SUMCO: F12/26 1Q Results: Subdued Vs. Competitors

研报英文原文证据摘录

SUMCO: F12/26 1Q Results: Subdued Vs. Competitors

Update

May 12, 2026 09:52 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSUMCO (3436) | Japan Takato Watabe

Equity Analyst

F12/26 1Q Results: Subdued Vs. Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Competitors Kayoko Shoji

Research Associate

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

Reaction to earnings Kano Fujita

Unchanged Modest shortfall Modest revision lower Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

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

consensus EPS

SUMCO (3436.T, 3436 JT)

Source: Company data, Morgan Stanley Research

Electronic Chemicals | Japan

Stock Rating Equal-weight

Key Takeaways Industry View In-Line

Price target ¥1,850

F12/26 1Q OP was slightly below our forecast and the consensus. Shr price, close (May 12, 2026) ¥3,760

Mkt cap, curr, basic (bn) ¥1,314.9

F12/26 2Q OP guidance is in line with our forecast after adjusting for FX and de- Avg daily trading value (bn) ¥11.5

consolidation of FST.

Related Report:

We see short-term decline in share price as unavoidable.

Electronic Chemicals: Jan-Mar Results Preview:

Conservative Guidance Likely (21 Apr 2026)Underwhelming explanations vs. market anticipation: SUMCO announced its

SUMCO: Real Stock Uptick to Take Time (3 Marresults on May 12 at 3:30pm and held an online briefing after. F12/26 1Q (Jan-Mar)

2026)OP was -¥5.3bn, a weaker loss than the company expected (-¥6.0bn), but slightly

below our forecast (-¥4.5bn) and the IFIS consensus (-¥4.2bn). Depreciation costs

were lower than we had expected (a positive impact on profit), but overall earnings

undershot our expectations due to mix deterioration.