Mitsubishi Chemical Group

研报英文原文证据摘录

Mitsubishi Chemical Group

Global Markets Research

18 June 2026Mitsubishi Chemical Group

4188.T 4188 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

RatingSpecialty materials segment looks solid Remains Neutral

Target price

Increased from 950 JPY 1,200Monitoring restructuring of basic chemicals and MMA segments

Closing price JPY 1,140.0We retain Neutral rating, watching for possible restructuring of MMA segment 17 June 2026

We raise our forecasts for the specialty materials and industrial gases segments and

Implied upside +5.3%increase our core operating profit forecasts for Mitsubishi Chemical Group for 27/3

onwards. We also raise our target price, but retain our Neutral rating (Figure1). Margins

on MMA and basic chemicals such as ethylene remain weak, and we think the stock could

warrant a higher valuation if the company makes progress with restructuring. For example,

Relative performance chartwe will be closely monitoring progress with reorganization of the basic chemicals segment,

including at the Kashima plant, and on possible restructuring of the less cost-competitive

MMA plant in Memphis, Tennessee (Figure7).

We raise core operating profit forecasts for specialty materials

We raise our core operating profit forecast for the specialty materials segment to reflect

cost savings achieved with the reduction of production bases in the composites & shapes

business (carbon fiber and engineering shapes), greater material and logistics cost

efficiency from the consolidation of suppliers, the pass-through of higher input costs to

selling prices, and strong demand for semiconductor-related products (synthetic quartz

and precision cleaning) in the information electronics business. We also slightly raise our