Major Portfolio Companies and Our Proposals
Through constructive and friendly dialogs with top management of portfolio companies, we aggressively propose measures to unlock, create, and enhance their corporate value. (Some of the companies below are already exited.)
** indicate Japanese contents.
Murakami (7292) – Manufactures rear view mirrors for automobiles.
| Value Unlocking |
| Holding analyst meetings Utilizing IR service company to make and issue analyst reports Disclosing mid-term business plans and KPIs Splitting shares Listing to TSE 1st section Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs |
| Value Creation |
| Enhancing strategic alliances for mirrorless automobiles Introducing stock-based management and employee incentive plans Reducing cost of capital (improving ROE by share buybacks/retirement, dividend increase, etc.) |
Feb 9, 2018 Announced dividend increase. [click]**
Nov 9, 2018 Announced dividend increase. [click]**
Mar 19, 2019 Announced dividend increase. [click]**
Mar 19, 2019 Announced share buybacks. [click]**
May 10, 2019 Announced increase in the number of independent outside directors. [click]**
Nov 5, 2019 Announced dividend increase. [click]**
May 14, 2020 Announced dividend increase. [click]**
Nov 11, 2020 Announced share buybacks. [click]**
Apr 28, 2021 Announced increase in the number of independent outside directors. [click]**
Chugoku Marine Paints (4617) – Produces ship-bottom paints for marine ships.
| Value Unlocking |
| Holding analyst meetings Disclosing mid-term business plans and KPIs Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Enhancing repair business and offshore structures business Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Abolishing takeover defense measures Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
May 8, 2018 Disclosed in-company mid-term business plan and KPIs to the public for the first time. [click]**
May 8, 2018 Announced introduction of a “Restricted Stock Compensation Plan”. [click]**
May 8, 2018 Announced abolishment of takeover defense measures. [click]**
May 8, 2018 Announced share buybacks. [click]**
May 8, 2018 Announced dividend increase. [click]**
July 4, 2018 Held its first-ever analyst meeting. [click]
May 9, 2019 Announced share buybacks. [click]**
July 31, 2018 Announced share buybacks. [click]**
Suncall (5985) – Manufactures high precision parts such as engine valve springs and suspension for HDD.
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Utilizing IR service company to make and issue analyst reports Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs |
| Value Creation |
| Strengthening partnership with Itochu Corporation (8001) Selection and concentration of business Introducing stock-based management incentive plans instead of stock option plans Abolishing takeover defense measures Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
May 13, 2016 Announced mid-term business plan and KPIs. [click]**
May 13, 2016 Announced introduction of new management incentive plans. [click]**
Feb 13, 2019 Clarified in the financial statements that they held IR meetings for individual investors. [click]**
May 15, 2019 Announced new mid-term business plan and KPIs. [click]
May 15, 2019 Announced dividend increase. [click]**
May 15, 2019 Announced establishment of Nomination and Compensation Advisory Boards. [click]**
May 15, 2019 Announced appointment of representative director of a person from ITOCHU Corporation (8001). [click]**
Oct 23, 2019 Announced share buybacks. [click]**
Hagihara Industries (7856) – Manufactures flat yarns (synthetic fibers) related products such as water tank liners, twill weave cloths and slitter machines.
| Value Unlocking |
| Disclosing KPIs of mid-terms business plan Uploading various presentation materials to website Splitting shares Formulating and disclosing pay-out policy |
| Value Creation |
| Strengthening overseas business development Introducing stock-based management and employee incentive plans (restricted stock etc.) Reducing cost of capital (improving ROE) by buying back and cancelling stocks and/or increasing dividends |
Sept 11, 2017 Announced share splitting. [click]**
Dec 11, 2017 Announced introduction of stock-based management incentive plans. [click]**
Dec 18, 2017 Announced an outright acquisition of EPC Holdings, an overseas distribution agent in Singapore. [click]**
May 22, 2018 Announced an outright acquisition of Toyo Heisei Polymer, manufacturing packaging material made of synthetic resins. [click]**
June 13, 2018 Started disclosing analyst meeting presentation materials on its website. [click]**
Dec 9, 2019 Clarified KPIs (total asset turnover, ROE etc.) in the new medium-term management plan. [click]**
Dec 9, 2019 Announced dividend increase. [click]**
SEMBA (6540) – Plans, designs, constructs and supervises commercial facilities.
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Utilizing IR service company to make and issue analyst reports Changing Japanese corporate name to “SEMBA” Asking major shareholders to release part of their shares to the market Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Strengthening overseas business development Enhancing recurring business Introducing stock-based management and employee incentive plans Being exempted from the application of taxation on retained earnings in family businesses Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Nov 22, 2018 Announced to offer an off-floor distribution of its shares held by a major shareholder. [click]**
Feb 14, 2019 Disclosed mid-term business plan and KPIs to the public. [click]**
Feb 14, 2019 Set and disclosed ROE target (10% or more) in the mid-term business plan. [click]**
Feb 14, 2019 Set and disclosed dividend payout ratio target (50%) in the mid-term business plan. [click]**
Mar 4, 2019 Announced introduction of a Restricted Stock Compensation Plan. [click]**
Feb 14, 2020 Announced dividend increase. [click]**
Fukuvi Chemical Industry (7871) – Manufactures plastic extrusion products for construction and industrial uses.
| Value Unlocking |
| Holding analyst meetings in Tokyo (with more comprehensible business segment names) Utilizing IR service company to make and issue analyst reports Disclosing quantitative mid-term business plans including KPIs Listing to TSE 1st section Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Improving capital relations with the top shareholder to avoid conflict of interest Outright acquiring consolidated subsidiary companies Strengthening overseas business development Introducing stock-based management and employee incentive plans Abolishing takeover defense measures Enhancing corporate governance (selling cross-held shares, increasing independent directors etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Mar 19, 2019 Held the 1st company tour for shareholders. [click]**
Apr 25, 2019 Announced dividend increase. [click]**
May 14, 2019 Announced the abolition of takeover defense measures. [click]**
May 14, 2019 Announced introduction of a Restricted Stock Compensation Plan. [click]**
June 19. 2019 Announced holding an IR meeting for individual investors. [click]**
Nov 12, 2019 Announced share buybacks. [click]**
Nippon Pillar Packing (6490) – Manufactures industrial-type mechanical seals and fluorine resin products.
| Value Unlocking |
| Holding analyst meetings Disclosing mid-term business plans and KPIs Formulating and disclosing pay-out policy |
| Value Creation |
| Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Abolishing takeover defense measures Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Nov 30, 2015 Held its first-ever analyst meeting. [click]**
Dec 1, 2015 Announced share buybacks. [click]**
June 5, 2017 Disclosed in-company mid-term business plan and KPIs to the public for the first time. [click]**
PLANT (7646)** – Operates supercenters, similar to Walmart or Target, mainly in rural areas in Japan.
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Utilizing TSE’s “Timely Disclosure” system to announce monthly sales Utilizing IR service company to make and issue analyst reports Introducing attractive stockholder benefit programs |
| Value Creation |
| Accelerating new store development Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) |
Jan 29, 2016 Announced introduction of stockholder benefit programs. [click]**
Oct 28, 2016 Announced mid-term business plan including opening new stores. [click]**
Oct 28, 2016 Announced introduction of a Restricted Stock Compensation Plan. [click]**
Jan 10, 2017 Announced issue of new shares and conditions to lift transfer restrictions for restricted stock. [click]**
Toyo Kanetsu (6369) – Manufactures oil / LNG tanks and distribution systems for airports and online retailers.
| Value Unlocking |
| Holding analyst meetings Disclosing mid-term business plans and KPIs Introducing attractive stockholder benefit programs |
| Value Creation |
| Developing distribution system business overseas Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
May 12, 2016 Announced mid-term business plan and KPIs (FY2016 to FY2018). [click]**
May 26, 2016 Held its first-ever analyst meeting. [click]**
Nov 11, 2016 Announced new capital policies including a total shareholder return ratio of 100% or more. [click]**
Nov 11, 2016 Announced share buybacks of 9.7% of the number of shares issued. [click]**
Misawa Homes (Unlisted) – Home builder that designs, constructs, and sells homes under the name of Misawa Home.
| Value Unlocking |
| Utilizing IR service company to make and issue analyst reports Disclosing mid-term business plans and KPIs Formulating and disclosing pay-out policy |
| Value Creation |
| Strengthening partnership with Toyota group Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
May 13, 2016 Announced a dispatch of its representative director to Toyota Home to strengthen collaboration. [click]**
Oct 20, 2016 Announced sales of 77 houses in Chiba Newtown, which co-developed with Toyota Home. [click]**
Nov 22, 2016 Announced that Toyota Home would acquire 51% ownership to strengthen partnership. [click]**
May 9, 2017 Announced that vice president Mr. Ishogai (ex-directors of Toyota Motor & Toyota Home) would become president. [click]**
May 9, 2019 Announced that the company would become a wholly owned subsidiary of Toyota Home. [click]**
Odawara Engineering (6149) – Manufactures automatic coil winding machines.
| Value Unlocking |
| Holding analyst meetings Disclosing mid-term business plans and KPIs Utilizing IR service company to make and issue analyst reports Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs |
| Value Creation |
| Strengthening relations with subsidiaries to create greater synergies Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Feb 10, 2016 Announced an outright acquisition of Royal Electric, its listed affiliate company. [click]**
Aug 10, 2016 Announced an upward revision of its consolidated earnings forecast. [click]**
Feb 14, 2018 Announced introduction of stock-based management incentive plans. [click]**
Musashi (7521) – Manufactures money handling and election system equipment.
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Listing to TSE 1st section Splitting shares Increasing dividends / Formulating and disclosing pay-out policy |
| Value Creation |
| Selling money handling units to outside manufactures Enhancing recurring business Creating business synergies by M&As Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Feb 21, 2017 Announced dividend increase (the highest full-year dividend amount). [click]**
June 6, 2017 Announced an outright acquisition of a sub-subsidiary of Fujifilm, manufacturing pressure-sensitive paper and thermal printers. [click]**
Seibu Electric & Machinery (6144) – Manufactures automated warehousing systems, valve actuators and ultra-precision wire electrical discharge machines.
| Value Unlocking |
| Holding analyst meetings (twice a year) Disclosing KPIs of mid-term business plans Utilizing IR service company to make and issue analyst reports Listing to TSE 1st section Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs |
| Value Creation |
| Strengthening partnership with Yaskawa Electric Corp. Strengthening overseas business development Introducing stock-based management and employee incentive plans Reducing cost of capital (improving ROE) |
Feb 13, 2018 Announced introduction of stockholder benefit programs. [click]**
May 15, 2018 Announced dividend increase. [click]**
Mar 12, 2019 Announced dividend increase. [click]**
Mar 17, 2020 Announced to start considering introduction of performance-linked stock-based management incentive plans. [click]**
May 15, 2020 Announced dividend increase. [click]**
May 21, 2020 Announced introduction of performance-linked stock-based management incentive plans. [click]**
Ainavo Holdings (7539)** – Sells and installs housing fixtures such as tiles, bathroom equipment and air conditioning equipment.
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Listing to TSE 1st or 2nd section Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Creating business synergies by M&As Strengthening and expanding overseas business Introducing stock-based management and employee incentive plans Enhancing corporate governance (increasing independent directors etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Aug 8, 2018 Announced introduction of stockholder benefit programs. [click]**
Sept 21, 2018 Announced an outright acquisition of Imamura, selling and installing housing fixtures. [click]**
Nov 14, 2019 Announced dividend increase. [click]**
Dec 12, 2019 Clarified KPIs (ROE etc.) in the new medium-term management plan. [click]**
Airtech Japan (6291) – Manufactures total clean air system such as clean room, air shower and biohazard system.
| Value Unlocking |
| Holding analyst meetings Utilizing IR service company to make and issue analyst reports Disclosing mid-term business plans and KPIs Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs |
| Value Creation |
| Developing other uses for its clean air system technology Introducing stock-based management and employee incentive plans Increasing independent outside directors Reducing cost of capital (improving ROE by share buybacks/retirement, dividend increase, etc.) |
Feb 2, 2018 Announced dividend increase. [click]**
Feb 6, 2019 Announced dividend increase. [click]**
Graphite Design (7847)** – Manufactures carbon fiber reinforced shafts for golf clubs.
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Utilizing IR service company to make and issue analyst reports Listing to TSE 1st or 2nd section Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Strengthening overseas business development Forming business partnerships with auto parts manufacturers Introducing stock-based management and employee incentive plans Enhancing corporate governance (increasing independent directors etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Jan 31,2019 Announced dividend increase. [click]**
Apr 12, 2019 Announced introduction of a Restricted Stock Compensation Plan. [click]**
Nishikawa Rubber (5161) – Manufactures weather stripping for automobiles.
| Value Unlocking |
| Holding analyst meetings Disclosing mid-term business plans and KPIs Utilizing IR service company to make and issue analyst reports Listing to TSE 1st section Splitting shares |
| Value Creation |
| Outright acquiring Thailand and US subsidiaries Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Abolishing takeover defense measures Considering selling (some of) Daikyonishikawa (4246) shares Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
May 10,2019 Announced dividend increase. [click]**
May 15, 2020 Announced introduction of a Restricted Stock Compensation Plan. [click]**
Yamato (1967)** – Designs and builds air-conditioning and sanitation facilities.
| Value Unlocking |
| Holding analyst meetings Utilizing IR service company to make and issue analyst reports Disclosing mid-term business plans and KPIs Asking major shareholders to release part of their shares to the market Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs |
| Value Creation |
| Strengthening partnership with Takasago Thermal Engineering (1969) Introducing stock-based management and employee incentive plans Enhancing corporate governance (selling cross-held shares, increasing independent directors etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Apr 26, 2019 Announced dividend increase. [click]**
Aug 28, 2019 Announced share buybacks. [click]**
Oct 30, 2019 Announced share buybacks. [click]**
Apr 28, 2020 Announced dividend increase. [click]**
Aug 26, 2020 Announced share buybacks. [click]**
Sanko Techno (3435) – Manufactures industrial use anchors, hydraulic power tools and alcohol breath checker.
| Value Unlocking |
| Disclosing KPIs of mid-term business plans Listing to TSE 1st section Formulating and disclosing pay-out policy Improving stockholder benefit programs |
| Value Creation |
| Introducing potential clients (solar power products) Spurring new business creation and developing overseas business by M&As Introducing management and employee incentive plans (restricted stock, stock options, ESOP etc.) Reducing cost of capital (improving ROE) by buying back and cancelling stocks and/or increasing dividends |
Feb 19, 2020 Announced share buybacks. [click]**
May 20, 2020 Announced introduction of a Restricted Stock Compensation Plan. [click]**
IR Japan Holdings (6035) – Provides unique consulting services on relationships with shareholders and investors such as shareholder search services.
| Value Creation |
| Reducing founder/CEO’s equity stake and exempted from the application of taxation on retained earnings in small and medium-sized family businesses |
Suzumo Machinery (6405) – Manufactures rice processing machinery and automated robots mainly for the sushi industry.
| Value Unlocking |
| Setting KPIs such as dividend payout ratio targets in mid-term business plans Utilizing multiple IR service companies to make and issue analyst reports Holding IR meetings for overseas investors Splitting shares Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Strengthening branding Strengthening overseas business development by M&As Introducing stock-based management and employee incentive plans Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Kimura Chemical Plants (6378) – Constructs machinery and parts for nuclear power plants and chemical facilities.
| Value Unlocking |
| Holding analyst meetings Utilizing IR service company to make and issue analyst reports Disclosing mid-term business plans and KPIs Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Strengthening overseas business development by M&As Abolishing takeover defense measures Enhancing corporate governance (selling cross-held shares, increasing independent directors etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Maruhachi Holdings (3504)** – Manufactures Japanese-style bedding and living supplies.
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Utilizing IR service company to make and issue analyst reports Listing to TSE 1st or 2nd section Asking major shareholders to release part of their shares to the market Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Developing cross-selling businesses by M&As Developing new products Introducing stock-based management and employee incentive plans Enhancing corporate governance (increasing independent directors etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Uchida Esco (4699) – Provides one-stop services from ICT platform design to maintenance. An affiliate of Uchida Yoko (8057).
| Value Unlocking |
| Disclosing mid-term business plans and KPIs Splitting shares Listing to TSE 1st or 2nd section Formulating and disclosing pay-out policy Introducing attractive stockholder benefit programs Holding IR meetings for individual investors |
| Value Creation |
| Strengthening partnership with Uchida Yoko Spurring new business creation by M&As Introducing stock-based management and employee incentive plans Enhancing corporate governance (increasing independent directors etc.) Reducing cost of capital (improving ROE) by share buybacks and/or dividend increases |
Nicca Chemical (4463) – Produces active surface agents mainly used for processing textiles and hair care cosmetics.
| Value Unlocking |
| Utilizing IR service company to make and issue analyst reports |
| Value Creation |
| Actively utilizing treasury stock |