Nikkei 225 · diversified chemicals · battery separators
Asahi Kasei
Asahi Kasei is a Japanese conglomerate spanning three sectors: Material, Homes and Health Care. Its lithium-ion battery separators, Hipore (wet-process) and Celgard (dry-process), are one of several businesses inside the Material sector and a small share of group revenue. Consolidated net sales for the fiscal year ended March 2026 were JPY 3,074.5 billion (operating income JPY 231.2 billion), with Healthcare leading profit growth while Material declined on inventory valuation.
3407.T Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Asahi Kasei is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · JPY 3,074.5B (consolidated, fiscal year ended March 2026, +1.2%) — operating income JPY 231.2B (+9.1%, 7.5% margin). Healthcare-led (+30% profit); Material down on inventory valuation.
- Customer concentration · The separator (Hipore) business is one of several within the Material sector and a minor share of group revenue; the Material sector is about 42% of sales.
- Segments · Material · Homes · Health Care
Revenue from
- 석유화학·전자재료 고객 (마테리얼 부문) High confidence· Amount ¥1.4T · FY2024 (2025-03) · Material segment net sales
The Material sector, beyond separators, spans petrochemicals, electronic materials and environmental solutions, with net sales of JPY 1,368.8B in the year ended March 2025, about 45% of group revenue; the separator is one business within it.Mentions EN Analyst consensus incl. Okasan, Daiwa, SMBC Nikko (via MarketScreener) Published May 12, 2026: Asahi Kasei analyst consensus (Strong Buy, PT ~JPY 2,107; Okasan Buy JPY 2,200): Healthcare-led profit, Material recoveryConfirms EN Asahi Kasei Published May 12, 2026: Asahi Kasei Consolidated Results, fiscal year ended March 31, 2026Confirms JA Asahi Kasei Securities Report (yukashoken) Published Jun 25, 2025: 134th Securities Report (fiscal year ended March 2025) - 주택 구매자 (주택 부문, 헤벨하우스) High confidence· Amount ¥1T · FY2024 (2025-03) · Homes segment net sales
The Homes sector (Hebel Haus construction and US/Australia housing) posted JPY 1,035.9B in the year ended March 2025, the second largest after Material, running on a cycle unrelated to separators.Confirms JA Asahi Kasei Securities Report (yukashoken) Published Jun 25, 2025: 134th Securities Report (fiscal year ended March 2025) - 병원·제약 (헬스케어 부문) High confidence· Amount ¥615.9B · FY2024 (2025-03) · Health Care segment net sales
The Health Care sector (pharmaceuticals, medical devices, blood purification, critical care) posted JPY 615.9B in the year ended March 2025, the third pillar of the conglomerate structure. - Toyota Tsusho America (TAI) High confidence
Asahi Kasei Battery Separator America (AKBSA) supplies coated Hipore separators from its new Charlotte, North Carolina plant to Toyota Tsusho America (TAI) for automotive lithium-ion batteries — deliveries slated to start mid-2027, with capacity priority given to TAI. Toyota Tsusho (a graph node) is the named, committed offtaker and the real trigger of the separator re-rating thesis; value and volume are undisclosed.Mentions EN Asahi Kasei Published May 12, 2026: Asahi Kasei Consolidated Results, fiscal year ended March 31, 2026Confirms EN Asahi Kasei Published Jul 31, 2025: Asahi Kasei to supply Hipore lithium-ion battery separator to Toyota TsushoMentions JA Development Bank of Japan Published Oct 2, 2024: DBJ investment in Asahi Kasei's North American lithium-ion battery separator business - Samsung SDI Medium confidence
Supplies EV Li-ion battery separators (Hipore wet-process, Celgard dry-process) to Samsung SDI; Asahi Kasei and Toray have been Samsung SDI's largest separator suppliers.Confirms EN Charged EVs Published Feb 5, 2014: Samsung SDI to use Celgard separator in EV and energy storage system batteries
Pays to
- 석유화학 원료·폴리올레핀 (기반 마테리얼) Medium confidence
Separators (microporous polyethylene film) and the chemicals business consume petrochemical feedstock and polyolefin resins; Asahi Kasei operates a basic-materials petrochemical chain exposed to feedstock prices. Specific suppliers undisclosed. - 분리막 증설 설비투자 (북미·캐나다, 비공개 조달) Medium confidence
The separator business carries large capacity capex, including the Charlotte, North Carolina coating plant and an integrated plant in Canada; equipment, construction and energy are cost and investment inputs, with specific vendors undisclosed.Confirms EN Asahi Kasei Published Jul 31, 2025: Asahi Kasei to supply Hipore lithium-ion battery separator to Toyota Tsusho
Investments
- AKBSA North American separator base (North Carolina, Canada) High confidence
The capital axis of the separator re-rating thesis — Asahi Kasei invests heavily via its AKBSA subsidiary in a Charlotte, North Carolina coating plant and an integrated base in Ontario, Canada. A strategic investment pre-building North American EV-separator capacity for IRA/localization demand, with the 2027 supply to Toyota Tsusho the basis for turning it into revenue.Confirms EN Asahi Kasei Published May 12, 2026: Asahi Kasei Consolidated Results, fiscal year ended March 31, 2026
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| Toyota Tsusho | lead1 | +15.8 | +23.1 | +85.3 | -16.3 | +119.8 | +8.7 |
| Asahi Kasei | node | -1.1 | -9.3 | +18.7 | -2.9 | +47.1 | +24.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is how the market prices the fact that this is a diversified group, not a pure separator play. Three segments — Material (~45% of revenue), Homes and Health Care — run on different cycles, diffusing earnings volatility, and the Li-ion separators (Hipore, Celgard) are just one business within Material, a small share of the whole. Yet the re-rating trigger sits in separators — the North American AKBSA (North Carolina, Canada) separator plant and committed supply to Toyota Tsusho (TAI) start up in 2027, opening a growth option (Samsung SDI is also a key customer). The risks are the petrochemical-chain cycle and the housing cycle, so the three segments' offsetting is both a source of stability and the reason a conglomerate discount weighs on it.
Analysis generated from returns as of 2026-05-12Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target ¥2,046 · Price ¥1,842 (07-10) · Upside +11%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | Overweight | ¥2,200 | Jul 3, 2026 | Report ↗ |
| Nomura | Neutral | ¥1,740 | Jun 22, 2026 | Report ↗ |
| BofA | Buy | ¥1,960 | Jun 19, 2026 | Report ↗ |
| Mizuho | Buy | ¥2,100 | Jun 18, 2026 | Report ↗ |
| Goldman Sachs | Buy | ¥2,230 | Jun 8, 2026 | Report ↗ |
Raises target to JPY2,200 from JPY2,050, keeping Overweight.