Nuclear Operations / Water | MEDIUM | Weight: 8%
Thesis: Dual nuclear + semiconductor water chemistry exposure. Nuclear: coolant chemistry, corrosion inhibitors, radioactive waste minimization. Semiconductor: ultrapure water for Samsung/SK Hynix (confirmed) and TSMC Japan (probable). 16 consecutive years of dividend growth signals discipline.
Risk: Trailing PE 38x is stretched. ROE 6.8% is low. Depends on semiconductor + nuclear materializing simultaneously.
Monitor: If fwd PE expands >25x without earnings revision, trim to 5%.
| 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 |
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| CONFIRMED | Samsung Electronics / SK Hynix | Ultrapure water chemicals for Korean fabs | Kurita Korea major supplier per geographic disclosures |
| PROBABLE | Japanese nuclear utilities | Coolant chemistry programs, corrosion inhibitors | Serves all major power generation verticals |
| PROBABLE | TSMC Japan fabs | Ultrapure water systems | Electronics Industry segment primary growth driver |
| Company | Ticker | PE | Fwd PE | ROE | OpM | FCF |
|---|---|---|---|---|---|---|
| IHI Corporation | 7013.T | 28.94 | 28.02 | 23.6% | 9.1% | +¥68B |
| Hitachi | 6501.T | 26.64 | 25.37 | N/A | 11.1% | +¥1,390B |
| Japan Steel Works | 5631.T | 35.28 | 34.31 | 10.5% | 8.4% | -¥19.7B |
| Yokogawa Electric | 6841.T | 24.82 | 20.73 | 12.2% | 14.6% | +¥88B |
| Fuji Electric | 6504.T | 19.62 | 17.13 | 11.8% | 10.3% | +¥51B |
| Kanadevia | 7004.T | 19.62 | 14.09 | 5.8% | 2.0% | -¥12.8B |
| Organo Corporation | 6368.T | 26.42 | 24.47 | 23.5% | 21.4% | +¥19B |
| Kurita Water Industries | 6370.T | 38.22 | 21.67 | 6.8% | 13.7% | +¥25B |
| Sumitomo Heavy Industries | 6302.T | 20.46 | 18.63 | 4.7% | 4.8% | +¥11B |
Generated by JPstock-agent | 2026-04-12 | Full Comparison | Supply Chain Map