Earnings revisions for 4 semiconductor & electronic materials companies; upgrade Nittobo to Buy, reiterate Buy on SUMCO, Shin-Etsu Chemical, and JX Advanced Metals

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Earnings revisions for 4 semiconductor & electronic materials companies; upgrade Nittobo to Buy, reiterate Buy on SUMCO, Shin-Etsu Chemical, and JX Advanced Metals

Equity Research

6 July 2026 | 6:45PM JST

JAPAN CHEMICALS: SPECIALTY

Earnings revisions for 4 semiconductor & electronic materials

companies; upgrade Nittobo to Buy, reiterate Buy on SUMCO, Shin-Etsu

Chemical, and JX Advanced Metals

We upgrade Nittobo to Buy and reiterate our Buy ratings on SUMCO, Shin-Etsu Atsushi Ikeda

+81(3)4587-9940 |

Chemical, and JX Advanced Metals, while simultaneously revising our earnings atsushi.ikeda@gs.com

Goldman Sachs Japan Co., Ltd.

forecasts and target prices for all four companies.

Yuri Izumikawa

+81(3)4587-3643 |

For Nittobo, we now expect the supply-demand balance for T-glass to remain yuri.x.izumikawa@gs.com

significantly tighter than our previous assumptions. Based on our assumption that

the company will announce new capital investment plans in the near future, we have

incorporated another round of price increases in FY3/29. In addition, we expect

demand for low-dielectric glass used in AI server PCBs and CCLs to continue

expanding strongly, leading us to raise our earnings forecasts. At the same time,

given the significant correction in the share price, we upgrade our rating from

Neutral to Buy.

Regarding the silicon wafer industry, we maintain the constructive view expressed

in our previous earnings revision report (link) and continue to reaffirm our positive

outlook. In addition to semiconductors directly used in AI applications such as

GPUs/ASICs and HBM, investment in inference infrastructure is accelerating, which

we expect will drive rapid growth in demand for CPUs and LPDDR memory. We also

expect demand growth for 3D NAND used in enterprise SSDs (eSSDs) as storage