IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>Stella Chemifa Corporation (hereafter referred to as “the Company”) is a long-established business with a 109-year history and possesses competitiveness advantages in the manufacture and sale of hydrofluoric acid and fluorine-related compounds.</li><li>The Company is believed to be the world’s largest producer (in terms of production capacity) of high purity hydrofluoric acid used in semiconductor cleaning solutions and is highly regarded across the industry.</li><li>It also manufactures enriched boron used in nuclear reactor-related applications and has established a unique market position. </li></ul>

Stella Chemifa Corporation (hereafter referred to as “the Company”) is a long-established business with a 109-year history and possesses competitiveness advantages in the manufacture and sale of hydrofluoric acid and fluorine-related compounds.The Company is believed to be the world’s largest producer (in terms of production capacity) of high purity hydrofluoric acid used in semiconductor cleaning solutions and is highly regarded across the industry.It also manufactures enriched boron used in nuclear reactor-related applications and has established a unique market position. 

Full-Report - Stella Chemifa (4109 JP) - June 5, 2025

<ul><li>H1 FY2025/3 results review: In H1 FY2025/3, Stella Chemifa (hereafter, the Company) reported strong results, with net sales up 25.3% YoY to JPY 18,160 mn and operating profit up 94.3% YoY to JPY 2,180 mn.</li><li>The boost in sales was driven by an increase in shipments in the semiconductor category, mainly for memory devices thanks to a recovery in market conditions, and an increase in shipments of enriched boron (energy category) for new nuclear facilities overseas.</li><li>Operating profit rose substantially, as growth in shipments in the high purity chemicals business and an increase in volume in the transportation business offset the JPY 210 mn drag on profits stemming from the Company's inability to fully reflect cost increases from higher anhydrous hydrofluoric acid prices, a key raw material, and the yen's depreciation, onto its prices. </li></ul>

H1 FY2025/3 results review: In H1 FY2025/3, Stella Chemifa (hereafter, the Company) reported strong results, with net sales up 25.3% YoY to JPY 18,160 mn and operating profit up 94.3% YoY to JPY 2,180 mn.The boost in sales was driven by an increase in shipments in the semiconductor category, mainly for memory devices thanks to a recovery in market conditions, and an increase in shipments of enriched boron (energy category) for new nuclear facilities overseas.Operating profit rose substantially, as growth in shipments in the high purity chemicals business and an increase in volume in the transportation business offset the JPY 210 mn drag on profits stemming from the Company's inability to fully reflect cost increases from higher anhydrous hydrofluoric acid prices, a key raw material, and the yen's depreciation, onto its prices. 

Stella Chemifa (4109 JP) - Strong Earnings, Attractive Share Price

<ul><li>Stella Chemifa Corporation (hereafter referred to as "the Company") specializes in the manufacture and sale of hydrofluoric acid and fluorine- related compounds.</li><li>Hydrofluoric acid is highly functional and used in a wide range of applications, as well as being extremely toxic and corrosive, making it extremely difficult to handle.</li><li>In particular, ultra-high purity hydrofluoric acid is required for semiconductor manufacturing, and the Company, with its strong R&amp;D and technological capabilities, has enjoyed great success in this area. </li></ul>

Stella Chemifa Corporation (hereafter referred to as "the Company") specializes in the manufacture and sale of hydrofluoric acid and fluorine- related compounds.Hydrofluoric acid is highly functional and used in a wide range of applications, as well as being extremely toxic and corrosive, making it extremely difficult to handle.In particular, ultra-high purity hydrofluoric acid is required for semiconductor manufacturing, and the Company, with its strong R&amp;D and technological capabilities, has enjoyed great success in this area. 

Stella Chemifa (4109 JP) - Showing Signs of Early Growth

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Samsung's etching gas situation is still very much alive. Chosun put out two reports on this early this morning. To me, these Chosun reports are pretty accurately reflecting the current situation around Samsung and Hynix for etching gas.These are the links of the Chosun reports.<a href="http://biz.chosun.com/site/data/html_dir/2019/08/18/2019081801844.html" target="_blank" rel="noopener">http://biz.chosun.com/site/data/html_dir/2019/08/18/2019081801844.html</a><a href="http://biz.chosun.com/site/data/html_dir/2019/08/18/2019081801846.html" target="_blank" rel="noopener">http://biz.chosun.com/site/data/html_dir/2019/08/18/2019081801846.html</a>In this post, I provide an update on the situation mainly based on these Chosun reports.

Samsung's etching gas situation is still very much alive. Chosun put out two reports on this early this morning. To me, these Chosun reports are pretty accurately reflecting the current situation around Samsung and Hynix for etching gas.These are the links of the Chosun reports.http://biz.chosun.com/site/data/html_dir/2019/08/18/2019081801844.htmlhttp://biz.chosun.com/site/data/html_dir/2019/08/18/2019081801846.htmlIn this post, I provide an update on the situation mainly based on these Chosun reports.

Samsung Etching Gas Situation Still Very Much Alive

Samsung is not getting etching gas from Japanese suppliers. This situation hasn't changed since early July. Then, what's really going on at Samsung? Is this really a crisis? LJY urgently left for Japan. It was later disclosed that this trip was mainly for securing as much etching gas as possible before things would get worse. Did he succeed? We don't know for sure. Samsung is staying extremely quiet on all aspects of the current Korea/Japan feud.

Samsung is not getting etching gas from Japanese suppliers. This situation hasn't changed since early July. Then, what's really going on at Samsung? Is this really a crisis? LJY urgently left for Japan. It was later disclosed that this trip was mainly for securing as much etching gas as possible before things would get worse. Did he succeed? We don't know for sure. Samsung is staying extremely quiet on all aspects of the current Korea/Japan feud. 

Samsung Etching Gas Situation Checkup: Samsung Is Still a Short

Japan

STELLA CHEMIFA CORPORATION produces and markets various kinds of high purity chemical products.  The Company's products include fluorine compounds which are used as cleansing agents for semiconductors, and lithium for batteries.  Stella Chemifa exports its products to Korea, Taiwan, Malaysia, and US.

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Stella Chemifa (4109 JP)

Full-Report - Stella Chemifa (4109 JP) - June 5, 2025

The Company’s strengths lie in its R&D capabilities grounded in industry-academia collaboration and its technical sales force that meets a wide...

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