Worth reading
66In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedROE0.0pt
基準 10Target10％（直近実績：11.7％）
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).
ROICAt least 10% → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planROE・ROIC10％以上 → ROE11.7％、ROIC9.4％+17.0%Calculated from the two disclosed figures
Investment amount by sectorField 新研究開発拠点設立 / Amount Not disclosed / Timing 2028年稼働目標, Field Capital Expenditure / Amount Not disclosed / Timing 継続検討中
Statements about the use of capital
Payout ratio / DOE policy16期連続の配当維持／増配を実施し、累進配当へ変更。対象期間：Not disclosedThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capital株主資本コスト7.5～8.5％。CAPM理論ではライフサイエンス事業部6％、電子材料事業部8.5％、益利回り法7.5％。The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share price2025年3月期のPBRは1.2倍。PBRは継続的に1倍超を維持しているものの、さらなる改善を目指す。過去には2.5倍を超える年度もあったが、半導体サイクルの影響を受け1.5倍を下回った。PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01収益の最大化
02海外販売の拡大→海外比率50％達成
03新設備の稼働アップ
04鹿島1期工事完成→認定作業が進み、フル稼働
05業務効率化→生産本部発足、DX化の推進
06Change in shareholder-return policy
07キャッシュアロケーション、設備投資の最適化
08資本市場との建設的対話の実現
09海外顧客・最先端用途での取り込み
10成長戦略・開示情報等の情報量アップと内容の充実
11事業リスク・マネジメントコントロール
12非財務情報の積極開示
13経営トップのIRへの積極関与
Plan assumptions半導体市場の回復局面需要増、CAPM理論（ライフサイエンス事業部6％、電子材料事業部8.5％）、益利回り法7.5％。
Non-financial targetsIndicator name Overseas user share / Target value 50％達成 / Timing Not disclosed
Risks identified by the company
半導体サイクルの影響
半導体に関しての米中対立や不透明感
市況や外部環境への依存
Reason for revision or withdrawal
投資家の皆様に当社の現状認識および取組み内容をより深くご理解いただくため。
| Item | Details |
|---|---|
| Plan name | Update on Initiatives to Achieve Management Conscious of Capital Costs and Share Prices |
| Progress against the plan | Partially revised |
| ROE target | At least 10% → 10％以上（継続した10％以上の確保） |
| ROIC target | At least 10% → Not disclosed |
| Payout ratio / DOE policy | 16期連続の配当維持／増配を実施し、累進配当へ変更。対象期間：Not disclosed |
| Cost of capital | 株主資本コスト7.5～8.5％。CAPM理論ではライフサイエンス事業部6％、電子材料事業部8.5％、益利回り法7.5％。 |
| Self-assessment of PBR and share price | 2025年3月期のPBRは1.2倍。PBRは継続的に1倍超を維持しているものの、さらなる改善を目指す。過去には2.5倍を超える年度もあったが、半導体サイクルの影響を受け1.5倍を下回った。 |
| Investment amount by sector | Field 新研究開発拠点設立 / Amount Not disclosed / Timing 2028年稼働目標, Field Capital Expenditure / Amount Not disclosed / Timing 継続検討中 |
| Non-financial targets | Indicator name Overseas user share / Target value 50％達成 / Timing Not disclosed |
| Plan assumptions | 半導体市場の回復局面需要増、CAPM理論（ライフサイエンス事業部6％、電子材料事業部8.5％）、益利回り法7.5％。 |
| Key initiatives | 収益の最大化, 海外販売の拡大→海外比率50％達成, 新設備の稼働アップ, 鹿島1期工事完成→認定作業が進み、フル稼働, 業務効率化→生産本部発足、DX化の推進, Change in shareholder-return policy, キャッシュアロケーション、設備投資の最適化, 資本市場との建設的対話の実現, 海外顧客・最先端用途での取り込み, 成長戦略・開示情報等の情報量アップと内容の充実, 事業リスク・マネジメントコントロール, 非財務情報の積極開示, 経営トップのIRへの積極関与 |
| Results under the previous plan | ROE・ROIC10％以上 → ROE11.7％、ROIC9.4％ |
| Reason for revision or withdrawal | 投資家の皆様に当社の現状認識および取組み内容をより深くご理解いただくため。 |
| Risks identified | 半導体サイクルの影響, 半導体に関しての米中対立や不透明感, 市況や外部環境への依存 |
| Date of board resolution | 12 May 2025 |
| Publication date | 12 May 2025 |
Items this document does not state (9)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetTreasury share acquisition policyTotal investment planSegment targetSize of the Target Market
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.投資家の皆様に当社の現状認識および取組み内容をより深くご理解いただくため。なお、市場評価については半導体サイクルの影響、半導体に関する米中対立や不透明感が挙げられている。
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.