Resonac stock enters spin off era with JPY 196 billion forecast

Published on 10/07/2026 at 02:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Resonac stock was last at JPY 17,940 on October 6, 2026, down 0.33 percent. First-half core operating profit reached JPY 88.8 billion, 2.6 times the year-earlier level.

Resonac, JP3368000000, Illustration mit AI erstellt.

Resonac (JP3368000000) was last at JPY 17,940 on TSE Prime on October 6, 2026 at 3:30 p.m. JST, down 0.33 percent. The company completed the partial spin-off of Kurasas Chemical on October 1, 2026, changing the group perimeter as it advances its semiconductor materials strategy.

Spin-off changes the group perimeter

According to Japan IR, Resonac's equity ratio in Kurasas Chemical fell to 18.57 percent after the transaction, and the petrochemical business ceased to be a consolidated subsidiary and an equity-method affiliate. The distributed assets had a book value of JPY 37,989,829,147, equivalent to JPY 199.02 per share.

The accounting effect is material because the petrochemical business will be treated as a discontinued operation. The company therefore expects consolidated revenue to fall in the reported presentation, while earnings per share will not change solely because of the reclassification.

Profit guidance rises on AI materials

Resonac's first-half 2026 revenue reached JPY 676.9 billion, up JPY 34.8 billion from the year-earlier period, according to the Yahoo Finance transcript dated August 6, 2026. Core operating profit rose to JPY 88.8 billion, 2.6 times the year-earlier level, while EBITDA reached JPY 134.3 billion and the EBITDA margin improved to 19.8 percent from 12.7 percent.

The semiconductor and electronic materials segment supplied the clearest operating signal. Its first-half revenue increased 30 percent to JPY 299 billion, while core operating profit rose 92 percent to JPY 81.5 billion, lifting the segment EBITDA margin to 35.2 percent from 27.8 percent.

Management also raised the full-year 2026 core operating profit forecast to JPY 196 billion, a 40 percent increase from the previous forecast. The revised outlook includes revenue of JPY 1.165 trillion, profit attributable to owners of the parent of JPY 112.5 billion and an EBITDA margin of 24.4 percent.

Analysts see further valuation room

The analyst consensus published by MarketScreener is Buy from 12 analysts, with an average target of JPY 20,703.33. That target lies 15.4 percent above the JPY 17,940 price on October 6, 2026, using the same currency; the consensus page also lists an average spread of 49.00 percent against its earlier reference price.

The valuation question is therefore tied to execution rather than the headline forecast alone. The spin-off reduces exposure to the lower-margin petrochemical business, while the semiconductor materials segment must sustain its 30 percent revenue growth and 35.2 percent EBITDA margin to justify the higher profit outlook.

Stock remains below yearly high

Resonac stock was last at JPY 17,940 on TSE Prime on October 6, 2026, with a session range of JPY 17,180 to JPY 18,125 and a 52-week range of JPY 5,333 to JPY 20,191. Market capitalization stood at JPY 3.4 trillion and volume reached 3,487,500 shares.