Stella Chemifa Corporation
Cite as: Japan IR Index, Stella Chemifa Corporation (4109), 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.
O7 Named English IR contact published 2/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
O5 Single page listing all English IR documents by date and type 3/5 Quick fix
Keep one English page that lists every IR document with its date and type.
S5 Results-briefing transcripts or Q&A published in English 0/5 Translation
Publish the results-briefing Q&A summary in English, on the same day as the Japanese.
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 →
This company is a case in “Questions shareholders ask at the AGM”: 07 The annual securities report before the AGM, 05 Board composition, election and removal, 13 Broader disclosure, 02 Price-to-book below 1 and the cost of capital, 04 Shareholder returns: who decides the dividend, 16 Running the AGM and counting votes. The shareholder proposals, the company’s answers and the vote results are taken from published documents.
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Chemicals) | 82.8 | 15 of 18 |
| Same size band (Under ¥100bn) | 51.4 | 6 of 25 |
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 English5/5
Consolidated Financial Results for the three months ended 30 June 2026, in English, 6 August 2026 - 14 pages with the segment note and the cash flow statement. Every quarter from FYE 3/2022 to FYE 3/2027 is there. Source document →
F2English results summary is a full translation, not an excerpt5/5
English 'Consolidated Financial Results for the Three Months Ended June 30, 2026' (6 Aug 2026): 13 pages against the Japanese 11. It has the summary pages, the qualitative section (operating results, financial position, forecast), balance sheet, income and comprehensive income statements, and the notes: going concern, shareholders' equity, tax accounting, the segment note for both years and the cash-flow note. The full-year English tanshin for FY3/2026 runs 21 pages against the Japanese 19, with the qualitative section, cash-flow overview, outlook, all four statements and the notes: segment overview and figures, per-share data and subsequent events. A page-for-page translation of the whole tanshin: 5. Source document →
F3Financial statements including notes available in English5/5
The latest period (Q1 FY3/2027, 6 Aug 2026) has its statements in English with the quarterly notes, including segment information and the cash-flow note. The year end (FY3/2026, English tanshin posted 18 May 2026) has full statements (BS, P&L, comprehensive income, changes in equity, cash flows) with notes: segment overview, segment figures, per-share information, subsequent events. Full statements and notes for the latest period: 5. Source document →
F4Annual securities report available in English in any form0/5
The English IR Library has exactly three sections - financial results, general meeting of shareholders, business results. No securities report, and the company reports none to TSE.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Two reportable segments (High-purity Chemical, Transportation) plus Other. The English tanshin segment note gives external sales, inter-segment sales and segment profit every quarter (Q1 FY3/2027: 8,383 / 1,350 sales, profit 902 / 337). The FY tanshin states the segment definitions (organized by business element; segment profit = operating profit; inter-segment at market prices). The deck adds a High-purity Chemical sales breakdown by product line (Semiconductors 22,204, Energy, Electronic Materials, General Products, Industrial HF, Purchased Goods) and segment forecasts. Every period, defined: 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
Searched the English IR top, Financial Highlights, IR Library, Stock information and sitemap for xls/xlsx/csv links and found none. What exists instead: a five-year HTML table with charts on Financial Highlights, and a bilingual PDF 'Fact Book (FYE3/2017-FYE3/2026)' (8 pages, ten years of P&L/BS/CF summaries) linked from it. Neither is a downloadable data file.
F7Guidance disclosed in English with the basis explained5/5
The FY3/2027 forecast (sales 39.1bn, OP 4.8bn, net 3.4bn) is in the English tanshin (18 May 2026). The tanshin's 'Future Outlook' gives the basis: AHF raw-material cost up on yen depreciation, semiconductor sales up overseas, price pass-through. It also says the Middle East/Hormuz sulfuric-acid impact is excluded from the forecast. The English FY deck (14 May) adds segment forecasts (High-purity 34,390 / OP 3,770; Transportation 4,590 / 1,020), a product-line forecast (Semiconductors 24,310 etc.), an OP bridge by volume/price/other, and capex, D&A, R&D, dividend and ROE forecasts. The 24 Mar 2026 revision notice is in English with its reasons (AI-semiconductor demand, cost pass-through, potassium fluoride for data centres). No numeric FX rate is stated; everything else is there: 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 results for the year ending March 2027 published 6 August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
'Fourth Medium-Term Management Plan - FYE 3/2026-FYE 3/2028' (9 May 2025) in English, 25 pages against the Japanese 25, same day, linked from Company > Medium Term Management Plan. Targets for FYE3/2028: sales 42bn, OP 5.5bn, OP margin 13.1%, ROE 8% or more, cumulative total return ratio 100% or more, minimum dividend 170 yen. It also sets semiconductor-related sales and volume plans (20.9bn/72kt to 26.8bn/90kt). The Japanese page adds an explanatory video, which is a medium, not content: 5. Source document →
S2IR presentations published in English5/5
Business Results deck in English, 25 pages, published with the results on 6 August 2026 - performance highlights and topics - with a deck for every quarter back to FYE 3/2017. Source document →
S3English equity-story or investment-highlights page3/5
No 'why invest', investment-highlights or at-a-glance page on the English IR site. The IR menu runs Top Message (a results recap), Disclosure Policy, Financial Highlights, Stock information, IR Library and IR Calendar. Strengths are described in company-overview material not framed for an investor. The High-purity Chemical Business page says the ultra-high-purity HF is 'highly evaluated ... by semiconductor manufacturers worldwide'. The deck's 'Introduction of Our Business' reference section gives 12N purity grades, 105,000 t/year HF capacity across three plants and Japan's first mass production of enriched boron. Overview doing the job: 3. Source document →
S4Growth drivers identified and quantified in English5/5
Named drivers with numbers. In the English MTP: semiconductor-related sales 20.9bn to 26.8bn and volume 72kt to 90kt by FYE3/2028, with sales mix by market (Japan, Taiwan, Southeast Asia, Europe/US, China, Korea) and North American expansion. The MTP also gives sales plans for high-purity boron trifluoride, potassium fluoride (data-centre/AI demand) and concentrated boric acid (nuclear). The deck adds 105kt HF capacity by plant, shipment volumes by half-year and the FY3/2027 product-line forecast (Semiconductors +9.5%, Electronic Materials +17.7%): 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
No English transcript or Q&A: the Business Results library holds decks only, and the English IR Calendar lists the half-year and full-year webinars for institutional investors, run through Minsetsu. The Japanese side publishes none either. Its 決算説明資料 page has decks, a business-introduction video and slides, and no 質疑応答 or transcript. The only Japanese Q&A posts are AGM Q&A summaries (第83期定時株主総会 質疑応答要旨, 25 Jun 2026, since withdrawn), not results briefings.
S6Integrated or annual report available in English0/5
No annual or integrated report in English. The IR Library has three sections and none of them is one; the only sustainability material on the English site is a policies page.
S7Progress against the previous plan, including misses, explained in English4/5
The English MTP opens with the third plan's results. Page 4 'Changes in Management Indicators' sets the FYE3/2025 targets (as revised 26 Dec 2024: sales 35.5bn, OP 4.2bn, ROIC 6.2%) against charted actuals (sales 36.2bn, OP 4.3bn, ROIC 6.0%), and page 11 tabulates FYE3/2022 and FYE3/2025 actuals. Pages 5-8 review the initiatives by business qualitatively. The ROIC shortfall and the earlier downward revision of the targets are not explained. Reconciliation without the variance explanation: 4. Source document →
G1Corporate governance report available in English0/5
The English corporate governance page carries no documents and no governance report, and the company reports none to TSE.
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 83rd AGM (29 May 2026; Proposals 1-2 elect all 12 directors: 7 directors and 5 Audit and Supervisory Committee members) covers every director. Each profile gives date of birth, full career history with dates, years of service as director, board attendance, shareholdings, share-based compensation points and reasons for nomination. Outside directors are flagged [Outside][Independent], with the TSE independent-officer designation and the company's own independence standards (Reference 3). The skill matrix repeats years of service for all twelve: 5. Source document →
G3Board skills matrix published in English5/5
'[Reference] 1. Directors' Skill Matrix/Reasons for Selecting Skills' in the English 83rd AGM notice (May 2026). It shows the post-AGM board of 12 against corporate management, production technology, R&D, sales/marketing, financial accounting, personnel/human resource development, legal/compliance and global, with gender, years of service, independence and a page on why each skill is needed. Current matrix in English: 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English2/5
No English CG report, yuho, integrated report or business report: the English AGM notice carries only the reference documents. What English exists covers one component. The 19 May 2025 'Notice of Partial Revision of Share-Based Compensation Plan for Eligible Directors' sets base points at 10% of standard annual compensation by position, a 250m yen / 75,000-share cap per five years, and delivery on retirement. The governance page mentions the Nomination and Compensation Advisory Committee. Not stated: the overall fixed/bonus/stock structure (the balance sheet shows a directors' bonus provision), any KPIs or weights, and amounts paid. Between a mention and the structure only; floor: 2. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 83rd AGM, electronic provision from 29 May 2026 for a meeting on 19 June - 21 days - running to 27 pages with the Reference Documents for the General Meeting of Shareholders attached in English. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the Japanese notice names the voting website, www.web54.net (Sumitomo Mitsui Trust Bank), which is 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 English5/5
Results of Voting at the 83rd Ordinary General Meeting, 24 June 2026, in English: votes approving, disapproving and abstaining on each proposal, the requirement for passage and the outcome. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale0/5
Nothing on cross-shareholdings in English. Searched the corporate governance page (structure narrative only), the 83rd AGM notice (reference documents only, no business report), the MTP (cash allocation and returns, no holdings), the 6 Aug 2026 cost-of-capital update, the materiality and TCFD reports, and the policies PDFs. The Japanese CG report and yuho, where the policy and holdings sit, have no English versions.
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is in the global navigation of the English homepage (www.stella-chemifa.co.jp/english/) and links straight to /english/ir/: one click. Source document →
O2English document links resolve to English documents5/5
Sampled 22 English links. Tanshin Q1 FY27 (6 Aug 2026), FY26 full (18 May) and summary (14 May), Q3 FY25 summary (12 Feb 2025), FY3/2022 (May 2022). Decks Q1 FY27, FY26, FY3/2023, 1Q FY2017 (Sep 2017), FY3/2017, 2Q FY3/2018. MTP (May 2025). AGM notices 79th, 80th, 83rd and voting results. Notices: forecast revision 24 Mar 2026, capital alliance 24 Feb 2026, personnel 27 Apr 2026, share-comp revision May 2025, cost-of-capital update Aug 2026. Also the disclosure policy, TCFD, materiality, sustainability policy and the Fact Book. All are English; the Fact Book is bilingual, served from the Japanese /files/ path: 5. Source document →
O3English IR archive free of dead links5/5
All 22 sampled links (listed under O2, spanning 2017-2026 across tanshin, decks, MTP, AGM documents, press releases and policies) opened and rendered; no dead links: 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the IR top, IR Library, Financial Results, Business Results, General Meeting, Financial Highlights, Stock information, IR Calendar, Top Message, News (2025 and 2026) and the Corporate Governance and MTP pages. Financial Highlights was screenshotted: tables plus six charts all drawn. Every page renders its content; no empty lists or widgets: 5. Source document →
O5Single page listing all English IR documents by date and type3/5
No single library page. 'IR Library' is a hub of three typed pages: Financial Results (tanshin by fiscal year), Business Results (decks by fiscal year) and General Meeting of Shareholders (notices and voting results). Each is grouped by fiscal year and titled by period rather than dated. The MTP sits under Company and the fact book under Financial Highlights. The English News list is dated and tagged IR/Information and does carry results, AGM documents and notices, but it is split by year and is not a document library. Split by type: 3. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Tanshin every quarter from FYE3/2022 to Q1 FYE3/2027 (with summaries for 2024-2025). Decks every quarter back to FYE3/2017. AGM notices for the 79th-83rd meetings plus 2026 voting results. English press releases back through 2025-2026. Several years across types: 5. Source document →
O7Named English IR contact published2/5
Named in the results summary, and named well - Yasuhiko Nakashima, Director, Executive Officer (Finance and IR). But the English contact form offers only 'Inquiry about products' and 'Other inquiry'; there is no IR route on the site. Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
Q1 FY3/2027: Japanese tanshin and deck 6 Aug 2026; English tanshin and deck listed 6 Aug, with the English tanshin PDF created 3 Aug: same day. FY3/2026: Japanese 14 May; English deck and a 3-page English 'Summary of Consolidated Financial Results' 14 May, but the full English tanshin only on 18 May (PDF created 15 May), 4 days late. The same pattern held at FY3/2025 (summary 9 May, full 13 May) and Q3 FY3/2025 (12 / 13 Feb). Q3 FY3/2026 (12 Feb) and H1 (13 Nov 2025) were same day. Most periods same day, full-year tanshin a few days behind: 4. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Q1 FY3/2027 tanshin: JA 6 Aug / EN 6 Aug = 0. FY3/2026 tanshin: JA 14 May / full EN 18 May = 4 (summary same day). AGM notice: JA posted 28 May / EN 28 May = 0. Corporate Governance Report: no English, >90. Annual securities report (JA 18 Jun 2026): no English, >90. Dates from the two news lists and file names. Median 4 days: 4. Source document →
R3Timely disclosures published in English5/5
Japanese company notices from 14 Oct 2025 to 14 Oct 2026, from the IR news and the news list: interim dividend (31 Oct), cost-of-capital update (13 Nov), capital alliance and third-party disposal (24 Feb), forecast and dividend revision (24 Mar), dividend plus officer and organizational changes x2 (27 Apr), shareholder proposal (14 May), AGM notice (28 May), voting results (24 Jun), change of largest shareholder (27 Jul), buyback decision and cost-of-capital update (6 Aug), buyback status (1 Sep, 1 Oct). Every one has an English counterpart on the English news list with the same date. About 15 of 15: 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, Financial Results, sitemap, privacy, contact, stock information and calendar pages: no machine-translation banner or notice. The English PDFs (tanshin, notices, MTP) carry only human-translation precedence language ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. Nothing presented as machine-translated: 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
'This document is an English translation of the original document in Japanese and has been prepared solely for reference purposes. In the event of any discrepancy ... the original shall prevail.' 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 →
High-purity semiconductor chemicals, investment and total-return plan
Strategy or target reset · In progress · Plan or update announced 9 May 2025
Stella set FY2028 operating and ROE goals and a three-year allocation across investment and shareholder returns.
Timeline and sources (1 step)
- 9 May 2025Plan or update announced Stella set FY2028 operating and ROE goals and a three-year allocation across investment and shareholder returns. Fourth Medium-Term Management Plan
What management said it would do
Management targets ¥42bn sales, ¥5.5bn operating profit and at least 8% ROE by FY2028.
From the company’s own disclosure · Fourth Medium-Term Management Plan
What it actually did, and when
Semiconductor sales and dividends rose in FY2026; full investment deployment and plan outcomes remain pending.
Partly disclosed — a gap remains · Fourth Medium-Term Management Plan · Financial Highlights
What it disclosed about the economics
The plan allocates about ¥15bn to investment and at least ¥9bn to returns from about ¥20bn of operating cash flow.
Partly disclosed — a gap remains · Fourth Medium-Term Management Plan · Financial Highlights
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · Fourth Medium-Term Management Plan
The question this leaves open
Investor question: What utilization and pricing underpin the semiconductor-related sales target? IR preparation: bridge capacity, sales, margin, ROE and cash returns.
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
Stella plans about ¥15bn of investment and at least ¥9bn of shareholder returns from roughly ¥20bn of operating cash flow.
Capital structure
Governance of capital decisions
Management compares its ROE target with an estimated 7-8% cost of equity and sets a three-year total-return threshold.
Preliminary and not scored: a selected-source reading, reviewed 30 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.