Fuso Chemical (4368): 4Q: Positive - Bullish guidance surprises; AI demand points to further upside

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Fuso Chemical (4368): 4Q: Positive - Bullish guidance surprises; AI demand points to further upside

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Fuso Chemical (4368)

4Q: Positive - Bullish guidance surprises;

AI demand points to further upside

Reiterate Rating: BUY | PO: 5,000 JPY | Price: 3,290 JPY

Bullish CoE vs. expectations comes as a positive surprise 12 May 2026

Company guidance for FY3/27 OP is ¥24.3bn, significantly above our forecast of ¥21.5bn Equity

and the IFIS consensus of ¥21.7bn, representing a positive surprise. Historically, Fuso

Chemical has tended to provide conservative initial guidance; in this context, the

Key Changessignificance of presenting a plan that materially exceeds market consensus is

considerable. (¥) Previous Current

Price Obj. 4,200.00 5,000.00

While FY3/27 is expected to see headwinds such as higher depreciation associated with 2027E Rev (m) 85,500.0 87,600.0

the Kashima Plant Phase II ramp-up and rising raw material costs, demand for colloidal 2028E Rev (m) 92,900.0 95,100.0

silica for semiconductor polishing applications remains robust, particularly in AI-related 2027E EPS 141.10 165.51

areas. We view the company’s ability to outline a plan for strong profit growth despite 2028E EPS 157.06 186.16

these headwinds as indicative of high confidence in its outlook. We expect a positive 2027E EBITDA (m) 34,500.0 38,200.0

share price reaction. 2028E EBITDA (m) 38,300.0 42,800.0

PO raised from ¥4,200 to ¥5,000; further upside from Niima Komura >>

agentic AI adoption ResearchBofAS JapanAnalyst

Reflecting the strong guidance, we raise our volume outlook for semiconductor-related +81 3 6225 7725

niima.komura@bofa.com

colloidal silica and revise our OP forecasts to ¥25.2bn from ¥21.5bn for FY3/27 (vs.

Takashi Enomoto >>