J.P. Morgan Japan FTM 13 May 26 Asahi Kasei results; Fujifilm Holdings results; Olympus results; Kao results; Rohm results; Sega Sammy results and More

Research evidence excerpt

J.P. Morgan Japan FTM 13 May 26 Asahi Kasei results; Fujifilm Holdings results; Olympus results; Kao results; Rohm results; Sega Sammy results and More

Asia Pacific Equity Research

Japan First to Market 13 May 2026

Top Stories

Asahi Kasei (3407) (Yasuhiro Nakada) (3407 JP, OW)

4Q FY2025 results: Positive impression from restructuring progress and guidance for FY2026 profit

growth

Positive: Asahi Kasei announced 4Q (January–March) FY2025 results and FY2026 guidance at 12:30 JST on May 12, as well

as plans for Mizushima Plant restructuring. It held an investor briefing after the market close hosted by President Koshiro Kudo.

Our initial impression of results is positive since the company is making good progress with business portfolio reforms, and

even factoring in the worsening situation in the Middle East as a risk factor, guidance calls for record-high operating profit in

FY2026 for the third consecutive fiscal year. The share price extended its gains after the announcement, closing up 7.96% from

the previous day (TOPIX +0.83%).

FUJIFILM Holdings (4901) (Seiji Wakao, Ph.D.) (4901 JP, OW)

4Q FY2025 results: Guides for FY2026 operating profit to beat MTP’s target despite challenging

business environment

Positive: Fujifilm Holdings announced 4Q results at 14:00 on May 12 and held a briefing at 15:10. Full-year FY2025 earnings

beat guidance thanks to solid 4Q FY2025 business in imaging and other segments. FY2026 guidance for operating profit to rise

4.2% YoY to ¥365.0 billion (our estimate: ¥359.3 billion, Bloomberg consensus estimate: ¥358.3 billion, and MTP target: ¥360.0

billion) has operating profit above the MTP’s target despite cost growth and upfront expenditure at the bio CDMO business. We