確認メモ(原文・英語)FY2027 Q1 results (consolidated), 31 Jul 2026, with the segment note (Electronics / Medical and Pharmaceuticals / ICT&S) and a matching English supplementary transcript of the full-year briefing published the same way the Japanese side gets one.
確認メモ(原文・英語)Read page for page against the Japanese. Q1 FY Mar 2027 tanshin (31 Jul 2026): 12 English pages against 11 Japanese, with the same index: summary, overview of operating results (in both languages a pointer to the briefing deck posted the same day), balance sheet, income and comprehensive income statements, and the notes (income statement, additional information, segment information, shareholders' equity, going concern, cash flows). FY Mar 2026 tanshin (30 Apr 2026): 27 English pages against 24, with the full qualitative section (results by segment, financial position, cash flows, future forecasts, dividend policy), all four statements and the notes (segment, per-share, subsequent events). Whole tanshin: 5.
確認メモ(原文・英語)The latest period has full statements and notes in English. The Q1 FY Mar 2027 tanshin has the consolidated balance sheet, income and comprehensive income statements and notes, including the segment note with sales and profit by reportable segment. The FY Mar 2026 tanshin adds changes in equity, the cash-flow statement and per-share notes. The 154-page English Annual Securities Report for the 80th term (posted 1 Sep 2026) carries the full annual statements and notes. Full statements and notes for the latest period: 5.
確認メモ(原文・英語)Annual Securities Report, 80th term (Apr 2025-Mar 2026), current year, 155 pages with business overview, risk factors, MD&A, governance and the financial statements - but the auditor's report is not translated, so the English reader gets the numbers without the opinion on them. Same shape as the Santen anchor.
確認メモ(原文・英語)The tanshin segment note in English defines the two reportable segments and says how they are set: Electronics (PCB and electronic-component chemicals) and Medical and Pharmaceuticals (ethical drugs, CDMO, dental prosthetics), organised by operating subsidiary, with 'Other' = ICT and Sustainability. Segment profit is defined as operating income and inter-segment pricing as market price. It gives net sales, segment profit, assets, depreciation and capex for both years, and the quarterly tanshin give sales and profit by segment every quarter. The deck adds EBITDA by segment. Every period, definitions stated: 5.
確認メモ(原文・英語)No spreadsheet anywhere in English IR. Searched the links on the IR top, IR Library and its five tabs (results, presentations, annual securities report, MTP, annual report), Financial Highlights (At a Glance / Financial Indicators), Performance Overview, Return to Shareholders and Share Information for xls/xlsx/csv/data downloads: none. Financial Highlights shows five years (FY2022-FY2026) of sales by segment, operating profit, net profit, margin, ROE, total assets, equity and capex as HTML charts and tables only. The Japanese highlight page has no data file either. An HTML table does not count: 0.
確認メモ(原文・英語)The FY Mar 2026 English tanshin's 'Future forecasts' section gives the FY Mar 2027 forecast with its basis: a market view (AI-driven demand, memory shortage, Middle East energy and procurement risk, which it says is not included), the assumed rate of JPY 150.0/USD against the 150.9 actual, and the direction by segment and product line (PKG, rigid, display DF, Taiyo Pharma Tech, Taiyo Pharma). The deck (p.23) gives segment forecasts: Electronics sales 102.2bn / OP 31.3bn, Medical and Pharmaceuticals 37.5bn / 4.0bn, plus EBITDA. On 31 Jul 2026 the English 'Notice of Revised First-half and Full-year Earnings Forecasts' and Q1 deck (pp.8-9) give the revised numbers (FY sales 149.1bn, OP 36.4bn) and the reasons: Electronics beat in Q1 at 160.5 JPY/USD actual against 150.0 assumed, and the Q1 extraordinary loss. Full forecast with its basis and the revision explained: 5.
確認メモ(原文・英語)'Beyond Imagination 2030 Medium-term Management Plan' (formulated 28 Aug 2025, to FY Mar 2031) is in English: a 27-page deck, plus a 30-page version with the speaker transcript (2 Oct 2025, the same day as the Japanese 'with speech' edition). Targets: net sales 180bn, OP 47bn (26% margin), EBITDA 58bn (32%), ROE 30%, at 145 JPY/USD with FX sensitivity. Targets by business: Electronics sales 128bn / OP 39bn, Medical and Pharmaceuticals 43bn / 9bn, with EBITDA. Also a 100% total payout ratio to FY Mar 2028 and DOE of 5% or more. The English formulation notice was dated 28 Aug, as was the Japanese. The 31 Mar 2026 'Beyond Imagination and Beyond Boundaries 2030' (English 2 Apr) supplements the tender offer and keeps the plan; it is not a new plan. Current plan, complete, same day: 5.
確認メモ(原文・英語)A deck every quarter back to 2012, and for the one period the Japanese side gets a transcript of the results briefing (the FY2026 full-year meeting, 1 May 2026), the English site carries the same transcript (en20260520_01.pdf) - the supplement is matched, not just the headline deck.
確認メモ(原文・英語)No 'why invest' or investment-highlights page in English IR. 'At a Glance' under Financial Highlights is five years of financial charts only. The job is done by About Us > 'About TAIYO HOLDINGS' ('Characteristics of Taiyo Holdings'): market leader in solder resist with global share No.1 (Fuji Chimera), technology, global network, and business/people data. It describes strengths but is not framed for an investor, and its numeric counters render as 0 until scrolled. The MTP deck's business-positioning pages cover similar ground inside a plan, not as an equity story. Company-overview page doing the job: 3.
確認メモ(原文・英語)Named drivers with numbers, in English. The MTP deck projects the PCB market (the solder-resist customers' market) at about 6% CAGR over six years and PKG substrates at about 9%. It shows the target product mix shifting toward PKG (around 40% of Electronics sales) and gives segment sales, OP and EBITDA targets to FY Mar 2031. It quantifies the Medical and Pharmaceuticals contribution (OP ~9bn, CDMO volume) and an ROE bridge (profit growth, margin, portfolio review, 100% payout). The results decks quantify the AI/memory-driven DF volume growth and FX effects. Drivers named and quantified: 5.
確認メモ(原文・英語)Japan publishes a results-briefing transcript with Q&A for each half-year and full-year briefing. English presentation library vs Japanese: FY Mar 2026 H1 (7 Nov 2025 briefing): JA 26 Nov, EN 26 Nov 2025, 33 pages including Q&A. FY Mar 2026 full year (1 May 2026): JA 12 May, EN 20 May (34 pages with Q&A), 8 days late. Earlier the English was patchier: FY Mar 2025 full year JA 13 May vs EN 26 Jun 2025 (44 days), and no English for the FY Mar 2025 H1 (JA 15 Nov 2024) or either FY Mar 2024 transcript (JA 9 Nov 2023, 8 May 2024). The MTP briefing transcript appeared in both languages on 2 Oct 2025. The current cycle is complete, but one is late (consistency ruling: English Q&A arriving any days after the Japanese = 4).
確認メモ(原文・英語)The current MTP (Aug 2025) is the first medium-term plan under the 2021 long-term plan 'Beyond Imagination 2030' (FY Mar 2031 targets: ROE 18%, DOE 5% or more). The MTP deck's 'Progress to Date' (p.4) and transcript narrate progress with numbers: sales 80.9bn to 119bn and OP 13.9bn to 22bn FY2021-FY2025, ROE 10.6% in FY Mar 2025, DOE kept at 5% or more, total payout 99%. The transcript concedes the 2021 Medical and Pharmaceuticals sales reference value (60bn, 15% margin) will not be reached, while about 9bn OP is expected. There is no table setting each earlier target against its actual with the variance explained. Progress narrated with some numbers: 3.
確認メモ(原文・英語)The English notice of the 80th AGM (posted 28 May 2026) puts all eight directors up for election: five in Proposal 1 (Saito, Minegishi, Tawara, outside Tsuchiya and Matsumura) and three Audit and Supervisory Committee members in Proposal 2 (Shimamura, outside Sato and Maruyama). Each gets a dated career history (so board tenure is readable, e.g. Saito a Board Director since June 2016), concurrent posts, shareholdings and the reason for nomination. Outside directors have their term in office stated (e.g. 'two years', 'one year') and independent-officer designation, and the candidate list and skills table flag 'Independent'. The English CG report adds the independence criteria. Every director, all three elements: 5.
確認メモ(原文・英語)'Reference: Expertise and experience of Board Directors following this General Shareholders' Meeting' (English AGM notice, p.16, May 2026) covers all eight directors, including the Audit and Supervisory Committee members, against seven areas: corporate management/business strategy, global, production/quality, R&D, ESG/sustainability, HR/diversity, finance/accounting/M&A and legal/risk. Each area is defined, and independence is marked. The English CG report (1 Sep 2026) also references the skill matrix. Current matrix in English: 5.
確認メモ(原文・英語)English Annual Securities Report (80th term, pp.73-83): structure of base salary, performance-linked cash, performance-linked stock and restricted stock (10-year restriction), with caps approved at the 78th AGM. The KPI is profit before income taxes × (1 - 3-year average tax rate - NCI share), a single metric with the formula, cash coefficient 1.6% and stock coefficient 3.4% caps, and the reason it was chosen. Target vs actual is given: 21.6bn target vs 32.1bn actual. Amounts by category: executive directors ¥354m (base 49, cash 41, PSU 220, RS 42), and the CEO individually ¥347m. It also covers the May 2026 amendments with malus/clawback. Structure, KPI with weighting formula, and amounts: 5.
確認メモ(原文・英語)Full Reference Documents for the 80th AGM (20 Jun 2026) in English, candidate profiles included, posted 28 May 2026 - 23 days' notice. But the notice itself says the posting of additional reference materials is "in Japanese version only" at both the company's own further-materials page and the TSE lookup tool, and no English internet-voting URL is given - the delivery defect that holds G5 at 4 rather than 5.
確認メモ(原文・英語)Notice of Resolutions, 20 Jun 2026: each proposal "was approved and passed in accordance with the original proposal." No vote counts, no abstentions, no approval ratios.
確認メモ(原文・英語)English CG report (1 Sep 2026), Principle 1-4: the boilerplate policy (hold only where medium-to-long-term value is enhanced, board verifies regularly, sell where not meaningful) and voting standards. The English Annual Securities Report (p.84) gives the numbers: one listed issue held for other than pure investment, Cyfuse Biomedical, 150,000 shares, carrying value ¥88m (¥151m a year earlier), no increases or decreases, with the business-alliance rationale (regenerative therapy). There is no reduction target or schedule. Policy, count, amount and rationale, but no target: 3. The holding is immaterial, which the band does not reward.
確認メモ(原文・英語)The English homepage (www.taiyo-hd.co.jp/en/) has a visible 'IR Information' / 'To Our Investors' block and an 'Investor Relations' item in the global navigation, both going straight to /en/investor.html. One click.
確認メモ(原文・英語)Opened 27 English links across types and years in pdf.js. All English: Q1 FY Mar 2027 and FY Mar 2026 tanshin; Q1 FY Mar 2022 (20210802_05-1), Q1 FY Mar 2021 (20200820_01), FY Mar 2015 and Q2 FY Mar 2023 tanshin; decks Q1 FY Mar 2027, FY Mar 2026, Q2 FY Mar 2021 (20201201_06), Q1 FY Mar 2022 and Q1 FY Mar 2012; annual securities reports 2019 and 2023 and the 80th term (2026); Annual Report 2020 and Integrated Report 2023; 2030 Committee final report; MTP and MTP transcript; FY Mar 2026 transcripts; AGM notice and resolutions (June 2026); gain-on-sale notice (9 Sep 2026); TOB progress notice (9 Oct 2026); Annual Report 2011. Files without an 'en' prefix also turned out to be English. All English: 5.
確認メモ(原文・英語)All 27 sampled links (listed under O2, 2011-2026 across tanshin, decks, transcripts, annual securities reports, annual/integrated reports, MTP, AGM documents and timely disclosures) resolved and opened as PDFs. The library sub-pages' other links resolved as listed. No dead links: 5.
確認メモ(原文・英語)Rendered the IR top (IR news list, IR Contents tiles, Euroland stock-price frame with chart and TSE close), IR News (year filters, paging), IR Library and its five tabs, Performance Overview, Financial Highlights (charts with tables), Return to Shareholders, Share Information, Management Policy, Corporate Governance, Disclosure Policy, IR Calendar, Outside Evaluations, Disclaimer and the IR inquiry form (qubo iframe renders Name/E-mail/Inquiry fields). Every IR page renders its content. (The animated counters on the About Us page show 0 before scrolling, but that is not an IR page.) 5.
確認メモ(原文・英語)No single library. 'IR Library' is split by type into five tabs: Financial Results Summaries, Financial Results Briefing Material (decks plus transcripts), Annual Securities Report, Medium-term Management Plan and Annual Report. Each is ordered by fiscal year/quarter and labelled. AGM notices, resolutions, timely disclosures and integrated-report notices are only in IR News (dated, filterable by year, all tagged 'IR'), and the CG report is on the governance page. Split by type across pages, each dated (consistency ruling): 3.
確認メモ(原文・英語)English tanshin every quarter from FY Mar 2012 to Q1 FY Mar 2027, decks every quarter from FY Mar 2012, annual securities reports from FY Mar 2018 to the 80th term, annual/integrated reports 2011-2025, the MTP set, and IR News back to 2008 (414 English entries against 660 Japanese). Several years across document types: 5.
確認メモ(原文・英語)"IR Inquiries" on the English investor top page leads to a dedicated IR inquiry form (a qubo form keyed "contact-ir-en"), which renders in the browser with Name, E-mail and Inquiry fields. Dedicated and immediately obvious. The tanshin header also names Sayaka Tomioka, Senior Corporate Executive Officer and CFO, with a phone number. (Form confirmed rendered 14 Oct 2026; the earlier caveat that it had not been seen rendered is cleared.)
確認メモ(原文・英語)Same day for the latest two results. Q1 FY Mar 2027: English tanshin (PDF created 30 Jul) and deck (created 31 Jul) posted 31 Jul 2026. Japanese tanshin (created 28 Jul) and deck (31 Jul) also posted 31 Jul, and both IR news lists show 31 Jul. FY Mar 2026: English tanshin (created 28 Apr) and deck (created 29 Apr) posted 30 Apr 2026, the same as the Japanese (both created 28 Apr, posted 30 Apr). Q3 and Q2 FY Mar 2026 also match (4 Feb 2026, 6 Nov 2025 on both lists). Tanshin and deck same day: 5.
確認メモ(原文・英語)Q1 FY Mar 2027 tanshin: JA 31 Jul / EN 31 Jul = 0. FY Mar 2026 tanshin: JA 30 Apr / EN 30 Apr = 0. 80th AGM notice: JA 28 May / EN 28 May 2026 (both IR news lists) = 0. Corporate Governance Report: JA and EN both 'last updated' 1 Sep 2026 (EN PDF created 12 Aug), = 0. Annual securities report (80th term): JA 16 Jun 2026 (IR news) / EN 1 Sep 2026 (filename en20260901_03, PDF created 1 Sep) = 77 days. Lags 0, 0, 0, 0, 77; median 0: 5.
確認メモ(原文・英語)Compared the Japanese IR news (14 Oct 2025 to 14 Oct 2026) with the English list. About 30 timely disclosures: forecast revisions (6 Nov, 4 Feb, 31 Jul), interim dividend increase and stock split (6 Nov), 2030 Committee final report (7 Nov), dividend forecast revision to nil (31 Mar), the KKR tender-offer plan, the board opinion and the supplementary deck (31 Mar), personnel and director-responsibility notices (4 Feb, 30 Apr, 14 May, 22 Jun, 29 Jun, 31 Jul), AGM resolutions (20 Jun), controlling-shareholder matters (22 Jun), three corrections (24 Jun), sale of investment securities and the gain (1 and 9 Sep), and TOB progress (9 Oct). Every one is in English. All but three are the same day; the TOB plan notice and 'Beyond Imagination and Beyond Boundaries 2030' came on 2 Apr and the board-opinion notice on 3 Apr, each labelled '[Delayed]'. (The 5 Aug AGM Q&A answers to shareholders have no English counterpart, but they are not a timely disclosure.) Nearly all same day, the most material ones 2-3 days late: 4.
確認メモ(原文・英語)Rendered the English homepage, IR top, IR Library, Disclaimer and Terms of Use and found no machine- or AI-translation notice or banner. The disclaimer covers investment decisions only. The documents (tanshin, decks, transcripts, AGM notice, CG report, securities report, integrated report) carry only the human-translation precedence line ('provided for convenience only ... the original shall prevail'), which is R5, not R4. Nothing presented as machine-translated: 5.
Investor question: How much of the 30% ROE comes from operating improvement versus equity reduction? IR preparation: publish NOPAT, invested-capital, payout and leverage bridges.
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5/5Sales, profit, margin, ROE and payout targets are quantified.
実行の経過を追えるか3/5The plan is in progress, but the selected record lacks an annual plan-versus-actual capital bridge.
経済性を説明しているか4/5The plan links portfolio review, ROIC/WACC and shareholder returns; investment requirements and leverage limits are incomplete.
目標に対する結果を報告しているか時期未到来The FY2031 outcome is not due.