美国机构投资者访问反馈：中东局势后的股票选择讨论

Chemicals/Japan Equity AnalystTakato.Waleymufq.com+81 3 6836-5436Ryoichi WatanabeEquity Analyst Feedback from Visits to USInstitutional Investors:Discussions on Stock SelectionAfter Situation in Middle EastImproves Research Associate+81 3 6836-5437ELECTRONICCHEMICALS from Apr 13 to 16. As Japan stocks rebounded and tested recent highs amid MiddleEast developments, our impression on chemicals stocks was that interest in semis-related materials remained high. In terms of individual names, there was plenty ofdiscussion on Sumco.While some expecteda shortage of 30Omm wafersgivengrowing demand for Al semis, we countered this view by citing high customerinventory levels. Meanwhile, investors had mixed views on Shin-Etsu Chemical.Some had concerns on price adjustments for PvC once Middle East tensionssubside, but others highlighted positives including medium-term earningsimprovement for the PVC business and steady earnings growth for wafers. We arevery upbeat on the firm's management skills, which have allowed it to avoidgeopolitical risks. For petrochemicals, the focus was on the hit from procurementdifficulties for feedstock naphtha, while there were also questions on potentialmoves to end the dual listing of parents and subsidiaries. We also had a number ofdiscussions on the medium-term earnings outlook for Toray Industries, NittoDenko, Nissan Chemical, Asahi Kasei, Mitsui Chemicals, and Mitsubishi ChemicalGroup. Related reports: Chemicals: Visits to Institutional Investors in Asia:Discussion of Stock Selection inLight of Middle East Conflict (Mar22,2026)SumitomoChemical:BenefitfromCrudeOil Spike (Mar12,2026)Chemicals:Naphtha Procurement Disrupted Due to Situation in Iran (Mar5,2026)Chemicals: Stock Selection During Periods of Rising Crude Oil Prices (Mar 2, 2026) Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a resultinvestors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision For analyst certification and other important disclosures,referto the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company,public appearancesand trading securities held by a research analyst account. Disclosure SectionThe information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co, Ltd. and its affiliates (collectively, "Morgan Stanley).For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY, 1O036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orprice targetreferenced in this researchreport,please contact the Client Support Teamasfollows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Altemativelyyou may contact your investment representative or Morgan Stanley Research at 1585 Broadway,(Attention: Research Management),New York, NY10036USAAnalystCertification Thefollowing analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutiona/research/conflictpolicies. A Portuguese version of the policy can be found at www.morganstanley.com.brImportantRegulatoryDisclosuresonSubjectCompanies As of March 31, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Air Water, Asahi Kasei, Daicel, DIC, Kuraray, Mitsubishi Gas Chemical, Mitsui Chemicals, Nissan Chemical, Nitto Denko, Resonac Holdings, SUMCO, Sumitomo Bakelite, Teijin, ZEON.Withinthelast 2months,Morgan Stanleymanagedorco-managedapublicoffering (or144Aoffering)ofsecuritiesofKuraray,Mitsubishi Gas Chemical,Nippon SansoHoldings, Sekisui Chemical.Shin-Etsu Chemical, Tokyo Ohka Kogyo, UBE.Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Kuraray, Mitsubishi Chemical Group, Mitsubishi Gas Chemical, Nippon Sanso Holdings, Nitto Denko, Sekisui Chemical, Shin-Etsu Chemical, Tokyo Ohka Kogyo, Toray Industrie