4185

JSR is a leading Japanese semiconductor materials company focused on key chipmaking materials such as photoresists, CMP slurry, and cleaning solutions, with the world's top share in ArF photoresists. The core thesis is that its electronic materials franchise is high quality, but the group is delisted, still restructuring, and burdened by weaker life sciences assets and a heavier balance sheet. Rating Watch: a potentially valuable restructuring case to track, but not an executable public-market buy today.