Overview
- The stock rose roughly 10% over Jan. 22–23, touching 52‑week highs after a rally in chip-related names across Asia.
- Goldman Sachs said Toto’s electrostatic chucks used in NAND fabrication stand to benefit from the AI infrastructure buildout that is straining memory supplies.
- Two analysts, Sachiko Okada and Sayako Tominaga, upgraded the shares to Buy, citing expectations of significant profit growth from the chuck business.
- Electrostatic chucks are ceramic parts that hold silicon wafers during processing to manage temperature and contamination, and Toto has mass-produced them since 1988.
- Toto’s non-toilet operations, including semiconductor components, contributed about 42% of operating income in the fiscal year ended March 2025, reflecting a broader re-rating of consumer firms supplying chipmaking materials.