Kurita Water Industries
6370.TMEDIUMScore: 54.8Nuclear Operations / Water · Weight: 5%· Data as of 2026-05-07
Investment Thesis
Dual semiconductor + nuclear water chemistry exposure with FY2026 full-year OP ¥50.8B (+15.5% YoY). Electronics segment (49% revenue): ultrapure water chemicals for Samsung/SK Hynix fabs + TSMC Kumamoto (shortlisted). Nuclear: coolant chemistry and corrosion inhibitors for restarting Japanese plants (Kansai Electric Oi/Takahama, TEPCO Kashiwazaki-Kariwa approved Jan 2026). PE compressed to 22.3x post-full-year update. 16 consecutive years dividend growth.
Risk
ROE 6.8% remains low — capital inefficiency. PE 22.3x reasonable but requires semiconductor fab demand sustaining. Nuclear restart timing dependent on NRA licensing — delays reduce incremental thesis. PARTIAL CONCEPT FLAG: nuclear is <15% of revenue — semiconductor is the growth engine.
Monitoring Trigger
FY2027 guidance (released today May 7) — watch for revenue growth rate vs FY2026 +3.2%. Kansai Electric Oi Unit 3 restart timeline (NRA safety review). TSMC Kumamoto Phase 2 fab construction — Kurita shortlisted for UPW supply.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Electronics Industry | ¥200B | 49% | Ultrapure water chemicals for semiconductor fabs |
| General Industry | ¥212B | 51% | Power plant water chemistry, industrial water treatment |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Samsung Electronics / SK Hynix | Ultrapure water chemicals for Korean fabs | Kurita Korea subsidiary active; confirmed in FY2025 geographic revenue (Asia segment). Ongoing relationship. |
| confirmed | Japanese nuclear utilities | Coolant chemistry programs, corrosion inhibitors, radioactive waste minimization | Kurita explicitly lists power generation as core market. TEPCO Fukushima treated water program ongoing. Kansai Electric restart units require coolant requalification. |
| probable | TSMC Japan (Kumamoto) | Ultrapure water systems and chemicals | Kurita shortlisted for large fabs announced 2023-2025 per UltraFacilityPortal. TSMC Kumamoto Phase 1 operational 2024. Most likely UPW chemistry supplier. |