ENEOS Holdings (5020): Results First Impressions: Positive

研报英文原文证据摘录

ENEOS Holdings (5020): Results First Impressions: Positive

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ENEOS Holdings (5020)

Results First Impressions: Positive

Maintain Rating: BUY | PO: 1,630 JPY | Price: 1,352 JPY

14 May 2026 Corrected

Key takeaways Equity

• FY3/26 exceeded expectations; FY3/27 guidance implies underlying operating profit of

Takashi Enomoto >>

¥480.0bn, above our forecast. Research Analyst

BofAS Japan

• Oil and gas, and high performance materials are stronger than expected; assumptions +81 3 6225 8362

are Dubai crude at US$85/bbl and ¥155/$. takashi.enomoto@bofa.com

Yuri Tanaka >>

• Chevron asset acquisition targets mid‑ to long‑term growth, with limited FY3/27 Research Analyst

impact and profit expansion aimed by FY30. BofAS Japan

+81 3 6225 8892

yuri.tanaka@bofa.com

Results Date: May 14 13:00, Analyst Meeting: May 14

16:00~

Stock Data

Positive Price 1,352 JPY Price Objective 1,630 JPY

FY3/26 operating profit excluding inventory valuation effects came in at ¥474.5bn, Date Established 2-Apr-2026

slightly exceeding our forecast of ¥465.0bn. Investment Opinion B-1-7

The company’s FY3/27 guidance for the same profit metric is ¥590.0bn. Excluding 52-Week Range 667-1,553 JPY

disposal gains, the plan indicates underlying business income of ¥480.0bn, also slightly Market Value (mn) 3,658,195 JPY

above our prior forecast of ¥440.0–460.0bn. Relative to our estimates, profit outlooks Market Value ($mn) 23,173 USD

for the oil and natural gas E&P business and the high performance materials segment Shares Outstanding (mn) 2706.8

are stronger than expected. The assumptions underlying company guidance are Dubai Average Daily Value ($mn) 79.5 USD

crude at US$85/bbl and an exchange rate of ¥155/US$. A ¥50.0bn share buyback was Free Float 97.3%

announced, in line with our prior expectations.