4Q決算：Chevron Dealの発表。小規模な自社株取得発表と、一株あたり配当据え置き

Research evidence excerpt

4Q決算：Chevron Dealの発表。小規模な自社株取得発表と、一株あたり配当据え置き

Japan | Refining & Marketing

ENEOS Holdings EquityMayResearch14, 2026

FLASH NOTEQ4: Chevron Deal Announced. Small Share

RATING BUYBuyback Program, But No DPS Hikes.

PRICE ¥1,337^

ENEOS announced Q4 FY3/26 earnings today at 13:00 JST. Actual profits

beat guidance on inventory valuation gains and the FY3/27 guidance PRICE TARGET | % TO PT ¥1,050 | -21%

appears somewhat conservative. Dividends were kept unchanged, and the 52W HIGH-LOW ¥1,553 - ¥667

company announced a small ¥50bn share buyback program. Profit growth FLOAT (%) | ADV MM (USD) 86.6% | 76.50

upside via portfolio restructurings, such as the Chevron SRC acquisition, MARKET CAP ¥4.0T | $25.3B

organizational streamlining etc. shall lead to further shareholders' returns, TICKER 5020 JP ^Prior trading day's closing price unless otherwise

in our view. noted.

Acquiring Chevron's fuels & lubricants businesses. The company announced it will

acquire 100% of Chevron Corporation’s downstream fuels and lubricants businesses across

Singapore, Malaysia, the Philippines, Australia, Vietnam, and Indonesia for approximately $2.17

billion, including a 50% non-operated stake in the Singapore Refining Company (SRC), via

a Singapore-based SPV, with closing targeted in 2027 pending approvals. The transaction

represents a key step in ENEOS’s portfolio restructuring strategy, aimed at offsetting declining

domestic fuel demand in Japan by expanding into higher-growth Southeast Asian markets,

strengthening its regional supply, marketing, and trading capabilities, and building a more

diversified earnings base, with a target of generating around $250 million in operating profit

by FY2030.

Shareholders' returns: flat dividends, ¥50.0bn buyback program. In FY3/26, DPS was

increased to ¥34 (vs.