Japan Chemicals: Takeaways from conference calls for overseas investors: Nittobo, JXAM, Tokyo Ohka

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Japan Chemicals: Takeaways from conference calls for overseas investors: Nittobo, JXAM, Tokyo Ohka

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25 Jun 2026 09:19:34 ET │ 9 pages

Japan Chemicals

Takeaways from conference calls for overseas investors: Nittobo, JXAM,

Tokyo Ohka

CITI’S TAKE

We hosted conference calls for overseas investors with Nittobo, JXAM,

and Tokyo Ohka during the week of June 22. Investor interest in the events

proved high, with 126 registered participants for the Nittobo call, 90 for JX

Metals, and 55 for Tokyo Ohka, with numerous inquiries about the Yuta NishiyamaAC

takeaways that we summarize here. The impression was positive from all +81-3-6776-4643

three calls. Encouraging aspects of the Nittobo call include 1) potential yuta.nishiyama@citi.com

upside in T volume, 2) possibility of partial price increases for NE/NER

(correcting depressed prices), and 3) imminent decision on additional T

capacity expansion. For JXAM, we were impressed mainly by 1) potential

single-digit percentage price increases for target materials, and 2) InP

substrate demand trends and competitive advantages. Tokyo Ohka’s

confirmation of 1) swifter-than-expected price pass-throughs progress,

and 2) solid demand trends left a positive impression.

• Nittobo —Supply-demand conditions remain tight for special glass products (T,

NER, NE). T glass production capacity is poised to double with the Taiwan

expansion, with equipment already installed and ramping up smoothly.

However, since existing domestic facilities are entering cold repair, overall

company T glass supply capacity will not immediately double. Plans already

exist for a three-fold increase in T production capacity by March 2027, but

customer forecasts exceed this level, prompting consideration of additional