Worth reading
72In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
62200
¥ million (fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+11.8%
基準 55,636Target62,200million
Operating profit+23.3%
基準 2,271Target2,800million
Operating profit margin+0.4pt
基準 4.1Target4.5%
ROE+1.0pt
基準 7Target8%
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).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Net income for the current fiscal year¥3,134 million → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNet Sales 63,000 / Operating profit 4,000 / ROE 8.0% → Net Sales 55,636 / Operating profit 2,271 / ROE 7.0%（Net Sales -11.7% / Operating profit -43.2% / ROE -12.5%）
Total investment planApproximately ¥12.5 billion (during the 12th Medium-Term Management Plan period)
Investment amount by sectorField Research and development / Amount Not disclosed, Field Factory renovations / Amount Not disclosed, Field DX promotion and core system migration / Amount Not disclosed, Field Human Capital Management / Amount Not disclosed, Field M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyDuring the 12th Medium-Term Management Plan period, the Company will maintain annual dividends of at least ¥20 per share and aims for a total payout ratio of at least 60%. The DOE target is Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company will conduct flexible share buybacks. The materials state that ¥700 million will be executed in the fiscal year ending March 2027.
Self-assessment of PBR and share priceThe Company will work toward a PBR of 1x and aims to improve its share price and corporate value. The current PBR is Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of technology development
02Strengthening of priority businesses
03Improving the profitability of core businesses
04Sustainability initiatives
05Strengthening the management foundation
06Strengthen profitability
07Improving capital efficiency
08Enhancing Corporate Value
09Conduct demonstration-based development extending into customers’ processes
10Promote the use of AI, data and digital technologies
11Intellectual property strategy supporting the Company’s uniqueness
12Co-creation through external partnerships
13Execute the factory renovation plan
14Migrate the core systems
15Realising human capital management
16Consideration of M&A
17Develop high-gloss paints
18Expand sales and development of anti-fog paints
19Expand the North American and Indian markets
20Increase market share by strengthening the sales structure
21Strengthen integrated construction projects, including painting
22Expand pastes for PC and sensors
23Expand stretchable pastes
24Expand silver-plated copper powder pastes
25Expand high-performance fine particles
26Expand high-performance adhesives
27Expand in-vitro diagnostic products overseas
28Expand the handling of basic raw materials
29Materials related to the transition to LED
30Environment-related fields
Plan assumptionsThe plan assumes a domestic economy that is stagnating but gradually recovering, accelerating inflation, continued interest rate hikes, expanding geopolitical risks, and higher crude oil and other raw material prices. In terms of the business environment, the Company anticipates a slight increase in automobile production, a sluggish domestic housing construction market and a flat renovation market, increased demand for electronic materials for automotive and information terminal applications, and expansion of chemical products for adhesive applications. It also expects higher logistics and labor costs, as well as increased efforts to substitute raw materials in response to tighter environmental regulations. Numerical assumptions for foreign exchange rates, market growth rates and raw material prices are Not disclosed.
Segment targetSegment Coating / Net Sales ¥31,400 million / Operating profit ¥1,210 million / Target fiscal year Fiscal year ending March 2029, Segment Coatings / Net Sales ¥14,000 million / Operating profit ¥730 million / Target fiscal year Fiscal year ending March 2029, Segment Electronic Materials / Net Sales ¥5.4 billion / Operating profit ¥220 million / Target fiscal year Fiscal year ending March 2029, Segment Chemical Products / Net Sales ¥5,800 million / Operating profit ¥560 million / Target fiscal year Fiscal year ending March 2029, Segment Synthetic Resins / Net Sales ¥5,600 million / Operating profit ¥80 million / Target fiscal year Fiscal year ending March 2029
Non-financial targetsIndicator Percentage of engineers (non-consolidated) / Target value Approximately 1/3 / Timing 12th Medium-Term Management Plan period
Risks identified by the company
Middle East situation and geopolitical risk
Higher prices for petrochemical products and raw materials
Uncertainty surrounding raw material procurement
Higher energy costs
Higher logistics and labor costs
Raw material substitution in response to tighter environmental regulations
Economic conditions in Japan and overseas
Trends in related industries
Market conditions and the competitive environment
Whether new products are adopted
Reason for revision or withdrawal
The Company had deferred formulating the 12th Medium-Term Management Plan due to uncertainty surrounding the procurement and pricing of petrochemical products amid the worsening situation in the Middle East. After reviewing the business environment and re-examining the assumptions underlying its performance, the Company determined that it was possible to formulate the plan based on information currently available and assumptions deemed reasonable.
| Item | Details |
|---|---|
| Plan name | 12th Medium-Term Management Plan |
| Plan period | Fiscal year ending March 2027 to fiscal year ending March 2029 (1 April 2026 to 31 March 2029) |
| Progress against the plan | Formulated |
| Sales Target | ¥55,636 million → ¥62,200 million（+11.8%） |
| Operating profit target | ¥2,271 million → ¥2,800 million（+23.3%） |
| Operating profit margin target | 4.1% → 4.5%（+9.8%） |
| Net income target | ¥3,134 million → Not disclosed |
| ROE target | 7.0% → 8.0%（+14.3%） |
| Payout ratio / DOE policy | During the 12th Medium-Term Management Plan period, the Company will maintain annual dividends of at least ¥20 per share and aims for a total payout ratio of at least 60%. The DOE target is Not disclosed. |
| Treasury share acquisition policy | The Company will conduct flexible share buybacks. The materials state that ¥700 million will be executed in the fiscal year ending March 2027. |
| Self-assessment of PBR and share price | The Company will work toward a PBR of 1x and aims to improve its share price and corporate value. The current PBR is Not disclosed. |
| Total investment plan | Approximately ¥12.5 billion (during the 12th Medium-Term Management Plan period) |
| Investment amount by sector | Field Research and development / Amount Not disclosed, Field Factory renovations / Amount Not disclosed, Field DX promotion and core system migration / Amount Not disclosed, Field Human Capital Management / Amount Not disclosed, Field M&A / Amount Not disclosed |
| Segment target | Segment Coating / Net Sales ¥31,400 million / Operating profit ¥1,210 million / Target fiscal year Fiscal year ending March 2029, Segment Coatings / Net Sales ¥14,000 million / Operating profit ¥730 million / Target fiscal year Fiscal year ending March 2029, Segment Electronic Materials / Net Sales ¥5.4 billion / Operating profit ¥220 million / Target fiscal year Fiscal year ending March 2029, Segment Chemical Products / Net Sales ¥5,800 million / Operating profit ¥560 million / Target fiscal year Fiscal year ending March 2029, Segment Synthetic Resins / Net Sales ¥5,600 million / Operating profit ¥80 million / Target fiscal year Fiscal year ending March 2029 |
| Non-financial targets | Indicator Percentage of engineers (non-consolidated) / Target value Approximately 1/3 / Timing 12th Medium-Term Management Plan period |
| Plan assumptions | The plan assumes a domestic economy that is stagnating but gradually recovering, accelerating inflation, continued interest rate hikes, expanding geopolitical risks, and higher crude oil and other raw material prices. In terms of the business environment, the Company anticipates a slight increase in automobile production, a sluggish domestic housing construction market and a flat renovation market, increased demand for electronic materials for automotive and information terminal applications, and expansion of chemical products for adhesive applications. It also expects higher logistics and labor costs, as well as increased efforts to substitute raw materials in response to tighter environmental regulations. Numerical assumptions for foreign exchange rates, market growth rates and raw material prices are Not disclosed. |
| Key initiatives | Expansion of technology development, Strengthening of priority businesses, Improving the profitability of core businesses, Sustainability initiatives, Strengthening the management foundation, Strengthen profitability, Improving capital efficiency, Enhancing Corporate Value, Conduct demonstration-based development extending into customers’ processes, Promote the use of AI, data and digital technologies, Intellectual property strategy supporting the Company’s uniqueness, Co-creation through external partnerships, Execute the factory renovation plan, Migrate the core systems, Realising human capital management, Consideration of M&A, Develop high-gloss paints, Expand sales and development of anti-fog paints, Expand the North American and Indian markets, Increase market share by strengthening the sales structure, Strengthen integrated construction projects, including painting, Expand pastes for PC and sensors, Expand stretchable pastes, Expand silver-plated copper powder pastes, Expand high-performance fine particles, Expand high-performance adhesives, Expand in-vitro diagnostic products overseas, Expand the handling of basic raw materials, Materials related to the transition to LED, Environment-related fields |
| Results under the previous plan | Net Sales 63,000 / Operating profit 4,000 / ROE 8.0% → Net Sales 55,636 / Operating profit 2,271 / ROE 7.0%（Net Sales -11.7% / Operating profit -43.2% / ROE -12.5%） |
| Reason for revision or withdrawal | The Company had deferred formulating the 12th Medium-Term Management Plan due to uncertainty surrounding the procurement and pricing of petrochemical products amid the worsening situation in the Middle East. After reviewing the business environment and re-examining the assumptions underlying its performance, the Company determined that it was possible to formulate the plan based on information currently available and assumptions deemed reasonable. |
| Risks identified | Middle East situation and geopolitical risk, Higher prices for petrochemical products and raw materials, Uncertainty surrounding raw material procurement, Higher energy costs, Higher logistics and labor costs, Raw material substitution in response to tighter environmental regulations, Economic conditions in Japan and overseas, Trends in related industries, Market conditions and the competitive environment, Whether new products are adopted |
| Publication date | 7 August 2026 |
Items this document does not state (4)
ROIC targetCost of capitalSize of the Target MarketDate of board resolution
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.The Company had deferred formulating the plan due to uncertainty surrounding the procurement and pricing of petrochemical products amid the worsening situation in the Middle East. After reviewing the business environment and re-examining the assumptions underlying its performance, the Company determined that it was possible to formulate the plan based on information currently available and assumptions deemed reasonable.
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