Japan paper & pulp, glass & ceramics

研报英文原文证据摘录

Japan paper & pulp, glass & ceramics

Global Markets Research

Japan paper & pulp, glass & ceramics 16 June 2026

EQUITY: MATERIALS

We recommend Sumitomo Osaka Cement and Research Analysts

AGC for involvement in semiconductors Japan glass, cement, paper & pulp Takaomi Kono - NSC

Semiconductor-related operations a growth area for glass & ceramics, takaomi.kono@nomura.com

stabilization in Middle East likely a positive for costs too +81 3 6703 1207

We recommend Sumitomo Osaka Cement and AGC as semiconductors are a

growth area for the glass & ceramics sector too

Products for the semiconductor industry are now a growth area for companies in the glass

& ceramics sector too, with prospects for strong growth in demand for semiconductors for

use in AI and other applications. While share prices of related companies have been

rising, we think investment indicators for Sumitomo Osaka Cement [5232] (Buy) and AGC

[5201] (Buy) show undervaluation relative to earnings growth prospects. Moreover, an end

to the sharp rise in crude oil prices as a result of the ceasefire agreement between the US

and Iran could be a positive overall for earnings in the energy-intensive paper & pulp and

glass & ceramics industries. That said, the impact will require a case-by-case analysis, as

cement production uses a large amount of coal, the price of which has remained high, and

paper & pulp and glass companies use large volumes of gas too.

Semiconductor-related operations likely to account for over 30% of operating

profits at Sumitomo Osaka Cement and NGK

Sumitomo Osaka Cement's electrostatic chucks are heavily used in NAND production,

and we expect sales to continue to grow through 29/3 as semiconductor investment and

production volumes increase. NGK [5333] (Neutral) has a wide range of products for the