Dexerials: F3/26 Results: Company Guides for F3/27 Profit Growth, Raises Mid-term Plan Target

研报英文原文证据摘录

Dexerials: F3/26 Results: Company Guides for F3/27 Profit Growth, Raises Mid-term Plan Target

Update

May 13, 2026 03:57 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MDexerials (4980) | Japan Takato Watabe

Equity Analyst

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

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

for F3/27 Profit Growth, Raises Kayoko Shoji

Research Associate

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

Mid-term Plan Target Kano Fujita

Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Reaction to earnings

Dexerials (4980.T, 4980 JT)

Unchanged Modest upside Largely unchanged

Electronic Chemicals | Japan

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

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target ¥2,650

Shr price, close (May 13, 2026) ¥2,649

Key Takeaways MktAvg dailycap, curr,tradingbasicvalue(bn)(bn) ¥445.1¥3.0

F3/27 guidance for much stronger profit growth than previously anticipated

Related Reports:

Near-term share price reaction likely positive

Electronic Chemicals: Jan-Mar Results Preview:

Raises medium-term target: Dexerials released F3/26 results at 3:30pm JST on May Conservative Guidance Likely (21 Apr 2026)

13. A results briefing is slated for May 14 (1pm JST), but the company has disclosed Dexerials: We Now Expect Business Profit to

briefing materials. F3/26 BP came in up 3% YoY at ¥39.4bn, slightly above our Fall YoY in F3/27 (5 Mar 2026)

estimate (¥38bn; we believe the market consensus was similar) and close to

guidance (¥39bn). YoY profit growth was secured thanks to growth in anisotropic

conductive films (ACF), driven by pre-cut ACF for smartphone camera modules,