ADEKA (4401): 4Q: Positive - Semi materials driven by memory; guidance beats consensus

研报英文原文证据摘录

ADEKA (4401): 4Q: Positive - Semi materials driven by memory; guidance beats consensus

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ADEKA (4401)

4Q: Positive - Semi materials driven by

memory; guidance beats consensus

Maintain Rating: BUY | PO: 4,800 JPY | Price: 4,133 JPY

14 May 2026

Key takeaways Equity

• Guidance beat our forecast and consensus, leaving a positive impression; pricing to

Niima Komura >>

offset rising raw material costs Research Analyst

BofAS Japan

• High-k materials for Korean memory customers drive earnings, while all other niima.komura@bofa.com

segments also achieve sales and profits growth Takashi Enomoto >>

Research Analyst

• Results reaffirm the strength of the company's defensive business portfolio; we BofAS Japan

maintain our Buy rating takashi.enomoto@bofa.com

Results date: May 14 (Thur) 13:00

Stock Data

Results briefing: May 28 (Thur) 10:00-11:30

Price 4,133 JPY

Price Objective 4,800 JPY

Positive: Semi materials drive earnings; guidance beats Date Established 8-May-2026

Investment Opinion B-1-7consensus, with pricing offsetting raw material costs

FY3/27 company OP guidance stands at ¥46.8bn, exceeding our forecast of ¥42.5bn and 52-Week Range 2,508-5,104 JPY

the IFIS consensus of ¥45.0bn, leaving a positive impression. The company expects Market Value (mn) 428,874 JPY

revenue and earnings growth across all segments, with semiconductor materials likely to Market Value ($mn) 2,717 USD

lead, driven by expanding sales of high‑k materials to Korean memory manufacturers. Shares Outstanding (mn) 103.8

Average Daily Value ($mn) 10.5 USD

While the potential impact from geopolitical risks in the Middle East is not reflected in Free Float 78.1%

guidance, the company intends to offset rising raw material costs through pricing BofA Ticker / Exchange ADKCF / TYO

actions.