Worth reading
51Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
13
ROE (%, long-term target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
ROE+3.0pt
基準 2,026Target2,029％
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).
Net SalesNot disclosed → 60,000 (fiscal year ending February 2029)
Operating profitNot disclosed → 4,500 (fiscal year ending February 2029)
Operating profit marginNot disclosed → 7.5 (fiscal year ending February 2029)
Only the target level is shown because the current level for comparison was not provided.Investment amount by sectorField Growth Investment / Amount 180 Hundreds of millions of yen / Details New coaters for functional materials, construction of a new plant, renewal of production equipment, and other investments, Field M&A / Amount Not disclosed / Details To be carried out proactively, Field Research and Development / Amount Not disclosed / Details Establish an R&D center at the new Saitama plant and increase research and development spending
Statements about the use of capital
Payout ratio / DOE policyThe company has adopted progressive dividends and will provide stable and continuous dividend payments, targeting a payout ratio of 30%. The applicable period is the cash allocation period from the fiscal year ending February 2027 through the fiscal year ending February 2029. An annual dividend of ¥74 is planned for the fiscal year ending February 2027.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalThe cost of shareholders’ equity is estimated at 5-8%. The cost of capital calculated using CAPM is approximately 5%, while the expected return identified through dialogue with investors is 8%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR remained below 1x at 0.84x for the fiscal year ending February 2026. PER was also well below the 15x average for the TSE Standard Market, and the company recognizes that its growth potential is being undervalued. It aims to exceed a PBR of 1x at an early stage.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improving Profitability
02Improving capital turnover
03Optimizing capital policy and the portfolio
04Enhance information disclosure
05Growth Investment
06Research and Development
Risks identified by the company
Changes in the management environment and other factors
Foreign exchange impact
Impact of higher crude oil prices
U.S. tariffs
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2027 |
| Plan period | Fiscal year ending February 2027 to fiscal year ending February 2029 (3 years) |
| Sales Target | Not disclosed → 60,000 (fiscal year ending February 2029) |
| Operating profit target | Not disclosed → 4,500 (fiscal year ending February 2029) |
| Operating profit margin target | Not disclosed → 7.5 (fiscal year ending February 2029) |
| ROE target | 10.8 (fiscal year ending February 2026) → 12% or higher (fiscal year ending February 2029) |
| Payout ratio / DOE policy | The company has adopted progressive dividends and will provide stable and continuous dividend payments, targeting a payout ratio of 30%. The applicable period is the cash allocation period from the fiscal year ending February 2027 through the fiscal year ending February 2029. An annual dividend of ¥74 is planned for the fiscal year ending February 2027. |
| Cost of capital | The cost of shareholders’ equity is estimated at 5-8%. The cost of capital calculated using CAPM is approximately 5%, while the expected return identified through dialogue with investors is 8%. |
| Self-assessment of PBR and share price | PBR remained below 1x at 0.84x for the fiscal year ending February 2026. PER was also well below the 15x average for the TSE Standard Market, and the company recognizes that its growth potential is being undervalued. It aims to exceed a PBR of 1x at an early stage. |
| Investment amount by sector | Field Growth Investment / Amount 180 Hundreds of millions of yen / Details New coaters for functional materials, construction of a new plant, renewal of production equipment, and other investments, Field M&A / Amount Not disclosed / Details To be carried out proactively, Field Research and Development / Amount Not disclosed / Details Establish an R&D center at the new Saitama plant and increase research and development spending |
| Key initiatives | Improving Profitability, Improving capital turnover, Optimizing capital policy and the portfolio, Enhance information disclosure, Growth Investment, Research and Development |
| Risks identified | Changes in the management environment and other factors, Foreign exchange impact, Impact of higher crude oil prices, U.S. tariffs |
| Date of board resolution | 17 April 2026 |
| Publication date | 17 April 2026 |
Items this document does not state (11)
Progress against the planNet income targetROIC targetTreasury share acquisition policyTotal investment planSegment targetNon-financial targetsPlan assumptionsResults under the previous planReason for revision or withdrawalSize of the Target Market
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.PBR was 0.84x for the fiscal year ending February 2026, below 1x, while PER has remained well below the 15x average for the TSE Standard Market. The company therefore recognizes that its growth potential is being undervalued. It aims to exceed a PBR of 1x at an early stage by implementing growth investment, strengthening shareholder returns, and enhancing IR.
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.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.