Resonac Holdings (4004.T): Announces additional investment in HD media for Al data centers, unusual price hike agreement

研报英文原文证据摘录

Resonac Holdings (4004.T): Announces additional investment in HD media for Al data centers, unusual price hike agreement

Equity Research

28 July 2026 | 10:12PM JST

Resonac Holdings (4004.T): Announces additional investment in HD

media for AI data centers, unusual price hike agreement

Resonac announced additional investments in increasing HD media capacity on July Atsushi Ikeda

+81(3)4587-9940 |

28. The company plans to invest c.¥15 bn at its Singapore site to increase HD media atsushi.ikeda@gs.com

Goldman Sachs Japan Co., Ltd.

capacity for AI data center nearline applications by c.20 mn units/year, utilizing some

Yuri Izumikawa

idle equipment to raise investment efficiencies (production lines will be brought +81(3)4587-3643 |

online in phases from 2029 onward, depending on market trends and demand). yuri.x.izumikawa@gs.comGoldman Sachs Japan Co., Ltd.

Moreover, in a move that is highly unusual for a Japanese materials company, the

company said it had agreed to price revisions with its HDD manufacturer customers

that are equivalent to the planned investment. Management aims to simultaneously

expand supply capacity and enhance profitability. Resonac only recently announced

a 50 mn unit/year capacity increase on May 11, 2026 (slated to commence

operations in phases in 2027), and including both announcements, its HD media

production capacity is set to increase by c.44% from c.160 mn units at present to

c.230 mn units. The company’s HD media generates the second-largest portion of

sales in its semiconductor and electronic materials business after copper-clad

laminates/prepregs (based on our FY12/26 estimates). With the positive impact of

price hikes likely, in addition to medium- to long-term volume growth, our impression

of the news is positive.