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
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+57.9%
基準 7,600Target12,000million
Operating profit+0.0%
基準 2,027Target2,028million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Investment amount by sectorField Ｍ＆Ａ / Amount Not disclosed, Field Capital Expenditure / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyFor the fiscal year ending March 2028, the targets are dividends of at least ¥25 per share and a dividend payout ratio of 10%–20%.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Business succession × consolidation of technological capabilities (SME manufacturing platform)
02Improved production efficiency
03Strengthening the Talent Base
04Achieve higher sales and profits by transforming the sales mix and securing new projects.
05Return to high-value-added camera components
06Increase unit prices of components
07Review of the cost structure
08Contribute to achieving the medium-term management plan through in-house production and improved production efficiency.
09Expand production capacity and improve profitability in preparation for the launch of major projects
10M&A policy
Plan assumptionsThe assumed exchange rates are based on the assumption that rates will fluctuate within a range broadly unchanged from recent market levels: USD: ¥160, HKD: ¥20.4, RMB: ¥23.2, THB: ¥4.9, MYR: ¥40.
Size of the Target MarketMarket Global aluminum demand / Figures 91,980 thousand tonnes in 2017, 99,210 thousand tonnes in 2020, 118,890 thousand tonnes in 2030, 129,670 thousand tonnes in 2040, and 140,770 thousand tonnes in 2050. Demand is estimated to increase by more than 50% from 2017 to 2050. / Source Aluminium Vision 2050 (provided by the Japan Aluminium Association)
Risks identified by the company
Foreign-exchange fluctuations
Expansion of overseas operations
Raw material prices
Reason for revision or withdrawal
Weak performance in the automotive and other parts fields, delays in the start of a major project in Malaysia, and a cautious approach to M&A (avoiding overpaying and selectively acquiring highly profitable companies).
| Item | Details |
|---|---|
| Plan name | Medium-term management plan (Challenge 100) |
| Plan period | FY2025-FY2027 |
| Progress against the plan | Partially revised |
| Sales Target | 7,600 (fiscal year ending March 2027; earnings forecast) → 12,000 (fiscal year ending March 2028; medium-term management plan target) |
| Operating profit target | 500 (fiscal year ending March 2027; earnings forecast) → 1,200 (fiscal year ending March 2028; medium-term management plan target) |
| Payout ratio / DOE policy | For the fiscal year ending March 2028, the targets are dividends of at least ¥25 per share and a dividend payout ratio of 10%–20%. |
| Investment amount by sector | Field Ｍ＆Ａ / Amount Not disclosed, Field Capital Expenditure / Amount Not disclosed |
| Plan assumptions | The assumed exchange rates are based on the assumption that rates will fluctuate within a range broadly unchanged from recent market levels: USD: ¥160, HKD: ¥20.4, RMB: ¥23.2, THB: ¥4.9, MYR: ¥40. |
| Key initiatives | Business succession × consolidation of technological capabilities (SME manufacturing platform), Improved production efficiency, Strengthening the Talent Base, Achieve higher sales and profits by transforming the sales mix and securing new projects., Return to high-value-added camera components, Increase unit prices of components, Review of the cost structure, Contribute to achieving the medium-term management plan through in-house production and improved production efficiency., Expand production capacity and improve profitability in preparation for the launch of major projects, M&A policy |
| Reason for revision or withdrawal | Weak performance in the automotive and other parts fields, delays in the start of a major project in Malaysia, and a cautious approach to M&A (avoiding overpaying and selectively acquiring highly profitable companies). |
| Size of the Target Market | Market Global aluminum demand / Figures 91,980 thousand tonnes in 2017, 99,210 thousand tonnes in 2020, 118,890 thousand tonnes in 2030, 129,670 thousand tonnes in 2040, and 140,770 thousand tonnes in 2050. Demand is estimated to increase by more than 50% from 2017 to 2050. / Source Aluminium Vision 2050 (provided by the Japan Aluminium Association) |
| Risks identified | Foreign-exchange fluctuations, Expansion of overseas operations, Raw material prices |
| Publication date | 30 June 2026 |
Items this document does not state (12)
Operating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planSegment targetNon-financial targetsResults under the previous planDate 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 stated factors behind the delayed progress are “weak performance in the automotive and other parts fields,” “delays in the start of a major project in Malaysia,” and a “cautious approach to M&A (avoiding overpaying and selectively acquiring highly profitable companies).”
How to read this page
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