確認メモ（原文・英語）Summary of Consolidated Financial Results for the First Quarter Ended June 30, 2026, dated 13 August 2026 with the Japanese 決算短信: 15 pages against the Japanese 13, with the qualitative results of operations and forecast, balance sheet, income and comprehensive-income statements, the notes and the segment note, plus the Shinko Shoji subsequent-event note. The Earnings Releases page carries every quarter (FY2026/3 Q1, H1, Q3, full year 24 pages, 14 May 2026) on the Japanese results days. Every period, complete.
確認メモ（原文・英語）Q1 FY2027/3 tanshin, 13 Aug 2026. The English 'Summary of Consolidated Financial Results for the First Quarter Ended June 30, 2026 [Japan GAAP]' is 15 pages against 13 for the Japanese 2027年3月期 第1四半期決算短信. Both have the summary pages and the qualitative section: results, a narrative by segment, financial position, and (3) the earnings forecast with the revision table. Both have the quarterly balance sheet and the income and comprehensive-income statements. Both have the notes: going concern, significant change in equity, the cash-flow note, the segment note with sales and segment income by reportable segment for both periods plus the reconciliation, and the Shinko Shoji subsequent-event note. The whole tanshin, so 5.
確認メモ（原文・英語）The latest-period English tanshin (Q1 FY2027/3, 13 Aug 2026) has the quarterly consolidated balance sheet and the income and comprehensive-income statements. Its notes match the Japanese: going concern, shareholders' equity, the cash-flow note with depreciation and goodwill amortisation, segment information, and the subsequent event. The FY2026/3 English tanshin (14 May 2026) has the full statements, including cash flows and changes in equity, with notes. Full statements and notes for the latest period, so 5.
確認メモ（原文・英語）No English securities report. The IR library's 'Consolidated Financial Statements and Independent Auditors' Report' for the year ended March 2025 (48 pages, PDF created September 2025) carries the statements, notes and audit opinion only - none of the narrative parts of the yuho (business overview, risks, MD&A, governance). The Japanese 有価証券報告書 for the year to March 2026 was filed 30 June 2026 and has no English counterpart yet. Financial statements only.
確認メモ（原文・英語）There are four reportable segments: Electronic Components, Information Equipment, Software and Others. Every English tanshin has the segment note with net sales (external and intersegment) and segment income for both periods, a note on the adjustment, and a narrative by segment (e.g. Q1 FY2027/3 total segment income ¥8,460m). The English Excel/PDF data file defines each segment's business, for example 'Development, manufacture and sale of semiconductors, general electronic components ... EMS', and gives five years of sales, income and margin by segment. It also gives a second cut by the MTP segments (Electronic Components, EMS, CSI, Others), each with its own definition. The decks repeat both cuts with forecasts. Every period, definitions stated, so 5.
確認メモ（原文・英語）'Data File FY2026/3 Excel' (.xlsx, 14 May 2026) is in the IR Library > Data File and on the IR top. We read it in the rendered page by fetching the workbook and reading its sheet and sharedStrings XML. It has eight sheets: Front cover, Financial (Full Year), Financial (H1 6 months), Balance Sheet, Business Segment, MTMP Segment, SG&A and Cash Flows. It covers five fiscal years, FY2022/3 to FY2026/3: P&L highlights (net sales, gross profit, SG&A, operating, ordinary and net income, margins), the balance sheet, cash flows (operating, investing and financing, free cash flow, capex, depreciation), and per-share data (EPS, annual and interim dividend, payout ratio, ROE, equity ratio). It also has segment sales and income on both segment definitions. H1 workbooks (Nov 2025) and earlier years back to FY2020/3 are posted too. Five years of all statements with per-share data and segments, so 5.
確認メモ（原文・英語）The full-year FY2027/3 forecast is in English: the Q1 tanshin gives sales ¥660.0bn, OP ¥30.0bn, ordinary ¥30.0bn, net ¥22.0bn and EPS ¥461.61. It sets the revision against the previous forecast (645.0/28.5/28.0/20.0). The text says Shinko Shoji's earnings and the bargain-purchase gain are not yet included and why. The English Q1 deck (28 pp, 13 Aug 2026) adds the reason for the revision ('Q1 progress that exceeded expectations'), the forecast by business segment and by MTP segment, the FX assumption (¥150/US$) and an FX-sensitivity page. The 25 Sep 2026 English notice explains the second upward revision. Forecast with FX and segment assumptions and revisions explained, so 5.
確認メモ（原文・英語）English results for the three months to 30 June 2026 published 13 August 2026, the same period and day as the Japanese first-quarter tanshin; Q2 is not due until 10 November 2026.
確認メモ（原文・英語）The current plan is Medium-Term Management Plan 2027 (FY ending March 2026 to March 2028). Its English deck (18 pp, the same as the Japanese 18) is listed 28 Nov 2024 on both the English and Japanese Earnings Presentations pages, with a version with speaker notes on both sides. It gives the minimum final-year targets: net sales ¥800bn or more, OP ¥36bn or more, ROE 12% or more (equity cost about 10%), organic sales ¥700bn and OP ¥35bn (5.0%). It also gives targets for each segment: Electronic Components ¥400bn/¥16.5bn, EMS ¥230bn/¥13.5bn, CSI ¥55bn/¥4bn, Others ¥15bn/¥1bn. Over ¥100bn of new M&A revenue, the cash allocation (about ¥60bn) and the return policy (payout ratio 30-40%, DOE 4%) complete it. The English MTP page repeats the targets. Complete and same day, so 5.
確認メモ（原文・英語）The English Earnings Presentations page mirrors the Japanese 決算説明会 page item for item: an earnings presentation each quarter on results day (Q1 FY2027/3, 28 pages, 13 August 2026, same page count as the Japanese), and for the briefings the briefing deck, the deck with speaker notes and the Q&A (FY2026/3: 48-page deck, 50-page noted deck, 4-page Q&A; Q3 and H1 Q&As too). Judging from PDF creation dates the English Q&As follow the Japanese by a day or so. Every period with the supplements.
確認メモ（原文・英語）The English IR menu has a dedicated 'Our Business' section, described as 'contents to have investors understand our company'. Its 'About Kaga Electronics' page sets out the 'Strengths of the Kaga Electronics Group': independent electronics trading company, four segments, 8,900 suppliers and 10,700 sales partners, 48 overseas group companies, in-house manufacturing (EMS). The 'Kaga Electronics statistics' page gives figures: employees, sales ¥658.9bn, suppliers, clients, 91 group companies. The section is dedicated and specific, but the strengths are mostly qualitative, some figures are stale (group count as of March 2025), and it is not framed as an investment case with return or market-share numbers. So 4.
確認メモ（原文・英語）The English MTP 2027 deck names the drivers and puts numbers on them. EMS sales go from ¥125bn to ¥230bn (CAGR 22.5%) and segment income from ¥8bn to ¥13.5bn, through 'local production for local consumption' across five regions and the wireless-module business. Electronic Components go from ¥368bn to ¥400bn and income from ¥13.8bn to ¥16.5bn. CSI goes to ¥55bn. M&A is to add over ¥100bn of new business revenue toward the ¥1trn target in FY2028. A growth matrix gives sales by company (Kaga, Kaga FEI, Excel). The FY2026/3 briefing deck (48 pp) and the Q1 FY2027/3 deck follow them with numbers: the Kyoei Sangyo and Shinko Shoji acquisitions, and the new EMS factories in Thailand, Singapore, the US and India. Named drivers with numbers, so 5.
確認メモ（原文・英語）The Japanese Earnings Presentations page posts a 主な質問と回答 (Q&A summary) for most briefings: FY2026/3 (28 May 2026, 3 pp), Q3 (12 Feb 2026), H1 (27 Nov 2025), Q1 (7 Aug 2025), FY2025/3 (22 May 2025), Q3 FY2025/3, H1 (28 Nov 2024), and back to 2023. The English page has a 'Q&A' for every one, with the same listing dates (FY2026/3 English 4 pp, 28 May 2026; Q3 2 pp, 12 Feb 2026; H1 4 pp, 27 Nov 2025; Q1 3 pp, 7 Aug 2025). There is no Q1 FY2027/3 Q&A in either language yet. Both sides' PDFs were created weeks after their listing dates, the English a day after the Japanese (e.g. 18 Jun vs 17 Jun 2026; 16 vs 15 Dec 2025; 24 Oct for both on Q1). Under the listing-date ruling that is same day. An English Q&A for every Japanese one, so 5.
確認メモ（原文・英語）Integrated Report 2025 in English, 70 pages (PDF created December 2025), covering April 2024 - March 2025 per its editorial policy. The Japanese Integrated Report 2026 was published on 15 October 2026 (TDnet notice 8154_20261014550827); the English site still has only the 2025 edition. Complete, one edition behind. (Reason updated 16 Oct 2026; an earlier version said the Japanese was also on 2025.)
確認メモ（原文・英語）The previous plan was MTP 2024 (FY2022-FY2024). The English MTP 2027 deck (p.3, 28 Nov 2024) has 'Review of the Medium-Term Management Plan (FY2022-2024): Quantitative Targets'. It sets the original targets (sales ¥600bn organic / ¥750bn with M&A, OP ¥20bn, ROE 8.5%+), the May 2023 updated outlook (¥608bn, ¥30bn+, 10%+), and the actuals (FY2023/3 ¥542.6bn/¥32.2bn/19.6%) against each other. It explains why: targets reached two years early excluding M&A, then missed because of prolonged inventory adjustment and wage increases. A qualitative-targets review follows. The FY2025/3 English briefing deck (May 2025) repeats the review with the final-year actuals announced 14 May 2025, and the English MTP page gives the final-year results (¥547.7bn, ¥23.6bn, ROE 10.8%). Targets against actuals, with variances explained, so 5.
確認メモ（原文・英語）Corporate Governance Report in English, the TSE filing (32 pages), 'Last Update: June 26, 2026', linked from Corporate Governance > Corporate Governance Report and from the IR library. Current.
確認メモ（原文・英語）The English 58th AGM notice (June 2026) profiles all eight director candidates. Each entry has term of office (e.g. Isao Tsukamoto 58 years), board attendance, career summary, shares held and the reasons for nomination. Each is marked Outside/Independent where it applies (Miyoshi, Hashimoto, Yoshida), with the TSE independence registration noted. The four Audit and Supervisory Committee directors were not up for election. The English Management Members page gives career histories with director-since dates for all twelve directors, including Kawamura, Kitsunai, Sato and Oyanagi. The notice's skills table marks independence for every one of the twelve. Every director, all three elements, so 5.
確認メモ（原文・英語）The English AGM notice (June 2026, p.13) has the 'Table of Officer Structure After Approval of the Proposal and Area of Directors' for all twelve directors, including the Audit and Supervisory Committee members. It covers eight skills: corporate management, global, sales and marketing, legal/risk/compliance, finance and accounting, HR, technology and manufacturing, and IT/digital, plus outside/independent status. The English Management Members page opens with the board skills matrix too. Current, so 5.
確認メモ（原文・英語）The English AGM notice's business report (pp.42-44) sets out the policy for executive directors: fixed monthly cash pay, a performance-linked bonus, and restricted share remuneration (transfer restriction up to 20 years). The bonus is calculated from the degree of achievement of the target values for operating income, ordinary income and profit attributable to owners of parent, which are tied to the MTP. The mix is set by the Nomination and Compensation Committee. FY2026/3 amounts are given by pay type: directors excluding A&SC members ¥853m (fixed 280, performance-linked 546, non-monetary 25; 9 people, outside ¥30m); A&SC directors ¥33m; auditors ¥9m; total ¥895m. Weights among the three KPIs and the target mix are not quantified. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the bonus uses operating income, ordinary income and net profit with no weights. So 4.
確認メモ（原文・英語）Notice of the 58th Ordinary General Meeting in English, 58 pages (PDF created 1 June, electronic provision from 4 June) for the meeting on 25 June 2026 - about three weeks - with the reference documents for the single proposal (election of eight directors, each candidate profiled) and voting deadlines (5:30 p.m. 24 June). But the notice gives the internet voting site as 'https://evote.tr.mufg.jp/ (in Japanese)'. Whole document, Japanese-only voting route.
確認メモ（原文・英語）English Extraordinary Report delivered 29 June 2026 on the 58th AGM: votes for, against and abstentions per director candidate with the approval ratio (e.g. Ryoichi Kado 302,326 for, 93,574 against, 76.35%), on the Shareholders' Meeting page.
確認メモ（原文・英語）There is an English 'Cross-Shareholdings' page under Corporate Governance: 'Status of Shareholdings (as of March 31, 2026)'. It gives the classification criteria, 18 listed issues at ¥3,572m and 45 unlisted at ¥513m, and a per-issue table for both years with holding rationale and cross-holding Y/N (SANKYO ¥970m, SINFONIA ¥618m, Bandai Namco ¥580m and others). It lists issues sold in FY2026/3. The English CG report's Principle 1-4 gives the holding policy and the annual board review, and the FY2026/3 deck and AGM notice give the ¥1,663m gain from 'the reduction of cross-shareholdings'. No reduction target or schedule is stated anywhere in English. Policy, numbers and rationale with no target, so 3.
確認メモ（原文・英語）On the English homepage (taxan.co.jp/en/), 'Investor Relations' in the header navigation is a direct link to ./ir/. Clicking it in the rendered browser landed on https://www.taxan.co.jp/en/ir/. One click, so 5.
確認メモ（原文・英語）We sampled 23 English document links across types and years, and every one opened as an English document (cjk count about 0). Tanshin: Q1 FY2027/3. Decks: Q1 FY2027/3, FY2026/3 briefing with notes, H1 FY2025/3 briefing (2024), FY2023/3 (2023). The MTP 2027 deck and its version with notes. Q&As: FY2026/3 and FY2023/3. Data file PDF and xlsx. Consolidated FS and auditors' report FY2024/3. Integrated Reports 2024 and 2019. Extraordinary report (vote results) 29 Jun 2026. Articles of Incorporation. Corporate Profile (Sep 2026). Releases of 30 Sep, 20 Aug and 4 Aug 2026. One more: the 25 Sep 2026 forecast-revision notice, which the English IR news links at a /jp/ path (8154_20260925540154_P01_.pdf) but which is the English version. All English, so 5.
確認メモ（原文・英語）We checked the same 23 links (tanshin, decks, MTP, Q&As, data files, FS and auditors' report, integrated reports 2019 and 2024, extraordinary report, articles, corporate profile, releases from 2023 to Sep 2026). All loaded. None was dead. So 5.
確認メモ（原文・英語）We rendered the English IR top, IR information archive, Earnings Presentations, IR Library pages (Latest, Earnings Releases, Integrated Report, Consolidated FS, Data File, Management Briefing, Other), Management Policy, MTP, Management Members, Corporate Governance and the Cross-Shareholdings page. We also rendered Latest Business Results (HTML tables), Distribution of Profits and the Our Business pages. All showed their content. The stock widget showed ¥5,350 (2026.10.15). The 'Stock price information' page redirects to Bloomberg, which shows a robot check, but that is a third-party page and doesn't count (ruling). So 5.
確認メモ（原文・英語）The English 'IR information' archive (/en/ir/backno.html) is one dated list with year tabs from 2014 to 2026. It covers tanshin, earnings presentations, briefing material, timely disclosures, the CG report, extraordinary reports and the integrated-report notice, but it is not typed. It also leaves out some types: data files, Q&As, the AGM notice (the English notice of 2 Jun 2026 is on the TDnet list and the Shareholders' Meeting page, not here), and the financial statements. The typed IR Library is split across pages by type. One dated page that is untyped and misses some types, so 4.
確認メモ（原文・英語）The archive goes back many years across types. Earnings presentations run FY2005/3 to FY2027/3, earnings releases FY2009/3 onward, and the consolidated FS with auditors' report FY2007/3 onward. Integrated reports go from 2018 to 2025 and data files from FY2020/3. The IR-information list runs from 2014. Q&As go back to 2023 at least. Several years across types, so 5.
確認メモ（原文・英語）'Contact IR' in the English IR menu opens a dedicated page naming the Investor Relations & Public Relations Department with its own line, +81-3-5657-0106; its email link goes to the site enquiry form's 'Investor Relations/Sustainability/Recruitment/Other' tab. Dedicated IR phone route, obvious from the IR menu. Tanshin contact: Yasuhiro Ishihara, Director, Senior Executive Officer, Head of Administration Headquarters, +81-(0)3-5657-0111.
確認メモ（原文・英語）Listing dates, English against Japanese, every period read. Q1 FY2027/3: tanshin and earnings presentation both 13 Aug 2026 (the English deck PDF was also created 13 Aug). FY2026/3: tanshin, presentation and data file 14 May 2026 on both sides. The briefing deck, the deck with notes and the Q&A are all listed 28 May 2026 on both sides (English deck PDF created 26 May, Japanese 25 May). Q3: 12 Feb 2026 on both. H1 FY2026/3: tanshin, presentation and data file 6 Nov 2025 on both, briefing material 27 Nov 2025 on both. The Japanese TDnet list shows the English tanshin and deck beside the Japanese on each results day. Same day every period, so 5.
確認メモ（原文・英語）Lags, English against Japanese, from the Japanese 決算・適時開示 list, where English and Japanese are listed together. Q1 FY2027/3 tanshin: 13 Aug / 13 Aug = 0. FY2026/3 tanshin: 14 May / 14 May = 0. 58th AGM notice: 2 Jun / 2 Jun = 0. Corporate Governance Report: 26 Jun / 26 Jun 2026 = 0. Annual securities report: Japanese filed 30 Jun 2026, and there is no English. The English 'Consolidated Financial Statements and Independent Auditors' Report' is financial statements only and covers FY2025/3, so it counts as more than 90 (ruling). Sorted 0, 0, 0, 0, >90: the median is 0, so 5.
確認メモ（原文・英語）The Japanese 決算・適時開示 list for 16 Oct 2025 to 16 Oct 2026 has about 40 timely disclosures besides statutory filings, and almost all have a same-day English version listed beside them. These include the forecast revisions (6 Nov 2025, 12 Feb, 13 Aug, 25 Sep 2026), the dividend increase (14 May), the Shinko Shoji tender offer series (15 May to 4 Aug, 9 items) and the Sun-Wa Technos stake. Others: the treasury-share disposals and corrections, the reorganisation and executive-officer changes (12 and 26 Feb), new EMS plants (Singapore, US, India), JPX400, Highlanders and Star seeds. Four Japanese disclosures have no English: 人事異動のお知らせ (24 Jun and 30 Jul 2026), the Kumamoto earthquake support notice (30 Jul) and 「統合レポート2026」の発行について (15 Oct 2026). Two of these are personnel changes. Nearly all same day, a few management-change notices missing, so 4.
確認メモ（原文・英語）We rendered the English homepage, IR top, Disclaimer and 'Using this Website' pages and searched the visible text for machine, automatic, AI or translation notices. There are none and no translation pop-up appears. The disclaimer covers forward-looking statements and investment decisions only. The only precedence language is the AGM notice's 'the original shall prevail', which belongs to R5. So 5.
確認メモ（原文・英語）The AGM notice says it is 'translated from a part of the Japanese original for reference purposes only ... the original shall prevail'. The Q1 tanshin, full-year tanshin, earnings presentation, briefing Q&A and Corporate Governance Report carry no such statement, nor does the IR disclaimer page. Disclaimed on some documents.
Electronics distribution, EMS, M&A and strategic cash-allocation plan
Kaga Electronics set FY2027 growth and ROE targets and a three-year allocation across growth investment and shareholder returns.
時系列と出典（1件・内容は原文）
2024-11-28Plan announced Kaga Electronics set FY2027 growth and ROE targets and a three-year allocation across growth investment and shareholder returns.出典資料1
経営陣が表明したこと
Management targets at least ¥800bn sales, ¥36bn operating income and 12% ROE by FY2027.
Investor question: What acquired-business returns are required to maintain ROE above equity cost? IR preparation: publish purchase price, integration milestones, synergies and ROIC.
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, cash-flow, growth-investment and shareholder-return targets are quantified.
実行の経過を追えるか4／5The plan is underway and an acquisition has been completed, but the final allocation and returns remain pending.
経済性を説明しているか5／5The plan explicitly compares ROE with equity cost and links growth, M&A, payout and DOE.
目標に対する結果を報告しているか時期未到来The FY2027 endpoint is not due.