RS Technologies Co., Ltd.
Cite as: Japan IR Index, RS Technologies Co., Ltd. (3445), methodology GNT-BDS v1.1.1, reviewed 2026-10-01.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G3 Board skills matrix published in English 0/5 Quick fix
Publish the skills matrix from the Japanese AGM notice in English.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O2 English document links resolve to English documents 3/5 Quick fix
Check every link on the English IR pages; label any that open a Japanese document, or link the English version.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Metal Products) | 76.9 | 4 of 4 |
| Same size band (¥100–500bn) | 77.1 | 44 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 25 scored 3 or more and 6 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English3/5
Published every quarter in English and on time, but abridged: 9 pages against the Japanese tanshin's 14. The cash flow statement survives the translation; the segment note does not, and 'segment' appears nowhere in the English for a company that runs wafer reclaim, prime wafers, consumables and renewable energy as separate businesses. Source document →
F2English results summary is a full translation, not an excerpt3/5
Latest tanshin, six months to 30 Jun 2026, both dated 13 Aug 2026. The English 'Consolidated Financial Results for the Six Months Ended June 30, 2026' runs 8 pages: a 2-page summary (results, dividends, forecast, notes on share counts), then the BS, P&L, comprehensive income and cash-flow statement. The Japanese 決算短信 runs 13 pages. It has the same summary and statements, plus a contents page and the notes section on pp10-13: change in presentation, the segment note (三事業 sales and segment profit for both half-years, with the definition of 'Other'), shareholders' equity, going concern and subsequent events. The English stops after the cash-flow statement. The full year is cut the same way: the FY2025 English tanshin (13 Feb 2026) is 13 pages against the Japanese 19, and it drops the 経営成績等の概況 qualitative review (segment-by-segment narrative and financial position, Japanese pp2-4) as well as the notes. Notes cut, segment note above all, so 3. Source document →
F3Financial statements including notes available in English3/5
English statements exist for every period. The 2Q FY2026 and FY2025 English tanshin carry the BS, P&L, comprehensive income and cash flows, and the full year adds changes in equity. No English source carries the notes. The tanshin stop after the statements. The securities report is not in English (the English Securities Reports page says 'There is no document.'). Annual Report 2025 (16 PDF spreads) has only a ten-year PDF summary table and segment charts, no statements or notes. Statements without notes, so 3. Source document →
F4Annual securities report available in English in any form0/5
The English Securities Reports page carries the heading and the words 'There is no document.' The company says so itself; nothing is hidden behind a script.
F5Segment revenue and profit disclosed in English, consistent definitions4/5
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No .xls, .xlsx or .csv anywhere on the English IR site. We searched the links on the IR top, IR Library, Financial Information and its four sub-pages (Financial Highlights, Business Performance, Financial Status, Cash Flow Status), the sitemap and CSR Data with 'xls|csv|excel|download|data'. The financial pages are HTML tables (Takara Printing feed) covering FY2022 to 2Q FY2026 by quarter. Annual Report 2025 has a ten-year PDF table. Neither counts.
F7Guidance disclosed in English with the basis explained4/5
The English tanshin (13 Aug 2026) gives the FY2026 forecast: net sales ¥84.0bn, OP ¥15.4bn, ordinary ¥17.2bn, net ¥10.0bn, EPS ¥376.54, dividend ¥55, with 'Revisions ... None'. The Japanese tanshin has no 今後の見通し either. The basis in English comes from the decks and transcripts. The FY2025 deck and transcript (13/16 Feb 2026) set FY2026 inside the 2026-2028 plan as an investment phase, and give the capacity build behind it: Sanbongi Plant 7 restart, reclaim capacity 690K to 1.19M/month by 2028, 8-inch prime to 300K/month in 2026, ¥57bn capex. The 2Q transcript says the first-half targets were met and guidance is unchanged. There is no FX assumption and no segment forecast. The forecast with part of the basis, so 4. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the six months ended 30 June 2026 published 13 August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is the rolling Medium-Term Management Plan 2026-2028. It was published inside the FY2025 results deck on 13 Feb 2026, the same day as the Japanese deck, and repeated in the 2Q FY2026 deck (13 Aug 2026, EN 59 pages = JA 59 pages). Quantified targets: sales ¥84.0/105.0/115.0bn, OP ¥15.4/17.5/19.0bn, ordinary ¥17.2/19.0/20.0bn, net ¥10.0/11.5/13.0bn for FY2026-28, ROIC over 11%, ROE over 13%. It also gives WACC 9.0%, cost of equity 10.5%, a cash allocation (¥53bn operating CF, ¥57bn capex, ¥36.5bn strategic investment, ¥7.5bn returns), per-plant capacity and capex tables, and an M&A hurdle of 14-20%. Japan has no separate plan document. Complete and same day, so 5. Source document →
S2IR presentations published in English5/5
FY2026/12 2Q Financial Results presentation in English (13 August 2026), a transcript of the results briefing released four days later, and a separate Q&A document for the first quarter. Source document →
S3English equity-story or investment-highlights page3/5
The English site has no 'why invest' or investment-highlights page. 'Information for Shareholders and Investors' links to the CEO message (aims to be 'No. 1 in all of our businesses', no numbers). The strengths are told in company-overview and strategy material. The deck's Company Profile section (pp21-23) has 'Top company in the reclaimed wafer business with a global market share of 31%', the segment mix and a sales history. Annual Report 2025 'Overview of Each Segment and Growth Strategies' has per-segment Strengths / Opportunity / Growth strategy boxes with share targets. Strengths described, quantified in places, but not framed as an equity story, so 3. Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and quantified in English. Reclaimed wafers: global share 31% now, 33% medium-term, over 40% long-term (AR 2025). Capacity from 690K to 1.19M wafers/month by 2028, plant by plant (Sanbongi 380K to 520K, Tainan 330K to 570K, China 50K to 100K), with capex of ¥17.3bn+, ¥24.7bn and ¥10bn. Prime wafers: 8-inch to 300K/month in 2026, 12-inch to 250K/month by 2028, a 20% China 8-inch share by 2027 and 7% in 12-inch. The semiconductor market is put at USD 1tn by 2029 (SEMI) (2Q FY2026 deck pp12-14, 25-35). Energy (VRFB electrolyte) also has capacity plans. Named drivers with numbers attached, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
The Japanese side publishes a briefing transcript (書き起こし) for the half and full year and a Q&A (質疑応答集) for Q1 and Q3. The English library mirrors each one on the same day. Transcripts: 2Q FY2026 (17 Aug 2026, EN 24pp vs JA 21pp), FY2025 (16 Feb 2026, EN 23pp vs JA 21pp), 2Q FY2025 (29 Aug 2025 both). Q&A: Q1 FY2026 (14 May 2026, EN 4pp vs JA 4pp), Q3 FY2025 (13 Nov 2025 both), Q1 FY2025 (28 May 2025 both). The English transcripts carry the 'abridged translation' label, but at 38,000-43,000 characters against Japanese files of the same length they read as full transcripts. Every one, same day, so 5. Source document →
S6Integrated or annual report available in English5/5
Annual Report 2025 in English, 25.6MB, published 27 March 2026 - the current edition for a December year-end. Source document →
S7Progress against the previous plan, including misses, explained in English2/5
The plan rolls each year. The previous version, MTP 2025-2027 in the FY2024 deck (14 Feb 2025), targeted FY2025 sales ¥75.0bn and OP ¥15.1bn, FY2026 ¥88.0bn and ¥17.7bn, ROIC over 13% and ROE over 14%. The new plan shows FY2025 actuals (sales ¥76.7bn, OP ¥14.3bn, ROIC 10.8%, ROE 12.5%) next to the new targets, and cuts FY2026 to ¥84.0bn and ¥15.4bn. It never refers to the previous targets and has no target-versus-actual table. The only explanation is the FY2025 transcript line 'ROIC decreased by about 2 points ... temporarily declined due to an increase in investment capital'. Actuals and a remark, not a reconciliation, so 2. Source document →
G1Corporate governance report available in English0/5
No Corporate Governance Report in English. The English governance page (/en/csr_sustainability/governance/policy/) links five Corporate Governance Reports, April 2023 to 27 March 2026, but every one is the Japanese filing to TSE. The company files one; it is not in English. (Reason corrected 14 Oct 2026; an earlier version said no report existed.)
G2Director biographies in English with tenure, expertise and independence4/5
All eight directors were elected at the 27 Mar 2026 AGM, so the English notice's reference documents cover the whole board. Each has date of birth, a dated career summary (for example 'Director (incumbent)' since Apr 2017 for Endo, 'Statutory Auditor' 2013 and A&SC Director 2022 for Kanamori), shareholding, and the reasons for nomination with the expertise expected. Independence is stated for Nakano, Kanamori, Zhang and Izawa (to be notified as independent officers), and the Directors page lists all four as independent outside directors. Board tenure must be read off the career dates, and there is no board-attendance record. All three elements, tenure thin, so 4. Source document →
G3Board skills matrix published in English0/5
No skills matrix in English. We checked the English 16th AGM notice (11 pages, reference documents for both director proposals), the Directors and Executive Officers page, the governance Basic Stance page (a 'Diversity of Directors and Training' paragraph only) and Annual Report 2025. The Japanese CG report (27 Mar 2026) has no スキル entry either.
G4Executive remuneration structure and its performance linkage explained in English2/5
The English has fragments. Annual Report 2025 describes the Nomination and Compensation Committee's role (and still names a former member). The 'Notice Concerning Issuance of New Shares as Restricted Stock Compensation' (24 Apr 2026) gives the restricted-stock plan: a cap of ¥100m and 31,000 shares a year, ¥110.3m allotted to 4 directors and 4 officers, restricted until retirement. The overall structure (基本報酬, 賞与, restricted stock), the policy and the ¥550m cash cap are set out only in the Japanese CG report and AGM notice. No KPIs, no weights and no total director pay in English. One component and a mention, so 2. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 16th AGM, dated 6 March 2026 (effective 4 March) for a meeting on 27 March - 21 days, voting open to 26 March. Full: 28,000 characters including the meeting agenda and the reference documents for all three proposals, and carrying no 'translated from a part' caveat. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Sumitomo Mitsui Trust Bank as share registrar, whose voting websites (www.web54.net and www.soukai-portal.net) are in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The General Shareholders' Meetings page lists the 6th through the 16th meeting, each with a convocation notice and nothing else. No resolution notice and no voting-results report in English for any year.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
The cross-shareholding policy exists only in Japanese. It is Principle 1-4 of the CG report (in principle no listed strategic holdings; the board reviews any holding), and the English governance page links only the Japanese report. We found nothing in English: not in the governance Basic Stance page, the AGM notice, Annual Report 2025 or the IR library. There is no English yuho.
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is a visible item in the top navigation of the English homepage (www.rs-tec.jp/en/), linking to /en/ir/. One click. Source document →
O2English document links resolve to English documents3/5
We sampled 19 English-labelled document links. 15 are English: tanshin 2Q FY2026 and FY2025; decks 2Q FY2026, FY2025, FY2024 and FY12/19; transcripts 2Q FY2026 and FY2025; Q&A Q1 FY2026; AGM notices 2026 and 2025; Annual Report 2025; restricted-stock notice; RSPDH dissolution notice (9 Oct 2026); FY2016 results summary. Four are Japanese with no label: the 'Corporate Governance Report' links on the English governance page (27 Mar 2026, 31 Mar 2025 and 3 Apr 2023 opened, all Japanese 14-15pp), and the English General Shareholders' Meetings page's 'Notice of Convocation' links for 2022, 2023 and 2024 (the 2024 and 2022 links opened, the Japanese 59pp and 76pp notices). 'Stock Price Information' also goes to Yahoo! Japan. Several unlabelled, so 3. Source document →
O3English IR archive free of dead links5/5
All 19 sampled links, dated 2017 to Oct 2026, opened and rendered with page counts. No dead links. The /en/ir/stock/price/ path we guessed returns 404, but nothing on the site links to it. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium, every page showed its content: English homepage, IR top (IR news widget with type tabs), IR News (year select), IR Library and its Financial Results, Briefing Materials and Timely Disclosures lists (year and FY selects work), Annual Report, Financial Information and its four HTML data tables, General Shareholders' Meetings, governance Basic Stance, Directors and IR Contact. The only defect is in the data, not a script failure: in IR News the 13 Aug 2026 'Briefing Materials' entry (the 2Q tanshin) renders with a blank title. Source document →
O5Single page listing all English IR documents by date and type4/5
'IR News' is one dated list with type tabs (All, Financial Results, Briefing Materials, Statutory Disclosures, Timely Disclosure, News Release) and a year selector back to 2017. It covers tanshin, decks, transcripts, Q&A, timely disclosures, the AGM notice and the annual report. It leaves out the Corporate Governance Reports (governance page only) and the older AGM notices (meeting page only). Two type labels are swapped: decks are tagged 'Financial Results' and tanshin 'Briefing Materials'. One dated page, not every type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Several years across types. English tanshin from FY2016 (FY2016 results summary dated 23 Feb 2017), decks FY2019-FY2026, timely disclosures 2017-2026, transcripts and Q&A from FY2025 back to the FY2024 briefing (Mar 2025), and annual reports 2024 and 2025. English AGM notices exist only for 2025 and 2026 (the earlier links are Japanese). Source document →
O7Named English IR contact published3/5
The English IR top (rs-tec.jp/en/ir/) lists 'IR Contact' in its IR menu, so a reader finds it at once, but the page behind it (/en/ir/contact/) gives no IR-specific address: it points to the IR library, gives the transfer agent's (Sumitomo Mitsui Trust Bank) toll-free line for share administration, links to the general Contact Us Form (/en/contact/input/: name, company, email, phone, free text, no inquiry category at all) and lists the head office telephone and fax (03-5709-7685 / 03-5709-7686). That head-office number is the same one given for Kiyohide Tomatsu, Director, in the results summary. Re-checked 17 Oct 2026 under the current bands, which no longer require a named person: the obvious IR menu item would earn a 4 if it led to a dedicated route, but it leads to the shared corporate form and the switchboard number, which the rulings treat as not dedicated. A genuine, easily found IR contact page whose routes are shared is a 3; this is the floor between 3 and 4 and the closest of the four to a 4. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
English and Japanese library dates are the same for every period checked. 2Q FY2026: tanshin and deck 13 Aug 2026 both, transcript 17 Aug both. Q1 FY2026: tanshin, deck and Q&A 14 May both. FY2025: tanshin and deck 13 Feb 2026 both, transcript 16 Feb both. Q3 FY2025: tanshin, deck and Q&A 13 Nov 2025 both. 2Q FY2025: 13 Aug 2025 both. Same day every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Lags, English vs Japanese. 2Q FY2026 tanshin 13 Aug / 13 Aug = 0. Q1 FY2026 tanshin 14 May / 14 May = 0. 16th AGM notice: both TDnet-stamped 2 Mar 2026 (JA …573891, EN …573892), but the English list dates it 4 Mar, so 0-2 days. CG report: JA 27 Mar 2026, no English = over 90. Yuho (FY2025): no English = over 90. The median is the AGM notice: 0 by file stamp, 2 by the English posting date. On the floor it is 1-7 days, so 4. Source document →
R3Timely disclosures published in English4/5
Twelve months to 14 Oct 2026. The Japanese timely-disclosure list has 18 items (19 Dec 2025 to 9 Oct 2026). All 18 have English counterparts, and 16 of them were posted the same day. Examples: holding-company discontinuation, Shinetech schedule change, dividend (13 Feb), share-sale notices, director changes (18 Feb), China subsidiary, Annual Report, restricted stock, battery-storage investment, Shinetech talks ended, prime-wafer reorganisation (31 Aug, 4 Sep, 11 Sep), RSPDH dissolution (9 Oct). The exception is the Japanese Anhui Jinglong acquisition notice and its correction of 7 Jul, which became one '(Updated)' English notice on 9 Jul, two days later. English also carries extras such as personnel changes, the Gritek excerpt and the AGM notice. Nearly all same day, one late, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered English homepage, IR top, IR Library, IR Disclaimer and IR Contact: no machine- or AI-translation notice and no translation banner. The documents carry only human-translation precedence lines ('translated from a part of the Japanese original ... the original shall prevail' on the tanshin, 'abridged translation ... the Japanese original shall prevail' on transcripts and notices), which belong to R5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The results summary carries 'translated from a part of the Japanese original for reference purposes only ... the original shall prevail'. The AGM notice is the exception - it carries no such caveat. Re-checked 14 Oct 2026 in the other-24 pass: the AGM notice carries no prevailing-language line, so the disclaimer is on some documents, not all: 2 (was 1). Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-01. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
FY2026–FY2028 semiconductor growth and return plan
Strategy or target reset · In progress · Plan announced 16 February 2026
RS Technologies set FY2028 sales, margin, ROIC and ROE targets and outlined wafer-reclaim capacity expansion.
Timeline and sources (1 step)
- 16 February 2026Plan announced RS Technologies set FY2028 sales, margin, ROIC and ROE targets and outlined wafer-reclaim capacity expansion. FY2026–FY2028 Medium-Term Management Plan
What management said it would do
Management targets ¥115bn sales, ¥19bn operating profit, ROIC above 11% and ROE above 13% by FY2028.
From the company’s own disclosure · FY2026–FY2028 Medium-Term Management Plan
What it actually did, and when
Capacity expansion is underway; this first pass does not yet reconcile every project and realized return.
Partly disclosed — a gap remains · FY2026–FY2028 Medium-Term Management Plan · IR Library
What it disclosed about the economics
The disclosed economics link wafer-reclaim growth to operating margin, ROIC and ROE.
Partly disclosed — a gap remains · FY2026–FY2028 Medium-Term Management Plan · IR Library
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · FY2026–FY2028 Medium-Term Management Plan
The question this leaves open
Investor question: What utilization and pricing are required for the new capacity? IR preparation: publish spend, ramp, yield and project ROIC.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
RS Technologies plans capacity investment in wafer reclaim and related semiconductor businesses to support its FY2028 growth target.
Capital structure
Governance of capital decisions
Management disclosed consolidated profit and return targets, enabling future target-to-actual review across semiconductor businesses.
Preliminary and not scored: a selected-source reading, reviewed 29 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Sumitomo Mitsui Trust Bank) is in Japanese only.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.