F3/27 1Q Results: 1Q OP Tops Consensus on Price Pass-Throughs, Higher Volumes; Also Announces Full-Yr Guidance and DPS Hike

研报英文原文证据摘录

F3/27 1Q Results: 1Q OP Tops Consensus on Price Pass-Throughs, Higher Volumes; Also Announces Full-Yr Guidance and DPS Hike

Update

August 4, 2026 07:50 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAica Kogyo (4206) | Japan Toshiyuki Anegawa

Equity Analyst

F3/27 1Q Results: 1Q OP Tops Toshiyuki.Anegawa@morganstanleymufg.com +81 3 6836-8914

Consensus on Price Pass-

Throughs, Higher Volumes; Also

Aica Kogyo (4206.T, 4206 JT)

Housing | Japan

Announces Full-Yr Guidance Stock Rating Overweight

Industry View In-Line

Price target ¥4,050and DPS Hike Shr price, close (Aug 4, 2026) ¥3,904

Mkt cap, curr, basic (bn) ¥247.0

Avg daily trading value (bn) ¥0.8

AlphaSignals Earnings Reaction

Strengthens our thesis 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

Key Takeaways

Results announced 11:30 JST. Announces full-yr guidance and DPS hike.

Chemical Products: OP ¥3.5bn (+66.8% YoY), with growth driven by progress

with broad price pass-throughs and higher volumes due to supply constraints at

peers.

Laminates & Building Materials: OP ¥6.9bn (+30.0% YoY) on solid results for

value-added products and contributions from 1Q consolidation of Indian firm

Stylam.

Results vs. forecast: 1Q OP topped our forecast and the consensus. Laminates &

Building Materials benefited from Stylam consolidation (we had expected

contributions from 2Q), with Stylam posting 1Q sales of ¥5.5bn and management

reporting OP after goodwill amortization of ~¥1.0bn.

Surprises: The extent of the 1Q OP beat and full-year guidance hike were the main

surprises. However, NP did not match the OP overshoot after the deduction of