確認メモ（原文・英語）FY2027 1st Quarter Consolidated Financial and Operating Results <IFRS>, headed 30 July 2026 to match the Japanese, 17 pages against the Japanese 15: summary, qualitative information on results, the statements and the segment note. The FY2026 full-year release has 27 pages against 25. Every quarter is in the English Earnings library (Q2, Q3, full year, Q1). They are complete, but the PDF creation dates run about four weeks behind the Japanese: Q2 28 Nov 2025 (JA 31 Oct), Q3 26 Feb 2026 (JA 29 Jan), full year 26 May 2026 (JA 27 Apr), Q1 31 Aug 2026 (JA 30 Jul). That timing is from PDF creation dates, since the library shows the Japanese date. Every period and complete, but weeks late.
確認メモ（原文・英語）We read the latest English tanshin, 'FY2027 1st Quarter Consolidated Financial and Operating Results <IFRS>' (headed 30 Jul 2026, 17 pages), against the Japanese 2027年3月期 第1四半期決算短信〔IFRS〕(連結) (15 pages). The English has all the summary pages: results, financial position, dividends, the full-year and first-half forecast, and the share data. Its table of contents matches the Japanese section for section: 1. qualitative information (operating results with a segment income table and a narrative per segment, financial position, forward-looking information); 2. the condensed statements (financial position, income and comprehensive income, changes in equity, cash flows); and notes on going concern, segment information and material subsequent events (the restricted-stock disposal). The Q2 and Q3 FY2026 releases (16 pp each) and the FY2026 full-year release (27 pp, including the non-consolidated statements) have the same structure. The whole tanshin, so 5. Timing is R1's question.
確認メモ（原文・英語）The latest-period English tanshin (Q1 FY2027, three months to 30 Jun 2026) has the full condensed statements: financial position, income and comprehensive income, changes in equity for both periods, and cash flows. The notes follow (pp.12-14): going concern; segment information, with the reportable-segment overview, the segment tables for both periods and the reconciliation to profit before tax; and the subsequent restricted-stock disposal. The year end is also covered by 'Financial Statements 2026' (20 pp, posted 10 Jul 2026), the IFRS statements with notes. Full statements and notes for the latest period, so 5.
確認メモ（原文・英語）'Financial Statements 2026' (IR Library > Financial Statements, posted 10 July 2026, 20 pages) is an English extract of the annual securities report filed 17 June 2026. It has a financial review, the IFRS consolidated statements and the notes. It has none of the narrative parts (business overview, risks, facilities, shareholdings, governance) and no independent auditor's report. Financial statements only.
確認メモ（原文・英語）There are four reportable segments: San Ace Company (cooling fans), Electronics Company (power supplies, servo amplifiers, stepping drivers), Motion Company (servo and stepping motors) and Others (electrical equipment sales and works contracting). Every English tanshin (Q2, Q3, FY2026, Q1 FY2027) gives revenue from external customers, intersegment revenue and segment profit for each segment, reconciled to profit before tax. The qualitative section adds a segment income statement and the orders and backlog for each segment. Q1 FY2027: San Ace revenue ¥11,638m and profit ¥2,741m, Electronics ¥6,318m and ¥619m, Motion ¥12,727m and ¥768m. The note states how the segments are defined: separate financial information reviewed by the Board for resource allocation, set by business characteristics, with the main business of each. It also says intersegment prices are market-based and what the adjustments are. The same four segments are used throughout, and the decks and the Highlights > Segment Results page repeat them. Sales and profit by segment every period, with the definitions stated, so 5.
確認メモ（原文・英語）There is no downloadable data file. We rendered all 20 English IR pages linked from the IR top: Highlights (Trends, Regional Results, Segment Results), the IR Library (Earnings, Financial Statements, Shareholders Meetings/Business Reports, Integrated Reports), IR Event pages, Stock Information, Policies and FAQ, plus the Information list. No link anywhere is .xls, .xlsx or .csv. What is there instead: HTML tables on /ir/highlights/trends.html (five years, FY3/2022-FY3/2026, of revenue, PBT, net profit, EPS, operating CF, equity/ROE and total assets/ROA), a three-year segment revenue table and a regional table, and the PDF Investor's Guide 2026 (39 pp, with charts). None of these counts.
確認メモ（原文・英語）The forecast is in English. The tanshin cover (FY2026 release, repeated unchanged in Q1 FY2027) gives the FY2027 (year to Mar 2027) forecast: revenue ¥128,850m (+20.0%), OP ¥16,290m, PBT ¥16,690m, net ¥12,000m, EPS ¥338.12, with a first-half split. The FY2026 tanshin's 'Future Outlook' gives the market view: a gradual recovery led by capex as US-tariff effects subside, with the Middle East and crude prices as risks. The English FY2025 Financial Results Briefing deck (74 pp) explains the basis further: growth 'driven by a semiconductor market recovery and continued AI-related demand'; the Middle East and China's rare-earth export restrictions as risks; a bookings/revenue/profit outlook by half (p.21); capex and R&D plans (p.31); and 'Reference: Consolidated Forecast by Business Company' (pp.69-70), with revenue and segment profit by company for H1 and H2. Segment profit forecast: San Ace 4.2/4.4, Electronics 1.2/1.7, Motion 2.0/2.4 (¥bn). No FX assumption is given. There was no earnings-forecast revision in the period. The Q1 tanshin says 'Revision to the business results forecast: None', and the 27 Apr 2026 dividend-forecast increase has its own English notice with reasons. Market view and segment forecasts make two of the three assumption types (ruling), so 5.
確認メモ（原文・英語）The latest Japanese filing is the first-quarter tanshin for the three months to 30 June 2026 (30 July 2026). The English for the same quarter is on the IR site (PDF created 31 August 2026). The period is the same, about a month later, and the anchor judges the period, not the day.
確認メモ（原文・英語）The 10th Medium-Term Management Plan 'Turn the Time into Power' (FY2026-FY2030) was announced in English on 20 May 2026 (TDnet ID 140120260520541819, PDF created 20 May). That is the same day as the Japanese 第10次中期経営計画策定に関するお知らせ (ID 140120260520541777). Both run to 37 pages: a 2-page notice plus the plan deck. The quantified targets are all in the English: ROE of 10% or more against an estimated 7-9% cost of equity; a dividend payout ratio of about 50% with progressive dividends; a five-year capital allocation of ¥66bn+ operating CF, ¥33bn+ growth investment and ¥30bn+ dividends; and Scope 1-2 emissions down 46% by FY2030, carbon neutrality by 2050 and Eco Products at 80% of sales by FY2030. Same day, page for page with the Japanese, so 5.
確認メモ（原文・英語）The English FR Presentation page matches the Japanese item for item. It has a deck for every quarter: H1 results materials (39 pp), small-group-meeting decks for Q1, Q2, Q3 and Q4 and FY2026 Q1 (20 pp, 3 Sep 2026), and the FY2025 results briefing deck (74 pp) with the script version and the 3-page Q&A Summary. But it arrives late: by PDF creation dates the full-year deck and Q&A are from 24-26 June 2026 against the Japanese 22 May and 15 June, the Q3 deck from 22 April against 2 March, and the latest Q1 deck from 7 October against 9 September. The set is complete but delivered weeks late, so the floor of 4.
確認メモ（原文・英語）There is no 'why invest' or investment-highlights page on the English IR site. Two investor-facing pieces do the job. The first is the 'SANYO DENKI Group Strengths' slide, in both the English 10th MTP deck (p.8) and the FY2025 results deck. It sets out core strengths along the value chain (performance-optimized custom design, extensive IP portfolio, multi-sourcing, industry-leading quality, a high-value-added high-margin model, broad market coverage, a global sales network, long-term customer relationships) under the line 'a business model built on 100 years of expertise - difficult to replicate'. The company-overview slide before it gives the brands, key applications (AI servers, semiconductor equipment), 9 production sites and 37 sales offices. The second is the 39-page English 'Investor's Guide' (2026, linked from the IR top). It covers the company overview and history, revenue and OP trends, revenue and profit by company and region, the dividend record and the MTP. The strengths are specific but unquantified, and the numbers sit in an overview rather than an equity story. Dedicated, but mostly qualitative, so 4.
確認メモ（原文・英語）The English 10th MTP deck names the drivers. Its 'External Environment' slide (p.16) cites AI and data-centre investment expanding cooling demand (a 'global AI-related investment cycle reaching hundreds of trillions of yen'), rising semiconductor demand, the energy transition, and supply chains shifting to Japan and ASEAN. The business-company pages name specific markets. San Ace: the AI-server market, European FA/HVAC, quick-freeze and refrigeration, liquid cooling, large fans. Electronics: semiconductor equipment, renewables and national-resilience sectors, physical AI through the Future Creation Center. Motion: semiconductor equipment, medical and space. Capacity comes from Philippines Plant 4 and the new Vietnam factory, opening 2027. Some of this is quantified: performance-outlook charts by company (FY2024-FY2026 forecast), ¥33bn+ growth investment, FY2026 capex ¥4.8bn including the Vietnam factory, segment forecasts by half in the results deck, and the SANUPS and SANMOTION revenue mix by application. There is no market size, share or contribution-to-target figure per driver. Named, some quantified, so 4.
確認メモ（原文・英語）Only one briefing has a published Q&A, in either language: the FY2025 (year to Mar 2026) results briefing of 21 May 2026. The Japanese '2026年3月期 決算説明会 質疑応答（サマリー）' is listed under 21 May, with an upload stamp of 15 Jun 2026 (20260615091532493s). The English 'FY 2025 Financial Results Briefing (Q&A Summary)' (3 pp) is listed under the same date, but its PDF was created 24 Jun and uploaded 29 Jun (20260629113757675s), about two weeks after the Japanese. Both FR Presentation pages show decks only for the H1 briefing (Nov 2025) and the small-group meetings. Every Q&A the Japanese side publishes has an English version, but later, so 4 (ruling).
確認メモ（原文・英語）Integrated Report 2025 in English, 29 pages to the Japanese 2025 edition's 29. Its editorial policy gives the period as 1 April 2024 to 31 March 2025, and the PDF was created 20 November 2025, though it is listed under 19 September. The Japanese Integrated Report 2026 went up on 18 September 2026 and has no English counterpart yet. Complete, but one edition behind.
確認メモ（原文・英語）The English 10th MTP deck (20 May 2026, pp.9-13, repeated in the FY2025 results deck from p.39) has a 'Review of the 9th Medium-Term Management Plan' ('Break the Shell', FY2021-25). It reports 732 initiatives launched, record revenue and profit in FY2022, and the business-company system. It then sets the final year of the 8th plan against the final year of the 9th, FY2020 against FY2025: revenue ¥77.5bn to ¥107.3bn, gross margin 22.0% to 27.9%, OP ¥4.8bn (6.2%) to ¥10.8bn (10.1%), net ¥3.9bn to ¥8.6bn. A yearly revenue/OP chart and a note that the 9th-plan average ROE was 9.5% complete it. The achievements are narrated, and no 9th-plan target is set against an actual. The Japanese deck (37 pp) is the same. Progress narrated with numbers, not target against actual, so 3.
確認メモ（原文・英語）The English Sustainability > Governance page gives the basic policy, the governance structure (board, auditors, audit department, compensation committee) and a 'Corporate Governance Report' link. That link opens the Japanese TSE filing (コーポレートガバナンス, last updated 18 June 2026, 14 pages, all Japanese). No English Corporate Governance Report. A site narrative in place of the filing.
確認メモ（原文・英語）The 2026 (124th) AGM elected no directors; its 4-page English notice has only the dividend proposal. The current board of seven is the same seven names as on the English Officers page 'As of October, 2026'. It was elected at the 123rd AGM, whose English notice (posted 27 May 2025, 9 pp) profiles every candidate. Each profile has date of birth, a dated career history with board dates (e.g. Shigeo Yamamoto: Director Jun 1987, President 1994, Chairman 2020), responsibilities and shares held. Kurihara, Miyake and Miyagi are marked as outside and independent, with TSE registration noted. The outside directors also get reasons for selection, expected roles and stated tenure (4 years and 2 years). Expertise for all seven is covered by the English skill matrix (MTP deck p.32). The four inside directors' years on the board can only be read off the career dates, and they have no selection reasons. The source also dates from the previous AGM. All three elements, one of them thin, so 4.
確認メモ（原文・英語）The English 10th MTP deck (20 May 2026, p.32, 'Board of Directors Structure') has a skill matrix for all seven directors and the four Audit & Supervisory Board members. It covers nine skills: corporate philosophy, business management, manufacturing, technology/R&D/DX, sales/marketing, finance/accounting, legal/risk, global business and talent development. It sits alongside the independence ratios (3/7 independent outside directors) and the nomination criteria. The same matrix is on p.65 of the English FY2025 results deck. The people match the current English Officers page (as of Oct 2026), and no directors were elected in 2026. The current matrix in English, so 5.
確認メモ（原文・英語）The English Integrated Report 2025 (pp.43-44, 'Executive compensation policies') sets out the structure: fixed monthly pay by responsibility; performance-based pay of 0 to about five times monthly pay, 'depending on the overall performance of the consolidated company in the previous fiscal year and the degree of performance of each director'; and restricted stock worth three times monthly pay. Outside directors get fixed pay only, and the Compensation Committee is described (chair Noriko Miyagi, independent outside director). FY2024 amounts are given by type: directors excluding outside ¥233m (base ¥157m, performance-based ¥50m, non-cash ¥26m, 4 people), outside directors ¥50m, auditors ¥19m, outside auditors ¥33m. No metric is named as the performance link and there are no weights. The amounts are FY2024; there is no FY2025 English business report or yuho. Structure and amounts, with no KPI (ruling: amounts without KPIs is 3), so 3.
確認メモ（原文・英語）Notice of the 124th Annual General Meeting in English, posted 26 May 2026 (PDF created 22 May) for a meeting on 18 June, which is 23 days. It has 4 pages: the agenda, the reference documents for the one remaining proposal (Appropriation of Surplus, after the five shareholder proposals were withdrawn), and the voting methods in English (Internet via web54.net, or by mail) with instructions. The '(in Japanese language)' tag sits on the Net de Shoshu convocation site, not on the voting route. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, www.web54.net (Sumitomo Mitsui Trust Bank), 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）'Notice of Resolution of the 124th Annual General Meeting of Shareholders' (18 June 2026, 1 page) says the proposal 'was approved and resolved as originally proposed' and sets the dividend at 70 yen. It gives no vote counts or ratios. The English news list and the Shareholders Meetings library hold nothing else. The outcome only.
確認メモ（原文・英語）We found no English disclosure on cross-shareholdings. The 'Corporate Governance Report' link on the English Governance page opens the Japanese filing (updated 18 Jun 2026); its 原則1-4 政策保有株式 policy has no English version. 'Financial Statements 2026' gives only the generic FVOCI accounting policy and a fair-value table (FVOCI shares ¥12,833m), with no holdings policy, count or reduction plan. We searched the text of the English Integrated Report 2025, the 10th MTP deck, the FY2025 results deck, the March 2026 cost-of-capital update and the 123rd and 124th AGM notices: none mentions cross- or strategic shareholdings. The statutory disclosure exists only in the Japanese yuho and CG report.
確認メモ（原文・英語）The English homepage (www.sanyodenki.com) has 'IR' in its top navigation, linking /ir/index.html. Clicking it in the rendered browser lands directly on the IR top. One click, so 5.
確認メモ（原文・英語）We opened 22 English-labelled document links across types and years. Tanshin: Q1 FY2027, FY2026, Q3 and Q2 FY2026, FY2016 full year (37 pp). Decks: FY2025 results materials (74 pp) and its script version, FY2026 Q1 small-group deck, FY2019 results materials. Also: the FY2025 Q&A summary, the 10th MTP, the Mar 2026 cost-of-capital update, Financial Statements 2026, Integrated Reports 2025, 2024 and 2019, the 123rd and 124th AGM notices, the 124th resolutions, the 124th semiannual report, the Investor's Guide 2026 and the 6 Aug 2026 treasury-share notice. All are English. The exception is the link labelled 'Corporate Governance Report' on Sustainability > Governance, which the IR Policies page links as 'Corporate Governance'. It opens the Japanese コーポレートガバナンス filing (14 pp, updated 18 Jun 2026), and nothing marks it as Japanese. One unlabelled Japanese document, so 3.
確認メモ（原文・英語）Every link in the same sample of 22 English documents, from 2016 to 2026, plus the 2005 flash report found through the Earnings year selector, resolved to a live PDF (1 to 74 pages). No dead links, so 5.
確認メモ（原文・英語）We rendered all 20 English IR pages linked from the IR top in Chrome, plus the homepage, Information and Conditions of Use: the IR top (news and latest-materials block), Policies, Message, Highlights (Trends, Regional, Segment tables), the IR Library pages, the IR Event pages (FR Presentation, IR Calendar, Shareholders Meetings), Stock Information, Shareholder Information, Notifications and FAQ. Every page rendered its content. The year selectors repopulated their lists (Earnings back to FY2005, Information to 2015). Notifications says 'No applicable items of present', which is content, not a failure. The share-price link goes to a third-party site and is not counted. So 5.
確認メモ（原文・英語）The 'Information' page (/corporate/information.html, the IR top's 'Backnumber' link) is one dated list of every English IR document. Each entry has a date and a type: Financial (tanshin, Financial Statements), TSE (timely disclosures, MTP, dividends), IR (decks, script, Q&A summary, AGM notices and resolutions, semiannual reports, integrated reports) or Info. It has type filters (All/Financial/TSE/IR/Info) and a year selector back to 2000. The 2025 view, for example, has Integrated Report 2025, Financial Statements 2025, the 123rd AGM notice, the decks, the tanshin and all the TSE notices. The IR Library also splits the same documents by type, each with a year selector. One page, every type, dated and typed, so 5.
確認メモ（原文・英語）The archive is deep. The English Earnings library's year selector runs from FY2001; We opened the FY3/2005 flash report and the FY2016 quarterly releases. Financial Statements go back to FY2002 and the Information list back to 2000 (2015 checked: semiannual report, tanshin and notices). Integrated Reports are there for 2019, 2024 and 2025 (opened), and FR Presentation decks from FY2019 (opened). Several years across document types, so 5.
確認メモ（原文・英語）The English IR top and IR menu have no contact link. The IR FAQ says to 'send an inquiry from our Contacts page'. That page offers only Global Network, which lists overseas sales subsidiaries with no Japan head office or IR entry, and Distributors. There is no form, address or phone for IR. The English tanshin names Masaki Iwayama, Executive Operating Officer for Business Administration, +81-3-5927-1020. Named only in the document header, with no IR route on the site.
確認メモ（原文・英語）The English library lists each document under the Japanese release date, but the English appeared later. The English tanshin carry TDnet IDs and PDF creation dates about a month after the Japanese. Q2 FY2026: JA 31 Oct 2025, EN ID 20251128 = 28 days. Q3: JA 29 Jan 2026, EN 27 Feb = 29. FY2026: JA 27 Apr, EN 27 May (created 26 May) = 30. Q1 FY2027: JA 30 Jul, EN 1 Sep (created 31 Aug) = 33. The decks, compared by xj-storage upload stamps on the two FR Presentation pages: H1 JA 19 Nov, EN 25 Nov (6 days); Q2 small-group JA 9 Jan, EN 6 Mar (56); Q3 JA 2 Mar, EN 22 Apr (51); FY results deck JA 22 May, EN 29 Jun (created 26 Jun, 35-38); Q4 small-group JA 6 Jul, EN 14 Sep (70); Q1 FY2027 JA 9 Sep, EN 8 Oct (29). No tanshin is same-day. The tanshin run four to five weeks behind, the latest more than a month, and most decks more than a month. On the border of 3 and 2, we record the floor, 2.
確認メモ（原文・英語）Lags, English against Japanese. Q1 FY2027 tanshin: JA 30 Jul 2026, EN 1 Sep (TDnet ID 140120260901529915; PDF created 31 Aug) = 33 days. FY2026 tanshin: JA 27 Apr, EN 27 May (ID 140120260527549824) = 30. 124th AGM notice: JA posted 26 May 2026, EN listed 26 May (PDF created 22 May) = 0. Corporate Governance Report: JA updated 18 Jun 2026, no English (the English site links the Japanese filing) = >90. Annual securities report: JA filed 17 Jun 2026; the English is only 'Financial Statements 2026' (10 Jul), statements and notes, which is not a translation of the yuho = >90 (ruling). The tanshin dates come from TDnet IDs and PDF creation dates, since the English listing repeats the Japanese date. Sorted: 0, 30, 33, >90, >90. Median 33 days, so 2.
確認メモ（原文・英語）We compared the Japanese Information list filtered to 適時開示, 16 Oct 2025 to 15 Oct 2026, with the English list filtered to TSE. Results are R1's and are excluded. All 11 Japanese timely disclosures have an English version listed the same day, and the paired TDnet IDs carry the same date on both sides: Vietnam subsidiary (17 Dec 2025); cost-of-capital update (19 Mar 2026); Nomination Committee (15 Apr); receipt of a shareholder proposal (21 Apr); dividend forecast increase (27 Apr, both IDs 20260424); board opinion on the shareholder proposal and the surplus dividend (18 May); 10th MTP (20 May); withdrawal of the shareholder proposals (21 May); restricted-stock disposal (15 Jul) and its payment completion (6 Aug). All, same day, so 5.
確認メモ（原文・英語）We rendered the English homepage, all 20 IR pages, the Information list, Governance and Conditions of Use, and searched the visible text for machine, automatic or AI translation. Nothing: no translation pop-up, no machine-translation notice, and no website-translation clause in the Conditions of Use. The documents carry only human-translation precedence language ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which is R5's. So 5.
確認メモ（原文・英語）These documents say 'the original shall prevail': the tanshin (p1), the FY2025 results briefing deck (p74), the Q3 small-group-meeting deck, the AGM notice and the notice of resolution. These carry no such statement: the Integrated Report 2025, the Financial Statements 2026, the Q&A Summary and the latest Q1 small-group deck. Disclaimed on some documents.
Investor question: What are project paybacks and utilization hurdles for Vietnam and semiconductor capacity? IR preparation: reconcile approved spend, commissioning and incremental 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4／5Dated capital-allocation and return commitments are quantified.
実行の経過を追えるか3／5The plan describes initiatives and production expansion; selected sources do not reconcile new-plan deployment with returns.
経済性を説明しているか4／5Equity cost, ROE, funding and distributions are connected; project hurdles remain open in this source set.
目標に対する結果を報告しているか時期未到来The five-year outcome is not due.
The plan allocates at least ¥33bn to growth and at least ¥30bn to shareholder returns against operating cash flow of at least ¥66bn over FY2026-FY2030.
資本構成
Cash balances and interest-bearing debt supplement operating cash flow. A quantified leverage corridor is not established in the selected plan.
資本政策の意思決定
The plan compares a minimum 10% ROE objective with an assumed 7-9% equity cost and targets semiconductor motion-control and AI cooling growth.