Tokuyama makes polysilicon, the high-purity feedstock for solar wafers and chips, alongside electronic materials, cement and specialty chemicals, so its earnings track both the semiconductor cycle and the solar supply chain. Its edge is scale and process know-how in ultra-pure silicon, which is hard for new entrants to replicate quickly. The main near-term driver is demand recovery in semiconductor-grade materials as chip inventories normalise. At 12.2x trailing and 9.0x forward earnings, with a 7.1% operating margin, the market is pricing in a meaningful earnings decline that would need to be verified before the stock deserves a deeper look. The stock is not in any major index, so coverage and liquidity are thinner than for comparable Japanese chemical names, which may be part of the valuation gap.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | ¥4010 | first publication | ¥3800 |
Answered from Tokuyama Corporation fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| 4043.T Tokuyama Corporation | ¥3761.00 | - | - | 12.0x | - | 39 | 62 |
| ALPEKA.MX Alpek | MXN 16.03 | MXN 22 | 26% below | 50.1x | 5.1% | 38 | 67 |
| 4208.T UBE Corporation | ¥3227.00 | - | - | 13.2x | 5.6% | 48 | 66 |
| 5301.T Tokai Carbon Co., Ltd. | ¥1886.50 | - | - | 21.4x | 6.8% | 52 | 67 |
| 8012.T Nagase & Co., Ltd. | ¥1194.50 | - | - | 12.5x | 9.6% | 48 | 71 |
| ENAEX.SN Enaex S.A | CLP 24589.00 | - | - | 15.7x | 21.0% | 65 | 66 |
| HPOL-B.ST HEXPOL AB (publ) | kr 95.40 | kr 82 | 16% above | 17.5x | 13.0% | 60 | 62 |
Where 4043.T ranks against its sector peers on each metric.