Dependence on Domestic Economic Conditions and Capital Investment Trends
First written in FY2016. 9 of 39 entries say "Restated". Latest entry: 2026-08-06.
Nitto Kogyo moved to the "Worse" side of this theme in 2025, 6 years after the typical company in this theme (2019).
The whole theme swung hardest in 2020: 62 of 77 companies on the "Worse" side.
14 other companies' latest entry also says "Restated".
- 2026-08-06RestatedEarnings
「In the electrical installation field, in addition to the decline following the rush demand in the previous fiscal year ahead of specification changes, cautious attitudes toward ordering and accepting projects have continued amid concerns over stable procurement of components complying with the new specifications. Concerns over labor shortages at construction sites, soaring construction material prices and the effects of the situation in the Middle East also persist, leaving the business environment uncertain.」
Existing risks related to specification changes, procurement of components compliant with the new specifications, labor shortages, higher material prices and the situation in the Middle East continue. - FY2026WorsenedAnnual report
「The business environment became uncertain, as labor shortages at construction sites persisted and supply-demand disruptions arose from specification changes for certain components, while heightened tensions in the Middle East also began to affect the procurement of materials.」
While recognizing a recovery in capital investment and machinery orders, the company notes additional concerns from chronic labor shortages, supply-demand disruptions associated with specification changes, and the impact of the situation in the Middle East on materials procurement, with uncertainty in the business environment increasing. - FY2026-H1WorsenedAnnual report
「In this industry, capital investment showed signs of a gradual recovery in the near term, but a growing number of companies, particularly manufacturers, have begun to hold back on domestic and overseas capital investment amid concerns over the impact of U.S. trade policy. Private non-residential construction and machinery orders also stalled in their recovery, while further increases in component prices and the chronic nature of labor shortages at construction sites resulted in an uncertain business environment.」
While recognizing a recovery in capital investment, the company identifies investment restraint due to U.S. trade policy, stalled private non-residential construction and machinery orders, rising component prices and chronic labor shortages as additional concerns. - FY2025Capital investment and machinery orders recover, but concerns remain over housing, non-residential construction, raw materials and labor shortagesAnnual report
「In this industry, capital investment and machinery orders showed signs of recovery, while the number of new housing starts was generally flat and the number of private non-residential buildings was weak. Raw material prices remained elevated and labor shortages at construction sites became more severe, resulting in a business environment in which concerns about the outlook remained.」
While recognizing a recovery in capital investment and machinery orders, the company identifies flat housing starts, weakness in private non-residential construction, persistently high raw material prices and labor shortages at construction sites as new concerns. - FY2025-H1Capital investment recovering, but concerns remain over housing, non-residential buildings and machinery ordersAnnual report
「The industry saw signs of recovery in capital investment, and the difficulty procuring components was almost resolved. However, new housing starts were broadly flat, the number of privately owned non-residential buildings remained weak, and machinery orders showed signs of stagnation in their recovery. In addition, soaring raw material prices continued for an extended period, leaving concerns regarding the outlook.」
Capital investment has shown signs of recovery and difficulties in procuring components have been largely resolved, but concerns remain because housing starts are flat, private non-residential construction is weak, machinery orders have stalled, and high raw material costs are proving prolonged. - FY2024-Q3RestatedAnnual report
「Although the impact of difficulty procuring components has eased, new housing starts remained weak, while the recovery in machinery orders and the number of privately owned non-residential buildings stalled, leaving uncertainty regarding the outlook.」
Although difficulty procuring components has eased, continued weakness in housing starts and the stalled recovery in machinery orders and privately owned non-residential buildings have left domestic demand conditions uncertain. - FY2024-Q2Difficulty procuring components easing, but domestic demand remains stagnantAnnual report
「Although the impact of difficulty procuring components has eased, new housing starts have recently weakened, while the recovery in machinery orders and the number of privately owned non-residential buildings has stalled, leaving uncertainty regarding the outlook.」
Although difficulty procuring components has eased, continued weakness in housing starts and the stalled recovery in machinery orders and privately owned non-residential buildings have left domestic demand conditions uncertain. - FY2024-Q1RestatedAnnual report
「New housing starts remained firm, but the recovery in machinery orders and the number of privately owned non-residential buildings stalled, while the impact of difficulty procuring components and other factors was prolonged, leaving uncertainty regarding the outlook.」
Although housing starts remained firm, the stalled recovery in machinery orders and privately owned non-residential buildings, together with the prolonged difficulty in procuring components, continued to create uncertainty regarding domestic demand conditions. - FY2023Recovery in demand stalled, while difficulty procuring components persistsAnnual report
「New housing starts remained firm, but from the second half of the fiscal year onward, the recovery in machinery orders and the number of privately owned non-residential buildings stalled, while the impact of difficulty procuring components and other factors was prolonged, leaving uncertainty regarding the outlook.」
Although housing demand remained firm, the recovery in machinery orders and privately owned non-residential buildings stalled in the second half of the fiscal year, and the prolonged difficulty in procuring components added to the uncertainty. - FY2023-Q3Machinery orders stagnant and difficulty procuring components prolongedAnnual report
「The number of privately owned non-residential buildings and new housing starts remained firm. However, machinery orders showed signs of stagnation in their recovery, while the impact of difficulty procuring components was prolonged, leaving uncertainty regarding the outlook.」
Although demand for housing and non-residential buildings remained firm, the recovery in machinery orders stalled, and the prolonged difficulty in procuring components added to the uncertainty regarding the outlook. - FY2023-Q2RestatedAnnual report
「The number of privately owned non-residential buildings and new housing starts remained firm, while machinery orders showed signs of recovery, and brighter signs continued to emerge in the business environment.」
The number of privately owned non-residential buildings, new housing starts and machinery orders showed signs of recovery, and the company continued to view caution regarding domestic demand conditions as partially eased. - FY2023-Q1MitigatedAnnual report
「New housing starts remained firm, while machinery orders and the number of privately owned non-residential buildings showed signs of recovery, and brighter signs were beginning to emerge.」
Housing starts remained firm, and machinery orders and the number of privately owned non-residential buildings also showed signs of recovery, partially easing caution regarding domestic demand conditions. - FY2022MitigatedAnnual report
「New housing starts showed signs of recovery, while machinery orders and the number of privately owned non-residential buildings followed a gradual recovery trend, resulting in a business environment in which brighter signs were beginning to emerge.」
Signs of recovery emerged in housing starts, machinery orders and privately owned non-residential buildings, partially easing caution regarding domestic demand conditions. - FY2022-Q3Machinery orders recovering, but housing and non-residential buildings stagnant and downside risk persistsAnnual report
「Although machinery orders followed a gradual recovery trend, new housing starts and the number of privately owned non-residential buildings showed signs of stagnation, resulting in a business environment whose outlook could not be taken for granted.」
Although machinery orders showed a gradual recovery, housing starts and the number of privately owned non-residential buildings remained stagnant, and caution regarding the outlook continued. - FY2022-Q2Demand conditions recovering, but caution continues amid higher raw material prices and intensifying competitionAnnual report
「New housing starts and the number of privately owned non-residential buildings showed signs of recovery, while machinery orders followed a gradual recovery trend. However, competition among companies was becoming increasingly intense owing in part to soaring raw material prices and the prolonged impact of the COVID-19 pandemic, resulting in a business environment whose outlook could not be taken for granted.」
Although housing starts, privately owned non-residential buildings and machinery orders showed signs of recovery, the company identified soaring raw material prices and intensifying competition due to the COVID-19 pandemic as new downward pressures, and continued to exercise caution regarding the outlook. - FY2022-Q1RestatedAnnual report
「Although machinery orders showed signs of recovery, new housing starts and the number of privately owned non-residential buildings remained weak, resulting in a business environment requiring close monitoring of future developments.」
Although machinery orders recovered, weakness in housing starts and the number of privately owned non-residential buildings remained, as did the need to monitor the outlook. - FY2021RestatedAnnual report
「Although machinery orders showed signs of recovery, new housing starts and the number of privately owned non-residential buildings remained soft, resulting in a business environment requiring close monitoring of future developments.」
Although machinery orders recovered, housing starts and privately owned non-residential buildings remained weak, and monitoring of domestic demand continued. - FY2021-Q3Machinery orders recovering, while housing and non-residential buildings remain weakAnnual report
「Although machinery orders showed signs of recovery, new housing starts and the number of privately owned non-residential buildings remained weak, resulting in a business environment requiring close monitoring of future developments.」
Although machinery orders showed signs of recovery from the challenging conditions of the previous quarter, weakness in new housing starts and the number of privately owned non-residential buildings remained, as did the need to monitor the outlook. - FY2021-Q2WorsenedAnnual report
「New housing starts and the number of privately owned non-residential buildings remained weak. Although machinery orders showed signs of bottoming out, difficult conditions continued, resulting in a business environment requiring close monitoring of future developments.」
In addition to weakness in housing starts and privately owned non-residential buildings, machinery orders remained challenging, leading to continued and heightened caution regarding demand related to domestic capital investment. - FY2021-Q1WorsenedAnnual report
「New housing starts and the number of privately owned non-residential buildings remained weak, while machinery orders became increasingly challenging, resulting in a business environment requiring close monitoring of future developments.」
Domestic demand for housing and non-residential buildings was weak, and the company stated that machinery orders had become increasingly challenging, indicating heightened caution regarding domestic demand conditions. - FY2020WorsenedAnnual report
「Although the number of privately owned non-residential buildings and machinery orders had been increasing gradually, they recently turned downward, resulting in a business environment whose outlook could not be taken for granted.」
The assessment changed from gradual increases to a view that the number of privately owned non-residential buildings and machinery orders had recently turned downward. - FY2020-Q3Industry conditions strengthening, with order backlog at a record highAnnual report
「The industry enjoyed a robust business environment, supported by gradual increases in capital investment and the number of privately owned non-residential buildings. In addition, construction order backlogs for privately owned non-residential buildings have accumulated to a record-high level. Although future developments require monitoring, conditions are expected to remain at an elevated level for the time being.」
Against a backdrop of gradual increases in capital investment and the number of privately owned non-residential buildings, as well as construction order backlogs at a record-high level, domestic demand conditions were assessed as stronger than before. At the same time, monitoring of future developments continues. - FY2020-Q2Deceleration in the FA-related market explicitly identifiedAnnual report
「In the cabinet business, although the FA-related market showed signs of slowing, revenue increased as a result of the gradual recovery in domestic demand for capital investment and the impact of the price revisions for the company’s products implemented in October 2018. Revenue was ¥11,420 million, up 5.8% year on year.」
Although domestic demand for capital investment is gradually recovering, the company explicitly identified deceleration in the FA-related market as a new negative factor. It did not state that the risk had materialized as an actual loss. - FY2020-Q1Capital investment on an upward trend but showing some weakness, while housing and non-residential buildings weakenAnnual report
「Although capital investment increased gradually, some weakness emerged, while new housing starts and the number of privately owned non-residential buildings remained weak. The business environment was steady overall, but future developments require close monitoring.」
Although corporate capital investment increased gradually, some weakness emerged, while housing starts and privately owned non-residential buildings remained weak, prompting continued monitoring of domestic demand. - FY2019Capital investment increasing, but slowing machinery orders and weak housing demand persistAnnual report
「Although corporate capital investment increased, growth in machinery orders slowed, while new housing starts and the number of privately owned non-residential buildings remained stagnant, resulting in a business environment requiring close monitoring of future developments.」
Although corporate capital investment increased, caution regarding domestic demand conditions continued because growth in machinery orders slowed and housing and privately owned non-residential buildings remained stagnant. - FY2019-Q3Slowing growth in machinery orders and weak demand require close monitoringAnnual report
「Although machinery orders increased, their recent growth slowed, while new housing starts and the number of privately owned non-residential buildings remained weak. The business environment showed signs of improvement, but future developments require close monitoring.」
Although machinery orders continued to increase, growth slowed, and housing and privately owned non-residential buildings also remained weak, leaving domestic demand conditions in a state where signs of improvement coexisted with a need for caution. - FY2019-Q2RestatedAnnual report
「Although machinery orders increased gradually, new housing starts and the number of privately owned non-residential buildings remained stagnant, resulting in a business environment that showed signs of improvement but whose outlook could not be taken for granted.」
Although machinery orders increased gradually, housing starts and privately owned non-residential buildings remained stagnant, leaving domestic demand conditions uncertain. - FY2019-Q1Capital investment increasing, while housing and non-residential buildings weakenAnnual report
「Although machinery orders continued to recover, new housing starts and the number of privately owned non-residential buildings remained weak, resulting in a business environment with mixed strengths and weaknesses.」
Although machinery orders showed signs of recovery, new housing starts and the number of privately owned non-residential buildings remained weak, leaving domestic demand conditions mixed. - FY2018Capital investment and other areas recovering, but weak housing demand and intensifying competitionAnnual report
「Although the number of privately owned non-residential buildings and capital investment showed a gradual recovery, supported by improved corporate earnings and other factors, new housing starts remained weak. In addition, competition among companies intensified as the solar power systems market contracted, and the business environment remained one in which the outlook could not be taken for granted.」
Although capital investment and privately owned non-residential buildings recovered, weak housing starts, contraction in the solar power market and intensifying competition remained, leaving the business environment uncertain. - FY2018-Q3Capital investment and non-residential buildings recovering, but intensifying competition makes conditions challengingAnnual report
「Although corporate capital investment and the number of privately owned non-residential buildings continued to recover, the solar power systems market continued to contract and competition among companies intensified further, resulting in a generally challenging business environment.」
Although corporate capital investment and the number of privately owned non-residential buildings showed signs of recovery, the contraction of the solar power market and increasingly severe competition among companies left overall business conditions challenging. - FY2018-Q2Corporate capital investment recovering, while housing and non-residential buildings remain stagnantAnnual report
「Although corporate capital investment continued to recover, new housing starts and the number of privately owned non-residential buildings remained stagnant. In addition, the solar power systems market continued to contract and competition among companies intensified further, resulting in a generally challenging business environment.」
Although corporate capital investment showed signs of recovery, weakness remained in housing, non-residential buildings and the solar power market, as well as in the competitive environment, leaving overall business conditions challenging. - FY2018-Q1MaterialisedAnnual report
「Against this backdrop, although standalone revenue at NITTO KOGYO CORPORATION increased slightly, revenue declined in all 3 business segments. As a result, revenue was ¥22,875 million, down 2.6% year on year, operating profit was ¥506 million, down 12.6%, ordinary profit was ¥484 million, down 5.4%, and profit attributable to owners of the parent was ¥60 million, down 88.5%, owing in part to the absence of the extraordinary gain recorded in the same quarter of the previous year.」
Amid a challenging business environment, all 3 business segments recorded lower revenue, and the consolidated results showed lower revenue and profits for the quarter. - FY2017MaterialisedAnnual report
「The business environment was generally lacking in strength, as new housing starts continued to recover, but the number of privately owned non-residential buildings and corporate capital investment remained stagnant, while the solar power systems market continued to contract.」
With stagnant corporate capital investment and continued market weakness, revenue was down 1.7% from the previous fiscal year and operating profit was down 41.4%. - FY2017-Q3MaterialisedAnnual report
「In the industry, new housing starts and the number of privately owned non-residential buildings continued to recover, but the solar power systems market continued to contract and corporate capital investment remained stagnant, resulting in a mixed business environment. However, as NITTO KOGYO CORPORATION on a standalone basis recorded lower revenue and profits, revenue was ¥76,326 million, down 2.0% year on year, operating profit was ¥4,465 million, down 45.3%, ordinary profit was ¥4,351 million, down 45.2%, and profit attributable to owners of the parent was ¥3,213 million, down 39.0%.」
Against a backdrop of stagnant corporate capital investment, lower revenue and profits were reported both on a standalone basis and in the consolidated results. - FY2017-Q2RestatedAnnual report
「The business environment was generally lacking in strength, as corporate capital investment showed signs of stagnation and the pace of solar power equipment installations continued to slow.」
The company stated that corporate capital investment remained stagnant. There was no material change in its risk assessment from the previous quarter. - FY2017-Q1WorsenedAnnual report
「The business environment was generally subject to increasing downside risk, as the number of privately owned non-residential buildings and machinery orders remained weak, while the pace of solar power equipment installations continued to slow.」
The company cited increasing downside risk against a backdrop of weakness in non-residential buildings and machinery orders, while operating profit was down 68.4% year on year. - FY2016First statedAnnual report
「The group’s products are supplied to the electrical equipment and materials, factory automation control, and information and communications fields. Demand for these products is largely linked to domestic capital expenditure trends and is ultimately significantly affected by domestic economic conditions.」
Capital investment by companies remained sluggish during the year, with revenue down 1.3% from the previous fiscal year and operating profit down 18.7%.