Mid Small Cap/Manufacturer: Semiconductor Materials Stocks: Investment Strategy for Early Summer 2026

研报英文原文证据摘录

Mid Small Cap/Manufacturer: Semiconductor Materials Stocks: Investment Strategy for Early Summer 2026

Idea

July 1, 2026 11:24 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMid Small Cap/Manufacturer | Japan Yoshihito Hasegawa

Equity Analyst

Semiconductor Materials Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Stocks: Investment Strategy for

Early Summer 2026 Mid Small Cap/Manufacturer

Japan

For now, we believe it is unlikely that the growth in materials Industry View In-Line

demand driven by increased semiconductor production will What’s Changed

Fujibo Holdings (3104.T) From To

change materially, so in stock selection, we focus on companies Price Target ¥4,900 ¥6,400

that can achieve strong profit growth through volume expansion Fuso Chemical (4368.T) From To

and timely price revisions to address rising costs. Price Target ¥4,500 ¥5,800

Osaka Organic Chemical

Industry (4187.T) From To

Key Takeaways Price Target ¥5,300 ¥7,400

Nitto Boseki (OW) has seen a significant share price decline since May, but no Toyo Gosei (4970.T) From To

change in robust specialty demand or full-capacity plant operations. Price Target ¥16,000 ¥20,000

Fujibo HD (OW) and Fuso Chemical (OW), which handle CMP-related Tri Chemical Laboratories

(4369.T) From To

consumables, have high visibility for medium-term earnings improvement. Price Target ¥3,900 ¥4,700

ZACROS (OW) in ABF-related materials and MEC (OW) in adhesion promoters MEC (4971.T) From To

for semiconductor packaging benefit from larger package sizes, multilayering, and Price Target ¥10,000 ¥13,000

volume growth in semiconductor packaging. ZACROS (7917.T) From To

Price Target ¥1,800 ¥1,900

Tri Chemical Lab (OW) is seeing strong demand from memory and logic; in 2Q

results monitor progress vs.