MEC Company Ltd.
Cite as: Japan IR Index, MEC Company Ltd. (4971), 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.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S6 Integrated or annual report available in English 0/5 Translation
Publish the current integrated or annual report in English.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Chemicals) | 82.8 | 9 of 18 |
| Same size band (¥100–500bn) | 77.1 | 10 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, 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 six months ended 30 Jun 2026, 10 Aug 2026, with the segment note and the interim cash-flow statement both present. Source document →
F2English results summary is a full translation, not an excerpt5/5
Read page for page against the Japanese. The English H1 FY12/2026 tanshin (10 Aug 2026, PDF created 7 Aug like the Japanese) runs 14 pages against the Japanese 13, with the same attachment table of contents. It has the summary pages, the qualitative section (results, sales by product line, segment sales and profit with commentary, financial position, cash flow, forecast), the balance sheet, the income and comprehensive income statements, the cash-flow statement, and notes on going concern, equity, accounting treatment, the segment note and subsequent events. The FY12/2025 tanshin (13 Feb 2026) runs 39 pages against 38. The whole tanshin is translated: 5. Source document →
F3Financial statements including notes available in English5/5
The latest period has full statements and notes in English. The H1 FY12/2026 tanshin carries the interim balance sheet, income and comprehensive income statements and cash-flow statement, plus notes including the full segment table with reconciliation. The FY12/2025 tanshin (39 pp) adds the full-year notes: accounting policies, segment information and the rest. 5. Source document →
F4Annual securities report available in English in any form0/5
hunt_yuho.py found nothing in the 49-document English catalogue worth opening; no securities report under any name.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Six geographic reportable segments (Japan, Taiwan, Zhuhai, Suzhou, Thailand, Europe), with external sales, inter-segment sales and segment profit every quarter in the tanshin segment note and in the qualitative section (e.g. H1 FY12/2026 Japan sales ¥4,563m, profit ¥3,354m). The FY12/2025 tanshin states the definition: segments based on production and marketing systems, and segment profit based on operating income. Sales by product line (chemicals, machinery, materials, other) are also given every quarter. 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English Financial Data page has 'Download Excel' (20260331.xlsx, downloaded in the browser and opened). One sheet runs FY3/2001 to FY12/2025, 25 years. It covers P&L (sales, cost of sales, gross profit, SG&A, operating, ordinary and net income, EBITDA), balance-sheet headline items (capital, net assets, total assets, interest-bearing debt), cash flow (operating, investing, financing, cash at year end), capex, depreciation and R&D, profitability and stability ratios, and per-share data (EPS, BPS, dividend). It also has employee data and sales by product item. A PDF version sits alongside. The balance sheet is summary-level rather than line by line, but all four areas are covered over five years and more: 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The full-year FY12/2026 forecast is in English: initially sales ¥22.5bn / OP ¥6.5bn in the FY12/2025 tanshin, now ¥25.8bn / OP ¥8.3bn / net ¥6.0bn / EPS ¥328.58. The tanshin explains the basis with a market view: generative-AI demand for advanced package substrates and the CZ series as growth driver. It gives assumed rates (US$ 151.02, NT$ 4.95, RMB 21.24, EUR 175.76, THB 4.67), updated in the H1 deck (US$ 156.45, EUR 183.65). Each revision has an English notice with reasons, e.g. 12 May and 10 Aug 2026: 'demand for products used in advanced semiconductor package substrates is expected to remain strong, driven by the expansion of the generative AI market'. There is no segment forecast, but there is FX, a market view and explained revisions: 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Interim results for the half year ended 30 Jun 2026, published 10 Aug 2026, same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
'2030 Vision Phase 2 Medium-term Management Plan (2025-2027)', revised 13 Feb 2026. English and Japanese are both 38 pages and posted the same day; an English 'Notice Concerning the Updating of Numerical Targets' was issued 13 Feb 2026. FY12/2027 targets: net sales ¥25.0bn (core business ¥24.5bn, application and expansion ¥0.5bn), operating margin 26-30% (from at least 20%), ROE 13-16% (from at least 10%), payout of 35% or more and DOE of 4.0% or more. It also gives the Kitakyushu plant plan (¥4.7bn, 30,000 t/yr capacity) and the capital allocation. 5. Source document →
S2IR presentations published in English5/5
An English results-briefing deck for every quarter through H1 FY12/2026 (35 pages, matching the Japanese), posted the same day as the Japanese, each paired with an English Q&A summary (e.g. setsumeikai/5802_su.pdf). The Q1 FY2026 Q&A came about 17 days after the Japanese, which S5 scores. 5 (was 2 on 12 Oct, read without a browser, which found only Japanese files after FY12/2023; re-checked 14 Oct 2026 in the rendered browser). Source document →
S3English equity-story or investment-highlights page4/5
The English IR section has a 'To Understand MEC' block with a dedicated 'Our Strengths' page, plus 'Our Business' and 'Benefits of Shareholder'. Our Strengths gives the world's largest share for the CZ series (no figure), one in three employees in R&D, about 10% of sales in R&D, and an R&D chart. Our Business says CZ is about 60% of chemical sales. The MTP adds 'dominant global market share ... over 300 customers'. Dedicated and specific, but mostly qualitative: 4. Source document →
S4Growth drivers identified and quantified in English4/5
Named drivers: generative-AI and advanced (chiplet, larger, more-layered) package substrates driving CZ volume, the shift to non-roughening AP chemistry for low signal loss, and extending it to PCBs for data centres. Some are quantified: the FY2027 split of core business ¥24.5bn vs application and expansion ¥0.5bn, the Kitakyushu plant at ¥4.7bn and 30,000 t/yr, and CZ at about 60% of chemical sales. The demand drivers themselves have no market size, share figure or growth rate attached. Named, some quantified: 4. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Both languages publish a Q&A summary for every quarterly briefing, and the English 'Q&A Session' files run back to FY3/2015 in the library. Going by PDF creation dates (the library gives no posting dates), English and Japanese match for H1 FY12/2026 (25 Aug), FY12/2025 (16 Mar), Q3 FY12/2025 (9 Dec), H1 FY12/2025 (27 Aug) and Q1 FY12/2025 (28 May). For Q1 FY12/2026 the English (5801_su, created 1 Jun 2026) came 17 days after the Japanese (5801y, 15 May). Under the review ruling, English Q&A arriving days after the Japanese is a 4. Source document →
S6Integrated or annual report available in English0/5
No integrated or annual report in English found anywhere on the IR site.
S7Progress against the previous plan, including misses, explained in English5/5
The English Phase 2 plan announcement (14 Feb 2025, 33 pp) has a 'Medium-term Management Plan: Phase 1 Review'. Its 2021-2024 table sets each Phase 1 target against actuals: operating margin 25.0% vs at least 20%, ROE 8.9% vs at least 10%, R&D 7.3% vs about 10% of sales, cumulative capex ¥3.26bn vs about ¥5bn, payout 36.8% vs 30%. It explains the misses: the FY2023 pullback, taxes from the Hong Kong liquidation and Zhuhai restructuring, the yen's effect on equity, and capex deferred to Phase 2. The Feb 2026 revision reports first-year results against the Phase 2 targets. 5. Source document →
G1Corporate governance report available in English5/5
Corporate Governance report, English, dated 26 Mar 2026 - current, in the TSE filing's own structure (Basic Views, Capital Structure, etc.). Source document →
G2Director biographies in English with tenure, expertise and independence5/5
In the English 57th AGM notice (meeting 24 Mar 2026), all seven directors stand: four non-committee and three Audit and Supervisory Committee members, plus a substitute. Each has a dated career history, concurrent positions, shareholdings and reasons for nomination. Independence is stated for each outside candidate, with years in office (Takao eight years, Hashimoto six/seven, Miyashita two), and a skills matrix sits alongside. 5. Source document →
G3Board skills matrix published in English5/5
'(Reference) Director Skill Matrix (if each of the candidates is appointed at this General Meeting)' in the English 57th AGM notice (March 2026). It covers all seven directors against eight skills: corporate management; research, manufacture and technology; finance and accounting; legal and compliance; sales and marketing; global; sustainability and ESG; and HR. Current: 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English AGM notice's business report (pp.39-42) gives the structure: fixed monetary pay; a single-year cash bonus paid in months set by consolidated operating profit; medium-to-long-term performance shares on the MTP indicators (ROE, operating margin, net sales); and fixed share compensation. Outside directors get fixed pay only. It gives the KPI actuals (OP ¥5,748m, ROE 17.5%, margin 27.4%, sales ¥20,947m), the caps (¥300m; ¥53m and ¥17m for the share plans) and FY2025 totals by type (¥132m basic, ¥56m performance-based, ¥30m non-monetary). The pay mix is only 'benchmarked', and no KPI weights are given. Structure, KPIs and amounts, weights missing: 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 57th AGM (24 Mar 2026) in English, with the reference documents and an English guide to voting via the internet. But the English PDF was created on 6 March, 18 days before the meeting; 25 February is the Japanese electronic-provision date printed inside it, and the company says the English goes up "about two weeks before the general meeting" (en/ir/stock-communication/). About two weeks: 4 (was 5; re-checked 14 Oct 2026). Source document →
G6Shareholder vote results disclosed in English2/5
Notice of Resolutions, 24 Mar 2026: every proposal "approved and adopted as proposed," with no vote counts. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The only English statement is Principle 1-4 in the English Corporate Governance Report (26 Mar 2026). Shares are held to maintain business relationships, unjustified holdings are sold, and the board reviews each stock on qualitative points (business relationship, cross-holding, purpose) and quantitative ones (valuation gains, dividends, two years of transactions). It gives no count or amount of holdings, no reduction target and no progress figures. There is no English yuho, and the English AGM notice and MTP carry nothing on holdings. Boilerplate policy only: 2. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is in the English homepage's global navigation (www.mec-co.com/en/), and an 'Investor Relations' block in the page body and footer links straight to /en/ir/. One click. Source document →
O2English document links resolve to English documents5/5
Opened about 30 English document links, every one in English. Tanshin: 5802_e, 5801_e, 5704_e, 5604_e, teisei5604_e, 3901_e (FY3/2007). Decks: 5802_e, 5801_e, 5704_e, 3901_e. Q&A: 5802_su, 5704_su, 5703_su, 5702_su, 5701_su, 5801_su, 4701_su_e. CG report 202603. 57th and 46th AGM notices and the 57th resolutions. MTP 2025-2027 revised. Phase 2 plan announcement (20250214_5604_tekijikaiji_5). Timely disclosures 20260810, 20260512, 20250808, 20260930. Sponsored research 5802 and 5301_e. Financial data PDF and xlsx. 5. Source document →
O3English IR archive free of dead links5/5
All of the roughly 30 sampled links listed under O2 resolved and opened, from FY3/2007 to Sep 2026, across tanshin, decks, Q&A, governance, AGM, MTP, timely disclosures, research and the data files. No dead links. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the IR top, IR Library, Financial Data (tables), MTP, Shareholders Meetings, IR Calendar, Stock Information (shareholder tables), Stock, Dividend & Shareholder Return, Dialogue with Shareholders, Shareholder Briefing, IR Activities, Management Policy, Message, IR Policy, IR Event, To Understand MEC with its subpages, and the IR News lists. Every page rendered its content and lists. The only blank areas in a full-page shot came from CSS not loading through the harness route, not from the site. 5. Source document →
O5Single page listing all English IR documents by date and type4/5
One 'IR Library' page holds four types in dated grids by fiscal period and quarter: Financial Review (tanshin), Earnings Release Conference (deck and Q&A), the Corporate Governance Report and Sponsored Research Reports, each with 'View More' for older years. AGM notices and resolutions are on a separate Shareholders Meetings page. The MTP is on its own page, and timely disclosures appear only in the dated IR News list. One dated page, not every type: 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
English tanshin back to the 39th term (FY3/2007), decks to 2007, Q&A to FY3/2015, sponsored research from 2019, AGM notices and resolutions from the 46th (2015) to the 57th (2026), and IR News archives from 2010. Several years across types: 5. Source document →
O7Named English IR contact published3/5
An "Investor Relations Head Office" address and phone (+81-6-6401-8160) is printed directly on the IR top page, and the same number appears as the Corporate Communication Office contact on the governance report - a real route, reachable without opening a filing, but not a dedicated IR contact page or form; the general inquiry form's categories are "General" and "Our Products" only, with no IR option. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The IR News lists in both languages show the tanshin and the results deck the same day: H1 FY12/2026 on 10 Aug 2026, Q1 on 12 May 2026, FY12/2025 on 13 Feb 2026, Q3 FY12/2025 on 11 Nov 2025, H1 on 8 Aug 2025 and Q1 on 12 May 2025. English tanshin PDFs were created before or on the day (5802_e 7 Aug, 5801_e 11 May). Later creation dates on some deck PDFs in both languages, e.g. 5802 and 5802_e on 24-25 Aug, look like re-uploads. FY12/2024 was the exception: English summary and deck 14 Feb 2025, full English tanshin 21 Feb. Same day for the latest periods: 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
H1 FY12/2026 tanshin: JA 10 Aug / EN 10 Aug = 0. Q1 FY12/2026 tanshin: JA 12 May / EN 12 May = 0 (IR News lists). AGM notice: Japanese electronic provision from 25 Feb 2026 (JA PDF created 16 Feb), English PDF created 6 Mar 2026, so about 9 days by PDF creation date. CG report: both 'as of 26 Mar 2026' (EN PDF created 25 Mar) = 0. Annual securities report (JA filed 23 Mar 2026): no English, counted >90. Median of 0, 0, 0, 9 and >90 is 0: 5. Source document →
R3Timely disclosures published in English5/5
Japanese IR News, 14 Oct 2025 to 14 Oct 2026, has 14 timely disclosures besides results: forecast and dividend revisions (11 Nov 2025, 12 May 2026, 10 Aug 2026), dividend policy change and shareholder-benefit change (11 Nov), officer transfers (21 Nov, 25 Sep), MTP target update and dividend of surplus (13 Feb), subsidiary liquidation (17 Mar), and two asset-acquisition and capex notices (30 Sep). Each has an English counterpart on the same date. Only non-disclosure items are Japanese-only: yuho and semi-annual report filing notices, an IR fair notice, and the Japanese voting-results report. All, same day: 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, IR Library, IR Policy, Message, IR Event, Benefits of Shareholder, Privacy Policy/Disclaimer, Site Map, Inquiry and the governance page. None has a machine- or AI-translation notice or banner. The site disclaimer covers only correctness of posted information. The documents carry only the human-translation precedence note ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Every document checked (tanshin, governance report, AGM notice, resolution notice) carries "for reference purposes 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 →
Advanced-packaging materials, capacity and revised-return plan
Strategy or target reset · In progress · Plan announced 13 February 2026
MEC retained its ¥25bn sales goal but raised FY2027 operating-margin and ROE targets and detailed investment, R&D and returns.
Timeline and sources (1 step)
- 13 February 2026Plan announced MEC retained its ¥25bn sales goal but raised FY2027 operating-margin and ROE targets and detailed investment, R&D and returns. Medium-term Management Plan Phase 2: Revised Targets
What management said it would do
Management targets ¥25bn sales, 26–30% operating margin and 13–16% ROE by FY2027.
From the company’s own disclosure · Medium-term Management Plan Phase 2: Revised Targets
What it actually did, and when
First-year performance exceeded initial expectations; the factory is planned to start operations in December 2026.
Partly disclosed — a gap remains · Medium-term Management Plan Phase 2: Revised Targets · Medium-term Management Plan
What it disclosed about the economics
MEC allocates more than ¥8bn to investment and ¥5.2bn to R&D while adopting a 35% payout and 4% DOE floor.
Partly disclosed — a gap remains · Medium-term Management Plan Phase 2: Revised Targets · Medium-term Management Plan
What has happened since
The FY2027 result is not due.
Partly disclosed — a gap remains · Medium-term Management Plan Phase 2: Revised Targets
The question this leaves open
Investor question: What utilization and product mix justify the revised margin range? IR preparation: publish factory ramp, AP-series adoption and capital 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
MEC allocates more than ¥8bn to investment and ¥5.2bn to R&D, including a roughly ¥4.7bn new factory supporting semiconductor-package materials.
Capital structure
The plan raises the dividend policy to at least a 35% payout and 4% DOE while keeping buybacks flexible.
Governance of capital decisions
Management revised operating-margin and ROE targets after first-year outperformance and disclosed the reason for the revision.
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
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.