Fuji Spinning HD Research Memo (10): Promoting efforts from four perspectives towards realizing "management conscious of capital cost and stock price".

Fisco Japan · Jun 10 12:30

■富士紡ホールディングス＜3104＞の中期経営計画

5. 資本効率の目標と実績

中期経営計画「増強21-25」では「資本効率重視」の経営を進めている。資本コスト（日本企業はおおむね8%）を意識して、最終年度目標：「営業利益率16.7%、ROE・ROIC10%以上」を設定している。中計2、3年目は、半導体不況の影響を受け、自己資本比率以外の目標は未達であった。2025年3月期は半導体市場の緩やかな回復基調により収益面の回復並びにROE・ROICの改善が見込まれる。また、2024年3月期PBR（株価純資産倍率）は、第4四半期決算発表後の株価上昇もあり、同年1月以降は1倍を上回っている（過去5年平均1.05）。これは東京証券取引所（以下、東証）のプライム市場向け「PBR改善要請（PBR1倍以上）」をクリアしている。

6. 「資本コストや株価を意識した経営」の実現

東証は、2023年3月に上場企業に対し、「資本コストや株価を意識した経営の実現に向けた対応について」を要請した。要請に基づき対応策を開示している企業の一覧表を公表するなど、企業の取り組みを後押ししている。また、先行き不透明な時代において、『資本効率』や『資本コスト』を重視する企業が増えており、株主や金融機関をはじめステークホルダーや投資家からも注目されている。

同社では「資本コストや株価を意識した経営」の実現について、まず、“PBR向上＝ROE・ROIC改善×PER向上”と定義している。そして、1) 「成長投資の推進」、2) 「ROIC経営の実践」、3) 「情報開示の強化」、4) 「株主還元を重視」の4つの視点で取り組みを進めている。『資本効率』重視の経営の肝となるのは「成長投資の推進」である。特に、最先端半導体分野で研磨材（ソフトパッド）の開発競争で勝ち残っていくためには高水準の研究開発投資を実践継続し、迅速な投資回収と次の成長投資につなげる、いわゆる“キャッシュ・フロー循環”を確立することが肝要であると弊社では考えている。

（執筆：フィスコ客員アナリスト　清水啓司）

■Fujibo Holdings' Mid-Term Management Plan ＜3104＞

5. Capital efficiency goals and performance

In the medium-term management plan “Enhancement 21-25,” we are promoting management with an “emphasis on capital efficiency.” Aware of capital costs (roughly 8% for Japanese companies), we have set a target for the final year: “operating profit margin of 16.7%, ROE/ROIC of 10% or more.” The second and third year of the mid-term total was affected by the semiconductor recession, and targets other than capital adequacy ratios were not achieved. The fiscal year ending 2025/3 is expected to recover in terms of earnings and improve ROE/ROIC due to a moderate recovery trend in the semiconductor market. Also, the PBR (stock price net asset ratio) for the fiscal year ending 2024/3 has exceeded 1 times since January of the same year due to stock price increases after the announcement of financial results for the fourth quarter (average 1.05 for the past 5 years). This has cleared the “PBR improvement request (PBR 1 times or more)” for the prime market of the Tokyo Stock Exchange (hereafter, Tokyo Stock Exchange).

6. Realization of “management that is conscious of capital costs and stock prices”

The Tokyo Stock Exchange requested “responses aimed at realizing management that is conscious of capital costs and stock prices” from listed companies in 2023/3. It supports corporate efforts, such as publishing a list of companies that have disclosed countermeasures based on requests. Also, in an age where the future is uncertain, the number of companies that place importance on “capital efficiency” and “cost of capital” is increasing, and it is attracting attention from stakeholders and investors, including shareholders and financial institutions.

The company first defines the realization of “management that is conscious of capital costs and stock prices” as “PBR improvement = ROE/ROIC improvement × PER improvement.” Furthermore, we are proceeding with initiatives from the four perspectives of 1) “promotion of growth investment,” 2) “implementation of ROIC management,” 3) “strengthening information disclosure,” and 4) “focusing on shareholder returns.” The key to management that emphasizes “capital efficiency” is “promotion of growth investment.” In particular, in order to remain victorious in the development competition for abrasives (soft pads) in the cutting-edge semiconductor field, we believe it is essential to continue implementing high-level research and development investments and establish a so-called “cash flow cycle” that leads to quick return on investment and the next growth investment.

(Written by FISCO Visiting Analyst Keiji Shimizu)

The translation is provided by third-party software.

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富士紡ＨＤ Research Memo（10）：「資本コストや株価を意識した経営」の実現に向け4つの視点で取り組みを推進

Fuji Spinning HD Research Memo (10): Promoting efforts from four perspectives towards realizing "management conscious of capital cost and stock price".

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