Osaka Organic Chemical Industry: Raises F11/26 Guidance: Price Pass-Throughs Absorbing Cost Growth; Semiconductor-related Demand Strong

研报英文原文证据摘录

Osaka Organic Chemical Industry: Raises F11/26 Guidance: Price Pass-Throughs Absorbing Cost Growth; Semiconductor-related Demand Strong

Update

July 2, 2026 11:14 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MOsaka Organic Chemical Industry (4187) | Japan Yoshihito Hasegawa

Equity Analyst

Raises F11/26 Guidance: Price Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Pass-Throughs Absorbing Cost

Growth; Semiconductor-related

Osaka Organic Chemical Industry (4187.T, 4187 JP)

Mid Small Cap/Manufacturer | Japan

Demand Strong Stock Rating Overweight

Industry View In-Line

Price target ¥7,400

Key Takeaways Shr price, close (Jul 2, 2026) ¥5,880 Mkt cap, curr, basic (bn) ¥119.6

Osaka Organic Chemical (OOC) after the July 2 market close raised F11/26 Avg daily trading value (bn) ¥0.5

guidance: sales to ¥39.0bn (from ¥37.5bn) and OP to ¥7.5bn (¥6.4bn).

Driving these increases were a) strong sales of semiconductor materials (mainly

for ArF photoresists) and high-purity specialty solvents; and b) price pass-

throughs to offset cost growth from the Middle East conflict.

For 1H, OOC is forecasting sales now at ¥20.0bn (previously ¥18.2bn) and OP at

¥4.4bn (¥3.1bn); 2H targets are ¥19.0bn (¥19.3bn) and ¥3.1bn (¥3.3bn).

1H profits benefited from sales of low-cost inventory and temporary demand

driven by tight supply/demand, but OOC in 2H assumes this demand reverses, as

well as margin contraction due to higher costs and stabilization of selling prices.

OOC also revised dividend projections, now at ¥86 for the full year (previously

¥80), ¥43 for 1H (¥40) and ¥43 for 2H (¥40).

Osaka Organic Chemical (OOC) after the July 2 market close raised F11/26 full-year

and 1H guidance and dividend forecasts. The firm will report 2Q results on July 9 and

hold a briefing on July 10.