Basic Capital Policy

We will promote the following items in a balancing manner, and aim to continuously improve corporate value.

Improvement of capital efficiency

We aim to improve corporate value by improving the return on sales (profitability), total asset turnover (efficiency), and financial leverage (safety). The immediate target of return on equity (ROE), which is an indicator of status of achievement, is to be able to achieve a stable level of 10% or more.


Strategic investment for sustainable growth

We will aim for sustainable growth by effectively investing in R&D in fields that will lead to future growth, making capital investment for new business development, and implementing business expansion through M&A. Regarding these investments, we will carefully select those with a high investment effect, taking into consideration the cash flow obtained from the investment and the expected yield.


Balance between financial leverage and financial soundness

We will promote a good balance between efficient and effective investment utilizing financial leverage and the construction of a strong financial base that can withstand changes in the external environment. For the time being, we aim for an equity ratio of 50%.


Sustainable and stable returns to shareholders

With a consolidated dividend payout ratio of 30% or higher as the immediate target, we will strive to maintain stable dividends to our shareholders. In addition, depending on the market environment and the status of capital efficiency, we may appropriately acquire treasury stocks.

Established on July 14, 2021