Japan electronic materials and fine chemicals: Meetings with Asian investors (June 2026)

研报英文原文证据摘录

Japan electronic materials and fine chemicals: Meetings with Asian investors (June 2026)

Global Markets Research

Japan electronic materials and fine chemicals 26 June 2026

EQUITY: JAPAN CHEMICALS & TEXTILES

Research Analysts

Meetings with Asian investors (June 2026)

Japan chemicals & textiles

Daiki Ban - NSC

Investor interest split between AI and everything else daiki.ban@nomura.com

+81 3 6703 1124

Semiconductor materials: Strong interest, discussions focused on AI-related

business

We had more than 40 meetings with investors in Hong Kong and Singapore over 15–19

June. We are focusing on the electronic materials sector in particular, and recommend

Resonac Holdings [4004] (Buy), Sumco [3436] (Buy), Sumitomo Bakelite [4203] (Buy),

and Mitsubishi Gas Chemical [4182] (Buy), which are highly competitive in semiconductor

materials. Investors' attention appeared to be centered on AI, with over 90% of our

discussions focusing on semiconductor materials. The main subject of conversation was

which AI-related stocks were worth holding, and whether investors should be concerned

about the outlook for AI-related markets.

Discussions about promising AI-related stocks: Resonac Holdings, Tokyo Ohka

Kogyo

We had many opportunities to discuss companies such as Resonac Holdings and Tokyo

Ohka Kogyo [4186] (Neutral) that stand to benefit from AI demand. Many investors

expressed a positive view of profit growth potential at Resonac Holdings, particularly for

copper-clad laminates and non-conductive film (NCF), and at Tokyo Ohka Kogyo,

particularly for photoresists for advanced logic and advanced packages. Our 26/12

operating profit forecasts for both companies are much higher than guidance, but we got

no push-back from investors about this.