Apr-Jun Results Preview: Guidance Revisions Likely

Research evidence excerpt

Apr-Jun Results Preview: Guidance Revisions Likely

Idea

July 21, 2026 06:30 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MElectronic Chemicals | Japan Takato Watabe

Equity Analyst

Apr–Jun Results Preview: Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

Guidance Revisions Likely Kayoko Shoji

Research Associate

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

We highlight key points ahead of F3/27 1Q results (2Q results for Kano Fujita

Dec year-end companies). We do not anticipate major surprises. ResearchKano.Fujita@morganstanleymufg.comAssociate +81 3 6836-8932

Key Takeaways

Expecting results within range of our forecasts.

Most companies will probably leave full-year guidance unchanged, but we expect

some will revise up or down. Electronic Chemicals

Japan

Industry View In-Line

Jun Q wafer shipment growth around +9% QoQ?: In semiconductor-related

business, we estimate Apr-Jun shipments rose about +8% QoQ (about +6% YoY) for

Electronic Chemical companies: Coverage list

300mm wafers and about +15% QoQ (about +12% YoY) for 200mm wafers. We

Share Price Earnings

estimate overall wafer shipment growth at about +9% QoQ/+7% YoY. We think Rating price (¥) target announcement

17-Jul (¥) expected date

shipments of back-end processing materials remained strong, led by advanced

<Takato Watabe>

package materials. In LCD-related business, panel maker utilization rates were 3405 Kuraray EW 1,774 1,750 7-Aug

3436 SUMCO UW 3,914 3,000 6-Aug

probably roughly unchanged QoQ in Apr-Jun, at slightly below 85%, up from slightly 4021 Nissan Chemical EW 7,608 9,000 7-Aug

below 80% in the same period last year. 40634205 Shin-EtsuZeon Chemical OWOW 7,1572,221 8,2003,000 24-Jul29-Jul

4980 Dexerials EW 3,509 4,400 4-Aug