Raising PT on Helium Tailwind. B/S Efficiency/Hydrogen Remain Key

研报英文原文证据摘录

Raising PT on Helium Tailwind. B/S Efficiency/Hydrogen Remain Key

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terms of shipping time, it takes about two weeks from the U.S. and about three weeks from the

Middle East, making procurement from the U.S. faster and enabling stable supply in Japan,as long

as the U.S. can supply. Meanwhile, LPG contract prices follow Saudi Aramco’s CP as the global

index, despite limited supply from Saudi Arabia. CP has remained at a high level, at $545/ton in

March, $750 in April–May, and $760 in June.

Domestic LPG business growth strategy: Expansion of customer base and volume through retail

M&A. Domestic residential LPG sales volume has been stable at 1.516mn tons (1.506mn tons in the

previous year), and the number of direct LP gas customers has expanded to 1.21mn households

in FY3/26. Going forward, the policy is to broadly list M&A targets, mainly small operators with a

few thousand accounts, and steadily accumulate deals to expand the customer base. If deals are

executed as planned, reaching around 1.3mn accounts by FY3/28 is considered achievable, aiming

for stable earnings through volume growth and accumulation of fixed customers. In wholesale,

although sales volume has declined over the past two years, the plan for this FY3/27 assumes

volume recovery and profit growth, indicating a strategy to capture the demand recovery phase.

Cartridge gas business: Entering recovery phase through expansion of domestic applications

and development in Southeast Asia; reducing dependence on China is key. Cartridge gas has

relied on China for more than half of total sales, but after the recent underperformance, FY3/27

is expected to enter a recovery trajectory. Domestically, demand is likely to be lifted by the

development of new uses, such as fireplaces, to promote gas consumption.