Tokyo Ohka Kogyo Co., Ltd.
Cite as: Japan IR Index, Tokyo Ohka Kogyo Co., Ltd. (4186), 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.
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.
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.
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. 3 answers corrected after re-checks (research errors) between 21 Oct 2026 and 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 (Chemicals) | 82.8 | 10 of 18 |
| Same size band (¥500bn–2tn) | 84.2 | 24 of 43 |
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, 29 scored 3 or more and 2 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 second quarter of the year ending December 2026, in English - 11 pages with the segment note and the cash flow statement, nothing dropped against the Japanese. The English archive is complete from FY2022; before that, English entries open the Japanese files and the FY2021 English summary is 4 pages. (Reason corrected 14 Oct 2026; the score is on the current period.) Source document →
F2English results summary is a full translation, not an excerpt5/5
Read page for page against the Japanese. Q2 FY2026 English tanshin (6 Aug 2026): 10 pages against 10, with the same table of contents. It has the summary, the qualitative section (operating results with division sales, financial position, forecast), balance sheet, income and comprehensive income statements, cash-flow statement, and the notes (segment, shareholders' equity, going concern, income statement, revenue recognition). FY2025 English tanshin (9 Feb 2026): 17 pages against 16. It includes the non-consolidated reference summary, the cash-flow overview and indicators, the outlook with its FX assumption, all five statements, and the notes including segment and per-share information, matching the Japanese ToC item for item. The whole tanshin: 5. Source document →
F3Financial statements including notes available in English5/5
The latest period has full statements and notes in English. The Q2 FY2026 tanshin carries the interim balance sheet, income and comprehensive income statements and cash-flow statement, plus notes on segment information, significant changes in equity, going concern, the income statement and revenue recognition. The FY2025 tanshin adds changes in equity, cash-flow and per-share notes. A separate English 'Consolidated Financial Statements and Notes' (35 pp) accompanies the Integrated Report 2024. 5. Source document →
F4Annual securities report available in English in any form3/5
No English annual securities report as such, but the English IR library's Annual Report section carries 'Consolidated Financial Statements and Notes to the Consolidated Financial Statements' (35 pp, PDF created 31 Oct 2025): the consolidated statements and their notes for the fiscal years ended 31 December 2024 and 2023, with no auditor's report and none of the securities report's narrative parts. Financial statements only, one year behind (FY12/2025 has closed), as SHI (6302). Re-checked 23 Oct 2026 in the cohort-zero sample; the October record scored 0, having looked at the results, presentations, integrated report and long-term vision only. So 3. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Single-segment company, and it says so in English: the FY2025 tanshin segment note reads 'The disclosure is omitted as the Group operates a single business segment' (manufacturing and sales of mainly electronic functional materials and high-purity chemicals). It also gives sales by geographic region (Japan, Taiwan, South Korea, U.S., China, Other). The 2018 business-segment change is stated in the data workbook. Beyond that, every tanshin's qualitative section gives net sales by division: H1 FY2026 Electronic Functional Materials ¥74,155m, High-Purity Chemicals ¥63,008m, Other ¥2,504m. Every deck repeats the divisions against forecast and splits Electronic Functional Materials by product type (EUV/ArF, KrF, g/i-line, back-end packaging materials, display), with growth rates. The divisions are held constant across periods. Scored on the single segment plus a consistent business-line split every period: 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English Financial Highlights page links 'Historical data (57.71 KB)', which downloads in the browser as historical_data_e_.xlsx (a real xlsx with three sheets). 'Yearly (Consolidated)' runs FY Mar 1996 to FY Dec 2025, about 30 years. It covers net sales (with the old material/equipment segment split and overseas sales), operating, ordinary and net income, EPS, margins, net assets, total assets, BVPS, equity ratio, and operating, investing and financing cash flow with year-end cash. 'First Half' runs to H1 FY2026 and 'Quarter' to FY2026 quarters. More than five years of P&L, balance sheet, cash flow and per-share data, with historical segments: 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The English tanshin gives the FY2026 forecast: sales ¥291.0bn, OP ¥60.6bn, ordinary ¥63.0bn, net ¥42.6bn, EPS ¥355.21. The FY2025 tanshin's outlook explains the basis (generative-AI demand, materials for advanced semiconductors, customer fab start-ups) and states $1 = ¥150. The separate English 'Notice on Revisions of Forecasts' (30 Jul 2026) gives the reasons (AI-server demand, exchange rates). The H1 deck (6 Aug 2026) sets the forecast against the initial one by division (EFM ¥155.0bn, HPC ¥131.0bn). It gives a product-type growth forecast, an OP bridge, capex/depreciation/R&D, and the changed 2H FX assumption (¥150 → ¥155/$). Full forecast with assumptions, segment figures and revisions explained: 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English half-year results for the period to 30 June 2026 published with the Japanese in August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
'tok Medium-Term Plan 2027' (FY2025-FY2027) in English, as revised on 9 Feb 2026: 24 pages against the Japanese revised deck's 24, both created 9 Feb 2026. The English 'Notice Regarding Revision of TOK Group's Medium-Term Plan' was issued the same day. FY2027 targets: net sales ¥295.0bn (from 270.0), OP ¥58.0bn (from 48.0), EBITDA ¥72.0bn (from 60.0), ROE 14.0% (from 13.0%), with the FX assumption ¥150/$ (from ¥135). Non-financial targets: engagement +5.4 points, CO2 -27%. Business-line sales growth targets, capex ¥76.0bn, R&D ¥52.0bn, a cash allocation of about ¥190bn and DOE 4.0%. The current plan, revision included, complete and same day: 5. Source document →
S2IR presentations published in English5/5
Presentation materials in English for Q1 and the institutional investors and analysts meeting material for the first half, held 6 August 2026. The Japanese library carries exactly the same pairing - tanshin plus briefing - for every quarter, so nothing is held back. Source document →
S3English equity-story or investment-highlights page5/5
There is no 'why invest' or investment-highlights page in English. The IR top's 'About TOK' block links 'What is TOK' ('an overview of TOK's key facts and figures'). It is a dedicated at-a-glance explainer with quantified strengths: top global share of semiconductor photoresists at 26.1%, and EUV 29.3%, ArF 14.4%, KrF 33.3%, g/i-line 25.3% (Fuji Chimera, 2025 projected volume). It links to core-technology and history pages. The Japanese '個人投資家の皆さまへ' hub points to the same pages, so the English is not behind. Re-checked 21 Oct 2026 under the rule as written: a dedicated page linked from the IR top with share figures counts. So 5. Source document →
S4Growth drivers identified and quantified in English5/5
Named drivers with numbers. The MTP 2027 deck sets FY2024 to FY2027 sales growth targets by business: semiconductor photoresists +42%, various electronic materials (MEMS/WHS/display) +143%, high-purity chemicals +44%. It gives capex of ¥76.0bn against 54.3 and names plant projects. The H1 FY2026 deck adds AI-server unit growth (2,010k in 2024 to 6,160k in 2030, Fuji Chimera), WHS-material sales +700% from 2024 to 2027, and product-type growth by line. It lists plant investments (Koriyama photoresist building over ¥20bn, Aso ¥13bn, Pyeongtaek ¥12bn, Incheon ¥7bn) and an EBITDA path to 2030. Market shares by resist type are on 'What is TOK'. 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
No transcript or Q&A in English. The English briefing pages (e.g. /eng/ir/library/2026/260827, /2025/260219) carry only a webcast link and the deck. The Japanese side publishes none either: its matching pages (/ir/library/2026/260807, /2025/260210) carry the same webcast and deck only, and the Japanese decks contain no 質疑応答. The Japanese IR news lists no Q&A summary. Neither language publishes one.
S6Integrated or annual report available in English4/5
Integrated Report 2024 in English in A3 and A4 editions with a third-party verification report - but it states its time frame as the fiscal year ended 31 December 2024. The edition for the year ended December 2025 is not published in English, so the reader is one edition behind. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The MTP 2027 deck's 'Review of tok Medium-Term Plan 2024' sets each final-year target against the actual: sales ¥180.0bn vs ¥200.9bn, OP ¥27.0bn vs ¥33.0bn, EBITDA ¥35.0bn vs ¥41.4bn, ROE over 8.0% vs 11.8%. A chart annotates the dips (US-China friction, cost increase and strong yen, semiconductor production adjustment). The five company-wide strategies are reviewed qualitatively: share gains in advanced resists for generative AI, packaging and WHS growth, and governance changes. The table and the narrative are not tied together; no line says why each target was beaten. Reconciliation present, variance explanation implicit: 4 (floor). Source document →
G1Corporate governance report available in English0/5
The English corporate governance page under sustainability carries no documents at all, and no corporate governance report appears in the English IR library. The company reports none to TSE.
G2Director biographies in English with tenure, expertise and independence4/5
The English 96th AGM notice (5 Mar 2026) gives the six candidates' dated career histories, attendance, shareholdings and nomination reasons. For the outside candidate (Ando) it states independence and 'Number of years serving as an Outside Director: Four years'. The English Executives page has dated career summaries for all ten directors, including the four Audit and Supervisory Committee members, and marks the outside directors. The notice's skills table covers expertise for all. Independent-officer designation is stated only for the candidate, and tenure for the others must be read off career dates. All three elements are there, one thin: 4. Source document →
G3Board skills matrix published in English5/5
'(Reference) Skills and experience required of Directors of the Company (planned as of the conclusion of the 96th Ordinary General Meeting)' in the English AGM notice (March 2026). It covers all directors, including the Audit and Supervisory Committee members, against seven skills (management experience in other groups, R&D/technology/production, sales/marketing, legal/compliance/risk, finance/accounting, global, personnel/labor). It also shows gender and Nomination and Remuneration Committee membership. The current matrix in English: 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
Integrated Report 2024 (English, pp.73-76) sets out the structure: fixed basic pay, a performance-linked bonus, performance share units and restricted stock. The bonus pays 0-200% on EBITDA margin and consolidated net sales; the PSU pays 0-200% on the MTP ROE target and an employee-engagement indicator over FY2025-27. It gives ceilings (basic ¥330m, bonus ¥180m, PSU 141,000 shares, RS ¥120m) and FY2024 amounts by type: directors ¥384m (199/72/47/65), CEO Taneichi ¥160m. The KPI weights and the target pay mix are not given. The FY2025 remuneration section is in the Japanese 89-page AGM notice's business report only; the English notice is 13 pages without it. Structure, KPIs and amounts, weights missing and a year old: 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the convocation of the 96th AGM dated 5 March 2026 for a meeting on 27 March - 22 days, voting open to 26 March - 14 pages carrying the Reference Documents for the General Meeting of Shareholders in English. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), 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 Exercise of Voting Rights at the 96th AGM, in English, with the number of voting rights exercised for and against each proposal - published alongside a separate Notice of Resolution, and repeated for the 95th meeting. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale2/5
No Corporate Governance Report in English; Integrated Report 2024 itself points to the Japanese one, 'Japanese language only'. The only English statement found is in Integrated Report 2024's outside-director dialogue (p.64): the board verifies each holding annually against capital cost and synergies, and holdings with low necessity are to be reduced. There is no count, no carrying amount, no target and no progress in the English integrated report, MTP, decks or AGM notice. The holdings table is only in the Japanese yuho. The boilerplate policy only: 2. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is a visible link in the English homepage's global navigation (www.tok.co.jp/eng) and goes straight to /eng/ir. One click. Source document →
O2English document links resolve to English documents3/5
Sampled 25 English-library links. English: Q1 and Q2 FY2026, FY2025 and Q3 FY2025 tanshin; H1 FY2026, FY2025, Q3 FY2025 and Q1 FY2026 decks; Q3 FY2024 supplemental data; FY2021 and Q1 FY2023 tanshin; FY2017 deck; MTP 2027 and its revision notice; MTP 2024 announcement; tok Vision 2030; 96th AGM notice and resolution; 95th voting results; forecast-revision and RS notices; Integrated Report 2024 and its financial statements; corporate profile; historical-data xlsx. Japanese: every 'Tanshin for ...' entry checked from FY Mar 2016 to Q3 FY2021 (q4_1603, q1_1712, q4_1812, 200213, q4_2012, q3_2021) opens the Japanese 決算短信, unlabelled. The 'Business Report' page is honestly labelled 'Japanese only'. Several unlabelled Japanese documents: 3. Source document →
O3English IR archive free of dead links5/5
All 25 sampled links (listed under O2, 2016-2026 across tanshin, decks, supplemental data, MTPs, AGM documents, timely disclosures, integrated report and data file) resolved and opened; no dead links. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the IR top, Financial Results / Presentation Materials, the briefing pages, Long-Term Vision / MTP, Integrated Report and back numbers, Business Report, IR News, IR Calendar, Stock and Dividend, Financial Highlights (charts with tables), General Meeting of Shareholders, Disclosure Policy and FAQ. All render their content. The stock quote is a plain outbound link button, not a failing widget. Source document →
O5Single page listing all English IR documents by date and type3/5
No single library. 'IR Library' is four tabs: Financial Results / Presentation Materials (by fiscal year and quarter, typed by title), Long-Term Vision / MTP (by plan period), Integrated Report (by edition), and Business Report (Japanese only). AGM notices, resolutions and voting results are on a separate General Meeting page, by meeting date. Timely disclosures are on IR News, by date. Split by type, each dated: 3. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Results decks back to FY Mar 2016, English tanshin from FY2021 (a 4-page summary) and in full from FY2022, supplemental data 2019-2024. AGM notices, resolutions and voting results from the 89th (2019) to the 96th (2026). Integrated reports 2018-2024 and the MTPs since 2016. IR News back to 2019. Several years across types: 5 (the pre-2021 'tanshin' are Japanese files, see O2). Source document →
O7Named English IR contact published2/5
Named in the results summary - Tetsuya Kawata, General Manager, Accounting Department, +81-44-435-3000 - but the English Contact Us page offers only 'About Products/Service' and 'Other'. No IR route for an English reader. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Same day every recent period. Q2 FY2026: English tanshin (PDF created 5 Aug, modified 6 Aug) and deck (created 6 Aug 08:41) posted 6 Aug, with the Japanese 6 Aug results notice; both IR news lists 6 Aug. Q1 FY2026: both news lists 11 May (the files in both languages were later re-uploaded on 5 Jun). FY2025: English tanshin and deck created 9 Feb 2026, Japanese 9 Feb, both news lists 9 Feb. Q3 FY2025: English tanshin and deck news 11 Nov 2025, Japanese 11 Nov. 5. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Q2 FY2026 tanshin: JA 6 Aug / EN 6 Aug = 0. Q1 FY2026 tanshin: JA 11 May / EN 11 May (IR news lists) = 0. AGM notice: Japanese posted by 26 Feb 2026 (electronic provision start), PDF created 18 Feb. The English is dated 5 Mar and its PDF was created 24 Feb, but no English posting date is listed, so the lag is 0-7 days. Corporate Governance Report: no English, >90. Annual securities report (JA 24 Mar 2026): no English, >90. Median = the AGM notice lag, 0-7 days; the floor is taken: 4. Source document →
R3Timely disclosures published in English5/5
Japanese timely disclosures 14 Oct 2025-14 Oct 2026, about 14: Q3/FY/Q1/Q2 results, forecast revisions (30 Jan, 30 Jul), dividend of surplus and MTP revision (9 Feb), changes of officers (9 Feb), receipt of subsidiary dividend (12 Mar), AGM resolution and voting results (27/30 Mar), RS disposal and completion (3 Apr, 1 May). Every one is in English on the same day, as are the plant completions and the IRRESISTIBLE MATERIALS investment. Japanese-only items: department-level 人事異動 and 機構改革 notices (5 Dec 2025, 9 Feb, 10 Jun, 27 Aug 2026) and the shareholder notice of the interim-dividend board resolution (6 Aug), none of them a rubric disclosure type. 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, Financial Results library, Disclosure Policy, Investor FAQ and Terms of Use: no machine- or AI-translation notice or banner. The library disclaimer warns of data-transmission errors, not translation. The tanshin and AGM notice carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only ... the original shall prevail'). The decks and timely-disclosure PDFs carry no translation notice. 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
On the results summary, the convocation notice and the voting results alike: 'translated from the Japanese original for reference purposes only ... the original shall prevail', with responsibility for the translation disclaimed. Re-checked 14 Oct 2026 in the other-24 pass: the English results decks (H1 FY2026, 28 pp) and the timely-disclosure notices (forecast revision 30 Jul 2026, plan revision, restricted-stock notices) carry 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 →
tok Medium-Term Plan 2027 and cash allocation
Strategy or target reset · In progress · Plan announced 6 January 2025
TOK disclosed a three-year plan with financial, investment and shareholder-return targets, then raised the FY2027 financial objectives after FY2025 results. H1 FY2026 results show continued execution, but the final FY2027 outcome and cumulative cash-allocation reconciliation are not yet due.
Timeline and sources (3 steps)
- 6 January 2025Medium-term plan announced TOK set FY2027 targets of ¥270bn sales, ¥48bn operating income, ¥61bn EBITDA and 13% ROE, alongside investment and shareholder-return policies. Announcement of TOK Group's Medium-Term Plan — tok Medium-Term Plan 2027
- 9 February 2026FY2027 financial targets raised After FY2025 results, TOK raised FY2027 targets to ¥295bn sales, ¥58bn operating income, ¥72bn EBITDA and 14% ROE; the other objectives were unchanged. Notice Regarding Revision of TOK Group's Medium-Term Plan — tok Medium-Term Plan 2027 · tok Medium-Term Plan 2027 — revised presentation
- 30 June 2026 · announced 6 August 2026H1 FY2026 progress disclosed TOK reported H1 sales of ¥139.668bn and operating income of ¥28.854bn and a FY2026 forecast of ¥291bn sales and ¥60.6bn operating income; the forecast is not an achieved result. Consolidated Financial Results for the Second Quarter of FY2026
What management said it would do
TOK's January 2025 plan set FY2027 financial and strategic objectives. In February 2026 it raised the FY2027 targets to ¥295bn sales, ¥58bn operating income, ¥72bn EBITDA and 14% ROE while retaining the other objectives.
From the company’s own disclosure · Announcement of TOK Group's Medium-Term Plan — tok Medium-Term Plan 2027 · Notice Regarding Revision of TOK Group's Medium-Term Plan — tok Medium-Term Plan 2027
What it actually did, and when
TOK reported FY2025 results, formally revised the targets and disclosed H1 FY2026 actuals of ¥139.668bn sales and ¥28.854bn operating income. The reviewed sources do not yet provide a complete cumulative plan-versus-actual bridge for every cash-allocation bucket or project return.
Partly disclosed — a gap remains · Consolidated Financial Results for the Fiscal Year Ended December 31, 2025 · Notice Regarding Revision of TOK Group's Medium-Term Plan — tok Medium-Term Plan 2027 · Consolidated Financial Results for the Second Quarter of FY2026
What it disclosed about the economics
The revised presentation allocates roughly ¥190bn of cumulative EBITDA to ¥76bn of capital investment, at least ¥20bn of growth investment and at least ¥28bn of shareholder returns, with a roughly 4% DOE policy and flexible buybacks. Project-level return hurdles are not disclosed in this reviewed set.
From the company’s own disclosure · tok Medium-Term Plan 2027 — revised presentation · Shareholder Returns
What has happened since
FY2025 ROE was 15.6%, and H1 FY2026 earnings rose year on year. These are progress indicators, not proof that the FY2027 targets or three-year cash allocation have been completed; the ¥291bn sales and ¥60.6bn operating-income FY2026 figures are forecasts.
Partly disclosed — a gap remains · Consolidated Financial Results for the Fiscal Year Ended December 31, 2025 · Consolidated Financial Results for the Second Quarter of FY2026
The question this leaves open
Investor question: Which projects are operational and clearing their original return cases, what portion of the revised targets reflects FX, and how will additional EBITDA be split between growth and returns? IR preparation: publish a dated target and cash-allocation bridge with actuals, forecasts and policy targets clearly separated.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed June 2026 liquidity, capital-structure and governance reading, separate from the accountability score.
Cash use and returns
The revised plan allocates roughly ¥190bn of three-year EBITDA to ¥76bn of capital investment, at least ¥20bn of growth investment and at least ¥28bn of shareholder returns; June 2026 cash and equivalents were ¥68.2bn.
Capital structure
At June 2026 TOK reported ¥68.2bn of cash and equivalents, ¥10.0bn of bonds, ¥16.1bn of long-term borrowings and ¥0.1bn of short-term borrowings, with a 68.9% equity ratio.
Governance of capital decisions
The governance page links governance enhancement to the FY2025-start medium-term plan, while the plan introduces financial KPIs, balance-sheet management and diversified fundraising as explicit management practices.
Preliminary and not scored: a single-company reading, reviewed 24 September 2026. Discretionary cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability remain unassessed; none enters the live 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 · F4: 0 → 3. The English annual-report library has the consolidated statements with notes for FY2024; the October record missed it.
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mitsubishi UFJ Trust and Banking) is in Japanese only.
- Research error 21 October 2026 · S3: 4 → 5. The English 'What is TOK' page, linked from the IR top, gives photoresist market shares (26.1% overall, 29.3% in EUV). The rule asks for a dedicated page or section for investors with quantified strengths; the earlier score also required framing as an investment case, which the rule does not.
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.