Nippon Paint Holdings (4612.T): Holds briefing on integrated report, our thinking on Akzo Nobel asset acquisition

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Nippon Paint Holdings (4612.T): Holds briefing on integrated report, our thinking on Akzo Nobel asset acquisition

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16 Jul 2026 21:14:50 ET │ 10 pages

Nippon Paint Holdings (4612.T)

Holds briefing on integrated report, our thinking on Akzo Nobel asset

acquisition

CITI'S TAKE Neutral

Price (16 Jul 26 15:30) ¥1,081.5 Nippon Paint held a briefing on its integrated report on July 16. We

Target price ¥1,190.0 understand the improvements and changes in the 2026 integrated report

include greater incorporation of investor perspectives than before Expected share price return 10.0%

(detailed description of Nippon Paint’s awareness and analysis of low Expected dividend yield 1.6%

valuations) and introduction of examples of other acquisition-driven Expected total return 11.6%

companies that are similar in terms of characteristics and advantages of Market Cap ¥2,508,494M

the “asset assembler” model. While there was no explanation specifically US$15,545M

focused on the Akzo Nobel asset acquisition proposal at this briefing, the

company's M&A policy was emphasized once again (with the same

explanations as before, which we discuss below).

Yuta NishiyamaAC

Our thinking on the Akzo Nobel asset acquisition — Nippon Paint HD +81-3-6776-4643

yuta.nishiyama@citi.comacknowledged that it submitted a proposal to acquire AKZA's decorative paints

(deco) business for €7.5bn (c¥1.39trn) on July 13. AKZA had announced plans to

merge with Axalta (AXTA) in November 2025, with the process underway and closing

scheduled for end-2026 to early 2027. Nippon Paint submitted multiple acquisition

proposals to AKZA jointly with Sherwin-Williams (SHW) in April-May (with Nippon

Paint acquiring the deco business and SHW acquiring the coatings business), but it