Denka (4061): Briefing: AI-related materials growth outlook looks increasingly promising

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Denka (4061): Briefing: AI-related materials growth outlook looks increasingly promising

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Denka (4061)

Briefing: AI-related materials growth

outlook looks increasingly promising

Reiterate Rating: BUY | PO: 4,400 JPY | Price: 4,390 JPY

13 May 2026

Earnings: FY3/27 OP guidance negative Equity

FY3/26 results came in broadly in line with expectations, but FY3/27 guidance for

operating profit at ¥30.0bn falls short of the ¥35.0bn announced by the company in Takashi Enomoto >>

February. The impact of Middle East conditions, amounting to -¥5.0bn (raw material ResearchBofAS JapanAnalyst

procurement constraints for acetylene black and related products of -¥3.5bn, and +81 3 6225 8362

petrochemical feedstock procurement constraints of -¥1.5bn), weighs on earnings. takashi.enomoto@bofa.com

Strong performance in AI-related materials looks offset by a revision to lower sales NiimaResearchKomuraAnalyst>>

volumes for rapid antigen diagnostic kits. BofAS Japan

+81 3 6225 7725

Briefing: Growth potential of Snecton & spherical alumina niima.komura@bofa.comKyoji Chiba >>

At the company briefing held at 11:00 a.m. on 13 May, the following points were Research Analyst

BofAS Japan

highlighted: +81 3 6225 7189

kyoji.chiba@bofa.com

1. Strong inquiries for low-dielectric organic insulating resin Snecton, increased sales

of spherical alumina for GDDR7 and HBM, and overall solid performance of AI-

related materials including spherical silica;

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2. Chloroprene rubber pricing is being kept relatively restrained, with a focus on long-

Price 4,390 JPY

term changes in the customer sales mix;

Price Objective 4,400 JPY

3. The Middle East impact has been conservatively incorporated into figures for Date Established 27-Feb-2026

businesses such as Polymer Solutions.