Dexerials Corporation
Cite as: Japan IR Index, Dexerials Corporation (4980), 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.
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.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O1 English IR section reachable within two clicks of the English homepage 4/5 Quick fix
Put a visible Investor Relations link on the English homepage that goes straight to the English IR top.
O5 Single page listing all English IR documents by date and type 4/5 Quick fix
Keep one English page that lists every IR document with its date and type.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Chemicals) | 82.8 | 4 of 18 |
| Same size band (¥500bn–2tn) | 84.2 | 17 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, 30 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
Consolidated Financial Results for the three months ended 30 Jun 2026 [IFRS], 4 Aug 2026, with the segment note (by business) and the standard quarterly cash-flow waiver note both present - a genuine translated tanshin, distinct from the stale machine-translated "financial_results" feed bucket that stopped in Feb 2026. Source document →
F2English results summary is a full translation, not an excerpt5/5
Read page for page against the Japanese. Q1 FY2026 (three months to 30 Jun 2026), 4 Aug 2026: English 11 pages against Japanese 13, and the attachment tables of contents match item for item: overview of results (operating results with both segments' sales and business profit, financial position, forecast statement), statement of financial position, P&L and comprehensive income, notes (going concern, quarterly cash-flow note, significant changes in equity, segment information). The only item in the Japanese not in the English is the voluntary auditor's interim review report, which does not count. FY2025 tanshin (13 May 2026): English 19 pages against 18, with full statements, cash flows, segment note, per-share note and the director-appointment section. 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 FY2026 tanshin (4 Aug 2026) carries the statement of financial position, P&L and comprehensive income, and the notes (going concern, cash-flow statement note, equity changes, segment information). The Japanese Q1 tanshin also omits the cash-flow statement. The FY2025 tanshin (13 May 2026) adds changes in equity, the cash-flow statement, the segment note with depreciation and sales by region, and per-share information. Full statements and notes for the latest period: 5. Source document →
F4Annual securities report available in English in any form0/5
The EIR feed lists an English-language "yuho" entry (FYM2026/3 Yuho, 22 Jun 2026), but the linked PDF is the Japanese EDINET original, not a translation - the feed surfaces it under the English bucket by default when no translation exists. hunt_yuho.py found nothing else.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Two reportable segments, Optical Materials and Components and Electronic Materials and Components. Net sales (with inter-segment) and business profit are given every quarter in the English tanshin's segment note and qualitative section. Business profit is defined in the note. The products in each segment are named in the qualitative section (ARF, SVR, Smart precision Adhesives under Optical; ACF, optical semiconductors and fuses under Electronic) and mapped on the deck's 'Sales Composition' slide. The deck's five-year table gives both segments' sales, business profit, margin and EBITDA on the same definitions FY21-FY26 forecast. Neither language's tanshin has a separate 'overview of reportable segments' paragraph. Every period, with definitions and consistent: 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English 'Consolidated Financial Statements' page (Financial Data) embeds a Euroland table tool whose 'Export all the data into an Excel' link downloads, in the browser, Data.xls (a real Excel file of 538 rows). It holds the IFRS P&L, statement of financial position and cash flows for FY2021-FY2025 (five years), quarterly P&L and balance sheet FY24Q1-FY26Q1, basic and diluted EPS, and the earlier JGAAP years. It is current to the latest quarter. The Chart Generator adds per-share and segment series on screen. A downloadable spreadsheet with five years of P&L, balance sheet, cash flow and per-share data: 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY2025 English tanshin (13 May 2026) gives the FY2026 forecast: sales ¥123.0bn, business profit ¥40.0bn, OP ¥38.5bn, net ¥27.5bn, 'based on the assumed exchange rate of 150.0 yen/US$' (against ¥150.8 actual). It explains the basis: memory-price effects on smartphones, high-end shipments rising, Middle East cost impact immaterial, and optical-transceiver volumes from new capacity. The FY25 English deck adds 'FY26 Earnings Forecast by Segment' (Optical ¥49.0bn / BP ¥14.8bn; Electronic ¥74.0bn / BP ¥25.2bn), sales changes by application, and FX-neutral growth. Revisions are explained in English: the 12 Nov 2025 'Notice of Revised Consolidated Earnings Forecast' gives the reasons (ARF high-value products, weaker yen, FX assumption revised to ¥145.8/US$). The Q1 tanshin states the forecast is unchanged. Forecast with full basis and revisions explained: 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Current quarter (ended 30 Jun 2026), published 4 Aug 2026, same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
'FY2024 to FY2028 Mid-Term Management Plan "Achieving Evolution" Updates' (13 May 2026) is in English, 26 pages against the Japanese refresh deck's 26, both created 13 May 2026, with an English 'Notice of Mid-Term Management Plan Update' the same day. It gives the initial targets (FY2028 sales ¥150bn, business profit ¥50bn, EBITDA margin 43%, ROIC 14%, ROE 25%) and the updated path: sales ¥164bn, BP ¥63bn, ROE about 31%, FX revised from ¥135 to ¥150/US$. It also has sales by domain (photonics ¥32.5bn against ¥15bn initially, automotive ¥24.5bn, existing ¥107bn) and the capital-allocation numbers. The English MTP page restates the targets. Current plan complete in English: 5. Source document →
S2IR presentations published in English5/5
A results slide deck plus a separate transcript-and-Q&A document for every quarter, in English, matching the Japanese cadence (FY26Q1 shown here; the pattern holds back through FY25). Source document →
S3English equity-story or investment-highlights page4/5
IR > 'Who We Are' > 'Strengths' is a dedicated investor-section page setting out five strengths: Technologies x Human Capital (six named core technologies), Unique Customer Approach (design-in/spec-in), Communication x Proposal Capabilities, Agile Customer Responsiveness (global map), and High-Value-Added Products with Global Top Share. The last names ACF, ARF and SVR as No. 1 by 2025 value share (Fuji Chimera Research Institute, footnoted). It links to Business Model and Product pages. It is specific but mostly qualitative: no share percentages, market sizes or financial figures. Dedicated, mostly qualitative: 4. Source document →
S4Growth drivers identified and quantified in English5/5
Named drivers with numbers. The May 2026 English MTP update sets growth-domain sales to FY2028: photonics (optical semiconductors for data-centre transceivers) raised from ¥15bn to ¥32.5bn (CAGR 35.9% from FY23 ¥7bn), automotive cut from ¥30bn to ¥24.5bn (EV slowdown), existing domains ¥107bn by product category (ACF, ARF, optical resins, fuses). It sets a target sales mix with existing domains at 70% or less. It gives market drivers (generative-AI data-centre demand, automotive display area) and capex (FY26 ¥63.6bn in the deck's five-year table). The FY25 deck gives segment and application-level FY26 sales bridges. Named and quantified: 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Every quarter has an English 'Financial Results (Slide Presentation with transcript) & Summary of Q & A', a full transcript with Q&A (e.g. FY26Q1, 24 pages, presentation plus 45-minute Q&A, translated by SCRIPTS Asia). It lands one to three working days after the Japanese 'スピーチ付き＆質疑応答'. FY26Q1: JA 6 Aug / EN 7 Aug 2026. FY25: JA 15 May / EN 18 May. FY25Q3: JA 12 Feb / EN 13 Feb. FY25Q2: JA 14 Nov / EN 17 Nov 2025. FY25Q1: JA 7 Aug / EN 8 Aug 2025. The pattern runs back to FY2019. Every period, full transcript, but days late (review ruling): 4. Source document →
S6Integrated or annual report available in English4/5
Dexerials Integrated Report 2025 in English, 98 pages, posted 24 December 2025, covering April 2024 to March 2025 - the complete report, one edition behind. 4 (was 3 on 12 Oct, when the newest English file found was the 2023 edition; re-checked 14 Oct 2026). Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The English MTP 2028 deck (13 May 2024), 'Review of Mid-Term Management Plan 2023', sets the previous plan's FY2023 targets (as updated May 2021) against actuals. Net sales: target ¥85.2bn, actual ¥105.2bn. EBITDA: ¥23.9bn vs ¥40.0bn. EPS before goodwill: ¥157 vs ¥408. ROE: 15% or more vs 27.1%. The next page lists achievements by basic policy (photonics as third pillar, high value-added products, capacity investments, Restar partnership) and the remaining issue (portfolio expansion). The May 2026 update also sets FY24/FY25 actuals against the current plan's initial path and explains the gaps (automotive short on EV slowdown, photonics ahead on AI demand). The previous plan's variances themselves are not explained target by target; only measures are listed. Reconciliation without variance explanation: 4. Source document →
G1Corporate governance report available in English5/5
The whole Corporate Governance Report filed with TSE, in English, "Last Update: July 3, 2026", 22 pages, linked from the English governance page - the current filing (the English PDF was created 30 July, R2 counts the lag). 5 (was 3 on 12 Oct, when only the site prose was found; re-checked 14 Oct 2026). Source document →
G2Director biographies in English with tenure, expertise and independence4/5
The English 14th AGM notice (22 May 2026) gives the five Director candidates' ages, positions, years served (Shinya 7, Kitajo 1, Hosoya 1, Hagiwara 2, Matsuba new), attendance, career histories, reasons for nomination and independence designations, plus the independence standards. The English Corporate Governance page covers all eight directors, including the three Audit and Supervisory Committee members (Kagaya, Taniguchi, Nakayama). It gives each director's concurrent posts, reasons for selection (expertise) and independent designation, and the skills matrix. Years on the board are given only for the five candidates, not for the three Audit committee members. All three elements, tenure thin: 4. Source document →
G3Board skills matrix published in English5/5
'Skills Matrix of the Board of Directors' in the English 14th AGM notice (May 2026, as constituted after the June 2026 meeting) covers all eight directors, including the Audit and Supervisory Committee members. Its seven areas are corporate management, technology management, sustainability management, global business, legal and compliance, risk management, and finance/accounting/capital policy. It shows committee roles and the female-director ratio (25%). The English Corporate Governance page carries the same current matrix. Current, in English: 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English Corporate Governance Report (updated 3 Jul 2026) and Integrated Report 2025 (p.69) set out the structure. The Representative Director's mix is fixed 30% : performance-linked 70% (STI 30%, stock-based LTI 40%). The STI is paid on consolidated net sales 50% / EBITDA 50% plus a committee evaluation. The LTI is RS plus PSU, with PSUs on 5-year relative TSR 80% and sustainability KPIs (technology, human capital) 20%, a 0-200% range, and ROE/CO2 malus. The report also gives the monetary ceilings (¥450m, including ¥70m for outside directors; ¥70m for Audit committee members) and the 990,000-point stock cap. The amounts actually paid by director category sit in the Japanese yuho and business report, which are not in English. Structure, KPIs and weights, amounts missing: 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 14th AGM, posted 22 May 2026 for a 23 Jun 2026 meeting - 32 days' notice - with full reference documents (dividend policy, director nominees) and an Internet-voting method described in English with no Japanese-only caveat found. Carries the "translation of a part of the Japanese original" boilerplate the SCORING-ANCHORS doc says not to score down on; the substance - both proposals in full - is present. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the Japanese notice names the voting website, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), 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 English2/5
Notice of Resolutions, 23 Jun 2026: both proposals "approved and adopted as proposed," dividend amount given, no vote counts. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale5/5
The English Corporate Governance Report (Last Update 3 Jul 2026), Principle 1-4: 'The Company currently does not hold any listed shares as strategic shareholdings.' A company stating in English that it holds none: 5. Source document →
O1English IR section reachable within two clicks of the English homepage4/5
On the English homepage (www.dexerials.jp/en/), 'Investor Relations' in the global navigation is a '#' link. Clicking it opens a mega-menu, and 'Investor Relations TOP' inside goes to /en/ir/. That is two clicks. The homepage's 'NEW' banner links straight to IR Materials (/en/ir/library/), but not to the IR top. Two clicks: 4. Source document →
O2English document links resolve to English documents5/5
Sampled 22 English document links; all opened in English. Tanshin: Q1 FY26, FY25, FY2015 (2016-05-17), Q1 FY2015 (2015). Decks: FY25, FY26Q1. Transcript and Q&A: FY26Q1. MTPs: 2028 plan (2024), 2026 update, 2017 MTP update, 2016 MTP slides. Notices: forecast revision (12 Nov 2025), 2016 BBT notice. AGM: 14th AGM notice and resolutions. Reports: Integrated Report 2025 and 2023. Other: ESG briefing Q&A (2020), Photonics Business Briefing (14 Oct 2026), 2020 investor briefing, English Corporate Governance Report, Euroland Excel export. The only Japanese target found was a page, not a document: the breadcrumb 'IR Materials' on the English Integrated Report page points to the Japanese /ir/library/index.html. All English: 5. Source document →
O3English IR archive free of dead links5/5
All 22 sampled links (listed under O2, 2015-2026, across tanshin, decks, transcripts, MTPs, notices, AGM documents, integrated reports, the CGR and the data export) resolved and opened. No dead links. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the IR top (Euroland ticker and chart rendered), IR Materials, Earnings Release, IR Meeting, Shareholders' Meeting, Integrated Report, IR News (year selector works), Financial Data, Consolidated Financial Statements (Euroland table rendered), Chart Generator, Fact Sheet, Stock Price (Euroland share graph rendered with 14 Oct quote), General Stock Information, Ownership, Dividends, Analyst Coverage, IR Calendar, Performance Report, MTP, Strengths, Disclosure Policy and Disclaimer. Every page rendered its content: 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The 'IR Materials' library is split by type: Earnings Release (tanshin, decks, transcripts, MTPs and results-day notices, by fiscal year back to FY2014), IR Meeting on Business Operation, Shareholders' Meeting and Integrated Report/Annual Report, each dated. On its own that would be 3. But the English 'IR News Release' page is one dated list, with a year selector back to 2015, carrying nearly every type: tanshin, decks, transcripts, MTP documents, AGM notices and resolutions, timely disclosures (buybacks, RS, forecast revision), the integrated report, and corporate news. It is not typed (the Japanese version has category tags; the English has none) and omits the CGR and the 14 Oct 2026 photonics briefing. One dated page, untyped and not every type: 4 (floor; 3 if the split library is taken as the library). Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
English tanshin and decks back to FY2014/FY2015, transcripts with Q&A from FY2019, AGM notices and resolutions from the 4th (2016) to the 14th (2026), integrated reports 2019-2025 plus Annual Report 2016, MTPs since 2016, IR News back to 2015. Several years across types: 5. Source document →
O7Named English IR contact published2/5
Ryota Washimori, General Manager, PR&IR Department, named with phone in the tanshin header - but the general Contact Us page's categories are Products, Safety, Open Innovation and Personal Information only; no IR route on the site itself. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
From the English and Japanese library posting dates, the tanshin and deck went up in English the same day as the Japanese in every period read. Q1 FY26: 4 Aug 2026 both. FY25: 13 May 2026 both. FY25Q3: 9 Feb 2026 both. FY25Q2: 12 Nov 2025 both. FY25Q1: 5 Aug 2025 both. FY24: EN tanshin and deck 12 May 2025, against JA tanshin 12 May and deck 13 May. The English Q1 tanshin PDF was created 4 Aug 08:31. Several English deck PDFs now carry a 31 Aug 2026 creation date (re-uploaded), so the listing dates are used. Same day every period: 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Q1 FY26 tanshin: JA 4 Aug / EN 4 Aug 2026 = 0. FY25 tanshin: JA 13 May / EN 13 May 2026 = 0. AGM notice: JA 22 May / EN 22 May 2026 = 0 (the JA corrected version of 16 Jun has no English counterpart). Corporate Governance Report: JA filed 3 Jul 2026; the English PDF was created 30 Jul 2026, with no posting date listed, so 27 days by PDF creation date. Annual securities report: JA 22 Jun 2026, no English, so >90. Sorted 0, 0, 0, 27, >90: median 0 days, 5. Source document →
R3Timely disclosures published in English5/5
Japanese IR news, timely-disclosure items 14 Oct 2025-14 Oct 2026, besides the four tanshin. 12 Nov 2025: forecast revision, and buyback-and-cancellation decision. 2 Dec: buyback status. 19 Dec: buyback status, completion and cancellation. 13 May 2026: MTP update notice. 23 Jun: RS disposal. 31 Jul: RS payment completion. Every one is on the English IR News the same day, as are the four tanshin, the AGM notice and resolutions, and the 28 May executive personnel notice. All, same day: 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, IR Materials, Earnings Release, IR Disclaimer, Terms and Conditions and Disclosure Policy: no machine- or AI-translation notice, banner or pop-up. The documents carry only human-translation lines: the tanshin and AGM notice have the 'original shall prevail' line (R5), and the transcripts say 'translated by SCRIPTS Asia'. The CGR, deck, MTP and integrated report carry no translation notice. Nothing presented as machine-translated: 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
Tanshin, AGM notice and resolution notice all carry a "for reference purposes only"/"translation... readers strongly recommended to refer to the original Japanese version" disclaimer. Re-checked 14 Oct 2026 in the other-24 pass: the English results deck and the English Corporate Governance Report 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 2026-10-06. 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 →
2026 update to Mid-Term Management Plan 2028
Strategy or target reset · In progress · Action announced 13 May 2026
Dexerials raised FY2028 sales, profit, EBITDA, ROE and ROIC targets as photonics demand exceeded prior assumptions.
Timeline and sources (1 step)
- 13 May 2026Targets revised upward The board updated FY2028 targets and positioned photonics as a key growth driver. Notice of Mid-Term Management Plan Update
What management said it would do
Dexerials raised FY2028 targets to ¥164bn sales, ¥63bn business profit, about 31% ROE and about 19% ROIC.
From the company’s own disclosure · Notice of Mid-Term Management Plan Update
What it actually did, and when
The update follows FY2025 results and stronger-than-assumed photonics demand, but execution of the revised plan is early.
Partly disclosed — a gap remains · Notice of Mid-Term Management Plan Update
What it disclosed about the economics
The company pairs growth with a 60% cumulative total payout, 40% payout floor and 7% DOE floor.
Partly disclosed — a gap remains · Shareholder Returns / Dividends
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · Notice of Mid-Term Management Plan Update
The question this leaves open
Investor question: What demand evidence and incremental capital justify the upgrade? IR preparation: disclose original-versus-revised capacity, spend, margin and ROIC assumptions.
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
Dexerials balances growth investment with a 60% cumulative total payout, at least 40% payout ratio and at least 7% DOE.
Capital structure
The return policy is formulaic and FY2025 ROIC was 22.8%; the selected update does not state a target leverage range.
Governance of capital decisions
The company updated the plan after better photonics demand and disclosed before-and-after targets, while business viability is reviewed using ROIC and growth criteria.
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
- 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.
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.