Chugoku Marine Paints (4617) Investor presentation summary

Company profile and history

• Founded in Hiroshima in 1917, specializing in marine coatings with a 60% domestic market share and significant overseas presence.

• Headquartered in Tokyo and Hiroshima, with 2,191 employees, including 1,523 overseas.

• Operates about 60 locations in 20 countries, with major subsidiaries across Asia, Europe, and the US.

• Net sales reached ¥131,152 million as of March 2025.

• Expanded from antifouling ship coatings to industrial, container, and offshore structure coatings.

Business segments and products

• Marine coatings account for 88% of sales, with strong positions in antifouling and anti-corrosion paints.

• Industrial coatings focus on UV-curable and heavy anti-corrosion products, holding top domestic shares in several categories.

• Container coatings mainly supplied in China, shifting to water-based products due to environmental regulations.

• Offshore structure coatings target wind power generation and large-scale infrastructure projects.

Market environment and competitive strengths

• Operates in an oligopolistic global marine coatings market, holding about 20% global share.

• Ship repair coatings provide stable growth, while new ship coatings fluctuate with shipbuilding cycles.

• Strong technical capabilities, global supply chain, and long-term customer relationships act as entry barriers.

• Products contribute to GHG reduction and compliance with international maritime regulations.