Small meeting with president: chip materials growth, business optimization

Research evidence excerpt

Small meeting with president: chip materials growth, business optimization

11 June 2026

Tokyo Intraday Comment

Chemicals ADEKA (4401)

Rating: Buy

Price Objective: ¥4,400

Company Note We came away from a small meeting on 10 June (Wednesday) with Adeka’s top

Share price: ¥3,833 (10 Jun) management with a positive impression. The meeting was hosted by president and chief

Analyst: Yuto Otani executive officer, representative director, Hidetaka Shirozume; Managing Operating

Officer General Manager, Semiconductor Materials Division, Atsuya Yoshinaka; director

and managing executive officer (in charge of the Finance & Accounting Department,

Information System Department) Youji Shiga; director and operating officer (in charge

of the Legal Affairs & Publicity Department, Corporate Planning & Strategy Division),

Kiyoshi Masamune; and Nagatoshi Kikuchi, General Manager of the Legal Affairs &

Publicity Department. The meeting included an explanation on the direction of each

business (semiconductor materials, resin additives, and environmental materials), the

approach to the next medium-term plan, and other topics. Our positive impression

reflects the fact that the meeting confirmed the company's competitiveness in each

business, growth expectations for semiconductor materials, and the promotion of ROIC-

based business optimization at the production line level. We plan to revise our earnings

forecasts and price objective going forward.

1) Semiconductor materials: For high-k materials for DRAM, management expects

annual requests for price cooperation from customers to continue and intends to respond

on pricing on the assumption of maintaining share as much as possible while growing

volumes. Management also indicated that it aims to raise margins through the adoption