Rasa Industries raised its earnings forecasts on 4 November and lifted its year-end dividend, pointing first to a plant in Taiwan. The company said capacity added at a Taiwanese consolidated subsidiary for high-purity phosphoric acid began operating in April 2026 and has ramped up faster than it expected.
What drives the upgrade
Rasa said semiconductor demand, which it linked to wider use of generative AI and data-centre expansion, pulled in more high-purity phosphoric acid than planned in Japan and overseas. Flocculants and capacitor materials also held up. In electronic materials, it cited optical-transceiver demand for sales of high-purity inorganic materials used in compound semiconductors, plus spot gallium sales that added to sales and profit.
The revised numbers
For the six months to September 2026, Rasa now expects sales of ¥28.7bn, against ¥26.0bn previously, and operating profit of ¥3.45bn, up from ¥2.8bn.
For the year to March 2027, it lifted its sales forecast to ¥62.0bn from ¥54.0bn and operating profit to ¥7.4bn from ¥6.2bn. Net profit attributable to owners of the parent is now forecast at ¥5.2bn, up from ¥4.3bn. Rasa's guide for the machinery business is roughly unchanged. It flagged higher phosphoric acid raw material costs as a drag on chemicals, but still expects strong demand for the semiconductor-grade product.
Dividend
The year-end dividend forecast rises ¥7 to ¥25 a share, taking the annual forecast to ¥43 from ¥36. After the five-for-one share split of 1 April 2026, last year's annual dividend equals ¥36. Rasa targets a payout ratio of at least 30% and return on equity of at least 10%.
The company noted that the forecasts rest on information available now and that actual results may differ. The notice gives no volume or utilisation figures for the Taiwan line.