Worth reading
36Immaterial
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
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Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedROETarget level: Not disclosed → Latest actual: 9.1% (at year-end 2025)
Only the target level is shown because the current level for comparison was not provided.Statements about the use of capital
Payout ratio / DOE policyUnder its stable dividend policy, the company will continue to pay an annual dividend of ¥200 per share. The applicable period 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 policyTo return excess cash to shareholders, the company established a share repurchase authorization on 10 February 2026. Details of the authorization, including the amount, number of shares and period, are Not disclosed in this document.
Cost of capitalCost of equity: 5.07% (CAPM, with the market risk premium measured over the most recent 360 months). For reference, the figure was 11.46% based on the most recent 120 months.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceAlthough ROE increased, PBR remained below 1x due to the decline in the PER. The company recognizes that the decline in the price/earnings ratio limited the increase in its share price relative to the increase in earnings per share.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen the high-growth, high-profitability Fine Carbon business
02Prioritize growth investment and shareholder returns
03Strengthen IR
04Expand market share in Japan and overseas
05Invest management resources proactively
06Reduce manufacturing costs
07Establish an optimized production structure aligned with demand
08Thorough Cost Reduction
09Review of Electrode Sales Channels
10Secure personnel to meet increasing demand
11Achieve safe operations
12Create the next core business
13Invest management resources proactively in Fine Carbon-related products
14Make growth investments to create new businesses
Risks identified by the company
The accuracy and completeness of the management policy, outlook for the business environment, and future initiatives and strategies are not guaranteed.
The management policy, outlook for the business environment, and future initiatives and strategies may be changed.
The content of the information provided may be changed or discontinued without prior notice.
Reason for revision or withdrawal
The company has reviewed its future initiatives based on its 2025 results and its assessment of the current situation. It aims to expand the equity spread, improve PBR, raise ROA and achieve an optimal equity ratio.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Policy “GO BEYOND 2030 — Achieving Both Higher Profitability and Sustainable Management” |
| Plan period | 2025 as the first year, through 2030 |
| Progress against the plan | Partially revised |
| ROE target | Target level: Not disclosed → Latest actual: 9.1% (at year-end 2025) |
| Payout ratio / DOE policy | Under its stable dividend policy, the company will continue to pay an annual dividend of ¥200 per share. The applicable period is Not disclosed. |
| Treasury share acquisition policy | To return excess cash to shareholders, the company established a share repurchase authorization on 10 February 2026. Details of the authorization, including the amount, number of shares and period, are Not disclosed in this document. |
| Cost of capital | Cost of equity: 5.07% (CAPM, with the market risk premium measured over the most recent 360 months). For reference, the figure was 11.46% based on the most recent 120 months. |
| Self-assessment of PBR and share price | Although ROE increased, PBR remained below 1x due to the decline in the PER. The company recognizes that the decline in the price/earnings ratio limited the increase in its share price relative to the increase in earnings per share. |
| Key initiatives | Strengthen the high-growth, high-profitability Fine Carbon business, Prioritize growth investment and shareholder returns, Strengthen IR, Expand market share in Japan and overseas, Invest management resources proactively, Reduce manufacturing costs, Establish an optimized production structure aligned with demand, Thorough Cost Reduction, Review of Electrode Sales Channels, Secure personnel to meet increasing demand, Achieve safe operations, Create the next core business, Invest management resources proactively in Fine Carbon-related products, Make growth investments to create new businesses |
| Reason for revision or withdrawal | The company has reviewed its future initiatives based on its 2025 results and its assessment of the current situation. It aims to expand the equity spread, improve PBR, raise ROA and achieve an optimal equity ratio. |
| Risks identified | The accuracy and completeness of the management policy, outlook for the business environment, and future initiatives and strategies are not guaranteed., The management policy, outlook for the business environment, and future initiatives and strategies may be changed., The content of the information provided may be changed or discontinued without prior notice. |
| Publication date | 25 March 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planInvestment amount by sectorSegment targetNon-financial targetsPlan assumptionsResults under the previous planSize 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 has reviewed its future initiatives based on its 2025 results and its assessment of the current situation. It aims to expand the equity spread and improve PBR, while working to improve ROA and financial leverage.
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.