ZEON: F3/26 Results: Room for Overshoot in F3/27

Research evidence excerpt

ZEON: F3/26 Results: Room for Overshoot in F3/27

Update

May 13, 2026 09:53 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MZEON (4205) | Japan Takato Watabe

Equity Analyst

F3/26 Results: Room for Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Overshoot in F3/27 Kayoko Shoji

Research Associate

Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Reaction to earnings Kano Fujita

Unchanged Meaningful upside Meaningful revision higher Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

ZEON (4205.T, 4205 JT)

Source: Company data, Morgan Stanley Research

Electronic Chemicals | Japan

Stock Rating Overweight

Key Takeaways Industry View In-Line

Price target ¥2,500

F3/26 OP exceeded our forecast and consensus significantly. Shr price, close (May 13, 2026) ¥2,300

Mkt cap, curr, basic (bn) ¥440.0

F3/27 OP guidance is in line with our forecast, but note room for overshoot. Avg daily trading value (bn) ¥1.2

Company looks to deliver appealing shareholder returns again in F3/27.

Related reports:

ZEON: F3/26 Results 1st Impression: Positive (13Expect the shares to continue tracking firmly: Results came out at 11:30am on May

May 2026)13, followed by an online briefing. As we've already reported, F3/26 full-year OP

Electronic Chemicals: Jan-Mar Results Preview:comfortably beat guidance, our forecast and market forecasts. While both

Conservative Guidance Likely (21 Apr 2026)elastomers and specialty materials booked a profit growth, the jump in specialty

ZEON: Business Briefing: Growth Expectationsmaterial profits (growth of optical films for large TVs, etc) was a major contributor.