F3/27 1Q Results 1st Impression: No Surprise in Results or Full-year Guidance

研报英文原文证据摘录

F3/27 1Q Results 1st Impression: No Surprise in Results or Full-year Guidance

Update

August 4, 2026 04:25 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTosoh (4042) | Japan Takato Watabe

Equity Analyst

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

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

No Surprise in Results or Full- Kayoko Shoji

Research Associate

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

year Guidance Kano Fujita

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

1Q results beat our estimates by a bit; full-year guidance is in line with our

expectations: Tosoh released results at 1pm. 1Q OP was up 94% YoY to ¥31.2bn,

slightly above our estimate (¥28.5bn; FactSet consensus ¥30.4bn). The increase in

profit was driven largely by the chemical chain businesses (Basic Chemicals and

Value-Added Chemicals). The company also released its OP forecasts (previously

undisclosed): 1H ¥50bn (+12% YoY; our forecast ¥58bn, FactSet consensus ¥52.2bn), Tosoh (4042.T, 4042 JT)

full year ¥105bn (+10% YoY; our forecast ¥106bn, FactSet consensus ¥112bn). Petrochemical Majors | Japan

Guidance is broadly in line with our forecast and brings no surprises. We intend to Stock Rating Equal-weight

Industry View Attractive

follow up with details after the earnings conference call scheduled for 5pm today. Price target ¥2,900

We view the results and guidance announcement as neutral for the share price. Shr price, close (Aug 3, 2026) ¥2,704

Mkt cap, curr, basic (bn) ¥832.5

Avg daily trading value (bn) ¥3.3

Related reports:

Petrochemical Majors: FY26 Apr–Jun Results Preview: Expect Consensus Overshoot

(23 Jul 2026)

Tosoh: Engineering Strong, Commodity Products Weak (2 Jul 2026)