Worth reading
86Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
36
¥100 million (increase in the final-year sales target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
The plan targets were updated and the plan period was revised by extending it from the previous 3 years to 5 years.Net Sales+50.0%
基準 72Target108million
Operating profit+222.2%
基準 3.6Target11.6million
ROE-5.0pt
基準 15Target10%
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.
Operating profit marginNot disclosed → 10% or higher (fiscal year ending May 2031)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNot disclosed → Sales and operating profit for the fiscal year ending May 2026 significantly exceeded the initial assumptions
Investment amount by sectorField Costs to maintain the management foundation / Amount ¥865 million, Field Manufacturing and development equipment upgrades / Amount ¥557 million, Field Logistics-related equipment upgrades / Amount ¥15 million, Field Financial Soundness / Amount ¥293 million, Field Capital investment for new development and growth investments / Amount ¥935 million, Field Development of the chemicals development center / Amount ¥350 million, Field Equipment for new products and technologies / Amount Approximately ¥550 million, Field Expansion of logistics facilities (warehouse renovation) / Amount ¥35 million, Field Investment in Human Capital / Amount ¥275 million, Field M&A preparation funds / Amount ¥300 million
Statements about the use of capital
Payout ratio / DOE policyThe company will generally maintain its policy of progressive dividends, under which dividends will not fall below the previous year's actual dividend. Interim dividends will be introduced from the fiscal year ending May 2026. The applicable period appears to be the plan period, but this is not explicitly stated.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 scrutinize potential transactions and, where synergies with existing businesses are expected, conduct M&A in a flexible manner. Share repurchases: not disclosed.
Cost of capital6.5–7.5% (the average for the past 3 fiscal years was 7%)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceWhile the PBR level indicates that the company has received a certain degree of market recognition, the PER has room for improvement in terms of growth expectations. The target PBR level is 1.5 times or higher.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of existing businesses and challenges in new markets and technologies
02Build manufacturing capabilities and expand manufacturing facilities to meet increased sales
03적극 use of alliances in manufacturing, sales and research
04Establish the foundation for introducing human capital management
05Efficient management with an awareness of the cost of capital
06Develop technologies for continuous production systems and secure orders aimed at their practical application in factory production
07Develop new growth pillars for in-house-manufactured and imported active pharmaceutical ingredients using proprietary technologies
08Improve and enhance manufacturing efficiency through alliances with overseas active pharmaceutical ingredient manufacturers
09Build a system for the smooth launch of new products
10Expand sales of ion-exchange resins, membranes and equipment, including those related to the power business and PFAS
11Develop a building adjacent to the head office plant as a “Chemicals Development Center”
12Promote overseas expansion by using alliances to sell ion-exchange resins for new applications overseas
13Enhance information dissemination through academic conferences, web pages and other channels to accelerate the development of new demand
Plan assumptionsStatements regarding the future are based on information currently available and certain assumptions deemed reasonable. Specific numerical assumptions, including exchange rates, are not disclosed.
Segment targetSegment Pharmaceuticals Business / Fiscal year Fiscal year ending May 2031 / Net Sales ¥5.4 billion / Operating profit ¥560 million, Segment Chemicals Business / Fiscal year Fiscal year ending May 2031 / Net Sales ¥5.4 billion / Operating profit ¥830 million
Size of the Target MarketActive pharmaceutical ingredient and intermediate market: approximately ¥520 billion. Source: Yano Research Institute.
Risks identified by the company
Country risks and other risks
Potential changes to forward-looking statements due to changes in the business environment and other factors
Potential fluctuations in actual business performance and other results due to various factors
Reason for revision or withdrawal
Sales and operating profit for the fiscal year ending May 2026 significantly exceeded the assumptions made when the Medium-Term Management Plan 2028 was formulated, and performance from the fiscal year ending May 2027 onward is expected to exceed the plan. The company will present the growth steps toward achieving ¥10 billion in sales as a more specific numerical plan in order to realize its “¥10 billion declaration.”
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2031 |
| Plan period | Fiscal years ending May 2027 through May 2031 (FY2027–FY2031) |
| Progress against the plan | The plan targets were updated and the plan period was revised by extending it from the previous 3 years to 5 years. |
| Sales Target | ¥72 million → ¥108 million（50.0%） |
| Operating profit target | ¥3.6 million → ¥11.6 million（Approximately 222.2%） |
| Operating profit margin target | Not disclosed → 10% or higher (fiscal year ending May 2031) |
| ROE target | 15% or higher from the listing date → 10% or higher |
| Payout ratio / DOE policy | The company will generally maintain its policy of progressive dividends, under which dividends will not fall below the previous year's actual dividend. Interim dividends will be introduced from the fiscal year ending May 2026. The applicable period appears to be the plan period, but this is not explicitly stated. |
| Treasury share acquisition policy | The company will scrutinize potential transactions and, where synergies with existing businesses are expected, conduct M&A in a flexible manner. Share repurchases: not disclosed. |
| Cost of capital | 6.5–7.5% (the average for the past 3 fiscal years was 7%) |
| Self-assessment of PBR and share price | While the PBR level indicates that the company has received a certain degree of market recognition, the PER has room for improvement in terms of growth expectations. The target PBR level is 1.5 times or higher. |
| Investment amount by sector | Field Costs to maintain the management foundation / Amount ¥865 million, Field Manufacturing and development equipment upgrades / Amount ¥557 million, Field Logistics-related equipment upgrades / Amount ¥15 million, Field Financial Soundness / Amount ¥293 million, Field Capital investment for new development and growth investments / Amount ¥935 million, Field Development of the chemicals development center / Amount ¥350 million, Field Equipment for new products and technologies / Amount Approximately ¥550 million, Field Expansion of logistics facilities (warehouse renovation) / Amount ¥35 million, Field Investment in Human Capital / Amount ¥275 million, Field M&A preparation funds / Amount ¥300 million |
| Segment target | Segment Pharmaceuticals Business / Fiscal year Fiscal year ending May 2031 / Net Sales ¥5.4 billion / Operating profit ¥560 million, Segment Chemicals Business / Fiscal year Fiscal year ending May 2031 / Net Sales ¥5.4 billion / Operating profit ¥830 million |
| Plan assumptions | Statements regarding the future are based on information currently available and certain assumptions deemed reasonable. Specific numerical assumptions, including exchange rates, are not disclosed. |
| Key initiatives | Expansion of existing businesses and challenges in new markets and technologies, Build manufacturing capabilities and expand manufacturing facilities to meet increased sales, 적극 use of alliances in manufacturing, sales and research, Establish the foundation for introducing human capital management, Efficient management with an awareness of the cost of capital, Develop technologies for continuous production systems and secure orders aimed at their practical application in factory production, Develop new growth pillars for in-house-manufactured and imported active pharmaceutical ingredients using proprietary technologies, Improve and enhance manufacturing efficiency through alliances with overseas active pharmaceutical ingredient manufacturers, Build a system for the smooth launch of new products, Expand sales of ion-exchange resins, membranes and equipment, including those related to the power business and PFAS, Develop a building adjacent to the head office plant as a “Chemicals Development Center”, Promote overseas expansion by using alliances to sell ion-exchange resins for new applications overseas, Enhance information dissemination through academic conferences, web pages and other channels to accelerate the development of new demand |
| Results under the previous plan | Not disclosed → Sales and operating profit for the fiscal year ending May 2026 significantly exceeded the initial assumptions |
| Reason for revision or withdrawal | Sales and operating profit for the fiscal year ending May 2026 significantly exceeded the assumptions made when the Medium-Term Management Plan 2028 was formulated, and performance from the fiscal year ending May 2027 onward is expected to exceed the plan. The company will present the growth steps toward achieving ¥10 billion in sales as a more specific numerical plan in order to realize its “¥10 billion declaration.” |
| Size of the Target Market | Active pharmaceutical ingredient and intermediate market: approximately ¥520 billion. Source: Yano Research Institute. |
| Risks identified | Country risks and other risks, Potential changes to forward-looking statements due to changes in the business environment and other factors, Potential fluctuations in actual business performance and other results due to various factors |
| Publication date | 14 July 2026 |
Items this document does not state (5)
Net income targetROIC targetTotal investment planNon-financial targetsDate 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.Sales and operating profit for the fiscal year ending May 2026 significantly exceeded the assumptions made when the Medium-Term Management Plan 2028 was formulated, and performance from the fiscal year ending May 2027 onward is expected to exceed the plan. The company also aims to present the growth steps through the fiscal year ending May 2031 as specific numerical targets in order to achieve its “¥10 billion declaration.”
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