Worth reading
77Important
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
6.5
% (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending March 2026, full year14 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥11,114 million+6.5%
Operating profit¥1,295 million+65.3%
Ordinary income¥1,287 million+73.9%
Net income¥798 million +44.3%net income attributable to owners of the parent
Operating profit margin11.7 %
Results for the three months of the current quarterQuarterly figures for revenue, orders received, and order backlog are presented in charts
Full-year earnings forecast
Net Sales
¥11,900 million
Operating profit
¥1,060 million
Ordinary income
¥1,050 million
Profit attributable to owners of the parent
¥730 million
Dividend per share
¥50
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales100.1 %
Operating profit104.4 %
Ordinary income103 %
Profit attributable to owners of the parent90.8 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Net income fell short of the earnings forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in revenue (land-based)¥-320 million
- Increase in revenue (marine)¥996 million
- Increase in cost of sales¥-81 million
- Increase in selling, general and administrative expenses (including higher communications expenses and fees paid)¥-82 million
- Increase in non-operating income and expenses (including gains on sales of investment securities)¥35 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The assumptions include persistently high material prices and energy costs, higher labor costs associated with wage increases, and design and construction expenses related to the new core system. Numerical assumptions are not disclosedNew initiatives
- Launch ammonia valves in the market and establish mass-production capabilities in the fiscal year ending March 2027
- Launch liquefied hydrogen valves in the market and establish mass-production capabilities in the fiscal year ending March 2030
- Establish an after-sales maintenance system in China
- Transfer production of products to the China plant
- Review of the New Core System Implementation Plan
- Launch a specialist team for M&A and business alliances
Key KPIsA metric the company considers important as a management benchmark.
- EBITDA¥1,608 millionYear on year against the same period last year+47.8%
- Overseas revenue ratio18 %Year on year against the same period last year-2.0%
- Equity ratio81 %
- PBR0.85 times
- ROE7.6 %
- PER11.2 times
Medium-term management plan targets
Fiscal year ending March 2028
Consolidated revenue¥13,200 million
Operating profit margin10% or higher
ROE8~10%
Fiscal year ending March 2031
Consolidated revenue¥20,000 million
Operating profit¥2,000 million
Operating profit unit¥ million
Financial targets
ROE8–10% (target for the fiscal year ending March 2028)
PBRMore than 1x
Actual ROE7.6
Actual PBR0.85
Market Size / Share
The global industrial valve market was $78.3 billion in 2024 and is projected to reach $123.9 billion in 2034, representing a CAGR of 4.7%. The company has a 40% global share of valves for marine exhaust systems and a target global share of 50% for ammonia valves in FY2030.Orders received and order backlog
Presented in quarterly charts. The order backlog at the end of the fiscal year ended March 2026 appears to be approximately ¥4,486 million, but the exact figure is not disclosedNumber of stores and locations
4 production sites (Hino, Higashiomi, Malaysia, and China) are listed. The number of stores at fiscal year-end and the number of openings and closures during the fiscal year are not disclosedCapital expenditures
¥187 million acquisitions of tangible fixed assets in the fiscal year ended March 2026
Annual Dividend
Fiscal year ending March 2026
Annual¥55
Fiscal year ending March 2025
Annual¥45
BreakdownOrdinary dividend of ¥40 and special dividend of ¥5
Payout ratio
Consolidated payout ratio policy of 30%Acquisition of treasury shares
The company states that it is considering opportunistic share buybacks. The amount, number of shares, and period for the buybacks are not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥11,114 million (YoY +6.5%) |
| Operating profit | ¥1,295 million (YoY +65.3%) |
| Ordinary income | ¥1,287 million (YoY +73.9%) |
| Net income | ¥798 million (net income attributable to owners of the parent) (YoY +44.3%) |
| Operating profit margin | 11.7 % |
| Results for the three months of the current quarter | Quarterly figures for revenue, orders received, and order backlog are presented in charts |
| Full-year earnings forecast | Net Sales ¥11,900 million / Operating profit ¥1,060 million / Ordinary income ¥1,050 million / Profit attributable to owners of the parent ¥730 million / Dividend per share ¥50 |
| Progress against full-year forecast | Net Sales 100.1 % / Operating profit 104.4 % / Ordinary income 103 % / Profit attributable to owners of the parent 90.8 % |
| Self-assessment against the plan | Net income fell short of the earnings forecast |
| Breakdown of Factors Affecting the Change | Factors Increase in revenue (land-based) / Amount ¥-320 million, Factors Increase in revenue (marine) / Amount ¥996 million, Factors Increase in cost of sales / Amount ¥-81 million, Factors Increase in selling, general and administrative expenses (including higher communications expenses and fees paid) / Amount ¥-82 million, Factors Increase in non-operating income and expenses (including gains on sales of investment securities) / Amount ¥35 million |
| Key KPIs | Indicator name EBITDA / Value ¥1,608 million / Year on year against the same period last year ¥47.8 million, Indicator name Overseas revenue ratio / Value 18 % / Year on year against the same period last year -2 %, Indicator name Equity ratio / Value 81 % / Year on year against the same period last year Not disclosed, Indicator name PBR / Value 0.85 times / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 7.6 % / Year on year against the same period last year Not disclosed, Indicator name PER / Value 11.2 times / Year on year against the same period last year Not disclosed |
| Number of stores and locations | 4 production sites (Hino, Higashiomi, Malaysia, and China) are listed. The number of stores at fiscal year-end and the number of openings and closures during the fiscal year are not disclosed |
| Assumptions Underlying the Business Outlook | The assumptions include persistently high material prices and energy costs, higher labor costs associated with wage increases, and design and construction expenses related to the new core system. Numerical assumptions are not disclosed |
| Medium-term management plan targets | Fiscal year ending March 2028 Consolidated revenue ¥13,200 million / Operating profit margin 10% or higher / ROE 8~10% / Fiscal year ending March 2031 Consolidated revenue ¥20,000 million / Operating profit ¥2,000 million / Operating profit unit ¥ million |
| Financial targets | ROE 8–10% (target for the fiscal year ending March 2028) / PBR More than 1x / Actual ROE 7.6 / Actual PBR 0.85 |
| Annual Dividend | Fiscal year ending March 2026 Annual ¥55 / Interim Not disclosed / End of period Not disclosed / Fiscal year ending March 2025 Annual ¥45 / Breakdown Ordinary dividend of ¥40 and special dividend of ¥5 |
| Payout ratio | Consolidated payout ratio policy of 30% |
| Acquisition of treasury shares | The company states that it is considering opportunistic share buybacks. The amount, number of shares, and period for the buybacks are not disclosed |
| Capital expenditures | ¥187 million (acquisitions of tangible fixed assets in the fiscal year ended March 2026) |
| Orders received and order backlog | Presented in quarterly charts. The order backlog at the end of the fiscal year ended March 2026 appears to be approximately ¥4,486 million, but the exact figure is not disclosed |
| Market Size / Share | The global industrial valve market was $78.3 billion in 2024 and is projected to reach $123.9 billion in 2034, representing a CAGR of 4.7%. The company has a 40% global share of valves for marine exhaust systems and a target global share of 50% for ammonia valves in FY2030. |
| New initiatives | Launch ammonia valves in the market and establish mass-production capabilities in the fiscal year ending March 2027, Launch liquefied hydrogen valves in the market and establish mass-production capabilities in the fiscal year ending March 2030, Establish an after-sales maintenance system in China, Transfer production of products to the China plant, Review of the New Core System Implementation Plan, Launch a specialist team for M&A and business alliances |
Items this document does not state (7)
Gross Profit MarginSelling, general and administrative expensesSegment resultsUnit price and quantity metricsNumber of employeesRisk amount incorporated into the outlookKey points of the Q&A
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.Increased sales of products for the marine market, improved profitability of valves for LNG applications, higher sales of high-value-added products, company-wide cost controls, and the positive impact of consolidation adjustments contributed to the increase in profit. Net income fell short of the forecast because losses on contract termination and impairment losses associated with the review of the new core system implementation were recorded as extraordinary losses.
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