Business Looks Brisk Recently

研报英文原文证据摘录

Business Looks Brisk Recently

IdeaM

RiskRisk RewardReward– Mitsubishi- MitsubishiGas Chemical (4182.T)Gas Chemical (4182.T)

Earnings from materials for AI servers expanding

PRICE TARGET ¥5,900 OVERWEIGHT THESIS

Based on F3/28e SOTP-based EV/EBITDA of 9.7x, referencing listed companies with similar ▪Leading player in semiconductor package

business formats for individual segments. substrate materials

Target multiples are 14.0x for information & advanced materials within the specialty ▪Expectations for increased demand for

chemicals segment (e.g., copper-clad laminates) and 7.0x for other businesses. Implied P/E oxidized polyethylene (OPE), a low-dielectric

(on our F3/28e EPS) is 17.7x. resin for GPU motherboards.

demand for ultrapure hydrogen ¥5,585 ▪Rising

peroxide used in semiconductor cleaningConsensus Price Target Distribution ¥2,640.00 ¥6,900.00 process MS PT

demand emerging for methanol asSource: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates ▪New

marine fuel

RISK REWARD CHART Consensus Rating Distribution

85% Overweight

JPY 15% Equal-weight

0% Underweight

¥7,600¥7,600(+41.84%)¥7,600(+41.84%)(+41.84%)

MS Rating

Source: Refinitiv, Morgan Stanley Research

6000 ¥5,900¥5,900(+10.12%)¥5,900(+10.12%)(+10.12%)

¥5,358¥5,358¥5,358 Risk Reward Themes

New Data Era: Positive

4000 Secular Growth: Positive

Self-help: Positive

¥3,100¥3,100(-42.14%)¥3,100(-42.14%)(-42.14%) View descriptions of Risk Rewards Themes here

JUN '25 DEC '25 JUN '26 JUN '27

Key: Historical Stock Performance Current Stock Price Price Target

BULL CASE ¥7,600 BASE CASE ¥5,900 BEAR CASE ¥3,100

Strong demand for AI servers Semiconductor back-end materials stay Weak demand for smartphone applications

strong

Strong demand for OPE for AI servers, BT Specialty chemicals sales fall 10% short of