June 10, 2026 06:30 AM GMT Sumitomo Bakelite (4203) | Japan Expect Guidance Beat | What's Changed | | | | --- | --- | --- | | Sumitomo Bakelite (4203.T) | From | To | | Price Target | ¥6,600 | ¥8,000 | Sales of semis encapsulants to Taiwan currently look strong. Key Takeaways Raise PT to ¥8,000, stay OW: We previously derived our target PT for Sumitomo Bakelite using 10yr avg. P/E for semis back-end process materials makers of 15.5x (based on 1yr-fwd. consensus ests). However, we now think the cycle peak is ...