Fujibo Holdings: F3/26 Results: Positive; F3/27 Guidance Above Consensus Even with Factoring for Middle East Impact on Prices

研报英文原文证据摘录

Fujibo Holdings: F3/26 Results: Positive; F3/27 Guidance Above Consensus Even with Factoring for Middle East Impact on Prices

Update

May 15, 2026 07:47 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MFujibo Holdings (3104) | Japan Yoshihito Hasegawa

Equity Analyst

F3/26 Results: Positive; F3/27 Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Fujibo Holdings (3104.T, 3104 JT)

Mid Small Cap/Manufacturer | JapanGuidance Above Consensus

Stock Rating Overweight

Industry View In-Line

Price target ¥4,900Even with Factoring for Middle Shr price, close (May 15, 2026) ¥4,370

Mkt cap, curr, basic (bn) ¥50.0

Avg daily trading value (bn) ¥0.6East Impact on Prices

Reaction to earnings

Unchanged Modest upside Modest revision higher

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

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

F3/26 sales ¥45.9bn (plan: ¥45.4bn), OP ¥8.14bn (¥7.5bn). Sales +7%, OP +26%

YoY.

Profit was driven by abrasives mainly for CMP use, and industrial chemicals.

Profit by business domain: Polishing materials ¥6.385bn (plan: ¥5.75bn),

industrial chemicals ¥1.417bn (¥1.4bn), lifestyle apparel ¥0.438bn (¥0.45bn).

F3/27 guidance targets sales of ¥52.7bn (+15% YoY), OP ¥9.2bn (+13%), EPS ¥187.

Fujibo reported at 11:30am on May 15 and has a briefing scheduled for May 18,

where we expect to hear details at the individual business level. The firm has said

that guidance for F3/27 allows for damage to OP of ~5% in abrasives and ~10% in

industrial chemicals assuming that it will take time to achieve price adjustments in

response to rising prices for inputs including raw materials and fuel. With recent

earnings trends at companies with CMP-related business having sounded a warning