1. What Happened?: Treasury Stock Disposal Announcement

YC has decided to dispose of 1,682,956 common shares, equivalent to approximately $175 million. The stated purpose is to ‘enhance financial soundness, secure liquidity, and fund new product development.’

2. Why This Decision?: Background and Context

YC has recently experienced a decline in earnings. While sales increased in the first half of 2025, operating profit and net income significantly decreased. This treasury stock disposal appears to be a move to improve YC’s financial structure and secure funds for new product development. It can also be viewed as an investment to capitalize on the growth opportunities in the semiconductor test equipment market driven by AI and HPC demand.

3. Impact on Stock Price: Positive/Negative Analysis

  • Positive Impacts:
    • Strengthened financial health and liquidity
    • Expansion of new product development and R&D investment
    • Potential increase in market confidence
  • Negative Impacts:
    • Potential downward pressure on stock price depending on the disposal price
    • Increased short-term stock price volatility
    • Concerns that it may be a short-term solution without fundamental earnings improvement

4. Investor Action Plan: Investment Strategy

The current investment recommendation is ‘Neutral.’ Further information, including the disposal price, new product development plans, and the use of proceeds, needs to be confirmed. Investors should be cautious of short-term volatility and monitor the company’s earnings improvement and the effectiveness of the treasury stock disposal from a mid-to-long-term perspective.