三井化学：F3/27第一季度业绩：领先于指引

研报英文原文证据摘录

M

Update

August 5, 2026 09:04 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Mitsui Chemicals (4183) | Japan

Takato Watabe

Equity Analyst

F3/27 1Q Results: Tracking

Ahead of Guidance

Ryoichi Watanabe

Equity Analyst

Kayoko Shoji

Research Associate

Kano Fujita

AlphaSignals Earnings Reaction

Research Associate

Unchanged

Meaningful upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

F3/27 1Q core OP beat our forecast, driven by Mobility, etc.

Mitsui Chemicals (4183.T, 4183 JT)

The disclosed F3/27 1H plan is above our forecast and the consensus.

Petrochemical Majors | Japan

We expect a share rebound.

Confirms strength in three growth domains and B&GM’s underlying return to

profitability: Mitsui Chemicals released results at 13:00 JST on Aug 5 and held an

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Overweight

Attractive

¥2,900

¥2,140

¥805.6

¥5.6

online briefing from 16:00 the same day. As we previously reported, F3/27 1Q core

OP increased 88% YoY to ¥50.1bn, considerably beating our ¥42bn forecast

(FactSet consensus: ¥36.2bn). The sharp YoY profit gain was the result of a marked

turnaround culminating in a turn to profit (from inventory valuation gains,

streamlining effects, etc.) in the petrochemicals business (B&GM) and profit growth

in the three growth domains, centering on ICT (where sales of semiconductorrelated materials increased). Vs. our forecasts, the Mobility Solutions segment

greatly outperformed (on the earlier-than-expected implementation of pricing

measures in response to rising raw material costs), and the B&GM, ICT and Life &

Healthcare Solutions segments also tracked ahead. The situation in the Middle East

provided a drag of ~¥6bn on B&GM and Mobility (excl. inventory valuation gains;

the company forecasts a ¥15bn adverse impact over the full year). Mitsui Chemicals

disclosed its F3/27 1H plan (in which it assumes an FX rate of ¥160/$). Over this

Related report:

Mitsui Chemicals: F3/27 1Q Results 1st

…