Mitsui Kinzoku (5706): Briefing: Medium-term targets raised; strong investment appetite for copper foil

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Mitsui Kinzoku (5706): Briefing: Medium-term targets raised; strong investment appetite for copper foil

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Mitsui Kinzoku (5706)

Briefing: Medium-term targets raised;

strong investment appetite for copper foil

Maintain Rating: BUY | PO: 56,000 JPY | Price: 46,670 JPY

21 May 2026

Medium-term plan: Copper foil high growth over long term Equity

On 21st May, Mitsui Kinzoku held a progress briefing on its medium-term plan (MTP). The

company highlighted an upward revision to its long-term profit outlook, driven by copper Takashi Enomoto >>

foil, as well as stronger investment appetite in copper foil. This lifts the medium- to Research Analyst BofAS Japan

long-term growth outlook and is viewed positively. We maintain our Buy rating. +81 3 6225 8362

takashi.enomoto@bofa.com

Briefing: significant growth in engineered materials driven YuriResearchTanakaAnalyst>>

by copper foil BofAS+81 3 6225Japan8892

Recurring profit forecasts have been revised upward to ¥115.0bn from ¥70.0bn for yuri.tanaka@bofa.com

FY3/28, and to ¥150.0bn from ¥100.0bn for FY3/31. Of the ¥150.0bn recurring profit

target for FY3/31, engineered materials account for ¥130.0bn (of which copper foil

contributes ¥100.0bn). Recurring profit from metals is limited to ¥20.0bn, though this Stock Data

represents a minimum level and could reach around ¥60.0bn under current FX and gold

price assumptions. Price 46,670 JPY

Price Objective 56,000 JPY

Regarding copper foil, details are as follows. The company believes it can win with a Date Established 8-May-2026

high probability in VSP foil across HVLP4, 5, and 6, and views delays in investment Investment Opinion C-1-7

decision-making as a key risk. If demand exceeds the plan, large-scale investments or 52-Week Range 4,463-55,860 JPY

M&A will be necessary.