ADRによる再建が終了したことにより、今後は復配を目指すことになるが、同社は将来的に株主還元に積極的に取り組む意向を示している。■ Outlook and Challenges:
One of the major expectations for Kodama Chemical Industry ＜4222＞ in its future business is the development of automotive parts using the fiberglass mat press new method as a substitute for metal and the expansion into the highly decorative field using the 3D decoration method.
The new product of the fiberglass mat press new method was adopted as a metal substitute material for the rear seat structure of Toyota Motor's "Lexus LS", which not only demonstrates the high level of technology but also increases the trust in the product. The fiberglass mat press new method is expected to hybridize with carbon fiber, which is also expected to meet the needs of the automotive industry as well as other fields apart from automobiles, making it a promising source of revenue. In addition, the 3D decoration method is widely adopted in the highly decorative field.
With the completion of the rebuilding process through ADR, the company will now focus on resuming dividends and has indicated its intention to actively pursue shareholder returns in the future.
In June 2022, the company formulated the medium-term management plan "KCI2025", with the final year of the plan aiming to achieve consolidated revenue of 2,250 billion yen and consolidated operating profit of 22,500 billion yen by the end of the fiscal year 2026.
The main initiatives include expanding the market area, acquiring new customers, and entering new components in the mobility business, expanding the customer base, expanding new area products, and entering the original product market in the living space business, and expanding new composite material products, expanding into the medical and nursing care market, and expanding new environmentally friendly products in the advanced & essential business.
However, due to significant changes in the business environment, such as the domestic housing facilities market and the market in Thailand that were assumed at the time of the plan formulation, the company plans to revise and rebuild the plan. In particular, it was a miscalculation that the new products, which were the trump card for improving the profit structure, were delayed by 1 to 1.5 years. However, successful mass production has been achieved, and it is expected to support the company's foundation in the near future. We look forward to the content and progress of the updated medium-term management plan.
(Written by FISCO guest analyst Fumiya Mizuno)
