Worth reading
90Important
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
-40
¥100 million (net sales target: ¥20 billion under the new plan, versus ¥24 billion previously)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.0%
基準 2,028Target2,029100 million
Operating profit+0.0%
基準 2,028Target2,029100 million
ROE+3.0pt
基準 2,026Target2,029%
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.
What happened to the previous planNet Sales ¥22 billion (fiscal year ending March 2026 plan) / Operating profit ¥3.5 billion (fiscal year ending March 2026 plan) / ROE 12.2% (fiscal year ending March 2026 plan) → Net Sales ¥20.7 billion (fiscal year ending March 2026 actual) / Operating profit ¥2.9 billion (fiscal year ending March 2026 actual) / ROE 8.9% (fiscal year ending March 2026 actual)
Investment amount by sectorField Growth Investment / Amount ¥2.0 billion or more, Field M&A and other investments / Amount Over ¥3 billion, Field Maintenance and upkeep / Amount Approximately ¥500 million, Field Development of ultra-small test equipment / Amount ¥300 million, Field Expansion and efficiency improvements in the Technical Management Division area / Amount ¥1 billion, Field Renewal of machinery and equipment through automation / Amount ¥700 million
Statements about the use of capital
Payout ratio / DOE policyMaintain DOE of at least 5% (fiscal years ending March 2027-March 2029)The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of equity: 9-10% (assumption)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR was 1.05x as of 31 March 2026. Although it has generally remained above 1x, the company aims to achieve and further improve a PBR more clearly above 1x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Exploring new business areas
02Sales Force Strengthening
03Growth Investment
04Development of ultra-small test equipment
05M&A
Plan assumptionsAlthough the pace of EV adoption has slowed, EV adoption is assumed to continue expanding over the long term., The EV-related business is expected to begin recovering around 2029, although the outlook is not highly certain., Assumptions for calculating the cost of equity: risk-free rate of approximately 2.0%, beta of approximately 0.7, market risk premium of 6-7%, and liquidity premium of approximately 3%.
Segment targetSegment Display-related / Indicator Orders received / Target Expected annual orders of ¥7-11 billion, Segment Functional film-related / Indicator Orders received / Target Expected annual orders of ¥5-7 billion, Segment Energy-related / Indicator Orders received / Target Expected annual orders of ¥2 billion
Size of the Target MarketThe year-on-year growth rate in electric vehicle unit sales is presented. Growth in EV sales slowed in 2025, declining 3.5% year on year in March 2026. Source: MarkLines (survey of 15 countries). Market size by value: Not disclosed.
Risks identified by the company
Risks and uncertainties relating to industry competition
Risks and uncertainties relating to the market
Risks and uncertainties relating to various systems and regulations
Stagnation in the EV market
Intensifying competition for orders and price competition from competitors
Uncertainty surrounding future growth areas
Low certainty regarding the expected recovery in EV-related orders
Reason for revision or withdrawal
Because there is currently no clear outlook for orders that could drive growth, the targets of ¥24 billion in net sales and ¥2.8 billion in operating profit have been deferred to the fiscal year ending March 2030 or later. As the EV market has stagnated, competition has intensified in the display-related and functional film markets and signs of price competition have emerged, resulting in downward revisions to the operating profit outlook from the fiscal year ending March 2027 onward.
| Item | Details |
|---|---|
| Plan name | Fourth Medium-Term Management Plan |
| Plan period | FY2026-FY2028 (fiscal years ending March 2027-March 2029) |
| Progress against the plan | Formulated |
| Sales Target | ¥24 billion (fiscal year ending March 2028, previous target) → ¥20 billion (fiscal year ending March 2029, new plan) |
| Operating profit target | ¥2.8 billion (fiscal year ending March 2028, previous target) → ¥2.4 billion (fiscal year ending March 2029, new plan) |
| ROE target | 8.9% (fiscal year ending March 2026 actual) → Below 9% (through the fiscal year ending March 2029) |
| Payout ratio / DOE policy | Maintain DOE of at least 5% (fiscal years ending March 2027-March 2029) |
| Cost of capital | Cost of equity: 9-10% (assumption) |
| Self-assessment of PBR and share price | PBR was 1.05x as of 31 March 2026. Although it has generally remained above 1x, the company aims to achieve and further improve a PBR more clearly above 1x. |
| Investment amount by sector | Field Growth Investment / Amount ¥2.0 billion or more, Field M&A and other investments / Amount Over ¥3 billion, Field Maintenance and upkeep / Amount Approximately ¥500 million, Field Development of ultra-small test equipment / Amount ¥300 million, Field Expansion and efficiency improvements in the Technical Management Division area / Amount ¥1 billion, Field Renewal of machinery and equipment through automation / Amount ¥700 million |
| Segment target | Segment Display-related / Indicator Orders received / Target Expected annual orders of ¥7-11 billion, Segment Functional film-related / Indicator Orders received / Target Expected annual orders of ¥5-7 billion, Segment Energy-related / Indicator Orders received / Target Expected annual orders of ¥2 billion |
| Plan assumptions | Although the pace of EV adoption has slowed, EV adoption is assumed to continue expanding over the long term., The EV-related business is expected to begin recovering around 2029, although the outlook is not highly certain., Assumptions for calculating the cost of equity: risk-free rate of approximately 2.0%, beta of approximately 0.7, market risk premium of 6-7%, and liquidity premium of approximately 3%. |
| Key initiatives | Exploring new business areas, Sales Force Strengthening, Growth Investment, Development of ultra-small test equipment, M&A |
| Results under the previous plan | Net Sales ¥22 billion (fiscal year ending March 2026 plan) / Operating profit ¥3.5 billion (fiscal year ending March 2026 plan) / ROE 12.2% (fiscal year ending March 2026 plan) → Net Sales ¥20.7 billion (fiscal year ending March 2026 actual) / Operating profit ¥2.9 billion (fiscal year ending March 2026 actual) / ROE 8.9% (fiscal year ending March 2026 actual) |
| Reason for revision or withdrawal | Because there is currently no clear outlook for orders that could drive growth, the targets of ¥24 billion in net sales and ¥2.8 billion in operating profit have been deferred to the fiscal year ending March 2030 or later. As the EV market has stagnated, competition has intensified in the display-related and functional film markets and signs of price competition have emerged, resulting in downward revisions to the operating profit outlook from the fiscal year ending March 2027 onward. |
| Size of the Target Market | The year-on-year growth rate in electric vehicle unit sales is presented. Growth in EV sales slowed in 2025, declining 3.5% year on year in March 2026. Source: MarkLines (survey of 15 countries). Market size by value: Not disclosed. |
| Risks identified | Risks and uncertainties relating to industry competition, Risks and uncertainties relating to the market, Risks and uncertainties relating to various systems and regulations, Stagnation in the EV market, Intensifying competition for orders and price competition from competitors, Uncertainty surrounding future growth areas, Low certainty regarding the expected recovery in EV-related orders |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 May 2026 |
Items this document does not state (6)
Operating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal investment planNon-financial targets
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 currently has no clear outlook for orders that could drive growth, while the EV market has stagnated, competition has intensified in the display-related and functional film markets, and signs of price competition have emerged.
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.