Nippon Sanso Holdings (4091) | Japan F3/27 1Q Results: Ahead of Consensus

Research evidence excerpt

Nippon Sanso Holdings (4091) | Japan F3/27 1Q Results: Ahead of Consensus

Update

July 29, 2026 10:23 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNippon Sanso Holdings (4091) | Japan Ryoichi Watanabe

Equity Analyst

F3/27 1Q Results: Ahead of Ryoichi.Watanabe@morganstanleymufg.comTakato Watabe +81 3 6836-8929

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

Consensus Kayoko Shoji

Research Associate

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

AlphaSignals Earnings Reaction Kano Fujita

Unchanged Modest upside Largely unchanged Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Nippon Sanso reported earnings in Asia and Europe that exceeded our forecasts. Nippon Sanso Holdings (4091.T, 4091 JP)

Company suggests 2Q core OP could be in line with or higher than the 1Q figure. Fine Chemicals | Japan

Stock Rating Underweight

Industry View In-Line

Nippon Sanso reported 1Q results at 3pm on July 29 and held a briefing at 4:30pm. Price target ¥5,300

Core OP for the quarter came at ¥54.7bn (+20% YoY), beating our forecast (¥52bn) Shr price, close (Jul 29, 2026) ¥5,835

Mkt cap, curr, basic (bn) ¥2,525.7

and consensus expectations (¥52.4bn). Earnings in Japan and the US fell short of our Avg daily trading value (bn) ¥3.7

forecasts, but earnings from Europe and Asia were higher than we expected. In

Japan, we think the negative impact from the completion of large-scale electronics-

related equipment and construction projects was larger than we previously

anticipated. In the US, while earnings were lower than we expected, we understand

they still came in ahead of guidance. Earnings topped our estimates in Europe but