Points from F11/26 1H Results Briefing: Semi-related Demand Still Strong; 2H View for Higher Raw Material Cost Impact, Increased Labor Costs Ahead of Medium-term Capacity Adds

研报英文原文证据摘录

Points from F11/26 1H Results Briefing: Semi-related Demand Still Strong; 2H View for Higher Raw Material Cost Impact, Increased Labor Costs Ahead of Medium-term Capacity Adds

Update

July 10, 2026 08:39 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MOsaka Organic Chemical Industry (4187) | Japan Yoshihito Hasegawa

Equity Analyst

Points from F11/26 1H Results Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Briefing: Semi-related Demand

Still Strong; 2H View for Higher

Osaka Organic Chemical Industry (4187.T, 4187 JP)

Mid Small Cap/Manufacturer | Japan

Raw Material Cost Impact, Stock Rating Overweight

Industry View In-Line

Price target ¥7,400Increased Labor Costs Ahead of Shr price, close (Jul 10, 2026) ¥5,100

Mkt cap, curr, basic (bn) ¥103.7

Medium-term Capacity Adds Avg daily trading value (bn) ¥0.5

Key Takeaways

F11/26 guidance calls for sales ¥39bn (1H actual: ¥20bn, 2H plan: ¥19bn) and OP

of ¥7.5bn (1H: ¥4.4bn, 2H: ¥3.1bn).

2H profit detractors: Change in mix, drop-out of temp demand, impact of higher

raw material costs (2H cost rise due to moving avg method), higher fixed costs

from headcount adds/increased employee compensation, and higher D&A.

Demand remains strong for semiconductor photoresist monomers (core

electronic materials product). Management believes sales growth is being driven

by real demand rather than customer inventory accumulation.

Management expects synergies in semiconductor photoresist materials and other

areas through the capital and business alliance with Sanbo Chemical Ind.

Capex is tracking ahead, led by semiconductor materials production facilities at

the Sakata Plant (¥10bn + α). OOC is pursuing productivity improvements &

automation, but cost pass-through remains an issue for consideration.