Japan Chemicals Sector "Asian institutional investor visit: neutral to ..."

研报英文原文证据摘录

Japan Chemicals Sector "Asian institutional investor visit: neutral to ..."

Global Research

19 June 2026ab

Japan Chemicals Sector Equities

JapanAsian institutional investor visit: neutral to

slightly bullish on chemicals Chemicals

Shunta Omura

Analyst

shunta.omura@ubs.com

Prospect of the Middle East situation normalising leads to increased +81-3-5208 6244

expectations for an earnings recovery in the chemical sector

During 15-18 June, we visited 40 institutional investors in Singapore and Hong Kong.

Amid the Nikkei Average reaching an all-time high, many investors showed interest in

semiconductor material stocks such as SUMCO (3436, Neutral), Tokyo Ohka Kogyo

(4186, Neutral), and Mitsubishi Gas Chemical (4182, Neutral). Meanwhile, compared

with three months ago, interest in integrated chemical and midstream chemical

companies had also increased. Additionally, regarding midstream chemical companies

such as paint manufacturers, which face significant downside risks to short-term

earnings due to high raw material costs, it appears that investors are likely strengthen

their investment considerations after the announcement of April-June quarter results.

Overall, many investors appear to be taking a neutral to slightly bullish stance towards

the chemical sector. Against this backdrop, our top picks are Nippon Sanso Holdings

(4091, Buy) and Asahi Kasei (3407, Buy). In particular, investor expectations for future

earnings improvement in Nippon Sanso HD's US business appear to have risen.

Semiconductor-related stocks: SUMCO's valuation and price increase levels

Since March, discussions regarding SUMCO, whose share price has risen sharply (up

around 2.5X), have focused on the earnings outlook from FY12/28 and the appropriate

valuation levels for the company's shares.