2026年日本峰会反馈：投资者对半导体材料业务兴趣浓厚

Japan Summit 2026 FeedbackiHigh Investor Interest in theSemiconductor MaterialsBusiness Precision Instruments| Japan Stock RatingIndustryView In-LinePrice target￥4,600Shr price, close (May 21, 2026)¥3,196Mkt cap, curr, basic (bn)¥3,852.1Avg daily trading value (bn)￥13.7 remains centered on the CDMO business, attention to the semiconductormaterialsbusiness appears to have increased by comparison with before. plan (F3/25-F3/27), the company expects P&L items (OP and OPM) to exceedtargets, while efficiency metrics (ROE and ROIC) are slightly below target. The mainreason cited is delays in profitability in the CDMO business, and the company aimsin the current fiscal year to narrow the gap with targets through upside in businessperformance. For the underperforming CDMO and BI businesses, measures are beingimplemented to catch up toward the F3/31 long-term vision targets. Semiconductor materials business: The F3/27 sales plan calls for modest 5% YoYgrowth, but the company attributes this to limited visibility on customer forecastsand does not see excessive downside risk to earnings. Demand remains strong foradvanced Logic and China, and CMP slurry is also showing high growth, driven byincreased use in back-end processes (copper interconnects). Bio CDMo business: For large-scale tanks, the company is proceeding with hiring ata pace of 30 employees per month, with a view to bringing forward the start ofPhase 2 operations at its North Carolina campus to fiscal year 2027. It has alsorevised its order strategy for large tanks, shifting its focus toward ensuringutilization rates. For small- and medium-scale tanks, the company maintains its viewthat market conditions will improve gradually,supported by rising utilization ratesat itsTexas site. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors 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 ofthisreport. += Analysts employed by non-U.S. affiliates 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. F3/28e EPS ￥258.4 and P/E18.0x, which is the historical average since F3/13, when the com- pany proceededtorebuild the earnings structure into the current business portfolio,plus onestandard deviation as a premium for prospects of continuing new profit highs and marginimprovement.BasedonFXrates of￥155/$and￥175/ Increase in bio CDMO project contractsHealthcare-driven earnings growthGreater earnings contributions from M&A and new businessesBetter shareholder returnsWeak yen Loss of market share due to brand name changes in document businessSlower growth in priority domainsImpairment losses on goodwill & fixed assetsStrong yen The 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, 10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orprice targetreferenced in this researchreport,please contact the Client Support Teamas follows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (O)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternatively youmay contact your investment representative or Morgan Stanley Researchat 1585 Broadway, (Attention: Research Management),New York, NY10036USAAnalystCertification The following 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 receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Mie Yamazaki. 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 April 30,2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the