Resonac Holdings (4004): Briefing: Positive surprise driven by strong AI-related materials

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Resonac Holdings (4004): Briefing: Positive surprise driven by strong AI-related materials

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Resonac Holdings (4004)

Briefing: Positive surprise driven by strong

AI-related materials

Maintain Rating: BUY | PO: 18,800 JPY | Price: 17,815 JPY

13 May 2026

1Q: strong growth in AI-related materials (NCF, CCL, TIM) Equity

1Q core OP reached ¥33.6bn, exceeding our estimate of ¥30.0bn. Only the 1H plan was

revised upward, with core OP raised from ¥53.0bn to ¥74.0bn. The 2Q core OP plan is Takashi Enomoto >>

¥40.4bn, also well above our estimate of ¥30.0bn. Strong sales of high-margin AI-related ResearchBofAS JapanAnalyst

materials (NCF, CCL, TIM) drove the earnings outperformance. Results were stronger +81 3 6225 8362

than expected and represent a positive surprise. We maintain Buy. takashi.enomoto@bofa.com

Niima Komura >>

Briefing (from p.3): CCL price hikes to be fully felt in 2H ResearchBofAS JapanAnalyst

Key points from the briefing are as follows. As part of the 1H plan revision for the +81niima.komura@bofa.com3 6225 7725

semiconductor and electronic materials segment, revenue was raised from ¥265.0bn to Kyoji Chiba >>

¥295.0bn (+¥30.0bn) and core OP from ¥53.5bn to ¥74.3bn (+¥20.8bn). Around 70% of Research Analyst

BofAS Japan

the +¥30.0bn revenue increase is attributable to AI-related materials. +81 3 6225 7189

kyoji.chiba@bofa.com

For 1H, there are no apparent constraints on capacity or material procurement for AI-

related materials. In 2Q, fixed costs will rise QoQ, limiting margin improvement. Price

negotiations remain ongoing with customers for both CCL and HD media. While some

Stock DataCCL price hikes will be reflected in 2Q, the full impact is likely to materialize from 2H.

Price 17,815 JPY

Estimates (¥) 12/24A 12/25A 12/26E 12/27E 12/28E