Sekisui Chemical: Medium-term Management Plan Unveiled

研报英文原文证据摘录

Sekisui Chemical: Medium-term Management Plan Unveiled

Update

May 21, 2026 11:07 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSekisui Chemical (4204) | Japan Ryoichi Watanabe

Equity Analyst

Medium-term Management Plan Ryoichi.Watanabe@morganstanleymufg.comTakato Watabe +81 3 6836-8929

Takato.Watabe@morganstanleymufg.com +81 3 6836-5436

Unveiled Kayoko Shoji

Research Associate

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

Key Takeaways Kano Fujita

F3/29 targets are sales of ¥1,600bn, OP ¥150bn, ROE 11%. Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Sekisui Chemical announced its Accelerate 2028 medium-term plan on May 21, with

a target of OP of ¥150bn in F3/29 and total investment of ¥700bn covering

ordinary and strategic outlays (including M&A). On shareholder return, the plan

looks to ¥130bn or higher; the firm continues to use a guide of a total return ratio of

Sekisui Chemical (4204.T, 4204 JP)

50% or higher if net D/E is at or below 0.5x, but has raised the DOE target to 3.5%

Fine Chemicals | Japan

or higher (from 3% or higher previously) and is shifting to progressive dividends. On

Stock Rating Underweight

the business side, Sekisui Chemical looks to rising orders in urban area Housing Industry View In-Line

Price target ¥2,600

business, rising sales overseas in Urban Infrastructure & Environmental Products,

Shr price, close (May 21, 2026) ¥2,291

and growth in industrial as well as electronics business in High Performance Plastics. Mkt cap, curr, basic (bn) ¥924.7

Avg daily trading value (bn) ¥4.9

For perovskite solar cells, in Others/Adjustments the company aims to move into

the black in F3/29 on sales of ¥25bn or higher (guidance for F3/27 is for an operating

loss of ¥5.4bn). Given risk of F3/27 earnings missing plan due to high raw material