Worth reading
42Recurring
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 revisedROEActual for the fiscal year ended January 2026: 8.7 → Aim to improve ROE (no specific numerical target disclosed)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planInitiatives and targets (announced in June 2025) → Progress on each initiative and future measures disclosed (comparison with numerical targets not disclosed)
Investment amount by sectorField Growth Investment / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyThe consolidated dividend payout ratio will be at least 30%. The applicable period is stated as “going forward,” and the specific plan period is not disclosed. A consolidated dividend payout ratio of 30.4% is planned for the fiscal year ending January 2027.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 policyAcquired 164,800 treasury shares for ¥99 million in the fiscal year ended January 2026. Going forward, the company will consider making acquisitions as appropriate to improve capital efficiency.
Cost of capitalCost of shareholders’ equity: 10.1% (estimated using CAPM, as of the end of January 2026). Risk-free rate: 2.24%; beta: 1.31; market risk premium: 6.0%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe fiscal year-end share price for the fiscal year ended January 2026 was ¥738, and PBR was 0.6x. Although the share price is on an upward trend, the company recognizes that further enhancement of corporate value remains a challenge.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Aim to expand sales channels through group synergies
02Improve the efficiency of the sales structure through the consolidation and closure of sales offices
03Continue research and development activities aimed at entering fields with expected future growth
04Propose highly design-oriented automotive components to the automotive industry
05Expand inkjet coating technology into fields other than liquid crystal displays
06Develop polishing materials and polishing equipment for semiconductor-related components and other electronic components
07Expand the product lineup of plating equipment for high-performance materials
08Promoting Human Capital Management
09Sell idle assets and reduce inventories
10Enhance shareholder returns
11Consider using interest-bearing debt for growth investments
12Factory tours and other events for individual shareholders
13Enhance the company website
14Disclose information on management strategies in the future
15Shareholder returns
16Conduct share repurchases
Reason for revision or withdrawal
ROE has been trending downward and fell below the estimated cost of shareholders’ equity in the fiscal year ended January 2026. The company aims to enhance corporate value by improving ROE, enhance shareholder returns, clarify stable profit distribution, and improve PER and PBR by strengthening IR activities.
| Item | Details |
|---|---|
| Plan name | Update on Initiatives to Achieve Management Conscious of Capital Costs and Share Prices |
| Progress against the plan | Partially revised |
| ROE target | Actual for the fiscal year ended January 2026: 8.7 → Aim to improve ROE (no specific numerical target disclosed) |
| Payout ratio / DOE policy | The consolidated dividend payout ratio will be at least 30%. The applicable period is stated as “going forward,” and the specific plan period is not disclosed. A consolidated dividend payout ratio of 30.4% is planned for the fiscal year ending January 2027. |
| Treasury share acquisition policy | Acquired 164,800 treasury shares for ¥99 million in the fiscal year ended January 2026. Going forward, the company will consider making acquisitions as appropriate to improve capital efficiency. |
| Cost of capital | Cost of shareholders’ equity: 10.1% (estimated using CAPM, as of the end of January 2026). Risk-free rate: 2.24%; beta: 1.31; market risk premium: 6.0%. |
| Self-assessment of PBR and share price | The fiscal year-end share price for the fiscal year ended January 2026 was ¥738, and PBR was 0.6x. Although the share price is on an upward trend, the company recognizes that further enhancement of corporate value remains a challenge. |
| Investment amount by sector | Field Growth Investment / Amount Not disclosed |
| Key initiatives | Aim to expand sales channels through group synergies, Improve the efficiency of the sales structure through the consolidation and closure of sales offices, Continue research and development activities aimed at entering fields with expected future growth, Propose highly design-oriented automotive components to the automotive industry, Expand inkjet coating technology into fields other than liquid crystal displays, Develop polishing materials and polishing equipment for semiconductor-related components and other electronic components, Expand the product lineup of plating equipment for high-performance materials, Promoting Human Capital Management, Sell idle assets and reduce inventories, Enhance shareholder returns, Consider using interest-bearing debt for growth investments, Factory tours and other events for individual shareholders, Enhance the company website, Disclose information on management strategies in the future, Shareholder returns, Conduct share repurchases |
| Results under the previous plan | Initiatives and targets (announced in June 2025) → Progress on each initiative and future measures disclosed (comparison with numerical targets not disclosed) |
| Reason for revision or withdrawal | ROE has been trending downward and fell below the estimated cost of shareholders’ equity in the fiscal year ended January 2026. The company aims to enhance corporate value by improving ROE, enhance shareholder returns, clarify stable profit distribution, and improve PER and PBR by strengthening IR activities. |
| Date of board resolution | 9 June 2026 |
| Publication date | 9 June 2026 |
Items this document does not state (12)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planSegment targetNon-financial targetsPlan assumptionsSize of the Target MarketRisks identified
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 reasons are to enhance corporate value by improving ROE, clarify the enhancement of shareholder returns and stable profit distribution, and strengthen IR activities to improve PER and PBR.
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.