Business Briefing: New CEO Structure and Portfolio Transformation

Mitsui Chemicals' new CEO Satoshi Ichimura is accelerating a 100-day plan for portfolio transformation toward a 'global specialty company' model. Goldman Sachs remains Neutral with a ¥2,310 TP, citing near-term profit headwinds despite structural progress.

Key Takeaways

• 1.New CEO Satoshi Ichimura aims to transform Mitsui Chemicals into a 'truly global specialty company' with a cross-functional 100-day plan.
• 2.The Basic & Green Materials (B&GM) segment is targeted for a split-off by FY3/28, alongside consolidation of ethylene crackers.
• 3.Growth areas (Life & Healthcare, Mobility, ICT) now account for ~70% of overseas sales, with strong expansion in India and the Americas.

Table of Contents

• Basic & green materials (B&GM): Near-term response to the Middle East situation and roadmap for reorganization of complexes
• Main updates on the three growth areas and our views
• Accelerated global expansion and M&A, accelerated business portfolio transformation
• GSe/TP revisions
• Exhibit 1: Earnings summary: Mitsui Chemicals
• Price Target Risks and Methodology - Mitsui Chemicals
• Disclosure Appendix

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