SUMCO: Japan Summit 2026 Feedback: Focus on 300mm Wafer S/D & Direction for Next LTA Talks

研报英文原文证据摘录

SUMCO: Japan Summit 2026 Feedback: Focus on 300mm Wafer S/D & Direction for Next LTA Talks

Update

May 21, 2026 10:09 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSUMCO (3436) | Japan Takato Watabe

Equity Analyst

Japan Summit 2026 Feedback: Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

Focus on 300mm Wafer S/D & Kayoko Shoji

Research Associate

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

Direction for Next LTA Talks Kano Fujita

Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Discussion between IR manager Yumi Ino & institutional investors: In a meeting

with IR manager Ino and institutional investors on May 21 at our Japan Summit 2026

(May 20-21), we found considerable interest in topics including the direction of the

next long-term agreement talks, sustainability of growth in advanced-node demand

for 300mm wafers, the outlook for the AI-related weighting in 300mm wafers, and

the timing of recovery in demand for non-advanced logic. The company said that SUMCO (3436.T, 3436 JT)

absent tightening of supply/demand it did not plan to rush into renegotiations with Electronic Chemicals | Japan

current LTAs in place through 2027-28. It said AI-related demand is helping to keep Stock Rating Equal-weight

Industry View In-Line

demand for advanced applications firm. For non-advanced applications, while there Price target ¥1,850

are some signs of demand picking up the company remains guarded as to whether Shr price, close (May 21, 2026) ¥3,078

Mkt cap, curr, basic (bn) ¥1,076.4

this will develop into a full-fledged recovery. On the AI-related weighting in 300mm Avg daily trading value (bn) ¥12.4

wafers based on a narrow definition, Ms. Ino said that this was about 10% for the