Asahi Kasei: F3/26 Results: Good Visibility

研报英文原文证据摘录

Asahi Kasei: F3/26 Results: Good Visibility

Update

May 12, 2026 09:57 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAsahi Kasei (3407) | Japan Takato Watabe

Equity Analyst

F3/26 Results: Good Visibility Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

Reaction to earnings Kayoko Shoji

Research Associate

Unchanged Modest upside Largely unchanged Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

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

consensus EPS

Source: Company data, Morgan Stanley Research Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Asahi Kasei (3407.T, 3407 JT)

Key Takeaways

Petrochemical Majors | Japan

F3/26 OP slightly beat our forecast, while NP was well above thanks to lower tax Stock Rating Overweight

expenses. Industry View Attractive

Price target ¥2,050

No surprises with F3/27 OP guidance. Shr price, close (May 12, 2026) ¥1,655

Mkt cap, curr, basic (bn) ¥2,246.9

Avg daily trading value (bn) ¥6.3

Share price likely to remain strong: Results were published at 12:30 JST on May 12,

with an online briefing held after market close. As the below table shows, F3/26 OP

Exhibit 2 : Asahi Kasei Homes’ housing

was +9% YoY to ¥231.2bn, slightly beating guidance and our forecast, and setting

orders (value, monthly, YoY)

another consecutive record high. Profit declined in the Material segment (with sharp

(%, YoY)

growth in Electronics cancelled out by a large drop in Petrochemicals), but this was 100200175225

50offset by profit gains in the Healthcare and Homes segments. Against our forecasts, 60 40

0the Healthcare and Material segments were broadly in line, while the Homes -1010

-20

segment outperformed.