, Flash plus 15%, and Fundly was plus 5, and Logic minus 15. So these are the situation we expect. And your question is not about WFE. The reason why I ask this question is that you have the big share. especially with DRAM and memory, you have the big share. So when we see the inquiries from the customers, your sales growth expected for the next fiscal year, given the current market situation, do you think that your sales growth can be better than that of the sales market growth of the next fiscal year or next year? Yes, that's how we see the situation. So the better than the AAFE market itself, we can achieve the greater growth. So the double percent growth is expected now. And my last question is, and new POR will be gained from now to increase the share. Do you see expected as impact from that? So we are now increasing our market share at this moment. And because of the exchange ratio, in 2023, the share was almost flat. That was the result we had. But in 2024, we can expect the increase of the share. Thank you very much. That's all for me. So, Dan Martin, thank you very much for your question. And this now concludes the screen holdings, financial results bleeping on second quarter of fiscal year ending in March 2025. Thank you again for your participation despite your busy schedule. Thank you very much.