I was a little cautious about Japan’s Shin-Etsu Chemical (OTCPK:SHECY) back in August of 2018, largely due to the risk of how the market would react to the ongoing correction cycle in semiconductors, not to mention the risks from a macroeconomic slowdown affecting businesses like PVC/Chlor-alkali and Silicones. Since then, the shares are down about 6% (versus a roughly 6% rise in the S&P 500), though the company has done pretty well relative to expectations and the challenges in these businesses are likely to be relatively short-lived.
I believe Shin-Etsu is about