Chemical Monthly: June 2026 (Vol. 114)

研报英文原文证据摘录

Chemical Monthly: June 2026 (Vol. 114)

30 June 2026

Mizuho Securities Equity Research Chemicals / General Chemicals

Industry Overview

Eyes on dividend yields, high earnings visibility; favor Nippon Sanso HD, Ube

Senior Analyst: Investor interest in photoelectric fusion technology likely high as

Mikiya Yamada an AI-related theme

+81 3 6202 8390 In our May Chemical Monthly report, our determination that the market would

mikiya.yamada@mizuho-sc.com focus on events such as management briefings led us to favor Zeon (share

price up 13.1% between 25 May and 25 June, versus a 1.9% rise in TOPIX),

Daicel (up 2.5% over the same period), and Mitsubishi Gas Chemical (MGC;

up 0.6%). However, the company with the largest share price increase among

the 22 chemical companies during this period was Dexerials (up 15.0%;

see Figure 15). Dexerials also recorded the greatest increase among the

22 chemicals stocks between 21 April and 25 May (see our 28 May report

Chemical Monthly: May 2026 (Vol. 113)). We think this strong performance

was largely driven by expectations for photoelectric fusion technology-related

products, for which full-scale growth could materialize from 2H FY3/28. In

our view, photoelectric fusion technology has the potential to make significant

contributions to both reduced power consumption and lower latency in data

center and AI applications. On the other hand, Resonac Holdings' share price

fell by 8.6% over the same period, despite AI-related semiconductor products

continuing to be viewed as a key positive catalyst since the start of 2026.

In light of this, we believe that share prices already largely reflect growth

expectations for existing advanced packaging materials driven by expansion

in AI investment.

We favor Nippon Sanso Holdings, Ube, Daicel, Nippon Shokubai