Semiconductor materials performing well, but we see risks for IgA nephropathy drug

研报英文原文证据摘录

Semiconductor materials performing well, but we see risks for IgA nephropathy drug

Global Markets Research

19 June 2026Asahi Kasei

3407.T 3407 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

RatingSemiconductor materials performing well, but we

Remains Neutralsee risks for IgA nephropathy drug

Target price

Increased from 1,700 JPY 1,740We take positive view of ongoing structural reforms

Closing price JPY 1,784.0We raise our target price slightly, retain our Neutral rating 18 June 2026

We raise our operating profit forecasts for 27/3 onward to reflect strong performances in

Implied upside -2.5%the critical care, electronics, and performance chemical subsegments, also raising our

target price but retaining our Neutral rating (Figure1). We roll forward the base year for

our valuation model from 27/3 to 28/3, by which time we expect the Middle East situation

will have normalized, but we retain our basic methodology for target price calculation. We

Relative performance chartforecast strong earnings at the electronics subsegment, including from Pimel, which is

used as a buffer coating for semiconductors, and from glass fabric, which is used in

copper-clad laminates. We also take a positive view of the company's progress with

restructuring, including the announcement in May 2026 that Asahi Kasei would be

discontinuing some petrochemical operations in Mizushima (with production scheduled to

halt in FY30).

However, we have concerns about lackluster sales of the IgA nephropathy treatment

Tarpeyo, which the company acquired in 25/3 (Figures3, 4, and 5; see main text for

details). We think there is a view among stock market participants that in the course of

carrying out multiple M&A deals, Asahi Kasei has become adept at acquiring companies