ZEON: Briefing on Progress of Medium-term Plan: Strong Message that Company Is on Track to Beat Targets

Research evidence excerpt

ZEON: Briefing on Progress of Medium-term Plan: Strong Message that Company Is on Track to Beat Targets

Update

June 10, 2026 09:01 AM GMT

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

Equity Analyst

Briefing on Progress of Medium- Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

term Plan: Strong Message that Kayoko Shoji

Research Associate

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

Company Is on Track to Beat

Targets

Also introduces new materials for AI chip-related applications: On June 10, Zeon

ZEON (4205.T, 4205 JT)

held a briefing to discuss the progress toward Phase 3 of its Medium-term Business

Electronic Chemicals | Japan

Plan for F3/26-F3/29 that was announced in June 2025, with presentations from

Stock Rating Overweight

company CEO Tetsuya Toyoshima, CFO Kazuyoshi Matsuura, and CTO Yuichiro Industry View In-Line

Konishi. The OP target set for F3/27, the final year of Phase 2, is ¥38bn (in line with Price target ¥2,500

Shr price, close (Jun 10, 2026) ¥2,154

F3/27 guidance); management indicated that progress is steady and made comments Mkt cap, curr, basic (bn) ¥412.1

that might suggest potential upside, depending on developments in the Middle East. Avg daily trading value (bn) ¥1.4

We also see good progress toward the F3/29 target of ¥42bn. In terms of growth

drivers, the briefing provided strong messages regarding COP resins (for

semiconductor-related applications), COP films (supported by expanding shipment

area of large-screen 55"+ TVs), and battery materials (high-performance anode

binders, ESS applications, etc). Management also expressed confidence in the

medium-term growth outlook for specialty chemicals (CPN for advanced