Fine Chemicals: Apr-Jun Results Preview: Set to Confirm Solid Trends

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Fine Chemicals: Apr-Jun Results Preview: Set to Confirm Solid Trends

nso HD UW 5,969 5,300 29-Jul

4118 Kaneka EW 5,740 5,500 13-Aug

guidance left unchanged. We see a decent chance of a buyback announcement. We 41824202 MitsubishiDaicel Gas Chemical OWEW 4,5331,475 5,9001,500 31-Jul7-Aug

expect Teijin’s F3/27 1Q business profit (BP) to be close to our forecast and 42044403 SekisuiNOF Chemical OWUW 2,6542,743 2,2003,800 31-Jul5-Aug

consensus, with F3/27 BP guidance unchanged. We expect Toray’s F3/27 1Q BP to be

in line with our forecast. We expect it to leave F3/27 BP guidance unchanged for Source:[++] indicatesCompanythe datadata,forFactSet,this companyMorgan haveStanleybeenResearchremoved from

both 1H and the full year. We see a decent chance of a buyback announcement. We considerationregulations, MorganbecauseStanleyundermayMorganbe precludedStanley policyfrom issuingand/or applicablesuch

expect Kureha’s 1Q core OP to be in line with our forecast, with F3/27 guidance information with respect to this company at this time.

unchanged. We expect Tokuyama’s 1Q OP to be slightly above consensus. We

expect it to announce previously undisclosed F3/27 OP guidance of ~¥40bn,

factoring in the transfer of cement sales rights. We expect Denka’s 1Q OP to be in

line with our forecast, with F3/27 guidance unchanged. The timing of Air Water’s 1Q

OP disclosure is currently undecided. We expect previously undisclosed F3/27 OP

guidance of ¥70–75bn. We expect Nippon Sanso's 1Q core OP to be in line with our Morgan Stanley does and seeks to do business with

forecast, with F3/27 guidance unchanged. We expect Kaneka’s 1Q OP to beat companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of