Safety segment briefing: Aiming for global market share of 30%

Research evidence excerpt

Safety segment briefing: Aiming for global market share of 30%

Global Markets Research

6 July 2026Daicel

4202.T 4202 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

Safety segment briefing: Aiming for global market Rating Neutralshare of 30%

Target price JPY 1,280Quick Note

Closing price

6 July 2026 JPY 1,433.0Aiming for 30% global market share in airbag inflators

Daicel held a briefing to discuss its safety segment from 13:00 JST on 6 July. In addition (Note: Quick Note reports are not a

to recapping the previous medium-term business strategy, it discussed its future business vehicle for changes to ratings, target

strategy and outlook. It plans to increase the operating margin at the safety segment from prices, or earnings forecasts)

6% in 26/3 to 15% in 31/3, breaking down as improvements of 4ppt from sales growth,

4ppt from margin improvements, and 1ppt from new businesses. It is also aiming to

increase its market share in Europe and North America as well as India in order to

increase its global market share in airbag inflators to 30%. Research Analysts

We think the briefing provided evidence of good prospects for Daicel to increase its market Japan chemicals & textiles

share in Europe, North America, and China by increasing sales to Chinese parts Shu Kanbe, CFA - NSC

manufacturers. shu.kanbe@nomura.com

Main company comments +81 3 6703 1214

(1) The company expects increased sales in Europe and North America via Chinese parts Daiki Ban - NSC

manufacturers. It already supplies Chinese parts manufacturers, and expects its market daiki.ban@nomura.com

share to increase as these manufacturers move into Western markets. Management +81 3 6703 1124

thinks that Chinese inflator producers will struggle to expand overseas because of