Worth reading
76Important
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
32
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFirst quarter of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales751 Hundreds of millions of yen+4.5%
Operating profit50 Hundreds of millions of yen+0.8%
Net income34 Hundreds of millions of yen+24.8%
Operating profit margin
Rate6.6%
Year-on-year change▲0.2pt
Results for the three months of the current quarter
Net Sales
751 Hundreds of millions of yen
Operating profit
50 Hundreds of millions of yen
Net income
34 Hundreds of millions of yen
Full-year earnings forecast
Net Sales
3,050 Hundreds of millions of yen
Operating profit
245 Hundreds of millions of yen
Net income
140 Hundreds of millions of yen
Operating profit margin
8 %
Net profit margin
4.6 %
ROE
7.5 %
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 Sales24.6%
Operating profit20.2%
Net income24.2%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Impact of changes in revenue+¥100 million
Impact of foreign-exchange movements+¥600 million
Materials and subcontracting costs+¥700 million
Labor and personnel expenses−¥300 million
Depreciation and Amortization+¥100 million
Other−¥1.2 billion
Change in operating profit+¥0.0 billion
Finance and Other+¥1.3 billion
Change in profit before income taxes+¥1.4 billion
Income Taxes-¥700 million
Non-Controlling Interests-¥0.0 billion
Change in net profit+¥700 million
Breakdown
Impact of lower orders–¥1.1 billion
Pass-through of cost increases to selling prices and achievement of appropriate pricing+¥1.2 billion
Changes in material mix, etc.+¥600 million
Wage increases, etc.−¥300 million
Research and development costs-¥700 million
Unrealized inventory profit-¥700 million
Foreign-Exchange Gains and Losses+¥1.1 billion
Investment gains and losses+¥600 million
Share of profit or loss-¥400 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Average JPY/USD exchange rate
155 Yen/Dollar
New initiatives
- Transition to a company with an audit and supervisory committee and nomination committee structure in June 2026
- Establishment of a dedicated M&A department in April 2025
- Growth investments to create new businesses, including in-wheel motors, drones and venture capital
- Monetization of non-operating assets scheduled for fiscal 2026
Key KPIsA metric the company considers important as a management benchmark.
Average JPY/USD exchange rate
160.5 Yen/Dollar
Year on year against the same period last year+¥15.3, +10.6%
ROE
7.5 %
Year on year against the same period last year+0.2 ppt (full-year forecast)
JCR long-term credit rating
A+
Year on year against the same period last yearMaintained
Segment results
Revenue
MT193 Hundreds of millions of yen
AT447 Hundreds of millions of yen
TS31 Hundreds of millions of yen
Two-wheelers60 Hundreds of millions of yen
Other21 Hundreds of millions of yen
Year on year against the same period last year
MT+¥1.7 billion
AT−¥0.2 billion
TSDown ¥100 million
Two-wheelers+¥0.8 billion
Other+¥1 billion
Operating profit
MT26.9 Hundreds of millions of yen
AT36.6 Hundreds of millions of yen
TS4.8 Hundreds of millions of yen
Two-wheelers3.5 Hundreds of millions of yen
Other▲19.0
Corporate Expenses▲9.0
Total49.5 Hundreds of millions of yen
Year on year against the same period last year
MT-¥60 million
AT+¥930 million
TS+¥160 million
Two-wheelers-¥50 million
Other-¥1.55 billion
Corporate Expenses+¥250 million
Total+¥40 million
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2027 (final year of the medium-term management plan)
Net Sales
2,850 Hundreds of millions of yen
Operating profit
220 Hundreds of millions of yen
Operating profit margin
7.7 %
Net income
138 Hundreds of millions of yen
Net profit margin
4.8 %
ROE
7.5 %
Financial targets
Equity ratio
Target60%
ROE
Target7.5%
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Unrefunded U.S. IEEPA reciprocal tariffs
7 Hundreds of millions of yen
DetailsThe portion of applications for tariff refunds by U.S. sites that has not yet been refunded
Capital expenditures
97 Hundreds of millions of yen
NotesUpdate investments planned for fiscal 2026
Annual Dividend
Annual dividend per share
¥350
Interim and Year-End BreakdownInterim: JPY 150; year-end: Not disclosed
Payout ratio
Total payout ratio of 100% (combined total for fiscal 2025 and fiscal 2026)Acquisition of treasury shares
Amount
80 Hundreds of millions of yen
PeriodFiscal 2026, in progress
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | 751 Hundreds of millions of yen (YoY +4.5%) |
| Operating profit | 50 Hundreds of millions of yen (YoY +0.8%) |
| Net income | 34 Hundreds of millions of yen (YoY +24.8%) |
| Operating profit margin | Rate 6.6% / Year-on-year change ▲0.2pt |
| Results for the three months of the current quarter | Net Sales 751 Hundreds of millions of yen / Operating profit 50 Hundreds of millions of yen / Net income 34 Hundreds of millions of yen |
| Full-year earnings forecast | Net Sales 3,050 Hundreds of millions of yen / Operating profit 245 Hundreds of millions of yen / Net income 140 Hundreds of millions of yen / Operating profit margin 8 % / Net profit margin 4.6 % / ROE 7.5 % |
| Progress against full-year forecast | Net Sales 24.6% / Operating profit 20.2% / Net income 24.2% |
| Segment results | Revenue MT 193 Hundreds of millions of yen / AT 447 Hundreds of millions of yen / TS 31 Hundreds of millions of yen / Two-wheelers 60 Hundreds of millions of yen / Other 21 Hundreds of millions of yen / Year on year against the same period last year MT +¥1.7 billion / AT −¥0.2 billion / TS Down ¥100 million / Two-wheelers +¥0.8 billion / Other +¥1 billion / Operating profit MT 26.9 Hundreds of millions of yen / AT 36.6 Hundreds of millions of yen / TS 4.8 Hundreds of millions of yen / Two-wheelers 3.5 Hundreds of millions of yen / Other ▲19.0 / Corporate Expenses ▲9.0 / Total 49.5 Hundreds of millions of yen / Year on year against the same period last year MT -¥60 million / AT +¥930 million / TS +¥160 million / Two-wheelers -¥50 million / Other -¥1.55 billion / Corporate Expenses +¥250 million / Total +¥40 million |
| Breakdown of Factors Affecting the Change | Impact of changes in revenue +¥100 million / Impact of foreign-exchange movements +¥600 million / Materials and subcontracting costs +¥700 million / Labor and personnel expenses −¥300 million / Depreciation and Amortization +¥100 million / Other −¥1.2 billion / Change in operating profit +¥0.0 billion / Finance and Other +¥1.3 billion / Change in profit before income taxes +¥1.4 billion / Income Taxes -¥700 million / Non-Controlling Interests -¥0.0 billion / Change in net profit +¥700 million / Breakdown Impact of lower orders –¥1.1 billion / Pass-through of cost increases to selling prices and achievement of appropriate pricing +¥1.2 billion / Changes in material mix, etc. +¥600 million / Wage increases, etc. −¥300 million / Research and development costs -¥700 million / Unrealized inventory profit -¥700 million / Foreign-Exchange Gains and Losses +¥1.1 billion / Investment gains and losses +¥600 million / Share of profit or loss -¥400 million |
| Key KPIs | Average JPY/USD exchange rate 160.5 Yen/Dollar / ROE 7.5 % / JCR long-term credit rating A+ |
| Assumptions Underlying the Business Outlook | Average JPY/USD exchange rate 155 Yen/Dollar |
| Risk amount incorporated into the outlook | Unrefunded U.S. IEEPA reciprocal tariffs 7 Hundreds of millions of yen |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2027 (final year of the medium-term management plan) / Net Sales 2,850 Hundreds of millions of yen / Operating profit 220 Hundreds of millions of yen / Operating profit margin 7.7 % / Net income 138 Hundreds of millions of yen / Net profit margin 4.8 % / ROE 7.5 % |
| Financial targets | Equity ratio Target 60% / Actual results Not disclosed / ROE Target 7.5% / Actual results Not disclosed |
| Annual Dividend | Annual dividend per share ¥350 / Interim and Year-End Breakdown Interim: JPY 150; year-end: Not disclosed |
| Payout ratio | Total payout ratio of 100% (combined total for fiscal 2025 and fiscal 2026) |
| Acquisition of treasury shares | Amount 80 Hundreds of millions of yen / Period Fiscal 2026, in progress / Number of Shares Not disclosed |
| Capital expenditures | 97 Hundreds of millions of yen |
| New initiatives | Transition to a company with an audit and supervisory committee and nomination committee structure in June 2026, Establishment of a dedicated M&A department in April 2025, Growth investments to create new businesses, including in-wheel motors, drones and venture capital, Monetization of non-operating assets scheduled for fiscal 2026 |
Items this document does not state (10)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesOrders received and order backlogMarket Size / ShareKey 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.Although order volumes for AT products in China declined, revenue increased due to the weaker yen, the pass-through of higher selling prices to customers, higher sales of new-business products in Japan, and increased sales of two-wheeler products in Asia. Operating profit was weighed down by higher R&D expenses related to new businesses and increased unrealized profit resulting from inventory buildup associated with expanded sales of aftermarket products by overseas sales subsidiaries. Net profit increased due to improved foreign exchange gains and losses and investment gains and losses.
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