Japan Chemicals: Asia investor visit feedback: High interest in electronic materials companies and individual catalysts amid volatility

研报英文原文证据摘录

Japan Chemicals: Asia investor visit feedback: High interest in electronic materials companies and individual catalysts amid volatility

Equity Research

27 July 2026 | 7:44AM JST

Japan Chemicals: Asia investor visit feedback: High interest in electronic

materials companies and individual catalysts amid volatility

We visited Asia (Hong Kong/Singapore) from the third to the fourth week of July, Atsushi Ikeda

+81(3)4587-9940 |

where we held meetings with c.55 investors over eight days. We summarize the key atsushi.ikeda@gs.com

Goldman Sachs Japan Co., Ltd.

takeaways below. In the third week of July, in particular, stock market volatility was

Yuri Izumikawa

high amid concerns over the outlook for AI demand and the competitive landscape. +81(3)4587-3643 |

Nevertheless, many investors remain positive on semiconductor and AI-related yuri.x.izumikawa@gs.comGoldman Sachs Japan Co., Ltd.

demand and fundamentals, and our impression was that interest remained high,

particularly in electronic materials. Investor focus appeared to center on whether

companies can make timely capex and exercise pricing power amid tightening

supply/demand conditions for various AI-related materials. The stocks that

generated the most discussion included Nitto Boseki (Nittobo), JX Advanced Metals,

Mitsui Kinzoku, SUMCO, and Resonac (all of which we are Buy rated on).

Nitto Boseki (Buy): Our impression through our discussions with investors was that

many had been shorting or underweighting Nittobo shares over the past three

months or so amid a deteriorating supply/demand balance for its mainstay product,

T-glass, and relatively high valuations. The backdrop to this appeared to be a

consensus negative bias among investors, who believe the company’s competitive