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Kurita Water Industries

6370.TMEDIUM

Nuclear Operations / Water · Weight: 5%· Data as of 2026-05-07

¥8,044-4.57%

6-month daily

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

2026-05-07earningsFY2026 full-year results RELEASED TODAY. OP ¥50.8B confirmed. Watch FY2027 guidance for semiconductor demand trajectory.

2026-06-30rebalanceSemiannual portfolio rebalance

2026-09monitoringNRA safety review status: Kansai Electric Oi Unit 3 + TEPCO Kashiwazaki-Kariwa restart progress. Each restart = multi-year chemistry program.

2026-12catalystTSMC Kumamoto Phase 2 construction update — Kurita UPW shortlist confirmation expected.

Update History

2026-05-07evolveHOLD

View report →

FY2026 full-year OP ¥50.8B (+15.5%); PE updated 38.4→22.3x; nuclear supply chain upgraded probable→confirmed; Samsung/SK Hynix date refreshed; TSMC Japan shortlist added; concept stock partial flag noted

pe:38.422.3op_margin:13.7%12.4%supply_chain[nuclear_utilities]:probableconfirmedsupply_chain[samsung]:date:2014-12date:2025-03

Key Metrics

22.3

21.8

Fwd PE

2.53

P/B

6.8%

ROE

12.4%

Op Margin

32%

D/E

1.39%

Div Yield

+¥25B

FCF

¥890B

Mkt Cap

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.[source](2025-03)
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.[source](2026-05)
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.[source](2026-05)

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6370/statistics/↗Yahoo Finance JPhttps://finance.yahoo.co.jp/quote/6370.T

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
IHI Corporation	23.7	22	26.8%	8.8%	+¥68B
Hitachi	28.96	27.58	13.65%	11.1%	+¥1,390B
Japan Steel Works	33.5	31.1	9.09%	8.4%	-¥19.7B
Yokogawa Electric	38.8	23.8	11.5%	13.7%	+¥44B
Fuji Electric	20.3	17.7	11.8%	10.3%	+¥51B
Kanadevia	10.97	11	5.2%	1.9%	-¥22.6B
Organo Corporation	27	27	21.7%	20.6%	+¥19B
Kurita Water Industries	22.3	21.8	6.8%	12.4%	+¥25B
Sumitomo Heavy Industries	19.3	18	5.0%	4.8%	-¥2.3B
Toyo Tanso	23.2	23.8	5.7%	14.6%	-¥5.8B (capex phase)
Okano Valve	21.6		8.2%	10.1%	+¥624M
Kobe Steel	8.7	8.5	7.2%	4.8%	N/A
Ebara	30.9	25.4	15.8%	12.1%	-¥51.5B (capex)
Stella Pharma			-9.8%	-23.6%	N/A
Teikoku Denki	10.49	9.5	12%	18%	N/A