Mitsui Chemicals: F3/29 Core OP to Approach Record High

研报英文原文证据摘录

Mitsui Chemicals: F3/29 Core OP to Approach Record High

Idea

July 2, 2026 06:30 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMitsui Chemicals (4183) | Japan Takato Watabe

Equity Analyst

F3/29 Core OP to Approach Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

Record High Kayoko Shoji

Research Associate

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

We lower our earnings forecasts for F3/27-28. We continue to Kano Fujita

forecast 2-digit profit growth in F3/27 onward. The stock looks Research Associate

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

deeply undervalued, and we maintain our OW rating.

Maintain ¥2,900 PT, OW rating: We update F3/27-28 forecasts and add F3/29 into

our models. Our cuts reflect slower-than-expected recovery in the autos market. We

continue to look for earnings recovery ahead, driven by profit growth in the three

strategic growth areas and a comeback in petrochemicals businesses. Though we Mitsui Chemicals (4183.T, 4183 JT)

trim our F3/28e EPS, our price target remains ¥2,900 (sum-of-parts P/Es; blended Petrochemical Majors | Japan

multiple changes from F3/28e P/E of 11.4x to 11.6x, reflecting multiple expansion in Stock Rating Overweight

semis materials space). The stock has lagged TOPIX by 9ppt YTD, among the Industry View Attractive

Price target ¥2,900

weakest in our chemicals coverage (worst among diversified chemicals). We pin this Up/downside to price target (%) 36

Shr price, close (Jul 1, 2026) ¥2,127

on concerns over earnings erosion from the Middle East conflict and a weakened

Mkt cap, curr, basic (bn) ¥800.7

autos market, plus a negative market reaction to the announced acquisition of a US Div yld (03/27e) (%) 3.5

dental materials company.