Takeaways from Small Meeting with Company President

Research evidence excerpt

Takeaways from Small Meeting with Company President

Update

July 2, 2026 05:03 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTokuyama (4043) | Japan Ryoichi Watanabe

Equity Analyst

Takeaways from Small Meeting Ryoichi.Watanabe@morganstanleymufg.comTakato Watabe +81 3 6836-8929

Takato.Watabe@morganstanleymufg.com +81 3 6836-5436

with Company President Kayoko Shoji

Research Associate

Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Key Takeaways Kano Fujita

IC chemicals, heat-dissipating materials, and dental materials to drive growth Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

over the next five years

We hosted a small meeting with President Tomohiro Inoue on July 2. The discussion

focused mainly on the electronic & advanced materials segment, where the medium-

term plan envisages substantial profit growth. The company expects OP in this

Tokuyama (4043.T, 4043 JT)

segment to increase by ¥21.4bn over the next five years. Within this, IC chemicals

Fine Chemicals | Japan

are expected to make the largest contribution, followed by heat-dissipating

Stock Rating Overweight

materials, with these two areas seen accounting for 80–90% of the profit growth. Industry View In-Line

Price target ¥6,300

Within IC chemicals, IPA for semiconductor cleaning is expected to be a major

Shr price, close (Jul 1, 2026) ¥4,995

contributor, with contributions also expected from TMAH for photoresist Mkt cap, curr, basic (bn) ¥359.4

Avg daily trading value (bn) ¥2.4

development and so forth. Within heat-dissipating materials, aluminum nitride used

in electrostatic chucks and other applications is expected to make a large

contribution, and price hikes also appear to be included among the profit growth

factors. On the other hand, the company said the environment is not immediately