F3/27 1Q Results: Company Raises 1H OP Guidance Slightly

研报英文原文证据摘录

F3/27 1Q Results: Company Raises 1H OP Guidance Slightly

Update

July 31, 2026 09:40 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSekisui Chemical (4204) | Japan Ryoichi Watanabe

Equity Analyst

F3/27 1Q Results: Company Ryoichi.Watanabe@morganstanleymufg.comTakato Watabe +81 3 6836-8929

Takato.Watabe@morganstanleymufg.com +81 3 6836-5436

Raises 1H OP Guidance Slightly Kayoko Shoji

Research Associate

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

AlphaSignals Earnings Reaction Kano Fujita

Unchanged Modest upside Largely unchanged Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

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

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1Q OP of ¥25.5bn (+20% YoY) was above consensus of ¥21.6bn and our estimate Sekisui Chemical (4204.T, 4204 JP)

of ¥22.0bn. Fine Chemicals | Japan

Stock Rating Underweight

At the briefing, the company indicated that front-loaded sales contributed Industry View In-Line

approximately ¥5.0bn to gross profit. Price target ¥2,200

Shr price, close (Jul 31, 2026) ¥2,665

Taking into account the reflexive impact from 2Q, it raised its 1H OP guidance Mkt cap, curr, basic (bn) ¥1,075.9

Avg daily trading value (bn) ¥5.9

from ¥46.4bn to ¥48.0bn (our estimate ¥46.5bn).

1Q OP rose to ¥25.5bn (+20% YoY), beating consensus. The company said that price

pass-through for higher raw material costs has progressed smoothly and also noted

that some sales were brought forward into 1Q. Products affected by the front-

loading included pipes and construction materials within the Urban Infrastructure &

Environmental Products segment, as well as industrial products and foamed

products within High Performance Plastics. Among products showing underlying