レゾナックと東海カーボンの業績予想アップデート：半導体需要と、改善したコーポレート・ガバナンス

Research evidence excerpt

レゾナックと東海カーボンの業績予想アップデート：半導体需要と、改善したコーポレート・ガバナンス

de - SL special demand should be one-

offs, and SiC focus ring boost is well known with Tokai Carbon Korea being a listed company. On

the other hand, graphite electrodes, carbon black, and other businesses remain weak.

Corporate governance reform and strengthened shareholder returns: Refresh of board

composition and shift in capital policy accelerate decision-making. Previously, an investment-

first stance was strong, and shareholder returns were limited to a payout ratio of 30% (effectively

DPS ¥30), but in recent years the relative lack of returns versus peers became pronounced, and

with PBR remaining below 1x, the sense of urgency as a management issue increased. As a

backdrop, the conventional board lacked personnel with financial expertise, creating a structure that

made it difficult to move forward with capital policy decisions; however, following the March 2026

AGM, the board composition was significantly refreshed, with individuals knowledgeable in capital

policy joining both from inside and outside, shifting to a framework that supports management

decision-making. With improved cash generation as investment cycles wind down, a pivot toward

strengthening shareholder returns has likely become possible.

Upward guidance revision and H2-weighted profit structure: Smelting-driven special demand

and market price increases to drive 2H performance. The company plan lowers the 1H plan while

revising up the full year, and although the 2H was originally assumed to be weak, currently special

demand related to aluminum smelting has emerged caused by the middle-east tensions, with a

higher-than-expected contribution from the 2H. Against the backdrop of Middle East conditions,