DIC: F12/26 1Q Results Briefing: Emphasizes Strength in Chemitronics

Research evidence excerpt

DIC: F12/26 1Q Results Briefing: Emphasizes Strength in Chemitronics

Update

May 18, 2026 03:33 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MDIC (4631) | Japan Takato Watabe

Equity Analyst

F12/26 1Q Results Briefing: Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

Emphasizes Strength in Kayoko Shoji

Research Associate

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

Chemitronics Kano Fujita

Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Timely product price hikes to offset soaring raw material costs: Following F12/26

1Q results on May 15, DIC held an online results briefing at 10:00 JST on May 18.

Commenting on F12/26 1Q results (on basis that excludes one-off gains), the firm

said it achieved steady profit growth driven by strength in Chemitronics (epoxy

resins, industrial tape and others) and improved price gaps due to greater focus on

spreads. Management said there had been some front loading of demand due to the DIC (4631.T, 4631 JT)

Middle East situation for Packaging & Graphics (e.g., in Asia) and Functional Fine Chemicals | Japan

Products (coating resins and others in China/Asia), with similar trends continuing in Stock Rating ++

Industry View In-Line

Apr. While Chemitronics sales were up 24%, DIC said this was based on real demand Price target ++

and not pull-forward demand. In terms of product pricing, management said that it Shr price, close (May 15, 2026) ¥4,199

Mkt cap, curr, basic (bn) ¥397.6

would pass through soaring raw materials costs as well as rising logistics costs in a Avg daily trading value (bn) ¥1.7

timely manner. It also said it would review full-year guidance alongside 1H results,

including shareholder returns.

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