F3/27 1Q Results: Upwardly Revises F3/27 Plan on Strong Semiconductor Trends

研报英文原文证据摘录

F3/27 1Q Results: Upwardly Revises F3/27 Plan on Strong Semiconductor Trends

Update

July 28, 2026 11:43 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNitto Denko (6988) | Japan Takato Watabe

Equity Analyst

F3/27 1Q Results: Upwardly Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

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

Revises F3/27 Plan on Strong Kayoko Shoji

Research Associate

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

Semiconductor Trends Kano Fujita

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

AlphaSignals Earnings Reaction

Unchanged Modest upside Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Nitto Denko (6988.T, 6988 JT)

Key Takeaways Electronic Chemicals | Japan

1Q results above our forecast/the consensus. Stock Rating Underweight

Industry View In-Line

Full-year guidance raised despite incorporating the negative impact of the Price target ¥3,000

Shr price, close (Jul 28, 2026) ¥3,446

deteriorating situation in the Middle East. Mkt cap, curr, basic (bn) ¥2,321.4

Avg daily trading value (bn) ¥10.9

Expect positive impact on short-term share price.

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