Sekisui Chemical (4204) FY17 Q1Results – Waiting for Growth Strategi...

Key Points   Sekisui’s shares finished up 1.7% on July 27th after the mid-afternoon Q1 announcement, but fell back 2.0% on July 28th. FY17 Q1 OP grew 12.6% YoY, but rising raw material costs partially offset higher volumes. RP rose 128%, and NP expanded by 150x from a very low level a year ago – boosted by a ¥1bn land sale at a subsidiary. Non-operating profits were boosted by a ¥3.4bn improvement in forex factors and the dropping out of ¥3.1bn in restructuring related costs.   High-Perf...