日本化工：亚洲投资者调研反馈-生成式 AI 相关个股（含后端、CCL 领域）关注度高-Japan Chemicals_ Specialty_ Asia investor visit feedback_ High interest in gen-AI related stocks, including back-end_CCL

Summary of Key Points from the Conference Call Industry Overview - The focus of the investor visit was on generative AI-related materials, indicating a growing interest in this sector among investors [1] - The overall sentiment from investors was more positive compared to previous visits, particularly towards companies involved in generative AI [1] Company-Specific Insights Mitsui Kinzoku - High investor interest with a constructive outlook on the stock [2] - Discussions centered on volumes, pricing, and margins for MicroThin™ and VSP™ products [2] - Concerns were raised about MicroThin™'s exposure to smartphones, but growth potential from AI server DRAM and high-speed optical transceivers is not fully priced in [2] - FaradFlex™ is ramping up for AI server applications, but market recognition remains low [2] - Medium-term growth expectations are reasonably high despite some investor caution [2] Resonac - Investors had many inquiries regarding the recent price hike for CCL/prepreg materials and its supply chain implications [3] - There is significant interest in Resonac's growth potential related to generative AI, particularly NCF for HBM [3] - General agreement among investors on the potential for further valuation improvement [3] Shin-Etsu Chemical - Notable increase in investor interest due to production cutbacks by competitors and signs of recovery in the North American PVC market [4] - Expectations for a recovery in the US housing market and constraints on PVC supply from China are contributing to a more optimistic view [4] - Some risks to annual contract prices in 2026 were noted, with investors awaiting management's commentary in upcoming results [4] - Growth potential in semiconductor materials is highlighted as a core business area [4][7] JX Advanced Metals - Recent share price gains attributed to rising metal prices, particularly copper [8] - Investor views on growth potential for AI server materials remain polarized, with some skepticism about the outlook [8] Mitsubishi Gas Chemical - Cautious outlook on BT materials has impacted investor sentiment [9] - Recovery in expectations for price hikes following Resonac's announcements [9] - Focus on strategies for expanding memory applications and new capacity additions in Thailand [9] Tokyo Ohka Kogyo - Investor interest in back-end and CCL-related fields has increased, though discussions were less frequent compared to other companies [10] - Potential for market share expansion in logic at EUV 2nm and below, and strong growth potential in back-end materials [10] Toray - Expectations for recovery in CFRP shipments for Boeing 787 are reasonably priced in [11] - Stable growth in the apparel fibers business and potential in carbon fiber composite materials for space and defense applications are not fully appreciated [11] Price Target and Risks - Mitsui Kinzoku: Target price of ¥24,000 with risks including slowdown in AI server demand and metal price declines [14] - Resonac: Target price of ¥8,050 with risks including semiconductor demand slowdown and yen appreciation [12] - JX Advanced Metals: Target price of ¥2,490 with risks related to metal price fluctuations [15] - Tokyo Ohka Kogyo: Target price of ¥7,010 with risks including semiconductor demand slowdown [17] - Toray: Target price of ¥1,330 with risks related to civil aviation demand and forex swings [19] - Shin-Etsu Chemical: Target price of ¥6,000 with risks from semiconductor supply/demand and PVC market price swings [21] - Mitsubishi Gas Chemical: Target price of ¥3,040 with risks from competition and price declines in key materials [23] Conclusion - The conference highlighted a strong interest in generative AI-related materials across several companies, with varying levels of investor confidence and concerns about market dynamics and pricing strategies. The overall sentiment suggests a cautiously optimistic outlook for the sector, with specific attention to growth potential and risks associated with market fluctuations.