F3/27 1Q Results: Strong Earnings Momentum Continues, Led by Key Growth Businesses

研报英文原文证据摘录

F3/27 1Q Results: Strong Earnings Momentum Continues, Led by Key Growth Businesses

Update

July 31, 2026 09:31 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAsahi Kasei (3407) | Japan Takato Watabe

Equity Analyst

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

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

Earnings Momentum Continues, Kayoko Shoji

Research Associate

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

Led by Key Growth Businesses Kano Fujita

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

AlphaSignals Earnings Reaction

Unchanged Meaningful upside Modest revision higher

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

consensus EPS

Source: Company data, Morgan Stanley Research

Asahi Kasei (3407.T, 3407 JT)

Key Takeaways Petrochemical Majors | Japan

F3/27 1Q OP was well above our estimate and the consensus. Stock Rating Overweight

Industry View Attractive

Management issued F3/27 1H guidance, which tops our estimate & consensus. Price target ¥2,200

Shr price, close (Jul 31, 2026) ¥1,723

Mkt cap, curr, basic (bn) ¥2,336.5

Full-year guidance set for significant hike at 1H results: Results were announced Avg daily trading value (bn) ¥7.5

at 12:30 on Jul 31 (JST), with a same-day online briefing at 15:00. As previously

reported, F3/27 1Q OP was +52% YoY at ¥81.3bn, well above our ¥69.5bn forecast Related Report:

(FactSet consensus: ¥65.1bn). The company posted substantial profit growth, driven Mitsubishi Chemical Group: F3/27 1Q Results 1st

by earnings expansion in key growth businesses such as Electronics and Healthcare, Impression: Significant Beat, Mainly in Specialty

as well as an improvement in profitability in its petrochemical-related Materials (31 Jul 2026)