Mitsubishi Chemical Group: Focus on Strategic Investments in Growth Driver Creation

研报英文原文证据摘录

Mitsubishi Chemical Group: Focus on Strategic Investments in Growth Driver Creation

Update

July 2, 2026 06:30 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMitsubishi Chemical Group (4188) | Japan Takato Watabe

Equity Analyst

Focus on Strategic Investments Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

in Growth Driver Creation Kayoko Shoji

Research Associate

What’s Changed Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Kano Fujita

Mitsubishi Chemical Group (4188.T) From To Research Associate

Price Target ¥1,100 ¥1,250 Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

We expect sustained profit growth up to F3/29. However,

industry-relative valuations are not compelling and we stay EW,

highlighting weak MMA profitability as an ongoing challenge.

Lift PT from ¥1,100 to ¥1,250 but stay EW: We revise our F3/27 and F3/28 Mitsubishi Chemical Group (4188.T, 4188 JT)

forecasts and set a new F3/29 forecast, with no material changes to earnings Petrochemical Majors | Japan

estimates. We raise our PT to ¥1,250 from ¥1,100, driven by a higher F3/28 EPS Stock Rating Equal-weight

Industry View Attractive

forecast and a target multiple revision (segment-based P/E of 12.6x from 12.0x), Price target ¥1,250

Up/downside to price target (%) 12

reflecting higher market valuations for certain businesses. The stock has Shr price, close (Jul 1, 2026) ¥1,115

outperformed TOPIX by 7ppts YTD, ranking mid-pack within our chemical coverage Mkt cap, curr, basic (bn) ¥1,514.8

Div yld (03/27e) (%) 2.9

and diversified chemicals peers. While structural reforms are being recognized,

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

conviction on achieving F3/27 guidance remains limited, constraining upside.