Worth reading
52Recurring
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
8.4
Year-on-year change in revenue (%)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending March 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales402,779 Thousand US dollars+8.4%
Ordinary income14,537 US$ thousand -29.8%profit before tax
Net income12,501 US$ thousand -24.9%net profit
Gross Profit Margin10.9
Selling, general and administrative expenses23,472 US$ thousand selling expenses 15,328 + administrative expenses 8,144
Results for the three months of the current quarter
Revenue
FY2026/3 Q1104
FY2026/3 Q2111
FY2026/3 Q393
FY2026/3 Q494
Gross profit
FY2026/3 Q111.9
FY2026/3 Q210
FY2026/3 Q39.4
FY2026/3 Q49.6
Full-year earnings forecast
Revenue
525,288 Thousand US dollars
Gross profit
56,890 Thousand US dollars
Income before taxes
20,866 Thousand US dollars
Profit for the period
16,902 Thousand US dollars
EBITDA
29,938 Thousand US dollars
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Decrease in gross profit-6,081 Thousand US dollars
- Decrease in other income-1,560 Thousand US dollars
- Increase in selling expenses-1,012 Thousand US dollars
- Increase in administrative expenses-2,235 Thousand US dollars
- Decrease in other operating expenses2,339 Thousand US dollars
- Increase in equity-method investment gains374 Thousand US dollars
- Decrease in financial expenses217 Thousand US dollars
- Decrease in income tax expense164 Thousand US dollars
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Market expansion in ASEAN and Greater China
- Rollout of products for new customers
- Continuing geopolitical risks
- Higher logistics and supply chain costs due to the prolonged conflict in the Middle East
New initiatives
- Consideration of entry into the AI and data center value chain
- Consideration of providing AI server capacity
- Consideration of participation in the construction of regional data centers
- Launch of manufacturing and certification for medical-grade materials
- Acquisition of a trading company in Shanghai, China
Key KPIsA metric the company considers important as a management benchmark.
- Revenue402.8 USD millionYear on year against the same period last year+8.4%
- Gross profit margin10.9 %Year-on-year change (points)-2.5
- ROE13.7 %Year-on-year change (points)-6.8
Segment results
Specialty plastics
Revenue130,735 Thousand US dollars
Year-on-year (%)8 Thousand US dollars
Generic plastics
Revenue272,044 Thousand US dollars
Year-on-year (%)8.6 Thousand US dollars
Financial targets
Equity ratio
Actual results for the fiscal year ending March 202637.2 %
ROE
Actual results for the fiscal year ending March 202613.7 %
Capital expenditures
15,095 US$ thousand capital expenditures for the acquisition of property, plant and equipment
Payout ratio
DetailsFiscal year ended March 2026: "—"
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | 402,779 Thousand US dollars (YoY +8.4%) |
| Ordinary income | 14,537 US$ thousand (profit before tax) (YoY -29.8%) |
| Net income | 12,501 US$ thousand (net profit) (YoY -24.9%) |
| Gross Profit Margin | 10.9 |
| Selling, general and administrative expenses | 23,472 US$ thousand (selling expenses 15,328 + administrative expenses 8,144) |
| Results for the three months of the current quarter | Revenue FY2026/3 Q1 104 / FY2026/3 Q2 111 / FY2026/3 Q3 93 / FY2026/3 Q4 94 / Gross profit FY2026/3 Q1 11.9 / FY2026/3 Q2 10 / FY2026/3 Q3 9.4 / FY2026/3 Q4 9.6 |
| Full-year earnings forecast | Revenue 525,288 Thousand US dollars / Gross profit 56,890 Thousand US dollars / Income before taxes 20,866 Thousand US dollars / Profit for the period 16,902 Thousand US dollars / EBITDA 29,938 Thousand US dollars |
| Segment results | Specialty plastics Revenue 130,735 Thousand US dollars / Year-on-year (%) 8 Thousand US dollars / Profit Not disclosed / Generic plastics Revenue 272,044 Thousand US dollars / Year-on-year (%) 8.6 Thousand US dollars / Profit Not disclosed |
| Breakdown of Factors Affecting the Change | Factors Decrease in gross profit / Amount -6,081 Thousand US dollars, Factors Decrease in other income / Amount -1,560 Thousand US dollars, Factors Increase in selling expenses / Amount -1,012 Thousand US dollars, Factors Increase in administrative expenses / Amount -2,235 Thousand US dollars, Factors Decrease in other operating expenses / Amount 2,339 Thousand US dollars, Factors Increase in equity-method investment gains / Amount 374 Thousand US dollars, Factors Decrease in financial expenses / Amount 217 Thousand US dollars, Factors Decrease in income tax expense / Amount 164 Thousand US dollars |
| Key KPIs | Indicator name Revenue / Value 402.8 USD million / Year on year against the same period last year 8.4 USD million, Indicator name Gross profit margin / Value 10.9 % / Year-on-year change (points) -2.5 %, Indicator name ROE / Value 13.7 % / Year-on-year change (points) -6.8 % |
| Assumptions Underlying the Business Outlook | Market expansion in ASEAN and Greater China, Rollout of products for new customers, Continuing geopolitical risks, Higher logistics and supply chain costs due to the prolonged conflict in the Middle East |
| Financial targets | Equity ratio Actual results for the fiscal year ending March 2026 37.2 % / ROE Actual results for the fiscal year ending March 2026 13.7 % |
| Payout ratio | value Not disclosed / Details Fiscal year ended March 2026: "—" |
| Capital expenditures | 15,095 US$ thousand (capital expenditures for the acquisition of property, plant and equipment) |
| New initiatives | Consideration of entry into the AI and data center value chain, Consideration of providing AI server capacity, Consideration of participation in the construction of regional data centers, Launch of manufacturing and certification for medical-grade materials, Acquisition of a trading company in Shanghai, China |
Items this document does not state (14)
Operating profitOperating profit marginProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendAcquisition of treasury sharesOrders 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.For the fiscal year ended March 2026, revenue increased due to contributions from the subsidiary EcoPoly, while the profit margin declined due to softer market prices and the impact of tariffs. For the fiscal year ending March 2027, the company expects improved operating leverage through the rollout of products for new customers, expansion in the ASEAN and Greater China markets, and new business initiatives.
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