Resonac Holdings: F12/26 1Q Results: Increase to 1H Core OP Guidance Positive

研报英文原文证据摘录

Resonac Holdings: F12/26 1Q Results: Increase to 1H Core OP Guidance Positive

Update

May 13, 2026 10:35 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MResonac Holdings (4004) | Japan Ryoichi Watanabe

Equity Analyst

F12/26 1Q Results: Increase to Ryoichi.Watanabe@morganstanleymufg.comTakato Watabe +81 3 6836-8929

Takato.Watabe@morganstanleymufg.com +81 3 6836-5436

1H Core OP Guidance Positive Kayoko Shoji

Research Associate

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

Reaction to earnings Kano Fujita

Strengthens our thesis Meaningful upside Meaningful revision higher Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

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

consensus EPS

Resonac Holdings (4004.T, 4004 JT)

Source: Company data, Morgan Stanley Research

Electronic Chemicals | Japan

Stock Rating Overweight

Key Takeaways Industry View In-Line

Price target ¥16,000

Resonac revised 1H core OP plan up from ¥53.0bn to ¥74.0bn (our forecast Shr price, close (May 13, 2026) ¥17,815

Mkt cap, curr, basic (bn) ¥3,224.2

¥62.5bn), driven by strength in advanced semiconductor materials. Avg daily trading value (bn) ¥14.7

Full-year guidance is unchanged, due to uncertain business conditions, but the

firm is outpacing initial plan of ¥140.0bn (our forecast ¥150.0bn).

1Q core OP was ¥33.6bn (+126% YoY), exceeding our forecast of ¥27.5bn (consensus

¥25.8bn). Versus our forecast, the upside was driven mainly by the Semiconductor

and Electronic Materials segment. Resonac revised 1H core OP plan up from

¥53.0bn to ¥74.0bn (+114% YoY). For Crasus Chemical, guidance was left unchanged

ahead of the planned partial spin-off, but based on 1Q results, the business appears

to be tracking above plan. 1Q sales in the Semiconductor and Electronic Materials