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Rating
Buy (Previous: Neutral)
Target Price
JPY 2,400 (Previous: JPY --)
Share price
1,839 (16/05/02)
52-week high
JPY2,560 (15/06/04)
52-week low
JPY1,595 (15/09/29)
TOPIX
1,299
PER
PBR
1.1x (16/3)
ROE
Market
Capitalization
Outstanding
Shares
JPY382.9 billion
208,232 thousand shares
Takashi Nishihira
Sector
coverage:
Chemicals, Textiles
Revenue
Net income
EPS
Dividends
15/3
526,687
22,587
108.5
36.0
16/3
546,468
53,036
53,682
38,512
185.0
50.0
Company
550,000
54,000
55,000
38,500
184.9
50.0
Okasan Previous
583,000
55,000
57,000
40,000
192.1
50.0
Okasan Current
550,000
54,000
55,000
38,500
184.9
50.0
Okasan Previous
610,000
61,000
63,500
44,500
213.7
50.0
Okasan Current
571,000
58,500
60,000
42,000
201.7
50.0
598,000
64,500
66,500
46,500
223.3
50.0
17/3 (forecast)
18/3 (forecast)
19/3 (forecast)
Okasan Previous
Okasan Current
FY16/3 1Q
FY16/3 2Q
FY16/3 3Q
FY16/3 4Q FY17/3 1Q (F) FY17/3 2Q (F) FY17/3 3Q (F) FY17/3 4Q (F)
70,966
68,679
69,363
60,761
69,800
70,600
69,800
63,800
21,500
21,200
21,000
20,200
22,200
22,400
22,200
21,200
6,300
5,400
5,300
5,600
6,400
6,200
6,200
6,200
16,200
16,000
16,900
13,900
16,900
16,800
17,300
15,000
18,800
19,600
19,000
17,300
19,300
20,200
19,600
16,900
8,166
6,479
7,163
3,761
5,000
5,000
4,500
4,500
66,614
69,345
70,375
70,365
65,800
69,800
70,200
70,200
32,200
31,600
32,000
31,100
31,500
32,000
32,000
32,000
23,100
25,800
28,200
28,700
23,800
26,800
28,700
29,700
10,300
10,000
8,700
8,000
10,000
10,500
9,000
8,000
1,014
1,945
1,475
2,565
500
500
500
500
137,580
138,024
139,738
131,126
135,600
140,400
140,000
134,000
9,279
10,680
11,243
7,372
9,000
9,500
12,500
8,500
1,638
1,726
2,621
8,403
1,500
2,000
2,500
8,500
48
(31)
77
(20)
0
0
0
0
10,965
12,375
13,941
15,755
10,500
11,500
15,000
17,000
Functional Materials
Electronics Materials
Inorganic Materials
Polymer Science Materials
Printed Wiring Board Materials
Others
Advanced Components & Systems
Automotive Products
Energy Storage Devices & Systems
Electronic Components
Others
Consolidated revenue
Functional Materials
Advanced Components & Systems
Adjustments
Consolidated operating income
* Figures may not add due to rounding.
Source: Financial summary, Company data. Forecast & Compiled by Okasan Securities
FY16/3
269,769
83,900
22,600
63,000
74,700
25,569
276,699
126,900
105,800
37,000
6,999
546,468
38,574
14,388
74
53,036
FY17/3 (F)
274,000
88,000
25,000
66,000
76,000
19,000
276,000
127,500
109,000
37,500
2,000
550,000
39,500
14,500
54,000
FY18/3 (F)
288,000
91,500
31,200
68,000
78,000
19,300
283,000
131,000
112,000
38,000
2,000
571,000
42,500
16,000
58,500
FY19/3 (F)
306,000
95,500
40,600
70,000
80,000
19,900
292,000
135,000
116,000
38,500
2,500
598,000
46,500
18,000
64,500
Source: Financial summary, Company data. (F)= Okasan Forecast, (CE)= Company Estimates. Compiled by Okasan Securities
FY17/3 (CE)
274,000
87,900
24,100
67,700
76,100
18,200
276,000
126,100
109,000
37,500
3,400
550,000
40,300
13,700
54,000
Revenue
Cost of sales
Gross profit
(Gross profit margin)
SG & A expenses
Other income
Other expenses
Operating Income
(Operating profit margin)
Financial income
Financial expenses
Share of profits of investments
3,223
3,500
accounted for using the equity method
Income before income taxes
53,682
54.7%
55,000
2.5%
Income tax
14,530
15,800
Net Income
39,152
71.2%
39,200
0.1%
Net income attributable to:
Owners of the parent
38,512
70.5%
38,500
0.0%
Non-controlling interests
640
700
R&D expenditure
27,800
28,000
Capital expenditure
32,022
45,200
Depreciation & Amortization
28,844
30,500
Source: Financial summary, Company data. Forecast & compiled by Okasan Securities
3,700
4,000
60,000
17,200
42,800
9.1%
42,000
800
28,500
46,000
31,000
9.1%
9.2%
66,500
19,100
47,400
10.8%
46,500
900
29,000
47,000
31,500
10.7%
10.7%
Rating Standards
Buy: Six-month target price exceeds the current price by 10% or more.
Neutral: Six-month target price is within +/10% of the current price.
Sell: Six-month target price falls below the current price by 10% or more.
Definition of Target Share Price & Disclaimer
The target price recorded herein is expected to be met within six (6) months from the date of publication and is based on
analyst earnings forecasts of the company under review, calculated by such means as multiple valuations and discounted
cash flow as determined to be appropriate by the Corporate Research Department of Okasan Securities. Potential risks
that may prevent the share price from achieving the target price include (1) the competitive environment in major markets
of the company under review (including corporate acquisitions, lawsuits, etc.); (2) fluctuation in the demand for products
and services; (3) fluctuation in raw material and fuel prices; (4) economic conditions affecting the company under review;
(5) foreign exchange rate fluctuations; (6) domestic and overseas financial and property market conditions; (7) regulatory
changes; (8) accidents and natural disasters (including man-made); and (9) social responsibility. In addition to the
preceding risks, the target price may not be achieved as a result of future risks not anticipated at present.
Notes Related to the Individual Stock Discussed in This Document
This document has been translated partially or fully from the Japanese original, and the Japanese text shall take
precedence.
In the instance of a change in the analyst in charge of covering a given stock, the rating assigned by the previous analyst
is stated as the Previous rating to maintain continuity of Okasan Securities ratings.
Share prices indicated are the closing price of the stated trading day. For 52-week highs and lows, figures are adjusted for
ex-rights based on the contract price at the time of its creation (morning/afternoon session) during regular trading hours at
the securities exchange.
Unless otherwise noted, the company under review is listed on the Tokyo Stock Exchange. If the company is listed on
multiple exchanges, the exchange where the trading volume of the shares is the greatest is recorded.
If no date is indicated for TOPIX, market capitalization, or other items, then the date is the same as the date listed for the
share price.
PBR is in principle calculated from the book value of the most recent fiscal year end released by the company under
review, but Okasan Securities computes it from our own figures when necessary.
For shareholders equity used to calculate ROE, the amount of net assets minus the amount of equity warrants and
minority interest may be used when necessary.
EPS forecasts (incl. company and previous forecasts) are calculated by dividing net income by the outstanding number of
shares. No consideration is given to pending public offerings or stock splits.
Market capitalization is calculated from the share price and the outstanding number of shares.
The outstanding number of shares does not include treasury stock. In principle, Okasan Securities uses the companys
officially announced number of shares outstanding as of the most recent fiscal year end, but Okasan Securities may
estimate the outstanding number of shares in the case of stock splits, public share offerings, share repurchases, and other
instances as necessary.
Under Japanese standards, consolidated net income is that portion of the net income that is attributable to the owners of
the parent (effective for corporate accounting years starting on or after 1 Apr 2015).
Net income booked under US Generally Accepted Accounting Principles (GAAP) refers to that portion that is returned to
the shareholders of the company under review.
Net income booked under International Financial Reporting Standards (IFRS) refers to that portion that is returned to the
owner of the parent company of the company under review.
(Last updated: April 2015)