Worth reading
68In focus
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
-10
USD millions (FY2027/3 revenue target. The FY2028/3 revenue target remains unchanged at USD 636 million, while the gross profit margin was reduced from 12.0% to 10.8%)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 636Target636USD million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planRevenue 476; gross profit 57 (initial FY2026/3 forecast) → Revenue 402.8; gross profit 43.7 (FY2026/3 actual)0.0%Calculated from the two disclosed figures
Key initiatives
01Promote the specification-in business model
02Strengthen the R&D-driven business and initiatives for a sustainable society
03Strengthen long-term relationships with key customers and enter new markets
04Collaboration with the Itochu Group
05Promote digital transformation (DX)
06AI and data center-related fields
07Medical and healthcare-related fields
08Four priority growth fields
09Promote innovation through continuous learning and exploration
10Initiatives for a sustainable society
11Three sustainable solutions
Plan assumptionsReference the business forecasts of major customers, Target revenue growth above the industry-standard level in existing markets (approximately 6% CAGR), The engineering plastics market is expected to grow at a CAGR of 2–3% annually from 2023 to 2029
Non-financial targetsIndicator Carbon dioxide emissions / Target 30% reduction / Timing 2030, Indicator Share of sustainable materials / Target 20% / Timing 2030
Size of the Target MarketMarket Engineering plastics / Dimensions 10,449,190 tonnes in 2023; 11,498,660 tonnes in 2029 / Growth rate 2023–2029 CAGR: 2.5% for engineering plastics overall, 2.4% for commodity engineering plastics, and 3.2% for super engineering plastics / Source Fuji Keizai, “2025 Outlook for the Engineering Plastics Market and Global Strategies, Volume I”, Market Plastics for information and communications technology (IT&C) / Dimensions Approximately USD 68.3 billion in 2030 / Growth rate 2024–2030 CAGR: 6.1% / Source Grand View Research, Market Plastics for automobiles and electric vehicles (EVs) / Dimensions Approximately USD 13.3 billion in 2030 / Growth rate 2024–2030 CAGR: 28.0% / Source Grand View Research, Market Plastics for medical and healthcare applications / Dimensions Approximately USD 87.6 billion in 2030 / Growth rate 2024–2030 CAGR: 7.4% / Source Grand View Research, Market Plastics for semiconductors / Dimensions Approximately USD 70.9 billion in 2030 / Growth rate 2024–2030 CAGR: 10.4% / Source Grand View Research, Market Global compounding market / Dimensions 35.76 million tonnes in 2024 and 39.77 million tonnes in 2030; value expected to increase from approximately USD 120.6 billion to USD 138.5 billion / Growth rate Overall CAGR: 1.8%; PA9T: 10.0%; EMC: 4.8%; PEEK: 4.2%; super engineering plastics: 3.3% / Source Fuji Keizai, “2026 Outlook for the Compounding Market and Global Manufacturer Strategies, Volume I,” Summary
Risks identified by the company
The Group's business: multilateral trade friction, fluctuations in supply and demand, market volatility, and significant fluctuations in consumer demand
Specific business partners, expansion of sales channels and expansion of applications: changes in customers' business policies, international conditions including U.S.–China trade friction, delays in expanding sales channels and applications, and declining demand for home appliance applications
Competition: rapid technological innovation may make it difficult to maintain technological superiority
Research and development structure: delays in commercialization, interruption or obsolescence of joint research, mismatch with market needs, and loss of support from Singapore government agencies
Production structure: inability to procure supplies, shipment delays, power shortages, supply chain disruptions, changes in laws and regulations, strikes, economic, political and disaster-related events, and significant increases in labor and other costs and prices
Relationship with Itochu: transactions may end if Itochu terminates its investment. The relevant transactions account for approximately 10–15% of total purchases and sales
For ①, ② and ⑤, the anticipated effects include higher resource prices and supply chain disruptions resulting from conflicts such as the war in Ukraine and the conflict between Israel and Iran
Reason for revision or withdrawal
Softer market prices: lower selling prices resulting from declines in market prices for key resin raw materials and products, Impact of U.S. tariffs: higher costs and lower selling prices resulting from U.S. tariffs, Higher EcoPoly mix: lower profitability due to expansion in mainland China, where competition is intense and demand is concentrated on commodity grades, Revision of the equipment plan to improve production capacity and efficiency, Extension of the system development period associated with the equipment plan revision, Lengthening of the Malaysian government approval process
| Item | Details |
|---|---|
| Plan name | Medium- to long-term management policy |
| Plan period | FY2027/3–FY2029/3 (medium-term growth engines) / Key metrics through FY2028/3 |
| Progress against the plan | Partially revised |
| Sales Target | 636 USD million → 636 USD million |
| Non-financial targets | Indicator Carbon dioxide emissions / Target 30% reduction / Timing 2030, Indicator Share of sustainable materials / Target 20% / Timing 2030 |
| Plan assumptions | Reference the business forecasts of major customers, Target revenue growth above the industry-standard level in existing markets (approximately 6% CAGR), The engineering plastics market is expected to grow at a CAGR of 2–3% annually from 2023 to 2029 |
| Key initiatives | Promote the specification-in business model, Strengthen the R&D-driven business and initiatives for a sustainable society, Strengthen long-term relationships with key customers and enter new markets, Collaboration with the Itochu Group, Promote digital transformation (DX), AI and data center-related fields, Medical and healthcare-related fields, Four priority growth fields, Promote innovation through continuous learning and exploration, Initiatives for a sustainable society, Three sustainable solutions |
| Results under the previous plan | Revenue 476; gross profit 57 (initial FY2026/3 forecast) → Revenue 402.8; gross profit 43.7 (FY2026/3 actual) |
| Reason for revision or withdrawal | Softer market prices: lower selling prices resulting from declines in market prices for key resin raw materials and products, Impact of U.S. tariffs: higher costs and lower selling prices resulting from U.S. tariffs, Higher EcoPoly mix: lower profitability due to expansion in mainland China, where competition is intense and demand is concentrated on commodity grades, Revision of the equipment plan to improve production capacity and efficiency, Extension of the system development period associated with the equipment plan revision, Lengthening of the Malaysian government approval process |
| Size of the Target Market | Market Engineering plastics / Dimensions 10,449,190 tonnes in 2023; 11,498,660 tonnes in 2029 / Growth rate 2023–2029 CAGR: 2.5% for engineering plastics overall, 2.4% for commodity engineering plastics, and 3.2% for super engineering plastics / Source Fuji Keizai, “2025 Outlook for the Engineering Plastics Market and Global Strategies, Volume I”, Market Plastics for information and communications technology (IT&C) / Dimensions Approximately USD 68.3 billion in 2030 / Growth rate 2024–2030 CAGR: 6.1% / Source Grand View Research, Market Plastics for automobiles and electric vehicles (EVs) / Dimensions Approximately USD 13.3 billion in 2030 / Growth rate 2024–2030 CAGR: 28.0% / Source Grand View Research, Market Plastics for medical and healthcare applications / Dimensions Approximately USD 87.6 billion in 2030 / Growth rate 2024–2030 CAGR: 7.4% / Source Grand View Research, Market Plastics for semiconductors / Dimensions Approximately USD 70.9 billion in 2030 / Growth rate 2024–2030 CAGR: 10.4% / Source Grand View Research, Market Global compounding market / Dimensions 35.76 million tonnes in 2024 and 39.77 million tonnes in 2030; value expected to increase from approximately USD 120.6 billion to USD 138.5 billion / Growth rate Overall CAGR: 1.8%; PA9T: 10.0%; EMC: 4.8%; PEEK: 4.2%; super engineering plastics: 3.3% / Source Fuji Keizai, “2026 Outlook for the Compounding Market and Global Manufacturer Strategies, Volume I,” Summary |
| Risks identified | The Group's business: multilateral trade friction, fluctuations in supply and demand, market volatility, and significant fluctuations in consumer demand, Specific business partners, expansion of sales channels and expansion of applications: changes in customers' business policies, international conditions including U.S.–China trade friction, delays in expanding sales channels and applications, and declining demand for home appliance applications, Competition: rapid technological innovation may make it difficult to maintain technological superiority, Research and development structure: delays in commercialization, interruption or obsolescence of joint research, mismatch with market needs, and loss of support from Singapore government agencies, Production structure: inability to procure supplies, shipment delays, power shortages, supply chain disruptions, changes in laws and regulations, strikes, economic, political and disaster-related events, and significant increases in labor and other costs and prices, Relationship with Itochu: transactions may end if Itochu terminates its investment. The relevant transactions account for approximately 10–15% of total purchases and sales, For ①, ② and ⑤, the anticipated effects include higher resource prices and supply chain disruptions resulting from conflicts such as the war in Ukraine and the conflict between Israel and Iran |
| Publication date | 22 June 2026 |
Items this document does not state (13)
Operating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetDate 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.The reasons were lower selling prices for key resin raw materials and products due to softer market prices, higher costs and lower selling prices resulting from U.S. tariffs, and a higher proportion of EcoPoly as the business expanded in mainland China, where competition is intense and demand is concentrated on commodity grades. The equipment plan was revised to improve production capacity and efficiency, while the system development period was extended and the Malaysian government approval process took longer than expected.
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