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Citi has reaffirmed its Buy rating on Nitto Denko (6988:JP) (OTC: OTC:NDEKY) with a price target of JPY16,000.00. The endorsement comes ahead of the company's briefing scheduled for September 13, where it is anticipated to present updates on its medium-term plan.
Such briefings have historically been pivotal for the company's stock performance, often introducing significant developments that influence its share price.
In previous years, Nitto Denko's briefings have served as platforms to announce major business advancements. For instance, in 2020, the company disclosed new orders for high-end OLED smartphone polarizing plates.
The following year, in 2021, it initiated a COVID-19-related adjuvant business. Most recently, in 2023, Nitto Denko provided an in-depth overview of business opportunities pertaining to automotive and virtual reality materials.
The upcoming briefing is expected to follow this trend of significant announcements. Citi anticipates that Nitto Denko will reveal new products and technologies at the event. The focus is likely to be on components for foldable smartphones and next-generation semiconductor package materials, reflecting the company's ongoing innovation and expansion into new technological domains.
These briefings are closely watched by investors as they can provide insight into the company's future direction and potential growth areas. The consistent introduction of new products and business segments at these events underscores Nitto Denko's commitment to evolving with market demands and technological advancements.
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