Oji Holdings (3861): IR group call: Notes domestic price hikes; strategy apart from industry restructuring

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Oji Holdings (3861): IR group call: Notes domestic price hikes; strategy apart from industry restructuring

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Oji Holdings (3861)

IR group call: Notes domestic price hikes;

strategy apart from industry restructuring

Maintain Rating: NEUTRAL | PO: 850 JPY | Price: 781 JPY

08 June 2026

Additional price hikes if Middle East conflict persists Equity

We hosted a Zoom meeting with Oji Holdings’ CFO Tadashi Oshima on 8 June. Key

topics of discussion were 1) cost pass-through if the impact of the Middle East conflict Kyoji Chiba >>

Research Analyst

persists; 2) strategy of keeping some distance from industry reorganization; and 3) BofAS Japan

negotiations to sell remaining real estate holdings. The earnings outlook for FY3/27 kyoji.chiba@bofa.com

remains weak, but considering Oji’s aggressive shareholder returns, we maintain our Takashi Enomoto >> Research Analyst

Neutral rating. BofAS Japan

takashi.enomoto@bofa.com

Group call summary

Middle East conflict: Oji sees a scenario for chemical and material prices to normalize

in 3–6 months, assuming conditions in the Strait of Hormuz return to normal at end- Stock Data

June. Oji assumes a Dubai crude oil price of $120, but prices have not risen to this level.

If current conditions persist, Oji plans to appropriately pass higher costs through to Price 781 JPY

product prices. Price Objective 850 JPY

Date Established 8-May-2026

Domestic printing and household paper price hikes: Oji has already announced price Investment Opinion A-2-7

hikes for household paper products. It thinks consumers will accept higher prices in view 52-Week Range 677-991 JPY

of overall global trends. For printing paper and other products, Oji plans to pass higher Market Value (mn) 791,826 JPY

costs through product prices when the time is right.