Takeaways from Jun 24 Small Meeting

研报英文原文证据摘录

Takeaways from Jun 24 Small Meeting

Update

June 24, 2026 09:43 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSekisui Chemical (4204) | Japan Ryoichi Watanabe

Equity Analyst

Takeaways from Jun 24 Small Ryoichi.Watanabe@morganstanleymufg.comTakato Watabe +81 3 6836-8929

Takato.Watabe@morganstanleymufg.com +81 3 6836-5436

Meeting Kayoko Shoji

Research Associate

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

Key Takeaways Kano Fujita

Attendees included President Shimizu and three others. Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

The firm plans to concentrate on areas with business and technological synergies.

As a successful M&A example, Sekisui Chemical cited the acquisition of PVA resin

from Celanese. Downstream of PVA resin is PVB resin, and further downstream are

the company’s core businesses of automotive laminated glass interlayers (PVB film) Sekisui Chemical (4204.T, 4204 JP)

and MLCC binders (PVB powder). On the other hand, in the electronics segment, Fine Chemicals | Japan

businesses such as MLCC binders, build-up films for semiconductor package Stock Rating Underweight

substrates, and HBM temporary bonding tape Selfa remain standalone operations, Industry View In-Line

Price target ¥2,200

which the company identified as a challenge. In the mobility segment, it has Shr price, close (Jun 24, 2026) ¥2,462

Mkt cap, curr, basic (bn) ¥993.9

bolstered its aerospace operations through M&A. In recent years, the company has

Avg daily trading value (bn) ¥5.8

acquired multiple conventional timber framed housing companies, where it expects

synergies in construction capabilities, sales capabilities, and land procurement. For

perovskite solar cells, the company noted synergies in the form of high-performance