IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>FY2026/3 H1 results review: In H1 FY2026/3, Stella Chemifa Corporation (hereafter, the Company) reported net sales of JPY 18,157 mn, down JPY 3 mn YoY, while operating profit rose sharply by 14.6% YoY to JPY 2,499 mn.</li><li>The core semiconductor category recorded 1.5% sales growth and accounted for approximately 60% of total net sales.</li><li>The energy category delivered higher sales driven by large shipments of enriched boron for overseas nuclear power plants, while the electronic materials category posted a substantial 57.6% YoY increase in sales on stronger demand from data centers. </li></ul>

FY2026/3 H1 results review: In H1 FY2026/3, Stella Chemifa Corporation (hereafter, the Company) reported net sales of JPY 18,157 mn, down JPY 3 mn YoY, while operating profit rose sharply by 14.6% YoY to JPY 2,499 mn.The core semiconductor category recorded 1.5% sales growth and accounted for approximately 60% of total net sales.The energy category delivered higher sales driven by large shipments of enriched boron for overseas nuclear power plants, while the electronic materials category posted a substantial 57.6% YoY increase in sales on stronger demand from data centers. 

Q2 Follow-Up - Stella Chemifa (4109 JP) - December 16, 2025

<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

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

<p>This post lists the companies in both Korea and Japan which are to be affected directly or indirectly by the Abe administration's high tech material export tightening measure that is to be in force one month from now (Aug 1).</p>

This post lists the companies in both Korea and Japan which are to be affected directly or indirectly by the Abe administration's high tech material export tightening measure that is to be in force one month from now (Aug 1).

Japan's HT Materials Export Restriction to Korea: List of Suppliers & Replacements

<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

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)

Q2 Follow-Up - Stella Chemifa (4109 JP) - December 16, 2025

FY2026/3 H1 results review: In H1 FY2026/3, Stella Chemifa Corporation (hereafter, the Company) reported net sales of JPY 18,157 mn, down JPY 3 mn YoY

Sessa Investment Research

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...

Sessa Investment Research

Japan's HT Materials Export Restriction to Korea: List of Suppliers & Replacements

This post lists the companies in both Korea and Japan which are to be affected directly or indirectly by the Abe administration's high tech...

Sanghyun Park