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On Wednesday, UBS maintained its Buy rating on Mitsui Chemicals, Inc (4183:JP) (OTC:MITUY), while reducing its price target from ¥4,470 to ¥3,900. The revision reflects an adjustment for anticipated slower macro demand and higher than initially estimated repair costs. Despite these factors, UBS sees positive developments in certain segments of the company’s business.
Mitsui Chemicals’ fine chemical-related businesses, particularly those involved with semiconductor materials and agrochemicals in Asia, are reported to be expanding favorably. Additionally, the company is making steady progress in restructuring efforts, both domestically and internationally. This includes its petrochemicals operations and overseas oral care business.
The firm anticipates that these restructuring efforts will contribute to improved earnings by the fiscal year ending March 2026. UBS’s decision to maintain a Buy rating is based on these expectations of future earnings recovery.
UBS also noted that Mitsui Chemicals’ shares have not performed as well as the broader market, indicating a -9.2% underperformance against the TOPIX index since the beginning of the year. According to UBS, the market has not yet priced in the positive aspects of Mitsui Chemicals’ business developments and restructuring progress.
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