First Read: Mitsubishi Chemical Group "Structural reform and investment for..."

研报英文原文证据摘录

First Read: Mitsubishi Chemical Group "Structural reform and investment for..."

Global Research

25 May 2026ab

First Read

EquitiesMitsubishi Chemical Group

Structural reform and investment for growth Japan

concurrently Chemicals, Commodity

12-month rating Neutral

12m price target ¥900.0

The company has begun considering the spin-off of its petrochemical business

The company announced at 13:30 on 25 April that it has begun considering the spin-off

of its domestic petrochemical business (link). President Manabu Chikumoto has Price (25 May 2026) ¥1,090

emphasised the importance of the company's active engagement in the domestic RIC: 4188.T BBG: 4188 JP

petrochemical business since his appointment in April 2024. It is highly meaningful, in

Trading data and key metrics

our opinion, that the company’s leader holding such a view has decided to begin

considering structural reform of the domestic petrochemical industry through alliances 52-wk range ¥1,161-737

with other companies. The company aims for a spin-off within FY3/28. We expect Market cap. ¥1,480b/US$9.31b

effects of enhanced collaboration with the Chiba and Kanagawa industrial complexes to Shares o/s 1,359m (ORD)

emerge after 2030, but believe that the domestic industrial structure has entered a Free float 98%

phase of substantial transformation. It is positive that expectations for medium-term Avg. daily volume ('000) 8,113

earnings improvements are rising. Avg. daily value (m) ¥7,930.9

Common s/h equity (03/26E) ¥1698b

Structural reforms for more 'offensive' decision making P/BV (03/26E) 0.9x

At the briefing, the company described changing the organisational structure to enable Net debt to EBITDA (03/26E) 5.0x

more 'offensive' decision-making as well as key focus areas for growth businesses.

EPS (reported, basic) (¥)