东曹在新中期管理计划中大幅扩大股东回报

Investment Rating - The investment rating for Tosoh is Equal-weight [4]. Core Insights - Tosoh has released a new medium-term management plan (MTP) for F3/26-28, targeting an operating profit (OP) of ¥140 billion for the final year, with a guidance of ¥108 billion for F3/26. The previous MTP aimed for ¥150 billion in F3/25, but the actual result was ¥98.9 billion [1][4]. - The company plans to invest between ¥220 billion and ¥250 billion over the next three years, focusing on expanding earnings in high-performance materials and strengthening the revenue base of its chain business [1]. - Tosoh has revised its shareholder return policy, increasing the total return ratio from 30% to 50%, with a dividend per share (DPS) floor of ¥100 and plans for share buybacks if the payout ratio falls below 50%. An additional ¥50 billion is allocated for share buybacks over the next three years [1]. Summary by Sections Financial Performance - The operating profit target for F3/28 is set at ¥140 billion, with the previous year's actual result being ¥98.9 billion, indicating a significant shortfall in the chlor-alkali and specialty products businesses [1]. Capital Investment - Tosoh's capital investment plans for the next three years range from ¥220 billion to ¥250 billion, slightly above the previous plan's total of ¥221.8 billion [1]. Shareholder Returns - The company has shifted its shareholder return policy to a total return ratio of 50%, with a DPS floor of ¥100 and plans for share buybacks if the payout ratio drops below 50%. Up to ¥50 billion will be allocated for share buybacks over the next three years [1].