¥4,368-0.73%
6-month dailyInvestment Thesis
Invented BT resin — the dominant core material for IC packaging substrates. Irreplaceable in advanced semiconductor packaging. Also makes CCL.
Risk
Chemical conglomerate with multiple segments diluting BT resin upside.
Monitoring Trigger
BT resin demand tracking with advanced packaging volume.
Key Metrics
12
PE
11
Fwd PE
1
P/B
8%
ROE
8%
Op Margin
N/A
D/E
3%
Div Yield
N/A
FCF
600B
Mkt Cap
Peer Comparison
| Company | PE | Fwd PE | ROE | Op Margin | FCF |
|---|---|---|---|---|---|
| Advantest | 54 | 44 | 49.3% | 44.2% | +¥375B est. |
| Tokyo Electron | 40.21 | 30.85 | 23.9% | 24.2% | +¥398B |
| SCREEN Holdings | 23.29 | 17.85 | 19.8% | 19.0% | +¥49.4B |
| DISCO Corp | 55.44 | 43 | N/A | 42.3% | +¥63.7B (OCF ¥133.5B minus capex ¥69.8B; capex doubled FY2025→FY2026) |
| Lasertec | 44.17 | 45.06 | 43.0% | 46.1% | +¥96B |
| Shin-Etsu Chemical | 25 | 23.5 | 11.1% | 24.7% | +¥346B |
| Keyence | 43.64 | 39.9 | 13.5% | 51.0% | +¥451B (cash equivalents; FCF strongly positive given asset-light model) |
| Renesas Electronics | Loss | 17.78 | -2.1% GAAP / ~10.5% Non-GAAP | 33.7% Non-GAAP Q1 2026 (H1 guided 31.3%) | +¥364B (confirmed: OCF ¥453B minus capex ¥89B) |
| SoftBank Group | ~6.8x nominal (meaningless — non-recurring OpenAI gains) | 22.09 | ~43% nominal (OpenAI-inflated) | N/A (holding company) | -¥1,396B (approx) |
| SUMCO | Loss | N/A | -1.54% | -0.8% | -¥11B |
| Socionext | 36.77 | 22.44 | 6.0% | 7.5% | -¥4B |
| Nitto Boseki | ~25x operating basis | 22 | 13% | 13% | N/A |
| Asahi Kasei | 13.4 | 12 | 7.8% | 7% | N/A |
| Mitsubishi Gas Chemical | 12 | 11 | 8% | 8% | N/A |
| Meiko Electronics | 16 | 14 | 15.6% | 12% | N/A |
| Fujimi Inc | 18 | 16 | 12% | 15% | N/A |
| Hirose Electric | 22 | 20 | 8% | 15% | N/A |