PSA Chemicals – Shin-Etsu Chemical (4063 JT): Assessing the Pandemic – A History of Resilience Against Systemic Shocks
In the past, Shin-Etsu Chemical’s earnings performance has demonstrated remarkable resilience in the face of crises such as the 2000 tech bubble burst and the 2008 GFC. In this report, Joel Scheiman analyses the likely effect on the business of Covid-19, noting the attractions of Shin-Etsu’s diversified electronics materials business, while cash and marketable securities exceed cash by an eye-catching ¥1tril and valuations do not seem stretched.Shin-Etsu Chemical is mainly engaged in the manufacturing and sales of polyvinyl chloride and organic chemicals, silicon, functional chemicals, semiconductor silicon, electronic and functional materials, and others. Co.'s principal products include polyvinyl chloride, caustic soda products, methanol, chloromethane, silicon products, cellulose derivatives, silicon metal, poval (polyvinyl alcohol), synthetic pheromones, semiconductor silicon products, rare earth magnets, encapsulation materials, photoresists, photomask blanks, synthetic quartz products, epoxy molding compounds, pellicles, and resin processed products. Co. is also engaged in the export of plant equipment and others.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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