Morgan Stanley-hosted Meeting with Top Management: Next Long-term Vision to Possibly Prompt Another Level of Restructuring

研报英文原文证据摘录

Morgan Stanley-hosted Meeting with Top Management: Next Long-term Vision to Possibly Prompt Another Level of Restructuring

Update

July 17, 2026 05:59 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKuraray (3405) | Japan Takato Watabe

Equity Analyst

Morgan Stanley-hosted Meeting Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

with Top Management: Next Kayoko Shoji

Research Associate

Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Long-term Vision to Possibly Kano Fujita

Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Prompt Another Level of

Restructuring

Wide-ranging discussion with President Kawahara: On July 17, we hosted a group

Kuraray (3405.T, 3405 JT)

meeting with President Kawahara and Senior Managing Executive Officer Fujiwara,

Electronic Chemicals | Japan

where we discussed progress under PASSION 2026, the company’s medium-term

Stock Rating Equal-weight

management plan for 2022-26, which concludes this fiscal year. Earnings exceeded Industry View In-Line

the company’s initial plan in the first half of the plan period, prompting it to raise its Price target ¥1,750

Shr price, close (Jul 16, 2026) ¥1,767

final-year OP target for 2026 from ¥100bn to ¥110bn. However, the company now Mkt cap, curr, basic (bn) ¥542.4

forecasts F12/26 OP of ¥70bn due to the impact of US tariffs and the situation in Avg daily trading value (bn) ¥2.9

the Middle East. It said that sales volume and capacity utilization account for three-

quarters of the ¥40bn difference. Management also cited intensifying competition

with latecomer competitors in China and other parts of Asia in products such as

isoprene-based materials as a factor. On the non-financial front, management