Taiyo Holdings Co., Ltd.
Cite as: Japan IR Index, Taiyo Holdings Co., Ltd. (4626), methodology GNT-BDS v1.1.1, reviewed 2026-10-06.
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.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
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.
S3 English equity-story or investment-highlights page 3/5 Translation
Put the investment case, with figures, on one English page or section.
English disclosure assessment
This company is a case in “Questions shareholders ask at the AGM”: 05 Board composition, election and removal, 13 Broader disclosure, 06 Disclosing executive pay, 10 The economics of M&A and disposals, 12 CEO succession and nomination, 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 | 7 of 18 |
| Same size band (¥500bn–2tn) | 84.2 | 21 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, 31 scored 3 or more and 1 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
FY2027 Q1 results (consolidated), 31 Jul 2026, with the segment note (Electronics / Medical and Pharmaceuticals / ICT&S) and a matching English supplementary transcript of the full-year briefing published the same way the Japanese side gets one. Source document →
F2English results summary is a full translation, not an excerpt5/5
Read page for page against the Japanese. Q1 FY Mar 2027 tanshin (31 Jul 2026): 12 English pages against 11 Japanese, with the same index: summary, overview of operating results (in both languages a pointer to the briefing deck posted the same day), balance sheet, income and comprehensive income statements, and the notes (income statement, additional information, segment information, shareholders' equity, going concern, cash flows). FY Mar 2026 tanshin (30 Apr 2026): 27 English pages against 24, with the full qualitative section (results by segment, financial position, cash flows, future forecasts, dividend policy), all four statements and the notes (segment, per-share, subsequent events). Whole tanshin: 5. Source document →
F3Financial statements including notes available in English5/5
The latest period has full statements and notes in English. The Q1 FY Mar 2027 tanshin has the consolidated balance sheet, income and comprehensive income statements and notes, including the segment note with sales and profit by reportable segment. The FY Mar 2026 tanshin adds changes in equity, the cash-flow statement and per-share notes. The 154-page English Annual Securities Report for the 80th term (posted 1 Sep 2026) carries the full annual statements and notes. Full statements and notes for the latest period: 5. Source document →
F4Annual securities report available in English in any form4/5
Annual Securities Report, 80th term (Apr 2025-Mar 2026), current year, 155 pages with business overview, risk factors, MD&A, governance and the financial statements - but the auditor's report is not translated, so the English reader gets the numbers without the opinion on them. Same shape as the Santen anchor. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
The tanshin segment note in English defines the two reportable segments and says how they are set: Electronics (PCB and electronic-component chemicals) and Medical and Pharmaceuticals (ethical drugs, CDMO, dental prosthetics), organised by operating subsidiary, with 'Other' = ICT and Sustainability. Segment profit is defined as operating income and inter-segment pricing as market price. It gives net sales, segment profit, assets, depreciation and capex for both years, and the quarterly tanshin give sales and profit by segment every quarter. The deck adds EBITDA by segment. Every period, definitions stated: 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No spreadsheet anywhere in English IR. Searched the links on the IR top, IR Library and its five tabs (results, presentations, annual securities report, MTP, annual report), Financial Highlights (At a Glance / Financial Indicators), Performance Overview, Return to Shareholders and Share Information for xls/xlsx/csv/data downloads: none. Financial Highlights shows five years (FY2022-FY2026) of sales by segment, operating profit, net profit, margin, ROE, total assets, equity and capex as HTML charts and tables only. The Japanese highlight page has no data file either. An HTML table does not count: 0.
F7Guidance disclosed in English with the basis explained5/5
The FY Mar 2026 English tanshin's 'Future forecasts' section gives the FY Mar 2027 forecast with its basis: a market view (AI-driven demand, memory shortage, Middle East energy and procurement risk, which it says is not included), the assumed rate of JPY 150.0/USD against the 150.9 actual, and the direction by segment and product line (PKG, rigid, display DF, Taiyo Pharma Tech, Taiyo Pharma). The deck (p.23) gives segment forecasts: Electronics sales 102.2bn / OP 31.3bn, Medical and Pharmaceuticals 37.5bn / 4.0bn, plus EBITDA. On 31 Jul 2026 the English 'Notice of Revised First-half and Full-year Earnings Forecasts' and Q1 deck (pp.8-9) give the revised numbers (FY sales 149.1bn, OP 36.4bn) and the reasons: Electronics beat in Q1 at 160.5 JPY/USD actual against 150.0 assumed, and the Q1 extraordinary loss. Full forecast with its basis and the revision explained: 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 results for the year ending March 2027 published 31 Jul 2026, the same day as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
'Beyond Imagination 2030 Medium-term Management Plan' (formulated 28 Aug 2025, to FY Mar 2031) is in English: a 27-page deck, plus a 30-page version with the speaker transcript (2 Oct 2025, the same day as the Japanese 'with speech' edition). Targets: net sales 180bn, OP 47bn (26% margin), EBITDA 58bn (32%), ROE 30%, at 145 JPY/USD with FX sensitivity. Targets by business: Electronics sales 128bn / OP 39bn, Medical and Pharmaceuticals 43bn / 9bn, with EBITDA. Also a 100% total payout ratio to FY Mar 2028 and DOE of 5% or more. The English formulation notice was dated 28 Aug, as was the Japanese. The 31 Mar 2026 'Beyond Imagination and Beyond Boundaries 2030' (English 2 Apr) supplements the tender offer and keeps the plan; it is not a new plan. Current plan, complete, same day: 5. Source document →
S2IR presentations published in English5/5
A deck every quarter back to 2012, and for the one period the Japanese side gets a transcript of the results briefing (the FY2026 full-year meeting, 1 May 2026), the English site carries the same transcript (en20260520_01.pdf) - the supplement is matched, not just the headline deck. Source document →
S3English equity-story or investment-highlights page3/5
No 'why invest' or investment-highlights page in English IR. 'At a Glance' under Financial Highlights is five years of financial charts only. The job is done by About Us > 'About TAIYO HOLDINGS' ('Characteristics of Taiyo Holdings'): market leader in solder resist with global share No.1 (Fuji Chimera), technology, global network, and business/people data. It describes strengths but is not framed for an investor, and its numeric counters render as 0 until scrolled. The MTP deck's business-positioning pages cover similar ground inside a plan, not as an equity story. Company-overview page doing the job: 3. Source document →
S4Growth drivers identified and quantified in English5/5
Named drivers with numbers, in English. The MTP deck projects the PCB market (the solder-resist customers' market) at about 6% CAGR over six years and PKG substrates at about 9%. It shows the target product mix shifting toward PKG (around 40% of Electronics sales) and gives segment sales, OP and EBITDA targets to FY Mar 2031. It quantifies the Medical and Pharmaceuticals contribution (OP ~9bn, CDMO volume) and an ROE bridge (profit growth, margin, portfolio review, 100% payout). The results decks quantify the AI/memory-driven DF volume growth and FX effects. Drivers named and quantified: 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Japan publishes a results-briefing transcript with Q&A for each half-year and full-year briefing. English presentation library vs Japanese: FY Mar 2026 H1 (7 Nov 2025 briefing): JA 26 Nov, EN 26 Nov 2025, 33 pages including Q&A. FY Mar 2026 full year (1 May 2026): JA 12 May, EN 20 May (34 pages with Q&A), 8 days late. Earlier the English was patchier: FY Mar 2025 full year JA 13 May vs EN 26 Jun 2025 (44 days), and no English for the FY Mar 2025 H1 (JA 15 Nov 2024) or either FY Mar 2024 transcript (JA 9 Nov 2023, 8 May 2024). The MTP briefing transcript appeared in both languages on 2 Oct 2025. The current cycle is complete, but one is late (consistency ruling: English Q&A arriving any days after the Japanese = 4). Source document →
S6Integrated or annual report available in English4/5
Integrated Report 2025, published 19 Mar 2026, for the year ended 31 March 2025 - one edition behind as at Oct 2026. Source document →
S7Progress against the previous plan, including misses, explained in English3/5
The current MTP (Aug 2025) is the first medium-term plan under the 2021 long-term plan 'Beyond Imagination 2030' (FY Mar 2031 targets: ROE 18%, DOE 5% or more). The MTP deck's 'Progress to Date' (p.4) and transcript narrate progress with numbers: sales 80.9bn to 119bn and OP 13.9bn to 22bn FY2021-FY2025, ROE 10.6% in FY Mar 2025, DOE kept at 5% or more, total payout 99%. The transcript concedes the 2021 Medical and Pharmaceuticals sales reference value (60bn, 15% margin) will not be reached, while about 9bn OP is expected. There is no table setting each earlier target against its actual with the variance explained. Progress narrated with some numbers: 3. Source document →
G1Corporate governance report available in English5/5
Report on Corporate Governance, English, 21 pages. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 80th AGM (posted 28 May 2026) puts all eight directors up for election: five in Proposal 1 (Saito, Minegishi, Tawara, outside Tsuchiya and Matsumura) and three Audit and Supervisory Committee members in Proposal 2 (Shimamura, outside Sato and Maruyama). Each gets a dated career history (so board tenure is readable, e.g. Saito a Board Director since June 2016), concurrent posts, shareholdings and the reason for nomination. Outside directors have their term in office stated (e.g. 'two years', 'one year') and independent-officer designation, and the candidate list and skills table flag 'Independent'. The English CG report adds the independence criteria. Every director, all three elements: 5. Source document →
G3Board skills matrix published in English5/5
'Reference: Expertise and experience of Board Directors following this General Shareholders' Meeting' (English AGM notice, p.16, May 2026) covers all eight directors, including the Audit and Supervisory Committee members, against seven areas: corporate management/business strategy, global, production/quality, R&D, ESG/sustainability, HR/diversity, finance/accounting/M&A and legal/risk. Each area is defined, and independence is marked. The English CG report (1 Sep 2026) also references the skill matrix. Current matrix in English: 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
English Annual Securities Report (80th term, pp.73-83): structure of base salary, performance-linked cash, performance-linked stock and restricted stock (10-year restriction), with caps approved at the 78th AGM. The KPI is profit before income taxes × (1 - 3-year average tax rate - NCI share), a single metric with the formula, cash coefficient 1.6% and stock coefficient 3.4% caps, and the reason it was chosen. Target vs actual is given: 21.6bn target vs 32.1bn actual. Amounts by category: executive directors ¥354m (base 49, cash 41, PSU 220, RS 42), and the CEO individually ¥347m. It also covers the May 2026 amendments with malus/clawback. Structure, KPI with weighting formula, and amounts: 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Full Reference Documents for the 80th AGM (20 Jun 2026) in English, candidate profiles included, posted 28 May 2026 - 23 days' notice. But the notice itself says the posting of additional reference materials is "in Japanese version only" at both the company's own further-materials page and the TSE lookup tool, and no English internet-voting URL is given - the delivery defect that holds G5 at 4 rather than 5. Source document →
G6Shareholder vote results disclosed in English2/5
Notice of Resolutions, 20 Jun 2026: each proposal "was approved and passed in accordance with the original proposal." No vote counts, no abstentions, no approval ratios. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
English CG report (1 Sep 2026), Principle 1-4: the boilerplate policy (hold only where medium-to-long-term value is enhanced, board verifies regularly, sell where not meaningful) and voting standards. The English Annual Securities Report (p.84) gives the numbers: one listed issue held for other than pure investment, Cyfuse Biomedical, 150,000 shares, carrying value ¥88m (¥151m a year earlier), no increases or decreases, with the business-alliance rationale (regenerative therapy). There is no reduction target or schedule. Policy, count, amount and rationale, but no target: 3. The holding is immaterial, which the band does not reward. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (www.taiyo-hd.co.jp/en/) has a visible 'IR Information' / 'To Our Investors' block and an 'Investor Relations' item in the global navigation, both going straight to /en/investor.html. One click. Source document →
O2English document links resolve to English documents5/5
Opened 27 English links across types and years in pdf.js. All English: Q1 FY Mar 2027 and FY Mar 2026 tanshin; Q1 FY Mar 2022 (20210802_05-1), Q1 FY Mar 2021 (20200820_01), FY Mar 2015 and Q2 FY Mar 2023 tanshin; decks Q1 FY Mar 2027, FY Mar 2026, Q2 FY Mar 2021 (20201201_06), Q1 FY Mar 2022 and Q1 FY Mar 2012; annual securities reports 2019 and 2023 and the 80th term (2026); Annual Report 2020 and Integrated Report 2023; 2030 Committee final report; MTP and MTP transcript; FY Mar 2026 transcripts; AGM notice and resolutions (June 2026); gain-on-sale notice (9 Sep 2026); TOB progress notice (9 Oct 2026); Annual Report 2011. Files without an 'en' prefix also turned out to be English. All English: 5. Source document →
O3English IR archive free of dead links5/5
All 27 sampled links (listed under O2, 2011-2026 across tanshin, decks, transcripts, annual securities reports, annual/integrated reports, MTP, AGM documents and timely disclosures) resolved and opened as PDFs. The library sub-pages' other links resolved as listed. No dead links: 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the IR top (IR news list, IR Contents tiles, Euroland stock-price frame with chart and TSE close), IR News (year filters, paging), IR Library and its five tabs, Performance Overview, Financial Highlights (charts with tables), Return to Shareholders, Share Information, Management Policy, Corporate Governance, Disclosure Policy, IR Calendar, Outside Evaluations, Disclaimer and the IR inquiry form (qubo iframe renders Name/E-mail/Inquiry fields). Every IR page renders its content. (The animated counters on the About Us page show 0 before scrolling, but that is not an IR page.) 5. Source document →
O5Single page listing all English IR documents by date and type3/5
No single library. 'IR Library' is split by type into five tabs: Financial Results Summaries, Financial Results Briefing Material (decks plus transcripts), Annual Securities Report, Medium-term Management Plan and Annual Report. Each is ordered by fiscal year/quarter and labelled. AGM notices, resolutions, timely disclosures and integrated-report notices are only in IR News (dated, filterable by year, all tagged 'IR'), and the CG report is on the governance page. Split by type across pages, each dated (consistency ruling): 3. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
English tanshin every quarter from FY Mar 2012 to Q1 FY Mar 2027, decks every quarter from FY Mar 2012, annual securities reports from FY Mar 2018 to the 80th term, annual/integrated reports 2011-2025, the MTP set, and IR News back to 2008 (414 English entries against 660 Japanese). Several years across document types: 5. Source document →
O7Named English IR contact published4/5
"IR Inquiries" on the English investor top page leads to a dedicated IR inquiry form (a qubo form keyed "contact-ir-en"), which renders in the browser with Name, E-mail and Inquiry fields. Dedicated and immediately obvious. The tanshin header also names Sayaka Tomioka, Senior Corporate Executive Officer and CFO, with a phone number. (Form confirmed rendered 14 Oct 2026; the earlier caveat that it had not been seen rendered is cleared.) Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Same day for the latest two results. Q1 FY Mar 2027: English tanshin (PDF created 30 Jul) and deck (created 31 Jul) posted 31 Jul 2026. Japanese tanshin (created 28 Jul) and deck (31 Jul) also posted 31 Jul, and both IR news lists show 31 Jul. FY Mar 2026: English tanshin (created 28 Apr) and deck (created 29 Apr) posted 30 Apr 2026, the same as the Japanese (both created 28 Apr, posted 30 Apr). Q3 and Q2 FY Mar 2026 also match (4 Feb 2026, 6 Nov 2025 on both lists). Tanshin and deck same day: 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Q1 FY Mar 2027 tanshin: JA 31 Jul / EN 31 Jul = 0. FY Mar 2026 tanshin: JA 30 Apr / EN 30 Apr = 0. 80th AGM notice: JA 28 May / EN 28 May 2026 (both IR news lists) = 0. Corporate Governance Report: JA and EN both 'last updated' 1 Sep 2026 (EN PDF created 12 Aug), = 0. Annual securities report (80th term): JA 16 Jun 2026 (IR news) / EN 1 Sep 2026 (filename en20260901_03, PDF created 1 Sep) = 77 days. Lags 0, 0, 0, 0, 77; median 0: 5. Source document →
R3Timely disclosures published in English4/5
Compared the Japanese IR news (14 Oct 2025 to 14 Oct 2026) with the English list. About 30 timely disclosures: forecast revisions (6 Nov, 4 Feb, 31 Jul), interim dividend increase and stock split (6 Nov), 2030 Committee final report (7 Nov), dividend forecast revision to nil (31 Mar), the KKR tender-offer plan, the board opinion and the supplementary deck (31 Mar), personnel and director-responsibility notices (4 Feb, 30 Apr, 14 May, 22 Jun, 29 Jun, 31 Jul), AGM resolutions (20 Jun), controlling-shareholder matters (22 Jun), three corrections (24 Jun), sale of investment securities and the gain (1 and 9 Sep), and TOB progress (9 Oct). Every one is in English. All but three are the same day; the TOB plan notice and 'Beyond Imagination and Beyond Boundaries 2030' came on 2 Apr and the board-opinion notice on 3 Apr, each labelled '[Delayed]'. (The 5 Aug AGM Q&A answers to shareholders have no English counterpart, but they are not a timely disclosure.) Nearly all same day, the most material ones 2-3 days late: 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, IR Library, Disclaimer and Terms of Use and found no machine- or AI-translation notice or banner. The disclaimer covers investment decisions only. The documents (tanshin, decks, transcripts, AGM notice, CG report, securities report, integrated report) carry only the human-translation precedence line ('provided for convenience only ... the original shall prevail'), which is R5, not R4. Nothing presented as machine-translated: 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Every document checked (tanshin, AGM notice, resolution notice) carries "provided for convenience only... 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 2026-10-06. 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–FY2031 capital policy and ROE plan
Strategy or target reset · In progress · Action announced 28 August 2025
Taiyo set FY2031 growth and ROE targets, a 100% total payout policy through FY2028 and a residual-cash return rule after investment.
Timeline and sources (1 step)
- 28 August 2025Plan announced The board approved the medium-term roadmap to FY2031 with financial, portfolio and capital-policy targets. Beyond Imagination 2030 Medium-term Management Plan
What management said it would do
Taiyo targets FY2031 sales of ¥180bn, operating income of ¥47bn and ROE of 30%, with a 100% payout through FY2028.
From the company’s own disclosure · Beyond Imagination 2030 Medium-term Management Plan
What it actually did, and when
The plan is underway, but annual investment and return outcomes are not yet reconciled.
Partly disclosed — a gap remains · Beyond Imagination 2030 Medium-term Management Plan
What it disclosed about the economics
Partly disclosed — a gap remains · Beyond Imagination 2030 Medium-term Management Plan · Management Policy
What has happened since
The FY2031 result is not due.
Partly disclosed — a gap remains · Beyond Imagination 2030 Medium-term Management Plan
The question this leaves open
Investor question: How much of the 30% ROE comes from operating improvement versus equity reduction? IR preparation: publish NOPAT, invested-capital, payout and leverage bridges.
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
Taiyo targets a 100% total payout through FY2028 and may return excess operating cash after growth and maintenance investment.
Capital structure
The plan uses a high payout to maintain an appropriate equity level and contemplates external borrowing if required.
Governance of capital decisions
A 2030 Committee informed the plan, which includes business portfolio reviews and ROIC-versus-WACC analysis.
Preliminary and not scored: a selected-source reading, reviewed 24 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
No score on this page has changed since the change log started on 20 October 2026.
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.