Tokyo Ohka Kogyo (4186.T): Reportedly considering bringing forward capacity expansion for advanced semiconductor photoresists; Buy

The front page of the October 8 The Chemical Daily carried an article regarding advanced semiconductor materials at Tokyo Ohka Kogyo, in which the company mentioned the possibility of bringing forward capacity expansions as demand is growing faster than expected. The company is planning a record ¥76 bn in capex under its current medium-term plan ending in 2027; with almost no room for expansion at its Koriyama plant, it has reportedly acquired a new site of c.90,000 square meters nearby, and a new high-purity chemicals plant in Pyeongtaek, South Korea is scheduled to begin operations in 1H 2027. In EUV resists, 1H12/26 sales were strong at +65% yoy;