F3/27 1Q Results: Better than Expected Boost to Earnings Capacity Leaves Good Impression

研报英文原文证据摘录

F3/27 1Q Results: Better than Expected Boost to Earnings Capacity Leaves Good Impression

Update

July 31, 2026 10:41 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMitsubishi Chemical Group (4188) | Japan Takato Watabe

Equity Analyst

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

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

Expected Boost to Earnings Kayoko Shoji

Research Associate

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

Capacity Leaves Good Kano Fujita

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

Impression

AlphaSignals Earnings Reaction

Unchanged Meaningful upside Largely unchanged

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

consensus EPS Mitsubishi Chemical Group (4188.T, 4188 JT)

Source: Company data, Morgan Stanley Research Petrochemical Majors | Japan

Stock Rating Equal-weight

Industry View Attractive

Key Takeaways Price target ¥1,250

Shr price, close (Jul 31, 2026) ¥1,188

1Q core OP far exceeds our estimate and market forecast, mainly thanks to Mkt cap, curr, basic (bn) ¥1,614.0

specialty segment. Avg daily trading value (bn) ¥6.5

No revision to full-year guidance; only 1H raised.

Related reports:

We expect a solid share price trend near term. Mitsubishi Chemical Group: F3/27 1Q Results 1st

Impression: Significant Beat, Mainly in Specialty

F3/27 1Q results and new 1H guidance significantly exceeded our and market

Materials (31 Jul 2026)

forecasts: Results came out at 1:30pm on July 31 with an online briefing in the

Petrochemical Majors: FY26 Apr–Jun Results

evening. As reported, F3/27 1Q core OP doubled YoY to ¥114.1bn, significantly

Preview: Expect Consensus Overshoot (23 Jul

exceeding our ¥81.0bn forecast and the FactSet consensus of ¥74.9bn.