長期ビュー: UACJ

Research evidence excerpt

長期ビュー: UACJ

in can material and aerospace &

defense. On the demand side, the EV market has slowed versus expectations, leading to a goodwill

impairment at UWH in the U.S. and significant short-term downside. Meanwhile, can material

demand remains firm globally, especially in the U.S. where it is expanding at a low single-digit CAGR

and supply-demand tightness continues. In Japan, thick plate for semiconductors is recovering,

with volumes expected to rise from 39k tons in FY3/26 to 47k tons in FY3/27 (+20%), becoming

a high-profit driver. In addition, aerospace and defense are positioned as long-term growth areas,

with steady investments such as expanding heat-treated thick plate capacity (2H FY3/28) and ring

material equipment for space applications (2029).

Recycling strategy and competitive advantage: Securing spreads through scrap utilization.

The core of competitiveness lies in recycling capability, with a strategy to expand spreads

through enhanced scrap processing capacity and accumulated technology. In North America, while

intensified competition for scrap is anticipated, it is believed that advantages can be maintained

through strengthened procurement and processing capabilities. Investments to increase recycling

ratios are under way in Thailand, Japan, and the U.S., contributing to earnings enhancement

alongside roll margin improvements. As a result, in addition to market-driven metal benefits,

structural profit expansion through internal initiatives is progressing.

Regional challenges and earnings volatility factors: Thailand, Middle East impact, and China

competition. In S/E Asia, the Thailand business deteriorated significantly in 4Q FY3/26 due to cost

precedence from strong dollar/weak baht and a sharp rise in the Japan premium. The impact of