確認メモ（原文・英語）Consolidated Financial Results for the three months ended 30 June 2026, in English, 6 August 2026 - 14 pages with the segment note and the cash flow statement. Every quarter from FYE 3/2022 to FYE 3/2027 is there.
確認メモ（原文・英語）English 'Consolidated Financial Results for the Three Months Ended June 30, 2026' (6 Aug 2026): 13 pages against the Japanese 11. It has the summary pages, the qualitative section (operating results, financial position, forecast), balance sheet, income and comprehensive income statements, and the notes: going concern, shareholders' equity, tax accounting, the segment note for both years and the cash-flow note. The full-year English tanshin for FY3/2026 runs 21 pages against the Japanese 19, with the qualitative section, cash-flow overview, outlook, all four statements and the notes: segment overview and figures, per-share data and subsequent events. A page-for-page translation of the whole tanshin: 5.
確認メモ（原文・英語）The latest period (Q1 FY3/2027, 6 Aug 2026) has its statements in English with the quarterly notes, including segment information and the cash-flow note. The year end (FY3/2026, English tanshin posted 18 May 2026) has full statements (BS, P&L, comprehensive income, changes in equity, cash flows) with notes: segment overview, segment figures, per-share information, subsequent events. Full statements and notes for the latest period: 5.
確認メモ（原文・英語）The English IR Library has exactly three sections - financial results, general meeting of shareholders, business results. No securities report, and the company reports none to TSE.
確認メモ（原文・英語）Two reportable segments (High-purity Chemical, Transportation) plus Other. The English tanshin segment note gives external sales, inter-segment sales and segment profit every quarter (Q1 FY3/2027: 8,383 / 1,350 sales, profit 902 / 337). The FY tanshin states the segment definitions (organized by business element; segment profit = operating profit; inter-segment at market prices). The deck adds a High-purity Chemical sales breakdown by product line (Semiconductors 22,204, Energy, Electronic Materials, General Products, Industrial HF, Purchased Goods) and segment forecasts. Every period, defined: 5.
確認メモ（原文・英語）Searched the English IR top, Financial Highlights, IR Library, Stock information and sitemap for xls/xlsx/csv links and found none. What exists instead: a five-year HTML table with charts on Financial Highlights, and a bilingual PDF 'Fact Book (FYE3/2017-FYE3/2026)' (8 pages, ten years of P&L/BS/CF summaries) linked from it. Neither is a downloadable data file.
確認メモ（原文・英語）The FY3/2027 forecast (sales 39.1bn, OP 4.8bn, net 3.4bn) is in the English tanshin (18 May 2026). The tanshin's 'Future Outlook' gives the basis: AHF raw-material cost up on yen depreciation, semiconductor sales up overseas, price pass-through. It also says the Middle East/Hormuz sulfuric-acid impact is excluded from the forecast. The English FY deck (14 May) adds segment forecasts (High-purity 34,390 / OP 3,770; Transportation 4,590 / 1,020), a product-line forecast (Semiconductors 24,310 etc.), an OP bridge by volume/price/other, and capex, D&A, R&D, dividend and ROE forecasts. The 24 Mar 2026 revision notice is in English with its reasons (AI-semiconductor demand, cost pass-through, potassium fluoride for data centres). No numeric FX rate is stated; everything else is there: 5.
確認メモ（原文・英語）'Fourth Medium-Term Management Plan - FYE 3/2026-FYE 3/2028' (9 May 2025) in English, 25 pages against the Japanese 25, same day, linked from Company > Medium Term Management Plan. Targets for FYE3/2028: sales 42bn, OP 5.5bn, OP margin 13.1%, ROE 8% or more, cumulative total return ratio 100% or more, minimum dividend 170 yen. It also sets semiconductor-related sales and volume plans (20.9bn/72kt to 26.8bn/90kt). The Japanese page adds an explanatory video, which is a medium, not content: 5.
確認メモ（原文・英語）Business Results deck in English, 25 pages, published with the results on 6 August 2026 - performance highlights and topics - with a deck for every quarter back to FYE 3/2017.
確認メモ（原文・英語）No 'why invest', investment-highlights or at-a-glance page on the English IR site. The IR menu runs Top Message (a results recap), Disclosure Policy, Financial Highlights, Stock information, IR Library and IR Calendar. Strengths are described in company-overview material not framed for an investor. The High-purity Chemical Business page says the ultra-high-purity HF is 'highly evaluated ... by semiconductor manufacturers worldwide'. The deck's 'Introduction of Our Business' reference section gives 12N purity grades, 105,000 t/year HF capacity across three plants and Japan's first mass production of enriched boron. Overview doing the job: 3.
確認メモ（原文・英語）Named drivers with numbers. In the English MTP: semiconductor-related sales 20.9bn to 26.8bn and volume 72kt to 90kt by FYE3/2028, with sales mix by market (Japan, Taiwan, Southeast Asia, Europe/US, China, Korea) and North American expansion. The MTP also gives sales plans for high-purity boron trifluoride, potassium fluoride (data-centre/AI demand) and concentrated boric acid (nuclear). The deck adds 105kt HF capacity by plant, shipment volumes by half-year and the FY3/2027 product-line forecast (Semiconductors +9.5%, Electronic Materials +17.7%): 5.
確認メモ（原文・英語）No English transcript or Q&A: the Business Results library holds decks only, and the English IR Calendar lists the half-year and full-year webinars for institutional investors, run through Minsetsu. The Japanese side publishes none either. Its 決算説明資料 page has decks, a business-introduction video and slides, and no 質疑応答 or transcript. The only Japanese Q&A posts are AGM Q&A summaries (第83期定時株主総会 質疑応答要旨, 25 Jun 2026, since withdrawn), not results briefings.
確認メモ（原文・英語）No annual or integrated report in English. The IR Library has three sections and none of them is one; the only sustainability material on the English site is a policies page.
確認メモ（原文・英語）The English MTP opens with the third plan's results. Page 4 'Changes in Management Indicators' sets the FYE3/2025 targets (as revised 26 Dec 2024: sales 35.5bn, OP 4.2bn, ROIC 6.2%) against charted actuals (sales 36.2bn, OP 4.3bn, ROIC 6.0%), and page 11 tabulates FYE3/2022 and FYE3/2025 actuals. Pages 5-8 review the initiatives by business qualitatively. The ROIC shortfall and the earlier downward revision of the targets are not explained. Reconciliation without the variance explanation: 4.
確認メモ（原文・英語）The English notice of the 83rd AGM (29 May 2026; Proposals 1-2 elect all 12 directors: 7 directors and 5 Audit and Supervisory Committee members) covers every director. Each profile gives date of birth, full career history with dates, years of service as director, board attendance, shareholdings, share-based compensation points and reasons for nomination. Outside directors are flagged [Outside][Independent], with the TSE independent-officer designation and the company's own independence standards (Reference 3). The skill matrix repeats years of service for all twelve: 5.
確認メモ（原文・英語）'[Reference] 1. Directors' Skill Matrix/Reasons for Selecting Skills' in the English 83rd AGM notice (May 2026). It shows the post-AGM board of 12 against corporate management, production technology, R&D, sales/marketing, financial accounting, personnel/human resource development, legal/compliance and global, with gender, years of service, independence and a page on why each skill is needed. Current matrix in English: 5.
確認メモ（原文・英語）No English CG report, yuho, integrated report or business report: the English AGM notice carries only the reference documents. What English exists covers one component. The 19 May 2025 'Notice of Partial Revision of Share-Based Compensation Plan for Eligible Directors' sets base points at 10% of standard annual compensation by position, a 250m yen / 75,000-share cap per five years, and delivery on retirement. The governance page mentions the Nomination and Compensation Advisory Committee. Not stated: the overall fixed/bonus/stock structure (the balance sheet shows a directors' bonus provision), any KPIs or weights, and amounts paid. Between a mention and the structure only; floor: 2.
確認メモ（原文・英語）Notice of the 83rd AGM, electronic provision from 29 May 2026 for a meeting on 19 June - 21 days - running to 27 pages with the Reference Documents for the General Meeting of Shareholders attached in English. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the Japanese notice names the voting website, www.web54.net (Sumitomo Mitsui Trust Bank), 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.
確認メモ（原文・英語）Results of Voting at the 83rd Ordinary General Meeting, 24 June 2026, in English: votes approving, disapproving and abstaining on each proposal, the requirement for passage and the outcome.
確認メモ（原文・英語）Nothing on cross-shareholdings in English. Searched the corporate governance page (structure narrative only), the 83rd AGM notice (reference documents only, no business report), the MTP (cash allocation and returns, no holdings), the 6 Aug 2026 cost-of-capital update, the materiality and TCFD reports, and the policies PDFs. The Japanese CG report and yuho, where the policy and holdings sit, have no English versions.
確認メモ（原文・英語）'Investor Relations' is in the global navigation of the English homepage (www.stella-chemifa.co.jp/english/) and links straight to /english/ir/: one click.
確認メモ（原文・英語）Sampled 22 English links. Tanshin Q1 FY27 (6 Aug 2026), FY26 full (18 May) and summary (14 May), Q3 FY25 summary (12 Feb 2025), FY3/2022 (May 2022). Decks Q1 FY27, FY26, FY3/2023, 1Q FY2017 (Sep 2017), FY3/2017, 2Q FY3/2018. MTP (May 2025). AGM notices 79th, 80th, 83rd and voting results. Notices: forecast revision 24 Mar 2026, capital alliance 24 Feb 2026, personnel 27 Apr 2026, share-comp revision May 2025, cost-of-capital update Aug 2026. Also the disclosure policy, TCFD, materiality, sustainability policy and the Fact Book. All are English; the Fact Book is bilingual, served from the Japanese /files/ path: 5.
確認メモ（原文・英語）All 22 sampled links (listed under O2, spanning 2017-2026 across tanshin, decks, MTP, AGM documents, press releases and policies) opened and rendered; no dead links: 5.
確認メモ（原文・英語）Rendered the IR top, IR Library, Financial Results, Business Results, General Meeting, Financial Highlights, Stock information, IR Calendar, Top Message, News (2025 and 2026) and the Corporate Governance and MTP pages. Financial Highlights was screenshotted: tables plus six charts all drawn. Every page renders its content; no empty lists or widgets: 5.
確認メモ（原文・英語）No single library page. 'IR Library' is a hub of three typed pages: Financial Results (tanshin by fiscal year), Business Results (decks by fiscal year) and General Meeting of Shareholders (notices and voting results). Each is grouped by fiscal year and titled by period rather than dated. The MTP sits under Company and the fact book under Financial Highlights. The English News list is dated and tagged IR/Information and does carry results, AGM documents and notices, but it is split by year and is not a document library. Split by type: 3.
確認メモ（原文・英語）Tanshin every quarter from FYE3/2022 to Q1 FYE3/2027 (with summaries for 2024-2025). Decks every quarter back to FYE3/2017. AGM notices for the 79th-83rd meetings plus 2026 voting results. English press releases back through 2025-2026. Several years across types: 5.
確認メモ（原文・英語）Named in the results summary, and named well - Yasuhiko Nakashima, Director, Executive Officer (Finance and IR). But the English contact form offers only 'Inquiry about products' and 'Other inquiry'; there is no IR route on the site.
確認メモ（原文・英語）Q1 FY3/2027: Japanese tanshin and deck 6 Aug 2026; English tanshin and deck listed 6 Aug, with the English tanshin PDF created 3 Aug: same day. FY3/2026: Japanese 14 May; English deck and a 3-page English 'Summary of Consolidated Financial Results' 14 May, but the full English tanshin only on 18 May (PDF created 15 May), 4 days late. The same pattern held at FY3/2025 (summary 9 May, full 13 May) and Q3 FY3/2025 (12 / 13 Feb). Q3 FY3/2026 (12 Feb) and H1 (13 Nov 2025) were same day. Most periods same day, full-year tanshin a few days behind: 4.
確認メモ（原文・英語）Q1 FY3/2027 tanshin: JA 6 Aug / EN 6 Aug = 0. FY3/2026 tanshin: JA 14 May / full EN 18 May = 4 (summary same day). AGM notice: JA posted 28 May / EN 28 May = 0. Corporate Governance Report: no English, >90. Annual securities report (JA 18 Jun 2026): no English, >90. Dates from the two news lists and file names. Median 4 days: 4.
確認メモ（原文・英語）Japanese company notices from 14 Oct 2025 to 14 Oct 2026, from the IR news and the news list: interim dividend (31 Oct), cost-of-capital update (13 Nov), capital alliance and third-party disposal (24 Feb), forecast and dividend revision (24 Mar), dividend plus officer and organizational changes x2 (27 Apr), shareholder proposal (14 May), AGM notice (28 May), voting results (24 Jun), change of largest shareholder (27 Jul), buyback decision and cost-of-capital update (6 Aug), buyback status (1 Sep, 1 Oct). Every one has an English counterpart on the English news list with the same date. About 15 of 15: 5.
確認メモ（原文・英語）Rendered the English homepage, IR top, Financial Results, sitemap, privacy, contact, stock information and calendar pages: no machine-translation banner or notice. The English PDFs (tanshin, notices, MTP) carry only human-translation precedence language ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. Nothing presented as machine-translated: 5.
確認メモ（原文・英語）'This document is an English translation of the original document in Japanese and has been prepared solely for reference purposes. In the event of any discrepancy ... the original shall prevail.'
High-purity semiconductor chemicals, investment and total-return plan
Stella set FY2028 operating and ROE goals and a three-year allocation across investment and shareholder returns.
時系列と出典（1件・内容は原文）
2025-05-09Plan or update announced Stella set FY2028 operating and ROE goals and a three-year allocation across investment and shareholder returns.出典資料1
経営陣が表明したこと
Management targets ¥42bn sales, ¥5.5bn operating profit and at least 8% ROE by FY2028.
Investor question: What utilization and pricing underpin the semiconductor-related sales target? IR preparation: bridge capacity, sales, margin, ROE and cash returns.
当調査の分析（会社の説明ではありません）
約束は具体的か5／5Operating, ROE, investment, dividend and total-return targets are quantified.
実行の経過を追えるか4／5FY2026 semiconductor sales and dividends are reported, but the full target-to-actual allocation bridge is incomplete.
経済性を説明しているか5／5The plan connects cash sources, investment, equity cost, ROE and distributions.
目標に対する結果を報告しているか時期未到来The FY2028 endpoint is not due.
Stella plans about ¥15bn of investment and at least ¥9bn of shareholder returns from roughly ¥20bn of operating cash flow.
資本構成
The plan preserves an annual dividend floor of ¥170 while funding semiconductor-related capacity; the selected sources provide limited leverage guardrails.
資本政策の意思決定
Management compares its ROE target with an estimated 7-8% cost of equity and sets a three-year total-return threshold.