Visit to Singapore facilities: Quick Note

Research evidence excerpt

Visit to Singapore facilities: Quick Note

Global Markets Research

26 June 2026Denka

4061.T 4061 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

RatingVisit to Singapore facilities Buy

Target price JPY 4,600Quick Note

Closing price

25 June 2026 JPY 4,437Singapore facilities: Main production facilities for electronics & innovative

products, strong demand for high-voltage cable applications (Note: Quick Note reports are not a

On 22 June, we had the opportunity to visit the facilities of Denka's Singapore subsidiaries vehicle for changes to ratings, target

Denka Singapore Private Limited (DSPL) and Denka Advantech Private Limited (DAPL). prices, or earnings forecasts)

DSPL manufactures and sells acetylene black, and DAPL manufactures and sells

spherical silica and spherical alumina, and Denka is proactively expanding its electronics

& innovative products business in Singapore. Spherical silica has low thermal expansion

properties and is used as a filler for semiconductor encapsulants and PCBs (Figure1).

Research AnalystsSpherical alumina has high heat dissipation properties and is used as a heat dissipation

material in electronic parts and lithium-ion batteries, and as a semiconductor encapsulant Japan chemicals & textiles

material (Figure2). Acetylene black has excellent electrical and thermal conductivity, and Daiki Ban - NSC

is used as a conductive additive for lithium-ion battery cathodes and in the semiconductor daiki.ban@nomura.com

layer for high-voltage cables (Figure3). Rising demand for electricity has resulted in +81 3 6703 1124

particularly strong demand for acetylene black for use in high-voltage direct current Shu Kanbe, CFA - NSC

cables. shu.kanbe@nomura.com

+81 3 6703 1214

Strengths: Using high-temperature processing technologies