Resonac Holdings (4004): Raise PO; improved outlook for semi materials, hard disk media, and electrodes

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Resonac Holdings (4004): Raise PO; improved outlook for semi materials, hard disk media, and electrodes

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Resonac Holdings (4004)

Raise PO; improved outlook for semi

materials, hard disk media, and electrodes

Reiterate Rating: BUY | PO: 18,800 JPY | Price: 16,850 JPY

11 May 2026

Raise PO from ¥14,400 to ¥18,800; reiterate Buy Equity

Despite a deteriorating outlook for petrochemical-related businesses due to lower

utilization rates, we revise up our earnings forecasts, supported by an improved outlook

for semiconductor materials, hard disk media (HDM), and graphite electrodes. In Key Changes

addition, reflecting higher growth prospects, we raise the equity valuation multiple (¥) Previous Current

applied, leading to a higher price objective. We apply a FY12/27 P/E of 30x (previously Price Obj. 14,400 18,800

25x), which is above the midpoint of the 10–42x range observed since IFRS adoption in 2026E Rev (m) 1,328,300 1,425,000

2023. Alongside an improving pace of CPU market expansion, demand for AI-related 2027E Rev (m) 1,419,100 1,412,900

materials continues to strengthen, enhancing the company’s medium- to long-term 2027E EPS 576.61 625.89

growth potential. Our Buy rating rests on the high earnings growth potential, driven by 2028E EPS 680.10 744.17

the expansion of AI-related materials such as semiconductor materials. 2027E EBITDA (m) 284,500 299,500

2028E EBITDA (m) 322,500 341,500

OP: higher semi materials volume and HDM price increases

Our core operating profit forecast remains unchanged at ¥150bn for FY12/26, while we Takashi Enomoto >>

raise our FY12/27 forecast from ¥185bn to ¥200bn. Increased semiconductor materials Research Analyst

BofAS Japan

volumes driven by strong demand for semiconductor memory and CPUs, HDM price +81 3 6225 8362