Sumitomo Osaka Cement (5232): Briefing: Brisk electrostatic chuck demand; considers further cement price hikes

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Sumitomo Osaka Cement (5232): Briefing: Brisk electrostatic chuck demand; considers further cement price hikes

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Sumitomo Osaka Cement (5232)

Briefing: Brisk electrostatic chuck demand;

considers further cement price hikes

Maintain Rating: UNDERPERFORM | PO: 3,500 JPY | Price: 5,180 JPY

14 May 2026

Key drivers in new MTP: electrostatic chucks and cement Equity

At the 14 May briefing, attention focused on the business environment and outlook for

electrostatic chucks, as well as cost reductions and price hikes for cement. We maintain Kyoji Chiba >>

Research Analyst

our Underperform rating, mainly due to continued delays in domestic price hikes and BofAS Japan

declining volumes for cement. kyoji.chiba@bofa.com

Takashi Enomoto >>

Research AnalystSummary of Q&A at briefing BofAS Japan

Electrostatic chuck demand and sales strategy: In meetings with customers, they have takashi.enomoto@bofa.com

said that demand will increase. They expect demand to grow further in 2027-28 due to a

shortage of chips needed for generative AI and other applications. Most applications are

memory, with logic accounting for about 1-2%. The company aims to expand into film Stock Data

deposition, cleaning, inspection and photolithography, in addition to its main etching

systems. It expects new domains, such as dicing and inspection processes, to account Price 5,180 JPY

for just under 10% of total demand. Price Objective 3,500 JPY

Electrostatic chuck production system and profitability: A new manufacturing building Date Established 9-Mar-2026

was completed at end-March. The company is working on customer certifications and Investment Opinion B-3-7

expects some shipments to be brought forward from July to June. Sumitomo Osaka 52-Week Range 3,619-5,195 JPY