The Point for Japan

Research evidence excerpt

The Point for Japan

Point |

Thursday, 30 July 2026

Today's Results | Company | Industry | Fixed Income | FX | Key Rating and Target Price Changes

Today's Results

Zeon (4205.T) - Q1 positive - short-term profits beat significantly , and we saw

multiple structurally positive changes

Results significantly exceeded expectations, with multiple structurally positive

changes observed. We regard results as positive for the stock price. Q1 OP was

¥16.3bn, approximately 1.5x consensus of ¥11.0bn. In elastomers, operational

execution stood out amid C4 feedstock supply constraints, with rapid price pass-

throughs (the company passed along not only raw material price increases but also

fixed cost increases from production cuts) and optimal allocation (adjustments of

spot sales of low-margin general-purpose rubber for export). In high-performance

materials, battery materials in particular delivered a strong performance, with

volume for high-margin cathode applications up 1.8x YoY on a recovery in

European luxury EVs and new adoption in ESS applications, while anode

applications also grew significantly for ESS (up 1.4x), reducing manufacturing fixed

costs.

Yuta Nishiyama

Advantest (6857.T) - Q1 results - Positive. Strong beat on expanding GenAI

tester demand with full-year guidance now 20% above consensus

We consider today's release positive for the shares as both Q1 results and

Advantest's upwardly revised full-year guidance significantly beat consensus. Q1

OP increased 53% YoY to ¥190bn, substantially exceeding consensus of ¥152.5bn.

While the full-year guidance hike was anticipated, there were concerns it might

undershoot the ¥700bn level. However, the substantial upward revision from

¥627.5bn to ¥846bn can genuinely be called a positive surprise.

Masahiro Shibano