Mitsubishi Chemical Group: 27/3 Q1 results: Strong performance thanks to frontloaded demand and cost pass-throughs

研报英文原文证据摘录

Mitsubishi Chemical Group: 27/3 Q1 results: Strong performance thanks to frontloaded demand and cost pass-throughs

Global Markets Research

31 July 2026Mitsubishi Chemical Group

4188.T 4188 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

27/3 Q1 results: Strong performance thanks to Rating Neutralfrontloaded demand and cost pass-throughs

Target price JPY 1,200Quick Note

Closing price

31 July 2026 JPY 1,188.0First impression in line: We like cost pass-throughs, but expect some fallback in Q2

Mitsubishi Chemical Group announced 27/3 Q1 results at 13:30 JST on 31 July and held (Note: Quick Note reports are not a

an online briefing after the close. Q1 core operating profits of ¥114.1bn (up 2-fold y-y) beat vehicle for changes to ratings, target

our forecast of ¥84.6bn. The company raised its H1 core operating profit guidance from prices, or earnings forecasts)

¥139.0bn to ¥194.0bn (versus our forecast of ¥161.1bn) to reflect naphtha inventory

valuation gains, frontloaded demand because of customer concerns about procurement,

and strong semiconductor-related demand, but retained its full-year guidance of ¥305.0bn

(versus our forecast of ¥306.2bn), citing the difficulty of forecasting the H2 outlook. Q1 Research Analysts

core operating profits were much higher than we had expected. The share price rose 4%

Japan chemicals & textilesd-d on 31 July as investors took a positive view of cost pass-throughs. However, strong

Shigeki Okazaki - NSCperformance in Q1 looks to have been due in part to rush demand, on which basis our first

shigeki.okazaki@nomura.com

impression of the online briefing is neutral. +81 3 6703 1170

Company assumes no major q-q change in MMA capacity utilization in Q2, market

prices down