Worth reading
53Recurring
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
100
¥ hundred millionWording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+2.2%
基準 4,500Target4,600hundred million
Operating profit+12.5%
基準 800Target900hundred million
Net income for the current fiscal year+12.7%
基準 550Target620hundred million
ROE+2.0pt
基準 12Target14％
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.
Investment amount by sectorField Semiconductor business, Kyoto Fukuchiyama Plant and Kyoto Fukuchiyama Technology Center / Investment amount Not disclosed, Field Life Sciences Business / Investment amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyFrom 2027, the target payout ratio will be approximately 40% of consolidated net income. Taking investment opportunities, financial conditions and other factors into comprehensive consideration, the company will flexibly implement special dividends and share repurchases. For the 2026 year-end dividend, the company will pay approximately ¥10 billion as a commemorative dividend marking a market capitalization of ¥1 trillion, and expects total shareholder returns of ¥105 billion over the 5-year period from 2024 to 2028.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 policyTaking investment opportunities, financial conditions and other factors into comprehensive consideration, the company will flexibly implement special dividends and share repurchases.
Key initiatives
01Improve profitability through focused investment in growth areas and disciplined business operations
02Aggressive investment in the semiconductor business and structural reforms in businesses undergoing value restructuring
03Strengthen capital allocation and shareholder returns to improve capital efficiency
04Change the target payout ratio from 30% to 40%, while also implementing flexible shareholder returns
05Strengthen the governance framework for executing the strategy
06Consider transitioning to a company with an Audit & Supervisory Committee, with outside directors comprising a majority
Plan assumptionsGrowth in semiconductor demand driven by advances in AI technology and the rapid expansion of data center investment, Demand for vehicle development incorporating internal combustion engines, including hybrids, expected to continue over the medium term, Energy-related markets, including hydrogen, where demand stagnation is expected to continue, The future potential of hydrogen in achieving carbon neutrality
Segment targetSegment Advanced Materials & Semiconductors / Net Sales Original plan ¥235 billion / Updated plan ¥262 billion / Operating profit Original plan ¥58.5 billion / Updated plan ¥77.0 billion, Segment Energy and the environment / Net Sales Original plan ¥158 billion / Updated plan ¥146 billion / Operating profit Original plan ¥15.8 billion / Updated plan ¥12.5 billion, Segment Bio & Healthcare / Net Sales Original plan ¥57.0 billion / Updated plan ¥52.0 billion / Operating profit Original plan ¥5.7 billion / Updated plan ¥500 million
Non-financial targetsIndicator name Mass flow controller production capacity / Target value Expand to up to 3 times the current level / Timing Not disclosed
Risks identified by the company
Significant changes in investment trends related to new energy, particularly hydrogen
Energy-related markets, including hydrogen, where demand stagnation is expected to continue
Mechatronics-related businesses with profitability issues, particularly overseas
Future changes in the business environment
Reason for revision or withdrawal
Since “MLMAP2028” was announced in February 2024, investment trends related to new energy, particularly hydrogen, which had been a priority area for new businesses, have changed significantly. In the mobility sector, the focus has shifted from electric vehicle development back toward vehicle development involving internal combustion engines, centered on hybrid vehicles. In the semiconductor sector, investment in data centers, driven by AI demand, has accelerated further. The plan has been revised to enable a flexible and rapid response to these changes in the business environment.
| Item | Details |
|---|---|
| Plan name | Medium- to Long-Term Management Plan “MLMAP2028” |
| Plan period | 5-year period from 2024 to 2028 |
| Progress against the plan | Partially revised |
| Sales Target | ¥4,500 hundred million → ¥4,600 hundred million（+2.2%） |
| Operating profit target | ¥800 hundred million → ¥900 hundred million（+12.5%） |
| Net income target | ¥550 hundred million → ¥620 hundred million（+12.7%） |
| ROE target | At least 12.0% → 14.0％ |
| Payout ratio / DOE policy | From 2027, the target payout ratio will be approximately 40% of consolidated net income. Taking investment opportunities, financial conditions and other factors into comprehensive consideration, the company will flexibly implement special dividends and share repurchases. For the 2026 year-end dividend, the company will pay approximately ¥10 billion as a commemorative dividend marking a market capitalization of ¥1 trillion, and expects total shareholder returns of ¥105 billion over the 5-year period from 2024 to 2028. |
| Treasury share acquisition policy | Taking investment opportunities, financial conditions and other factors into comprehensive consideration, the company will flexibly implement special dividends and share repurchases. |
| Investment amount by sector | Field Semiconductor business, Kyoto Fukuchiyama Plant and Kyoto Fukuchiyama Technology Center / Investment amount Not disclosed, Field Life Sciences Business / Investment amount Not disclosed |
| Segment target | Segment Advanced Materials & Semiconductors / Net Sales Original plan ¥235 billion / Updated plan ¥262 billion / Operating profit Original plan ¥58.5 billion / Updated plan ¥77.0 billion, Segment Energy and the environment / Net Sales Original plan ¥158 billion / Updated plan ¥146 billion / Operating profit Original plan ¥15.8 billion / Updated plan ¥12.5 billion, Segment Bio & Healthcare / Net Sales Original plan ¥57.0 billion / Updated plan ¥52.0 billion / Operating profit Original plan ¥5.7 billion / Updated plan ¥500 million |
| Non-financial targets | Indicator name Mass flow controller production capacity / Target value Expand to up to 3 times the current level / Timing Not disclosed |
| Plan assumptions | Growth in semiconductor demand driven by advances in AI technology and the rapid expansion of data center investment, Demand for vehicle development incorporating internal combustion engines, including hybrids, expected to continue over the medium term, Energy-related markets, including hydrogen, where demand stagnation is expected to continue, The future potential of hydrogen in achieving carbon neutrality |
| Key initiatives | Improve profitability through focused investment in growth areas and disciplined business operations, Aggressive investment in the semiconductor business and structural reforms in businesses undergoing value restructuring, Strengthen capital allocation and shareholder returns to improve capital efficiency, Change the target payout ratio from 30% to 40%, while also implementing flexible shareholder returns, Strengthen the governance framework for executing the strategy, Consider transitioning to a company with an Audit & Supervisory Committee, with outside directors comprising a majority |
| Reason for revision or withdrawal | Since “MLMAP2028” was announced in February 2024, investment trends related to new energy, particularly hydrogen, which had been a priority area for new businesses, have changed significantly. In the mobility sector, the focus has shifted from electric vehicle development back toward vehicle development involving internal combustion engines, centered on hybrid vehicles. In the semiconductor sector, investment in data centers, driven by AI demand, has accelerated further. The plan has been revised to enable a flexible and rapid response to these changes in the business environment. |
| Risks identified | Significant changes in investment trends related to new energy, particularly hydrogen, Energy-related markets, including hydrogen, where demand stagnation is expected to continue, Mechatronics-related businesses with profitability issues, particularly overseas, Future changes in the business environment |
| Publication date | 7 August 2026 |
Items this document does not state (8)
Operating profit margin targetROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planResults under the previous planSize of the Target MarketDate 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.Since the plan was announced in February 2024, investment trends related to new energy have changed significantly. In mobility, the industry has shifted from focusing on electric vehicle development back toward vehicle development involving internal combustion engines, centered on hybrid vehicles, while investment in data centers has accelerated in the semiconductor sector, driven by AI demand. The update is intended to enable a flexible and rapid response to these changes in the business environment.
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.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.