Kumiai Chemical Industry (4996): Briefing: US generic release concerns, but semi-related product expectations

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Kumiai Chemical Industry (4996): Briefing: US generic release concerns, but semi-related product expectations

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Kumiai Chemical Industry (4996)

Briefing: US generic release concerns, but

semi-related product expectations

Maintain Rating: NEUTRAL | PO: 840 JPY | Price: 743 JPY

Expects 2H losses mainly on front-loaded Axeev shipment 26 June 2026

Key points during the 26 June briefing included (1) a prospective pullback in US Axeev Equity

shipments in reaction to previous front-loaded demand; (2) concerns about a decline in

Kyoji Chiba >>

prices due to generic product releases in 2H; and (3) good outlook for bismaleimides as Research Analyst

semiconductor-related products. We still see intensifying competition from the release BofAS Japan kyoji.chiba@bofa.com

of generic versions of core product Axeev as a key earnings risk, but as we believe this

Takashi Enomoto >>

risk is generally factored into the current share price, we maintain our Neutral rating. Research Analyst

BofAS Japan

Briefing Q&A summary takashi.enomoto@bofa.com

Reasons for expecting 2H losses: Key factors are the passing of peak domestic sales for

agricultural chemicals and a 2H pullback in reaction to 1H front-loaded US Axeev

shipments. Kumiai Chemical also forecasts operating losses due to downward price Stock Data

pressure from the release of generic products in the US, pressure on profitability from Price 743 JPY

strengthening sales promotions, and higher SG&A and trial and research costs in 2H. Price Objective 840 JPY

Axeev outlook in US: Kumiai Chemical expects generic product trends in the primary US Date Established 13-Mar-2026

market to have a large impact on earnings. It assumes both upside and downside Investment Opinion B-2-8