F3/27 1Q Results: Positive; Guidance Hiked on Price Increases and Strong Specialty Glass Demand

研报英文原文证据摘录

Not for redistribution without written consent of Morgan Stanley

M

Update

August 5, 2026 11:02 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Nitto Boseki (3110) | Japan

Yoshihito Hasegawa

Equity Analyst

F3/27 1Q Results: Positive;

Guidance Hiked on Price

Increases and Strong Specialty

Glass Demand

AlphaSignals Earnings Reaction

Strengthens our thesis

Meaningful upside

Meaningful revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Nitto Boseki (3110.T, 3110 JP)

Mid Small Cap/Manufacturer | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Overweight

In-Line

¥6,000

¥3,555

¥647.1

¥32.2

Source: Company data, Morgan Stanley Research

Key Takeaways

Nitto Boseki reported F3/27 1Q sales of ¥34.0bn (F3/26 4Q: ¥30.6bn) and OP of

¥7.94bn (¥5.89bn). YoY, sales were +21% and OP +85%.

By segment, 1Q profit was ¥7.04bn for Electronic Materials (F3/26 4Q: ¥5.56bn),

¥0.7bn for Medical (¥0.58bn), and ¥0.2bn (-¥0.25bn) for the Composite

Materials, Materials Solution, and Insulation Materials segments.

The company raised full-year sales guidance from ¥137bn to ¥141bn and OP

guidance from ¥26bn to ¥30bn. Its FX assumption was adjusted from ¥153 to

¥158/$.

By segment, the company raised OP guidance from ¥26bn to ¥28bn for

Electronic Materials, from ¥2.5bn to ¥2.8bn for Medical, and from -¥2.5bn to ¥0.8bn for the Composite Materials, Materials Solution, and Insulation Materials

segments.

The 1H plan calls for sales of ¥69.3bn (+21% YoY) and OP of ¥15.3bn (+62%),

implying 2Q sales of ¥35.3bn and OP of ¥7.36bn.

Nitto Boseki held a briefing at 5:30pm. Solid 1Q results and a guidance hike,

supported by the effects of price revisions (including for insulation and other

materials outside of electronic materials) and robust growth in demand for specialty

glass, look positive and are likely to have a favorable impact on the share price.

Points from the briefing include: 1) In T-glass, the company will continue to pursue

greater market scale by expanding its market share, and is therefore looking into

means of increasing capacity from F3/29.…