Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
50.9
% (decrease in the sales target for the fiscal year ending March 2027 compared with Mid-Term Management Plan 2025)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet SalesNot disclosed → ¥4,619 million
Operating profitNot disclosed → ¥352 million
Operating profit marginNot disclosed → 7.6 ％
ROENot disclosed → At least 8%
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planThe Company stated that results fell below the plan (specific results are Not disclosed).
Statements about the use of capital
Payout ratio / DOE policyThe Company will return profits to stakeholders. Specific target levels and the applicable period for the dividend payout ratio and DOE are Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe Company will maintain a PBR of at least 1x and aims to achieve 2x or higher. The current PBR is Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expand sales and improve profitability in the insulation materials business
02Secure adoption and expand sales in the nanomaterials business
03Enter new fields
04●Promotion of M&A
05Securing human resources
Plan assumptionsExchange rate assumption: CNY1 = ¥22.4
Segment targetSegment Insulation materials / Sales Target Fiscal year ending March 2027 (FY47) ¥2,414 million / Fiscal year ending March 2028 (FY48) ¥2,677 million / Fiscal year ending March 2029 (FY49) ¥2,968 million / Profit Target Not disclosed, Segment Nanomaterials / Sales Target Fiscal year ending March 2027 (FY47) ¥528 million / Fiscal year ending March 2028 (FY48) ¥1,556 million / Fiscal year ending March 2029 (FY49) ¥1,651 million / Profit Target Not disclosed
Risks identified by the company
A slower-than-expected recovery in the Chinese economy
Rising raw material costs in the Chinese market
Continued price competition
The outlook for improved China-US relations
The impact of conflicts in the Middle East
Delays in major furnace repair projects and full-scale adoption resulting from changes to customers' plans and production plans
A significant decline in customers' usage volumes
Reason for revision or withdrawal
The projected sales of the Chinese subsidiary declined as the recovery in the Chinese market slowed compared with the initial outlook. In addition, the full-scale adoption of the nanomaterials business's resources and materials, which had been expected in FY46, was postponed to FY47.
| Item | Details |
|---|---|
| Plan name | Mid-Term Management Plan 2026 |
| Plan period | Fiscal year ending March 2027 (FY47) through fiscal year ending March 2029 (FY49) |
| Progress against the plan | Partially revised |
| Sales Target | Not disclosed → ¥4,619 million |
| Operating profit target | Not disclosed → ¥352 million |
| Operating profit margin target | Not disclosed → 7.6 ％ |
| ROE target | Not disclosed → At least 8% |
| Payout ratio / DOE policy | The Company will return profits to stakeholders. Specific target levels and the applicable period for the dividend payout ratio and DOE are Not disclosed. |
| Self-assessment of PBR and share price | The Company will maintain a PBR of at least 1x and aims to achieve 2x or higher. The current PBR is Not disclosed. |
| Segment target | Segment Insulation materials / Sales Target Fiscal year ending March 2027 (FY47) ¥2,414 million / Fiscal year ending March 2028 (FY48) ¥2,677 million / Fiscal year ending March 2029 (FY49) ¥2,968 million / Profit Target Not disclosed, Segment Nanomaterials / Sales Target Fiscal year ending March 2027 (FY47) ¥528 million / Fiscal year ending March 2028 (FY48) ¥1,556 million / Fiscal year ending March 2029 (FY49) ¥1,651 million / Profit Target Not disclosed |
| Plan assumptions | Exchange rate assumption: CNY1 = ¥22.4 |
| Key initiatives | Expand sales and improve profitability in the insulation materials business, Secure adoption and expand sales in the nanomaterials business, Enter new fields, ●Promotion of M&A, Securing human resources |
| Results under the previous plan | The Company stated that results fell below the plan (specific results are Not disclosed). |
| Reason for revision or withdrawal | The projected sales of the Chinese subsidiary declined as the recovery in the Chinese market slowed compared with the initial outlook. In addition, the full-scale adoption of the nanomaterials business's resources and materials, which had been expected in FY46, was postponed to FY47. |
| Risks identified | A slower-than-expected recovery in the Chinese economy, Rising raw material costs in the Chinese market, Continued price competition, The outlook for improved China-US relations, The impact of conflicts in the Middle East, Delays in major furnace repair projects and full-scale adoption resulting from changes to customers' plans and production plans, A significant decline in customers' usage volumes |
| Publication date | 14 May 2026 |
Items this document does not state (9)
Net income targetROIC targetTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorNon-financial targetsSize 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.The main factors were the slower-than-expected recovery in the Chinese market, which reduced the projected sales of the Chinese subsidiary, and the postponement to the fiscal year ending March 2027 of the full-scale adoption of the company's resources and materials sold through its nanomaterials business for a major project.
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.