Asahi Kasei: Top Management Small Meeting: Confirmation of Progress with Portfolio Reforms

研报英文原文证据摘录

Asahi Kasei: Top Management Small Meeting: Confirmation of Progress with Portfolio Reforms

Update

June 10, 2026 12:56 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAsahi Kasei (3407) | Japan Takato Watabe

Equity Analyst

Top Management Small Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Meeting: Confirmation of Kayoko Shoji

Research Associate

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

Progress with Portfolio Reforms Kano Fujita

Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Progress in shifting resources to growth business and reforming the portfolio:

The small meeting hosted by the firm after the market close on June 10 gave an

opportunity for discussion with President Koshiro Kudo that mostly took the form

of Q&A. The main items discussed were: 1) earnings outlook and risk recognition;

2) recovery scenario for separator business; 3) restructuring and portfolio

reforms; 4) M&A and investment for growth; and 5) measures to raise corporate Asahi Kasei (3407.T, 3407 JT)

value. 1) On the earnings side, while expressing confidence about growth in Petrochemical Majors | Japan

healthcare business centered on critical care and pharmaceuticals, the firm Stock Rating Overweight

Industry View Attractive

recognized separators, CDMO and overseas housing as areas requiring attention. 2) Price target ¥2,050

It expects low earnings for separator business in F3/26-27 and improvement from Shr price, close (Jun 10, 2026) ¥1,756

Mkt cap, curr, basic (bn) ¥2,384.8

F3/28 on rising energy storage solutions demand and North American site startup. Avg daily trading value (bn) ¥6.7

3) On restructuring, the firm is proceeding with reorganization of the Mizushima and