• Strong delivery in the Fiber business – FY3/26 beat the revised FY
guidance across all metrics, driven by a resilient Fiber segment. Fiber
was boosted by robust exports of functional yarn and fabric, as well
as winter temperature fluctuations. The newly acquired Triacetate
fiber (Soalon) business boosted Outerwear, and Innerwear saw a
major profit expansion following strategic price hikes. Meanwhile,
Machinery & Equipment spearheaded the Industrials division, while
other industrial subsegments faced headwinds. Given that several
key metrics have already been cleared ahead of schedule, we
believe visibility is getting higher for achieving the Medium-term
Management Plan target, “GSI CONNECT Phase 2”. Shareholder
returns remain attractive, backed by a share buyback program and a
progressive dividend policy.
