27/3 Q1 results: Profits up sharply on inventory valuation gains and rush demand: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Profits up sharply on inventory valuation gains and rush demand: Quick Note

Global Markets Research

31 July 2026Asahi Kasei

3407.T 3407 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

27/3 Q1 results: Profits up sharply on inventory Rating Neutralvaluation gains and rush demand

Target price JPY 1,740Quick Note

Closing price

31 July 2026 JPY 1,722.5First impression in line: No surprises ex one-time factors

Asahi Kasei released 27/3 Q1 results at 12:30 JST on 31 July and held an online briefing (Note: Quick Note reports are not a

from 15:00. Operating profits rose 52% y-y to ¥81.3bn, exceeding the QUICK consensus vehicle for changes to ratings, target

forecast of ¥64.6bn and our forecast of ¥71.1bn. The company retained its 27/3 operating prices, or earnings forecasts)

profit guidance of ¥248.0bn versus the 31 July QUICK consensus forecast of ¥255.3bn

and our forecast of ¥261.1bn, but said it intended to revisit it when it releases H1 results. It

is guiding for 27/3 H1 operating profits of ¥145.0bn, versus the QUICK consensus of

¥126.8bn and our forecast of ¥128.6bn. Research Analysts

Q1 operating profits beat our forecast, but this looks to have been mainly due to inventory Japan chemicals & textiles

valuation gains at the essential chemical and performance chemical businesses (boosting Shigeki Okazaki - NSC

operating profits by just over ¥20bn y-y) and rush demand at the comfort life business shigeki.okazaki@nomura.com

(frontloaded demand), on which basis our first impression is neutral. +81 3 6703 1170

Concerns about downside for IgA nephropathy treatment, potential contraction in Japan pharmaceuticals &

losses at Aicuris healthcare

Sales of IgA nephropathy treatment Tarpeyo rose 12% y-y in Q1. The company said that Hiroyuki Matsubara, Ph.D. - NSC