Sekisui Chemical: May Housing Order Volume

Research evidence excerpt

Sekisui Chemical: May Housing Order Volume

Update

June 11, 2026 09:24 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSekisui Chemical (4204) | Japan Ryoichi Watanabe

Equity Analyst

May Housing Order Volume Ryoichi.Watanabe@morganstanleymufg.comTakato Watabe +81 3 6836-8929

Takato.Watabe@morganstanleymufg.com +81 3 6836-5436

Key Takeaways Kayoko Shoji

Research Associate

May housing order volume fell into decline for the first time in three months, by - Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Kano Fujita

5% YoY.

June focus is on whether sales promotions lead to a sharp rise in orders in urban Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

areas.

Data announced by Sekisui Chemical after the market close on June 11 showed May

housing order volume -5% YoY (also YoY hereafter). From our contact with the firm,

we understand that the breakdown of order volume in May had built-to order

Sekisui Chemical (4204.T, 4204 JP)

detached homes -5-10%, built-for-sale detached -30-35%, and multi-unit dwellings

Fine Chemicals | Japan

+15-20%, yielding negative growth in total volume for the first time in three months. Stock Rating Underweight

Total volumes over April-May were -2%, lagging behind the firm's 1H plan for +2%. Industry View In-Line

Price target ¥2,200

Unit prices were +4% for detached, +27% for multi-units, and +10% in total. The Shr price, close (Jun 11, 2026) ¥2,380

major sales promotion planned for urban areas in May was pushed back to June. This Mkt cap, curr, basic (bn) ¥960.6

Avg daily trading value (bn) ¥5.6

campaign, branded 'Reuse Heim', transfers a model home that has served its purpose

(e.g., due to housing exhibition site renewal) to one selected winner at a discounted

price. As only those prepared to purchase a home apply, unsuccessful entrants