Asahi Kasei (3407) 4Q FY2025 results: Positive impression from restructuring progress and guidance for FY2026 profit growth

研报英文原文证据摘录

Asahi Kasei (3407) 4Q FY2025 results: Positive impression from restructuring progress and guidance for FY2026 profit growth

J P M O R G A N Asia Pacific Equity Research

13 May 2026

Asahi Kasei (3407)

4Q FY2025 results: Positive impression from Overweight

restructuring progress and guidance for FY2026 profit 3407.T, 3407 JP

growth Price (12 May 26):¥1,655

Price Target (Dec-26):¥2,100

Positive: Asahi Kasei announced 4Q (January–March) FY2025 results and Japan Equity Research

FY2026 guidance at 12:30 JST on May 12, as well as plans for Mizushima Plant

Chemical, Steel

restructuring. It held an investor briefing after the market close hosted by President

Koshiro Kudo. Our initial impression of results is positive since the company is Yasuhiro Nakada AC

making good progress with business portfolio reforms, and even factoring in the (81-3) 6736-8692

yasuhiro.nakada@jpmorgan.com

worsening situation in the Middle East as a risk factor, guidance calls for record- JPMorgan Securities Japan Co., Ltd.

high operating profit in FY2026 for the third consecutive fiscal year. The share

price extended its gains after the announcement, closing up 7.96% from the

previous day (TOPIX +0.83%).

• Earnings trends: FY2025 operating profit of ¥231.2 billion was 1.5% above

the Bloomberg consensus average. Although FY2026 guidance is 2.6% below

the Bloomberg average, management expects record-high profit for the third

year in a row as growth in healthcare products Veloxis, Calliditas, and Zole, and

in electronics products Pimel and glass fabric offsets negative impacts

including ¥10 billion from the Middle East and ¥10 billion from the Aicuris

acquisition.

• Announces Mizushima Works restructuring plans: Asahi Kasei will have

a 10% holding in the joint operating entity announced on January 27 to