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Resonac Holdings

4004.TMEDIUM

SiC Substrates / Materials · Weight: 5%· Data as of 2026-05-06

Also in:EV

¥14,045-1.2%

6-month daily

Investment Thesis

Dual-engine semiconductor materials play: (1) SiC substrate supplier to Infineon/Rohm with confirmed multi-year agreements; 8-inch mass production started 2025. (2) Semiconductor back-end materials (CMP, photoresist) for AI chip packaging. FY2026 PAT guided ¥77B (2.7x YoY from ¥29B); semiconductor segment at record quarterly operating profit. Back-end AI materials now primary earnings driver.

Risk

D/E 1.33 = high leverage. SiC EV segment slowing (EV demand softness). Stock at 52-week high +102% in 6 months — peak earnings trap watch (AP01) for SiC cyclical component. Chinese SiC competitors (TanKeBlue, SICC) 17%+ share each. ¥140B planned fixed cost increase in Back-end Materials for FY2026 = margin risk if AI demand disappoints.

Monitoring Trigger

May 12 earnings: (1) FY2025 actual vs ¥98B core OP forecast; (2) FY2026 guidance ¥140B core OP + ¥77B PAT confirmation; (3) Semiconductor segment quarterly margin trajectory; (4) Any named 8-inch SiC customer deals.

Key Dates

2026-05-12earningsEarnings announcement for Resonac Holdings

2026-05-12monitoringSiC substrate pricing (TrendForce). Named 8-inch supply deals.

2026-06-30rebalanceSemiannual portfolio rebalance

Update History

2026-05-06evolveUPGRADED

View report →

UPGRADED LOW→MEDIUM. FY2026 PAT guidance ¥77B (2.7x YoY). Semiconductor segment at record quarterly OP. ROE 4.4%→5.72%. Thesis reframed: back-end AI materials primary earnings driver. Infineon confirmed supply chain added.

conviction:LOWMEDIUMroe:4.4%5.72%div_yield:0.5%~1.0%forward_pe:28.8~31.6xthesis:SiC-centric LOWDual-engine SiC+back-end AI MEDIUM

Key Metrics

83.53

~31.6x

Fwd PE

3.34

P/B

5.72%

ROE

4.3%

Op Margin

133%

D/E

~1.0%

Div Yield

+¥24B

FCF

¥2.43T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Semiconductor Materials	¥499B	35%	SiC substrates, CMP, photoresist
Chemicals + Other	¥854B	65%	Petrochemicals, mobility, industrial

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Rohm	SiC epitaxial wafers	Primary Japanese SiC customer[source](2024-09)
probable	Infineon / onsemi / STMicro	SiC substrates	Ships globally
confirmed	Soitec	Bonded SiC wafer JV	Joint development Sept 2024[source](2024-09)
confirmed	Infineon Technologies	SiC substrates (6-inch + 8-inch ramp)	Multi-year supply + co-development agreement covering double-digit % of Infineon SiC demand over next decade; 6-inch supply + 8-inch transition supported[source](2023-01)

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/4004/statistics/↗Yahoo Finance JPhttps://finance.yahoo.co.jp/quote/4004.T

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Kokusai Electric	37.06	30.51	16.35%	18.6%	+¥16B
Ibiden	112	62	11.5%	14.5%	-¥100B
Tokyo Electron	40.21	30.85	23.9%	24.2%	+¥398B
Advantest	54	44	49.3%	44.2%	+¥375B est.
SCREEN Holdings	23.29	17.85	19.8%	19.0%	+¥49.4B
Shin-Etsu Chemical	25	23.5	11.1%	24.7%	+¥346B
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
Resonac Holdings	83.53	~31.6x	5.72%	4.3%	+¥24B
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)
SUMCO	Loss	N/A	-1.54%	-0.8%	-¥11B
Socionext	36.77	22.44	6.0%	7.5%	-¥4B