4186

Tokyo Ohka Kogyo (TOK) is a key global supplier of semiconductor photoresists and high-purity chemicals, serving advanced-node foundries including TSMC. FY2025 revenue and profit attributable to owners reached record highs, the balance sheet remained in a net cash position, and the equity ratio was close to 68%, but free cash flow is still well below accounting profit during a heavy capex cycle. Research rating Watch: a high-quality semiconductor materials compounder, yet at roughly ¥9,700 the stock is already near the upper end of an optimistic valuation range and lacks a sufficient margin of safety.