Gunze：F3/27一季度业绩：强劲开局，由功能解决方案引领

研报英文原文证据摘录

M

Update

August 5, 2026 10:14 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Gunze (3002) | Japan

Takato Watabe

Equity Analyst

F3/27 1Q Results: Strong Start,

Led by Functional Solutions

Ryoichi Watanabe

Equity Analyst

Kayoko Shoji

Research Associate

Kano Fujita

AlphaSignals Earnings Reaction

Research Associate

Unchanged

Meaningful upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1Q easily topped our forecast, driven by frontloaded demand for plastic films and

Gunze (3002.T, 3002 JP)

other factors.

Fine Chemicals | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Earnings are progressing nicely toward F3/27 full-year guidance

We expect the stock to perform solidly

1Q earnings were driven by upside in Functional Solutions and Apparel: Results

Equal-weight

In-Line

¥4,200

¥4,080

¥130.2

¥0.9

were announced at 3:30pm on Aug 5. An online earnings briefing is scheduled for

Related report:

the morning of Aug 20. 1Q OP rose 88% YoY to ¥3.4bn, far above our forecast of

Fine Chemicals: Apr-Jun Results Preview: Set to

¥1.5bn (FactSet consensus ¥1.8bn). Looking YoY by business, Medical struggled, but

strong profit growth in plastic films (frontloaded orders ahead of raw material price

Confirm Solid Trends (23 Jul 2026)

Gunze: Confirmation of Recovery in Medical

hikes and a time lag between selling prices and raw material prices), together with

profit improvement in Apparel from the consolidation of production & logistics sites

Business for China Likely to be Key (8 Jul 2026)

and streamlining of indirect functions, drove a sharp increase in profits. Relative to

our forecast, Functional Solutions and Apparel both were strong beats. Gunze left

F3/27 guidance unchanged, including at the segment level. Overall, we view 1Q

results as a solid start versus full-year plan. Functional Solutions could outperform

depending on when the frontloaded demand for plastic films reverts and when raw

material costs climb.…