ESPEC CORP.
Cite as: Japan IR Index, ESPEC CORP. (6859), methodology GNT-BDS v1.1.1, reviewed 2026-10-12.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Strengths
- F6 Downloadable financial data 5/5Fact Book 2026, an Excel file with English and Japanese headings on the English IR Library, has 11 sheets: ten years of the income statement, balance sheet and cash flows, ratios, segments and per-share data.
- S7 Targets compared with actual results 5/5The English FY2024 results deck sets the previous medium-term plan’s FY2025 targets against results for sales, operating profit, margin and ROE, and explains the outcome.
Improvement considerations
Suggestions drawn from the research, separate from the recorded scores.
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 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
S6 Integrated or annual report available in English 0/5 Translation
Publish the current integrated or annual 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. 2 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 (Electric Appliances) | 80.8 | 11 of 33 |
| Same size band (Under ¥100bn) | 51.4 | 2 of 25 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 29 scored 3 or more and 3 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 June 30, 2026, dated 6 August 2026, the same day as the Japanese (both PDFs created 5-6 Aug). It runs 11 pages against the Japanese 12 and has the qualitative information on results, the statements and the notes, including the segment note. The FY2025 release (14 May 2026, 22 pages vs 23) and the H1 and Q3 releases match the Japanese the same way. The English library has every quarter back to 2011. Every period, same day, complete. Source document →
F2English results summary is a full translation, not an excerpt5/5
The English Q1 FY2026 tanshin (Consolidated Financial Results for the Three Months Ended June 30, 2026, 6 Aug 2026) runs 11 pages against the Japanese 12. Its table of contents matches the Japanese item for item: qualitative information (operating results with segment discussion, financial position, forecasts), balance sheet, income and comprehensive income statements, and notes (quarterly accounting methods, segment information, shareholders' equity, going concern, cash flow note, subsequent events). The FY2025 tanshin (14 May 2026) is 22 English pages against 23 Japanese and also matches. It includes the cash flow summary, outlook, dividend policy, all four statements, the notes, the segment note, per-share information and subsequent events. A whole translation. Source document →
F3Financial statements including notes available in English5/5
The latest period's English tanshin (Q1 FY2026, 6 Aug 2026) carries the quarterly balance sheet, income statement and comprehensive income statement with the same notes as the Japanese, including the segment table with segment profit. The Japanese Q1 tanshin has no cash flow statement either, only the cash flow note. The FY2025 English tanshin carries all four full-year statements, including changes in net assets and cash flows, with complete notes: basis of preparation, changes in presentation, additional information, segments and per-share data. Full statements and notes for the latest period. Source document →
F4Annual securities report available in English in any form0/5
The English IR Library offers preliminary results, presentation materials, the Fact Book (Excel), ESG data and a QUICK sponsored report; the IR sitemap lists nothing more. The Japanese 有価証券報告書等 page carries the 73rd-term yuho, but there is no English counterpart under any name.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Three reportable segments (Equipment, Service, Other) are given with orders, net sales and operating profit in every English tanshin and deck. For example, Q1 FY2026 shows Equipment at ¥11,963m sales and ¥480m profit, and Service at ¥1,763m sales and a ¥74m loss. The FY2025 tanshin segment note states the basis: segments by business format, and what each segment contains (Equipment = test chambers, energy-device and semiconductor equipment; Service = after-sales service, laboratory testing and rentals; Other = environmental conservation and plant production). It also gives segment assets, depreciation and capex. The definitions are stated and held constant every period. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
Fact Book 2026 is an .xlsx on the English IR Library (listed 8 Jun 2026), with bilingual JA/EN labels. It has 11 sheets: summary, profitability/efficiency/stability ratios, segments, per-share and investment data, balance sheet (assets; liabilities and net assets), P&L, comprehensive income, cash flows and shares. Each runs 10 fiscal years, FY to March 2017 through March 2026. The segment sheet gives orders, sales and profit by segment, plus overseas sales by region. The per-share sheet gives EPS, BPS, gross cash flow per share and DPS. A 'Download All Data' zip adds the xlsx alongside the latest PDFs. Ten years of P&L, BS, CF and per-share data, with segments. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY2025 English tanshin (14 May 2026) gives the FY2026 forecast (sales ¥73.0bn, OP ¥8.0bn, profit ¥5.88bn, H1 split) and an outlook section. That section covers the market view (Middle East tensions, direct impact limited), the USD assumption of ¥155 (revised from ¥145), and why the medium-term targets were revised. The English deck (FY2025 results, pp.22-29) adds segment forecasts by half (orders, sales, OP and margin for Equipment, Service and Other), the operating-environment view by region and business, and assumed rates for USD 155, EUR 180 and CNY 22 with sensitivities per yen. The 13 Nov 2025 revision came as an English notice the same day, and the deck sets actuals against both initial and revised forecasts with reasons. Forecast with FX, market view and segment forecasts, and revisions explained. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the three months to 30 June 2026 were published 6 August 2026, the same period and day as the Japanese Q1 tanshin. The H1 release is due 12 November 2026. Source document →
S1Medium-term management plan in English with numerical targets5/5
The medium-term plan PROGRESSIVE PLUS 2027 (FY2025-2027) is in English. It was announced in English on 15 May 2025, the same day as the Japanese, and the English page 'Long-Term Vision and Mid-Term Management Plan' sets out the vision, basic policy, target markets and three strategies. The May 2026 revision of the FY2027 targets is in English the same day (14 May 2026 tanshin): sales ¥70bn to ¥76bn, OP ¥10.5bn to ¥9.1bn, OPM 15% to 12%, profit ¥7.6bn to ¥6.7bn, ROE 12%+ kept, USD assumption ¥145 to ¥155. The page and the FY2025 deck (pp.31-40) give the reasons, segment targets, cash allocation and strategy progress. The Japanese page has the same sections. The current plan, complete and current. Source document →
S2IR presentations published in English5/5
The English Results Briefings page mirrors the Japanese one item for item. Every quarter has a deck (Q1 FY2026: 33 pages, posted 21 August with the Japanese; both PDFs created 24 Aug) plus the reference decks (company/business overview, sustainability). The H1 and full-year briefings add a version with script (FY2025: 45 pages), and the full year adds a Key Q&A (FY2025 Q&A summary dated 3 June 2026 vs Japanese 28 May). Every period, with the script and Q&A the Japanese side gets; the Q&A came about a week later, which is within the period. Source document →
S3English equity-story or investment-highlights page5/5
There is no 'why invest' or investment-highlights page on the English IR site. The IR sitemap has none, and the FAQ is general. The investor-facing equity story is the English reference deck 'Company Presentation and Business Overview' (21 Aug 2026, 27 pp, posted with every results deck). It has a dedicated 'ESPEC's Strengths' slide: top market share (over 30% worldwide and over 60% in Japan, company estimates), first in Japan to make environmental test chambers, high-mix low-volume capability, total-solution service, and a global structure of 13 consolidated subsidiaries and 50 locations. The FY2024 MTP deck adds a SWOT. Re-checked 21 Oct 2026 under the rule as written: share figures are quantified strengths, and a section of an investor deck counts the same as a page. So 5. Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and quantified in English. The target markets are AI semiconductors, autonomous driving and satellite communications. The MTP deck (May 2025) sizes them: a global AI market chart from $137bn in 2024 to $1.3tn in 2032 (MIC source), and autonomous-driving sensor unit projections (METI). The FY2025 deck (May 2026) quantifies their contribution: target-market orders +50% year on year, AI semiconductors +30%, satellite communications +150%. The revised FY2027 segment targets (Equipment sales ¥65.05bn, +¥6.5bn) attribute the uplift to North American satellite communications, South-east Asian AI semiconductors and India. Capacity investment is named (Fukuchiyama plant, North American capacity, FY2026 capex ¥3.92bn). Named drivers with numbers attached. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
The Japanese side publishes a briefing Q&A summary (主な質問と回答) for the full-year and, in some years, the half-year briefing. Over the last two years: FY2025 (28 May 2026), FY2024, and H1 FY2024 (27 Nov 2024). There is none for H1 FY2025 or for Q1/Q3 on either side. The English Results Briefings page has a Key Q&A for each of them. FY2025 Key Q&A is dated 3 June 2026 (2 pp; listed 3 Jun vs Japanese 28 May), and H1 FY2024 is dated 27 Nov 2024 (PDF created 29 Nov vs Japanese 28 Nov). The archive runs back to FY2021. The script versions of the H1 and FY decks are also in English. Every Q&A the Japanese side publishes, but the latest arrived six days after the Japanese. Source document →
S6Integrated or annual report available in English0/5
The Japanese site publishes エスペックレポート 2025, the integrated report that replaced its sustainability report. The English site has no counterpart: /english/sustainability/report.html is 404, and neither the English sustainability sitemap nor the IR library lists a report. The only English booklet is 'Company Profile 2026', a 32-page corporate brochure under About ESPEC, not an integrated or annual report.
S7Progress against the previous plan, including misses, explained in English5/5
The English FY2024 results deck, MTP section (May 2025, with script version), has 'PROGRESSIVE PLAN 2025 Early Achievement' and 'Targets and Results'. They set the previous plan's FY2025 targets against FY2024 actuals: sales ¥65.0bn target vs ¥67.2bn, OP ¥7.5bn vs ¥7.5bn, OPM 11.5% vs 11.2%, ROE 10%+ vs 11.0%, with a chart of the three plan stages since 2014. A 'Results and Challenges' slide explains the outcome: EV and battery testing demand, price increases and capacity, and the remaining quality and efficiency challenges. The FY2025 deck (May 2026) also reviews the current plan's first year (initial vs revised FY2027 targets with reasons, and an on-track/behind evaluation by strategy and region). Target against actual, with the variances explained. Source document →
G1Corporate governance report available in English4/5
The English Corporate Governance Report (18 pages, the TSE-format filing) is linked on the English Fair and Transparent Management page, but it is marked 'Last Update: May 15, 2025'. The Japanese report on the corresponding page was last updated 2 September 2026. The filed report in English, more than a year stale. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of the 2026 AGM (posted 28 May 2026, 10 pp) has a full profile for every one of the 10 directors, all of whom stood for election (7 directors and 3 Audit & Supervisory Committee members). Each profile gives years in office as a director (e.g. Arata 8, Hirata 4, the new candidate Minami none), a career summary with positions and responsibilities, reasons for nomination, and the outside and independent-officer status. Each independent candidate has a 'Matters related to independence' paragraph against the company's independence criteria, which are printed on p.10. Every director, with tenure, career and independence. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (May 2026, p.9) has the skills matrix for the board as composed after the 26 June 2026 meeting. It covers all 10 directors across eight areas (management experience, international experience, ESG, technology development and manufacturing, sales and marketing, HR, finance and accounting, legal), with outside directors flagged. The current matrix in English. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English 'Fair and Transparent Management' governance page sets out the structure: fixed monetary pay, performance-linked monetary pay and a Board Benefit Trust share plan with fixed and performance-linked parts. Outside and audit-committee directors receive fixed pay only. It gives the standard mix (60% / 20% / 8% / 12%) and the KPIs: consolidated operating profit margin for the cash bonus, and the simple average of achievement against forecast sales and OP for the share points. It gives amounts by pay type for the year ended 31 March 2026: total ¥242m for 12 recipients, monetary fixed 180 and performance 40, shares fixed 13 and performance 8. The English CG report (May 2025) repeats this with FY2023 amounts. Structure, KPIs with weights, and amounts by type. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 73rd Ordinary General Meeting (10 pages) was listed in English IR news on 28 May 2026 for a meeting on 26 June, about four weeks ahead (PDF created 26 May). It has the reference documents for all four proposals, every director candidate with reasons for nomination. It tells shareholders they 'may exercise voting rights in writing (by mail) or via the Internet, etc.' - no deadline or voting website, but the methods are named and no voting route is labelled Japanese-only (the '(in Japanese)' tags attach to the materials-posting pages). Re-checked 23 Oct 2026 after the independent audit: the Japanese notice names the voting website, soukai.mizuho-tb.co.jp (Mizuho Trust), which is in Japanese only with no English option; the ICJ platform is for institutions that register in advance. The same site keeps Nitto Boseki (3110) at 4. Every proposal in English, about four weeks ahead, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The English General Meeting of Shareholders page carries only the notices (63rd-73rd). English IR news from June to July 2026 has no resolution or voting-results item. The Japanese page posts 決議ご通知 and 議決権行使結果（臨時報告書） for each meeting; neither is in English.
G7Cross-shareholdings in English with reduction schedule and rationale2/5
In English there is only the policy. The Corporate Governance Report (May 2025) Principle 1.4 and the Basic Policy on Corporate Governance Article 5 say holdings are kept only for stable business relationships and are reviewed by the board each year (13 Feb 2025: one issue reduced), with insignificant holdings to be reduced. There is no count or amount, no list and no reduction target in English: the holdings table is in the Japanese yuho only, and the cost-of-capital page and decks say nothing on it. Governance-report boilerplate policy only. Source document →
O1English IR section reachable within two clicks of the English homepage4/5
On the English homepage (https://www.espec.co.jp/english/), the header 'IR' item is a click-open panel: clicking it leaves the URL unchanged and opens a menu. Its 'IR TOP' link then goes to /english/ir/. No other visible homepage link reaches the IR top; the footer has only 'IR Sitemap', and the IR news items are PDFs. Two clicks. Source document →
O2English document links resolve to English documents5/5
We sampled 24 English document links across types and years, and all are English. Tanshin: Q1 FY2026, FY2025, Q3 and H1 FY2025, FY2021, FY2019. Decks: Q1 FY2026, FY2025, FY2024 MTP section and its script, FY2011 abridged. Reference deck: Q1 FY2026. Key Q&A: FY2025, H1 FY2024, FY2021. AGM notices: 2026, the 2025 correction, 2019 and 2022. Governance: CG report and CG policy. News: buyback notices of 7 Oct and 7 Sep 2026, forecast revision of 13 Nov 2025, internal-control notice of 27 Apr 2026, board-effectiveness results. Data: Fact Book xlsx (bilingual labels) and the ESG Data xlsx linked from the English IR top, which sits on a Japanese path but is bilingual. All English. Source document →
O3English IR archive free of dead links5/5
The same 24-document sample (see O2), from 2012 to Oct 2026, all opened in the rendered browser. The PDFs rendered with text, the two xlsx files and the 5.4MB 'Download All Data' zip fetched with status 200, and the zip lists five files. None was dead. All live. Source document →
O4English IR pages render without blank JavaScript failures5/5
These English IR pages all rendered their content: IR top (latest materials, news, calendar), the IR Library hub, Preliminary Results, Results Briefings (the FY tab grid), Fact Book, Company Report, IR Calendar, General Meeting of Shareholders, all ten Business Financial Data pages (tables plus bar charts), Share Data, Stock Price (the Stockweather chart widget rendered with the 16 Oct quote), Dividend, Analyst Coverage, Bond and Rating, Management Policy, the president's message, FAQ, and the IR news list. Nothing blank. Every page renders. Source document →
O5Single page listing all English IR documents by date and type4/5
The 'IR Library' is a hub pointing to separate pages by type. Preliminary Results are listed by fiscal year. Results Briefings are a FY tab grid by quarter typed by row (tanshin, deck with and without script, reference decks, Key Q&A) but undated. AGM notices are on their own page, and governance documents are under Sustainability. The English IR news list (/english/news/ir/) is one dated list by year covering most types: tanshin, briefing materials, Q&A summaries, AGM notices, CG report, Fact Book, timely disclosures and ESG items, each tagged only 'IR'. One dated all-types list, untyped. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep across types. English tanshin go back to FY2009/2010, results-briefing decks to FY2010 (the 2011-2012 abridged decks are still live), Key Q&A to FY2021, AGM notices from the 63rd meeting (the 66th-69th checked live), and the IR news list back several years. Several years across document types. Source document →
O7Named English IR contact published4/5
The English IR top has a tile labelled 'Inquiries about shares, investor relations', and the header Inquiries menu links straight to the 'Inquiries about shares, investor relations' form (/english/inquiry/ir.php). That is a dedicated English IR form, not a shared form with a category. The tile itself opens the Inquiries hub, where the IR form is listed separately. The English tanshin names Hideyuki Oda, Director and Executive Officer / Chief Officer of Corporate Control Headquarters, +81-6-6358-4741. Dedicated and immediately obvious. Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
Listing dates, EN vs JA. Q1 FY2026: tanshin 6 Aug vs 6 Aug; deck 21 Aug vs 21 Aug. FY2025: tanshin 14 May vs 14 May; deck 29 May vs 25 May (+4 days); Q&A 3 Jun vs 28 May. Q3 FY2025: tanshin 12 Feb vs 12 Feb; deck 26 Feb vs 19 Feb (+7). H1 FY2025: tanshin 13 Nov vs 13 Nov; deck 3 Dec vs 21 Nov (+12). Q1 FY2025: tanshin 7 Aug vs 7 Aug; deck 29 Aug vs 22 Aug (+7). The full English tanshin is same-day every period, and the deck is same-day in the latest quarter but 4-12 days late in the four before. Tanshin same day, deck later. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Per-document lags, from listing dates. Q1 FY2026 tanshin: EN 6 Aug vs JA 6 Aug 2026 = 0. FY2025 tanshin: 14 May vs 14 May 2026 = 0. AGM notice: 28 May vs 28 May 2026 = 0 (EN PDF created 26 May). Corporate Governance Report: the Japanese was updated 30 Jun 2026 (also 15 May and 28 Apr), but the English is still the 'Last Update: May 15, 2025' version, so it counts as >90. Annual securities report: JA 23 Jun 2026, no English version, so >90. Median 0 days. Source document →
R3Timely disclosures published in English4/5
Japanese timely disclosures from Oct 2025 to Oct 2026 (company news, both categories): forecast revision and buyback decision with a cancellation policy (13 Nov 2025); buyback status notices (5 Dec, 9 Jan, 6 Feb, 6 Mar, 7 Apr, 13 May, 5 Jun, 8 Jul, completion 4 Aug, 7 Sep, 7 Oct); J-ESOP treasury share disposal (12 Feb); internal-control policy revision (27 Apr); cost-of-capital update (14 May); new buyback decision (6 Aug); two personnel notices in TSE format (27 Mar 2026, 人事異動および機構改革, department heads and organisation; 14 May 2026, 人事異動, directors from 26 June). Every item except the two personnel notices has an English version on the same date on the English IR news list. The 14 May director change has no English counterpart (the 2025 'Change of Representative Directors' had one). Nearly all, two missing. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
The rendered English IR pages and the IR Disclaimer and 'Using our Website' pages carry no machine-translation notice. The disclaimer is a general accuracy and no-liability statement, and the site has no translation widget or AI-translation banner. The documents carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. Nothing presented as machine-translated. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin (Q1 FY2026, FY2025, H1, Q3) and the AGM notice each say 'translated from the Japanese original for reference purposes only ... the original shall prevail'. The presentation decks, the script version, the Q&A summary and the Corporate Governance Report carry no such statement. Disclaimed on some documents. 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 2026-10-12. 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 →
AI semiconductor testing, revised profit targets and capital policy
Strategy or target reset · In progress · Plan or update announced 14 May 2026
Board-approved capital-policy update retains original and revised FY2027 targets separately.
Timeline and sources (1 step)
- 14 May 2026Plan or update announced Board-approved capital-policy update retains original and revised FY2027 targets separately. Actions to Achieve Management Conscious of Cost of Capital and Share Price Update
What management said it would do
Management raised the revenue target while reducing the profit target and retaining the ROE objective.
From the company’s own disclosure · Actions to Achieve Management Conscious of Cost of Capital and Share Price Update
What it actually did, and when
FY2025 operating profit was ¥7.084bn; the presentation identifies Chinese competition, testing-service weakness and implementation delays.
Partly disclosed — a gap remains · Actions to Achieve Management Conscious of Cost of Capital and Share Price Update · FY2025 Financial Results Presentation · Long-Term Vision and Mid-Term Management Plan · Share Data and Shareholder Data
What it disclosed about the economics
The plan combines growth allocation, shareholder returns and capital-control indicators.
Partly disclosed — a gap remains · Actions to Achieve Management Conscious of Cost of Capital and Share Price Update · FY2025 Financial Results Presentation · Long-Term Vision and Mid-Term Management Plan · Share Data and Shareholder Data
What has happened since
Revised plan-end performance remains not due.
Partly disclosed — a gap remains · Actions to Achieve Management Conscious of Cost of Capital and Share Price Update · FY2025 Financial Results Presentation · Long-Term Vision and Mid-Term Management Plan · Share Data and Shareholder Data
The question this leaves open
Investor question: How will incremental revenue convert to profit? IR preparation: show capacity spending, product-launch timing, China pricing and testing utilization against the revised plan.
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
Updated three-year allocation shows at least ¥20bn operating cash flow, ¥10bn growth investment/reserves and ¥10bn shareholder returns.
Capital structure
Policy indicators cap equity ratio at 70% and liquidity at three months; debt may support growth.
Governance of capital decisions
The board raised estimated equity cost to about 10% and retained a 12% ROE goal after lowering plan profit targets.
Preliminary and not scored: a selected-source reading, reviewed 1 October 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 about four weeks ahead, but the voting website it relies on (Mizuho Trust) is in Japanese only.
- Research error 21 October 2026 · S3: 4 → 5. The strengths slide in the English reference deck gives market shares of over 30% worldwide and over 60% in Japan. 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.