Chemicals: Jan-Mar Results Wrap

Research evidence excerpt

Chemicals: Jan-Mar Results Wrap

Update

May 15, 2026 06:47 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MChemicals | Japan Takato Watabe

Equity Analyst

Jan-Mar Results Wrap Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

No big surprises in results or guidance; impact of Middle East Kayoko Shoji

situation to be a source of volatility. ResearchKayoko.Shoji@morganstanleymufg.comAssociate +81 3 6836-5437

Kano Fujita

Jan-Mar 2026 results at chemicals companies we cover a mix of outperformance/ Research Associate

underperformance: The chemicals companies in our coverage have finished Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

reporting F25 (F26 1Q for those with Dec year-ends) results. Results were mixed, Petrochemical Majors

with some companies beating expectations and others missing. The Middle East Japan

Industry View Attractive

situation will be a source of instability.

Fine Chemicals

Japan

Electronic chemicals – mix of outperformance/underperformance vs our Industry View In-Line

estimates: Kuraray’s F26 1Q results fell short of our estimates, mainly in vinyl Electronic Chemicals

acetate. The company left 1H and full-year guidance unchanged. SUMCO’s F26 1Q Japan

Industry View In-Line

results missed our estimates, partly due to an unfavorable sales mix. F26 2Q

guidance calls for a smaller loss than our forecast. Resonac’s F26 1Q results

comfortably beat our forecast. The company raised 1H guidance on strong

performances by products including CCLs. Nissan Chemical’s F25 results came in

roughly in line with our expectations. F26 guidance is also consistent with our

forecast. Shin-Etsu Chemical’s F25 results fell short of our expectations, mainly in

the US PVC business.