Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

We provide sponsored research reports on up to 15 Japanese listed companies that have no coverage by sell side analysts or are very thinly covered.

Equity Bottom-Up

<ul><li>MEC (4971 JP) reported FY25 (Dec year-end) Q1~Q3 OP of ¥4,247mil (+16.4% YoY) on sales of ¥14,987mil (+9.5% YoY.</li><li>Chemicals sales rose +11.6% YoY to ¥14,559mil while chemical sales volume also gained +10.9% YoY to 34,844ton.</li><li>The gross profit margin [GPM] improved to 62.4% (+1.0ppt YoY), thanks to sales growth of MEC’s core product, CZ-8101.</li></ul>

MEC (4971 JP) reported FY25 (Dec year-end) Q1~Q3 OP of ¥4,247mil (+16.4% YoY) on sales of ¥14,987mil (+9.5% YoY.Chemicals sales rose +11.6% YoY to ¥14,559mil while chemical sales volume also gained +10.9% YoY to 34,844ton.The gross profit margin [GPM] improved to 62.4% (+1.0ppt YoY), thanks to sales growth of MEC’s core product, CZ-8101.

Mec Co Ltd

MEC Co., LTD (4971 JP): RESEARCH UPDATE