J.P. Morgan Japan FTM 29 May 26 Impact of Hormuz closure on petrochemicals; Nippon Paint offer rejected; Fujitsu 10-year vision; Nomura Holdings raises targets; Nippon Paper Industries MTP; MLCC data and More

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J.P. Morgan Japan FTM 29 May 26 Impact of Hormuz closure on petrochemicals; Nippon Paint offer rejected; Fujitsu 10-year vision; Nomura Holdings raises targets; Nippon Paper Industries MTP; MLCC data and More

Asia Pacific Equity Research

Japan First to Market 29 May 2026

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Diversified Chemicals subsector (Yasuhiro Nakada)

Impact of closure of Strait of Hormuz on Japan’s domestic petrochemical industry (3)

On May 28, final April trade data was released. The import price of naphtha, which can be determined based on the average

import price for the quarter, was at ¥101,740 /kiloliter (kL), which translates to ¥103,700/kL in terms of domestic naphtha

production. There were concerns that the price of domestic naphtha in April-June would reach ¥120,000/kL, but the actual price

in April was lower.

Nippon Paint Holdings (4612) (Yasuhiro Nakada) (4612 JP, OW)

Akzo Nobel rejects takeover offer from Nippon Paint and Sherwin-Williams

On May 27, Akzo Nobel (AKZA NA; covered by Chetan Udeshi) announced that it ha d rejected two acquisition proposals from

Sherwin-Williams (SHW US; covered by Jeffrey J. Zekauskas) and Nippon Paint Holdings (hereinafter, the consortium).

Subsequently, Nippon Paint also issued a joint press release from the consortium regarding “today’s disclosure by Akzo Nobel”.

In the joint statement, Nippon Paint explained that the global reintegration of the Dulux brand and the strengthening of its

architectural coatings portfolio would accelerate growth in key markets.

Fujitsu (6702) (Junya Ayada) (6702 JP, OW)

Potential scale of new markets and profitability improvement in ambitious 10-year vision bear

watching

Fujitsu announced its Management Vision 2035 and held a briefing May 28. The 10-year vision represents a shift from the