Asahi Kasei (3407): Briefing: Tarpeyo resilient to competition; shareholder returns may improve

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Asahi Kasei (3407): Briefing: Tarpeyo resilient to competition; shareholder returns may improve

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Asahi Kasei (3407)

Briefing: Tarpeyo resilient to competition;

shareholder returns may improve

Maintain Rating: BUY | PO: 1,640 JPY | Price: 1,655 JPY

12 May 2026

Briefing (see page 3 onward): Strong Tarpeyo Equity

performance; potential for higher dividends

At the briefing on 12 May, management explained that the impact of competing drugs Takashi Enomoto >> Research Analyst

on Tarpeyo remains limited, and that the impact from the Middle East-related factors is BofAS Japan

also expected to be limited. Management also stated that the company intends to +81takashi.enomoto@bofa.com3 6225 8362

improve its dividend outlook once it gains greater confidence in sustainable growth. In Niima Komura >>

addition, following the restructuring of a part of the derivative products business at the Research Analyst

Mizushima plant announced the same day, the sales contribution of the Essential BofAS+81 3 6225Japan7725

Chemicals business is expected to decline to only a few percent, which is viewed niima.komura@bofa.com

positively as evidence of progress in portfolio reform. We maintain our Buy rating. Kyoji Chiba >>

Research Analyst

BofAS Japan

Estimates (¥) 3/24A 3/25A 3/26E 3/27E 3/28E +81 3 6225 7189

Other GAAP Other GAAP Other GAAP Other GAAP Other GAAP kyoji.chiba@bofa.com

EPS 31.60 97.94 106.99 136.65 158.07

EPS Change (YoY) NM 209.9% 9.2% 27.7% 15.7%

Consensus EPS (Visible Alpha) 108.12 122.95 137.76

Dividend / Share 36 38 42 48 52 Stock Data

BPS 1,308.2 1,349.0 1,470.9 1,546.9 1,635.6

Valuation Price 1,655 JPY

P/E 52.4x 16.9x 15.5x 12.1x 10.5x Price Objective 1,640 JPY

Dividend Yield* 2.2% 2.3% 2.5% 2.9% 3.1% Date Established 26-Dec-2025