Toray Industries: Japan Summit 2026 Feedback: Alleviates Middle East Concerns

Research evidence excerpt

Toray Industries: Japan Summit 2026 Feedback: Alleviates Middle East Concerns

Update

May 21, 2026 10:24 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MToray Industries (3402) | Japan Takato Watabe

Equity Analyst

Japan Summit 2026 Feedback: Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

Alleviates Middle East Concerns Kayoko Shoji

Research Associate

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

Institutional investor discussions with CIRO Kei Shimaji: Key areas of interest

Kano Fujita

during the meeting between CIRO Kei Shimaji (Chief Investor Relations Officer) and Research Associate

institutional investors at our Morgan Stanley Japan Summit 2026 (May 20-21) Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

included: the roadmap toward improving ROIC and ROE as part of the company’s

medium-term management initiatives (including the outcome of profit improvement

projects), and the likelihood of F3/27 guidance being achieved. In particular, there

were numerous questions concerning the Carbon Fiber Composite Materials

segment (including regarding trends in aerospace applications and the pace of Toray Industries (3402.T, 3402 JT)

recovery in general industrial applications, such as wind turbine blades and CNG Top Pick

tanks). Investors also sought clarity on the outlook for profit growth in the Fine Chemicals | Japan

Performance Chemicals segment (covering PET film for MLCCs and displays, resin Stock Rating Overweight

business profitability, electronics/IT materials, etc.) and trends in automotive Industry View In-Line

Price target ¥1,600

applications within the Fibers & Textiles segment. In addition, a number of questions Shr price, close (May 21, 2026) ¥1,086