2025-06-10-花旗集团-立邦涂料控股（4612）_立邦涂料控股（4612.T）_最新情况-中国利润率改善_AOC表现良好_17页_573kb

Nippon Paint Holdings Analysis

• Updated Forecast: Citigroup revised its FY12/25 operating profit (OP) estimate from ¥233bn to ¥251bn, citing strong China performance and AOC results.

• China Market: Margins improved due to lower material costs, price hikes, and SG&A controls, with OPM reaching 14.8% and potential for further declines.

• AOC Update: AOC's March results exceeded expectations in the US housing market, but Europe's slowdown could impact future contributions.

• Valuation: Shares rated "Neutral" with a target price of ¥1,150 (PER 15x). Expected 12-month return 0.7%, dividend yield 1.5%.

• Risks: Downside includes Chinese market weakness and AOC underperformance; upside depends on China/Europe recovery or higher AOC EPS.