Visit to South Korea Semiconductor Base: Medium-term Earnings Growth Driver

Research evidence excerpt

Visit to South Korea Semiconductor Base: Medium-term Earnings Growth Driver

Update

July 8, 2026 10:40 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNissan Chemical (4021) | Japan Takato Watabe

Equity Analyst

Visit to South Korea Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Semiconductor Base: Medium- Kayoko Shoji

Research Associate

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

term Earnings Growth Driver

We visited and toured NCK’s Dangjin plant, which produces

semiconductor materials and alignment films for the Korean

market. The visit provided valuable insight into the company's

Nissan Chemical (4021.T, 4021 JT)

competitive strengths in semiconductor materials and reinforced Electronic Chemicals | Japan

our view of its significant potential for further earnings growth. Stock Rating Equal-weight

Industry View In-Line

Confirm medium-term earnings potential of NCK: On July 8, we visited the Dangjin Price target ¥9,000

Up/downside to price target (%) 10

plant of NCK, Nissan Chemical's Korean semiconductor and display materials Shr price, close (Jul 8, 2026) ¥8,187

subsidiary, and had the opportunity to tour the facility and interview its Mkt cap, curr, basic (bn) ¥1,097.9

Div yld (03/27e) (%) 2.6

management team. With major Korean semiconductor manufacturers significantly

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

increasing capex, NCK's business is also expanding. We believe the visit was highly

Revenue, net (¥bn) 279.6 288.0 297.0 308.0

informative, providing further confidence in the medium-term growth potential of Operating profit (¥bn)* 63.6 67.5 70.0 71.5

Recurring profit (¥bn)* 65.9 69.5 72.0 73.5

the group's semiconductor materials business.