Teijin 3401.T 3401 JP / EQUITY: JAPAN CHEMICALS & TEXTILES Structural reforms ease concerns about earnings downside Growth strategies remain a challenge We keep our Neutral rating, adjust our target price We revise our business profit forecasts for Teijin from 27/3 and adjust our target price. We keep our Neutral rating. We retain our basic target price calculation methodology, and think the stock deserves to trade at around 13x our 28/3 EPS forecast. Q1 results provided evidence of steady progress passing ...