Toray (3402) 1Q FY2026 results: Both 1Q results and new 1H guidance beat consensus view

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

Toray (3402)

1Q FY2026 results: Both 1Q results and new 1H

guidance beat consensus view

Positive: Toray announced 1Q (April-June) FY2026 results at 13:00 on August 6

and held a briefing for investors from 15:00. Our impression is positive as both 1Q

results and new 1H guidance are much higher than the consensus view due to

demand recovering in aircraft, automotive, and other applications, and swift cost

pass-through via measures like the introduction of surcharges. The company’s

share price rose sharply after the results announcement and closed up 9.34% on the

previous day (TOPIX: +0.24%).

1Q results: 1Q business profit of ¥48.4 billion is 46.5% higher than the

Bloomberg consensus estimate (which may mix operating profit and business

profit forecasts). Business profit beat our estimate by ¥15.0 billion, breaking

down into overshoots of ¥9.0 billion in performance chemicals, ¥3.8 billion in

carbon fiber composite materials, ¥1.9 billion in fibers & textiles and ¥0.4

billion in others. In performance chemicals, Toray offset the input price surge

caused by the deterioration of the situation in the Middle East via cost passthrough, resulting in a ¥1.2 billion boost from higher prices, while higher sales

volume of MLCC-use film and power inductor materials led to a ¥5.6 billion

boost from higher volume. Carbon fiber composite materials saw a ¥9.1 billion

boost from higher volume as sales for aircraft applications grew strongly due

to higher output at customers, which covered dents including ¥2.9 billion from

price declines and ¥3.4 billion from higher costs.

Outlook: Toray raised 1H business profit guidance from ¥73.0 billion to

28.2% YoY growth to ¥87.0 billion. Guidance is up for all segments, by ¥6.0

billion for performance chemicals, ¥3.5 billion for carbon fiber composite

materials, ¥3.0 billion for fibers & textiles, and by ¥1.5 billion for water

treatment & healthcare. In 2Q, management expects QoQ profit growth of ¥2.1

billion in fibers & textiles owing to the peak demand season for apparel fabrics,

countered by declines of ¥8.1 billion in performance chemicals due to

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