TOREX SEMICONDUCTOR LTD.
6616・Prime Market・Electric Appliances
Business
Trex Semiconductor is an analog power IC-specialized manufacturer established in 1995, with DC/DC Converter (DCDC), Regulator (VR: Voltage Regulator), Detector (VD: Voltage Detector), and Discrete as its core products. Under the product concept of "Powerfully Small!", the company supplies products to industrial equipment, automotive equipment, medical equipment, and consumer equipment markets, built on core technologies of low power consumption and miniaturization. Through 9 consolidated subsidiaries (6 sales companies, 2 manufacturing companies, and 1 manufacturing and sales company), the company conducts global operations across four regions: Japan, Asia, Europe, and North America. Its manufacturing subsidiary Phenitec Semiconductor handles wafer front-end processes, and the company employs a hybrid production system combining this with outsourcing. Major customers include IXYS Corporation (13.7% of net sales).
Business Model
The company basically operates a fabless business model, handling product planning, development, sales, and quality management in-house, while its subsidiary Phenitec Semiconductor conducts front-end processes internally to secure cost competitiveness and quality, forming a hybrid model. FAEs (Field Application Engineers) are deployed in each region to pursue technology-proposal-based sales and deepen customer relationships. The company focuses on high-value-added products for its three priority fields—industrial equipment, automotive equipment, and medical equipment—to maintain differentiation from the highly price-competitive consumer market. Its capital policy targets include double-digit ROE, a consolidated dividend payout ratio of 20% or more, and a DOE of approximately 3%.
Company Strengths
Since its founding, the company has accumulated technical expertise specialized in Analog Power ICs, including the in-house development of advanced IC design technology and the ultra-small, thin package "USP (Ultra Small Package)." Analog technology is highly dependent on engineer expertise and is considered difficult to imitate, and it is positioned as a "high value-added field" in the company's securities report. R&D expenses of ¥343 million were invested in FY2026 (ending March 2026), advancing the continued development of technologies for high voltage and large current handling.
Phenitec Semiconductor, which became a subsidiary in 2016 and a wholly owned subsidiary in 2019, handles wafer front-end processes domestically, and by combining this with outsourcing, the company has built a structure that enjoys the benefits of both in-house production and a fabless model. The two companies are advancing collaboration in product development, cost reduction, and quality improvement, and in FY2026 (ending March 2026) they proceeded with joint efforts in the power semiconductor business. Phenitec has seen an increase in foundry contract orders against the backdrop of the China Plus One strategy.
The company has established sales subsidiaries in Japan, Asia (China, Taiwan, Southeast Asia), Europe (including the Middle East and Africa), and North America (including Central and South America), building a global customer base. It deploys technology-proposal-based sales with FAEs stationed in each region, and in FY2026 (ending March 2026) achieved revenue growth across all four segments. Order intake increased 21.9% year on year (group total of ¥27,806 million), and the order backlog also grew 44.7% year on year to ¥8,848 million.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥30,864 million in FY2022 and ¥31,957 million in FY2023, then declined sharply for two consecutive periods to ¥25,752 million in FY2024 and ¥23,958 million in FY2025, before rebounding to ¥25,073 million in FY2026 (up 4.7% year on year). By product, Discrete (¥14,315 million, up 6.5% year on year), VR (¥4,714 million, up 8.5%), and VD (¥1,811 million, up 14.7%) all increased, driven by a recovery in demand for industrial equipment. Externally, the largely completed inventory adjustment provided a tailwind, while sluggishness in the Chinese market and parts procurement constraints in some markets due to tight AI-related memory supply-demand weighed on results. Operating profit turned from a loss of ¥632 million in the prior period to a profit of ¥1,085 million, mainly due to reduced SG&A expenses (down ¥618 million year on year) and the disappearance of the impairment loss recorded in the prior period. For FY2027 (ending March 2027), the company forecasts revenue of ¥28,000 million (up 11.7% year on year) and operating profit of ¥1,300 million (up 19.8%).
Growth Strategy
Focused expansion into three priority sectors—industrial equipment, automotive equipment, and medical equipment—combined with production system restructuring through the PANJIT alliance
Continuing rapid market introduction of differentiated products based on a market-in approach. In FY2026 (ending March 2026), sales to the industrial equipment sector increased in Japan, Asia, and North America, and sales to the medical equipment sector increased in Europe, with the focused-sector strategy contributing to sales growth. Technical sales activities leveraging FAEs (Field Application Engineers) enabled rapid response to customer requirements, promoting design-in wins.
Entered into an agreement to transfer a 95% equity interest in TOREX VIETNAM SEMICONDUCTOR CO.,LTD. to PANJIT, with various procedures currently underway. Aims to restructure the Asia production system through the business alliance, strengthen cost competitiveness, and build a stable supply system. The next focus is realizing synergy effects after completion of the transfer.
Continuing efforts in the power semiconductor business through joint projects with Phenitec Semiconductor. Aiming to maximize group profitability through operational efficiency gains from the core system update (an increase of ¥657 million in software in-progress account) and by promoting quality and productivity improvement activities. Cost reduction through operational improvements at both companies also continues.
Continuing thorough cost analysis from the product planning stage and streamlining production planning. In FY2026 (ending March 2026), SG&A expenses were reduced by ¥618 million year on year, which was the main factor behind the return to operating profit. For FY2027 (ending March 2027), together with the increase in net sales, the company targets operating profit of ¥1,300 million (operating margin of 4.6%), aiming for further improvement in the profit structure.
Last updated: July 19, 2026