Briefing: Electronics materials, aircraft materials and UIJP strong: Briefing: Interlayer films softer, but electronics materials and aircraft materials remain strong

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Sekisui Chemical (4204)

Briefing: Electronics materials, aircraft

materials and UIEP strong

Maintain Rating: BUY | PO: 2,870 JPY | Price: 2,665 JPY

Briefing: Interlayer films softer, but electronics materials

and aircraft materials remain strong

31 July 2026

Equity

The key messages from the 31 July briefing are as follows. Electronics materials, aircraft

materials, Housing, and Urban Infrastructure & Environmental Products remained broadly

strong, reinforcing our Buy rating.

Takashi Enomoto >>

Research Analyst

BofAS Japan

1Q exceeded plan, driven by High-Performance Plastics and Urban Infrastructure &

Environmental Products. Housing performed broadly in line with expectations. That said,

some of the strong 1Q performances reflected demand pull-forward. Management

indicated that inventory build-ups in pipe and building materials within Urban

Infrastructure & Environmental Products, as well as industrial tapes and foams within

High-Performance Plastics, contributed around ¥5bn at the gross profit level from 1Q to

2Q.

Kyoji Chiba >>

Research Analyst

BofAS Japan

Within High-Performance Plastics, binder resins for MLCCs (multilayer ceramic

capacitors), semiconductor-related tapes, and SELFA posted strong growth in 1Q, with

momentum expected to continue in 2Q. Interlayer films for automotive applications

were weak in China, although demand for HUD (Head-Up Display) applications expanded.

In Europe, the company expects market share gains following the resolution of its patent

dispute with Kuraray. Aircraft materials also performed better than planned.

In Housing, orders for both detached houses and apartment buildings remained solid,

with growth in orders outpacing growth in unit sales in both 1Q and 2Q. In Urban

Infrastructure & Environmental Products, price pass-through has progressed faster than

expected, while spreads have remained favorable.

Estimates (¥)

EPS

EPS Change (YoY)

Consensus EPS (Visible Alpha)

Dividend / Share

BPS

Valuation

P/E

Dividend Yield*

P/B

EV/ EBITDA*

Free Cash Flow Yield*

3/25A

3/26A

3/27E

3/28E

3/29E

Other GAAP

195.93

6.8%

182.70

-6.8%

79

1,933.6

80

2,108.4

189.24

3.6%

194.74

81

2,211.3

230.83

22.0%

224.41

92

2,350.2

…