Sound Earnings to Continue

研报英文原文证据摘录

Sound Earnings to Continue

Idea

July 2, 2026 06:52 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAsahi Kasei (3407) | Japan Takato Watabe

Equity Analyst

Sound Earnings to Continue Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

What’s Changed Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Kayoko Shoji

Asahi Kasei (3407.T) From To Research Associate

Price Target ¥2,050 ¥2,200 Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Kano Fujita

We revise our forecasts and raise our PT. On the heels of Asahi ResearchKano.Fujita@morganstanleymufg.comAssociate +81 3 6836-8932

Kasei's business portfolio transformation, including

petrochemicals restructuring, we expect continued multiple

expansion. We stay OW, with the stock looking appealing at just

under 12x P/E and 1.0x P/B on our F3/28 estimates.

Asahi Kasei (3407.T, 3407 JT)

Raise PT from ¥2,050 to ¥2,200, stay OW: We revise our F3/27-28 forecasts and

Petrochemical Majors | Japan

add F3/29 into our models; profit forecast changes for the 2 FYs are minimal.

Stock Rating Overweight

Portfolio transformation is still ongoing, mainly in restructuring commodity chemical Industry View Attractive

businesses, growth in healthcare (supported by an acquisition strategy), and Price target ¥2,200

Up/downside to price target (%) 23

expanding earnings from semiconductor materials. We forecast OP up to ¥267bn in Shr price, close (Jul 1, 2026) ¥1,783

F3/27, approaching the medium-term plan target of ¥270bn for F3/28. We raise our Mkt cap, curr, basic (bn) ¥2,417.9

Div yld (03/27e) (%) 2.5

PT from ¥2,050 to ¥2,200, reflecting a higher segment-based P/E (equivalent to

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

14.6x our F3/28 forecast vs 12.9x previously), due in part to the increasing earnings