First Read: Toray Industries "IR DAY Day 2: Expectations for areas..."

研报英文原文证据摘录

First Read: Toray Industries "IR DAY Day 2: Expectations for areas..."

the company is

03/28E 77.4 81.1

engaged in producing veterinary drugs (renal disease treatments) and aims to achieve 03/29E 89.6 86.0

sales of approximately ¥20.0bn in the medium term in the European and US markets. In

the films business, the company aims to grow BP from ¥14.5bn in FY3/26 to ¥29.0bn in Shunta Omura

FY3/29. In particular, the company expects the revenue contributions from MLCC Analyst

manufacturing process films, in which it boasts a 50% global market share, to expand. shunta.omura@ubs.com

+81-3-5208 6244

Carbon fibre, electronic materials: full supply to Airbus likely from H2 2030

The carbon fiber composite materials business aims to expand BP from ¥17.6bn in

FY3/26 to ¥47.0bn in FY3/29. In addition to increased volumes of carbon fiber

composite materials for the B787, the company plans to increase sales for aerospace and

defense applications, including satellites, rockets, and drones (its plan is for aerospace-

related sales to grow from ¥121.6bn in FY3/26 to ¥186.0bn in FY3/29, +53% yoy).

Notably, shipments to Airbus are mainly limited to secondary structural materials, with

the full-scale supply of primary structural materials likely to be in the latter half of 2030

onward. Additionally, restructuring effects for large-tow subsidiary Zoltek are expected

to emerge. Meanwhile, the electronics and information materials business aims to

expand BP from ¥8.1bn in FY3/26 to ¥17.0bn in FY3/29, with the company particularly

expecting growth in organic EL materials, such as black materials for tablets.

Valuation: Applying a PER of 16X

Our ¥1,035 price target is based on fair-value PER of 16X and 12-month forward moving

average EPS of ¥63.