Sekisui Chemical (4204): Briefing: New MTP highlights strong outlook for perovskite solar cells

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Sekisui Chemical (4204): Briefing: New MTP highlights strong outlook for perovskite solar cells

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Sekisui Chemical (4204)

Briefing: New MTP highlights strong

outlook for perovskite solar cells

Maintain Rating: BUY | PO: 2,870 JPY | Price: 2,291 JPY

21 May 2026

New MTP targets major performance gains in perovskite Equity

solar cells

At 13:00 on 21 May, Sekisui Chemical announced new medium-term plan (MTP) and held Takashi Enomoto >> Research Analyst

a briefing from 16:00. We view positively the proactive investment stance in the MTP, BofAS Japan

the outlook for ROE improvement through normalization of financial leverage, +81takashi.enomoto@bofa.com3 6225 8362

enhancements to the shareholder-return policy, and the prospect of significant cost Niima Komura >>

reductions in perovskite solar cells driven by innovative production technologies. We Research Analyst

maintain our Buy rating. BofAS+81 3 6225Japan7725

niima.komura@bofa.com

Briefing (from Page 3): proactive investment for growth, Kyoji Chiba >>

improved shareholder returns ResearchBofAS JapanAnalyst

+81 3 6225 7189

Key points from the briefing are as follows. 1) In perovskite solar cells, the introduction kyoji.chiba@bofa.com

of innovative production technologies is likely to enable performance (primarily power

generation efficiency) comparable to silicon solar cells. There is no change to targets of

achieving profitability in FY3/29 and OP of ¥15–20bn in FY3/31. 2) Investment will rise

Stock Data

to an aggressive ¥700bn. As a result, the net D/E ratio could rise to 0.5x in end-FY3/29

(vs. 0.1x at end-FY3/26), with return on equity (ROE) improving from 9% to 11%. 3) The Price 2,291 JPY

dividend policy has been enhanced, with dividend on equity (DOE) set at 3.5% or higher Price Objective 2,870 JPY