Nissan Chemical: F3/26 Results: Semiconductors Business Continues to Drive Strength

研报英文原文证据摘录

Nissan Chemical: F3/26 Results: Semiconductors Business Continues to Drive Strength

Update

May 15, 2026 11:37 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNissan Chemical (4021) | Japan Takato Watabe

Equity Analyst

F3/26 Results: Semiconductors Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Business Continues to Drive Kayoko Shoji

Research Associate

Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Strength Kano Fujita

Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Reaction to earnings

Nissan Chemical (4021.T, 4021 JT)

Unchanged In-line Largely unchanged

Electronic Chemicals | Japan

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

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target ¥6,750

Shr price, close (May 15, 2026) ¥7,234

Key Takeaways MktAvg dailycap, curr,tradingbasicvalue(bn)(bn) ¥1,002.7¥3.3

F3/27 OP guidance, like the F3/26 outcome, is in line with our/market forecasts.

Related Reports:

We also expect high shareholder return to support a healthy share price

Electronic Chemicals: Jan-Mar Results Preview:

performance.

Conservative Guidance Likely (21 Apr 2026)

Results & guidance both in line with our/market forecasts: Nissan Chemical Nissan Chemical: Expect Earnings to Track with

reported at 3:30pm on May 15 and held an online briefing from 4:30pm. F3/26 full- Consensus (5 Mar 2026)

year OP was well above the company plan but close to our forecast, with profit

advancing steadily as growth in semiconductor materials supported stronger

earnings in performance materials (display material sales -1% but semi materials up

strongly at +27%, absorbing a sizeable rise in fixed costs).