Japan Chemicals: Apr-Jun 2026 earnings preview

研报英文原文证据摘录

Japan Chemicals: Apr-Jun 2026 earnings preview

gap relative to SUMCO is 4063

widening, and that the stock offers the sense of security associated with a high-quality company.

The stock price has been range-bound amid concerns about the risk of losing market share. However, when meeting with the business units of other companies that are Nittobo's customers, they have told us if they are able to procure from Nittobo, they will prioritize Nittobo

Nittobo over others. Q1 results appear strong (driven by T-glass volume and pricing, as well as NER volume). We think the company will soon announce production increases and additional price hikes for T-glass. Factoring in the additional price hikes, we forecast 3110

FY3/28 EPS of ¥180 and FY3/29 EPS of ¥220. The stock looks very undervalued.

The share price has been trending higher since hitting a low in May. In India, positive factors include a market price recovery, the acceptance of price hikes, and resilient auto production volumes. In Europe, structural reforms have made progress, and making the Kansai Paint

Turkish equity-method affiliate a wholly-owned subsidiary is likely to boost OP and EPS. With naphtha prices falling back to the level seen prior to the Middle East situation, price pass-through is proceeding more rapidly than during past periods of surging raw 4613

material costs. The dividend yield is in the 4% range and is therefore providing downside support.

Nippon Paint HD The share price has been range-bound. Q1 results exceeded expectations, and management said that full-year guidance is fully achievable (a guidance miss was previously a concern). Heading into Q2, price pass-through appears to be proceeding smoothly in all

4612 regions, and sales volumes remain resilient.