AGC Inc (5201): Results First Impressions: Positive

研报英文原文证据摘录

AGC Inc (5201): Results First Impressions: Positive

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AGC Inc (5201)

Results First Impressions: Positive

Maintain Rating: BUY | PO: 6,600 JPY | Price: 5,636 JPY

12 May 2026

Key takeaways Equity

• 1Q OP exceeded our estimate and the consensus; company guidance unchanged

Kyoji Chiba >>

• Upside was mainly driven by chemicals; some one-off factors likely, to be confirmed Research Analyst

BofAS Japan

at the briefing kyoji.chiba@bofa.com

• The company indicated that the impact of Middle East tensions is currently limited Takashi Enomoto >>

Research Analyst

Results Date: 12 May 13:00 takashi.enomoto@bofa.com

Telephone Conference: 12 May 15:00~

Positive Stock Data

1Q operating profit (OP) of ¥38.5bn exceeded our estimate of ¥29.1bn and the

Price 5,636 JPY

consensus of ¥29.3bn. Compared with our estimate, profit was ¥5.6bn higher in

Price Objective 6,600 JPY

chemicals, ¥1.6bn higher in automotive, and ¥1.5bn higher in life science. In chemicals,

Date Established 27-Apr-2026

improvements in manufacturing costs and the recognition of one-off gains appear to

Investment Opinion A-1-7

have driven the upside. We aim to confirm details at the briefing.

52-Week Range 4,178-6,959 JPY

FY12/26 guidance for OP of ¥150bn is unchanged (our estimate: ¥149.4bn, consensus: Market Value (mn) 1,225,462 JPY

¥151.3bn). While the company noted that the impact of Middle East tensions is difficult Market Value ($mn) 7,805 USD

to forecast, it currently expects the impact on overall earnings to be limited. Shares Outstanding (mn) 217.4

Average Daily Value ($mn) 39.2 USD

We take a positive view of 1Q OP exceeding both our estimate and the consensus. We Free Float 90.0%

continue to expect strong growth in semiconductor-related materials and improving BofA Ticker / Exchange ASGLF / TYO