Updated current analysis and capital cost measures based on TY2027. ROE is 8.6% (FY9\/26), shareholders’ cost of equity estimated at 6.5\u20137.9%, PBR is 1.39x. TY2027 sales target is 45 billion yen + alpha, ROE 11%, ultimate target is BT600\u20132030. Explains dividend policy, share buybacks and cancellations, and strengthened sustainability measures.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","meta":{"Ticker":"","DATE":"","longName":"","company_name_ja":"","fullTimeEmployees":0,"address":"","phone":"","website":"","industry":"","sector":"","regularMarketPrice":0,"financialCurrency":"","marketCap":0,"fiftyTwoWeekLow":0,"fiftyTwoWeekHigh":0,"epsTrailingTwelveMonths":0,"epsForward":0,"bookValue":0,"totalRevenue":0,"OperatingIncome":0,"operatingMargins":0,"NetIncome":0,"profitMargins":0,"ebitda":0,"trailingPE":0,"forwardPE":0,"priceToBook":0,"returnOnEquity":0,"recommendationMean":0,"recommendationKey":"","targetMeanPrice":0,"numberOfAnalystOpinions":0,"analyst_earnings_data":"","dividendRate":0,"dividendYield":0,"payoutRatio":0,"totalEsg":0,"environmentScore":0,"socialScore":0,"governanceScore":0,"title":"","providerPublishTime":"","link":"","longBusinessSummary":"","longBusinessSummary_ja":"","quarterly_revenue":0,"quarterly_net_income":0,"quarterly_operating_profit":0,"enterprise_value":0,"price_fetched_at":"","company_officer_1_name":"","company_officer_1_title":"","company_officer_2_name":"","company_officer_2_title":"","company_officer_3_name":"","company_officer_3_title":"","company_officer_4_name":"","company_officer_4_title":"","company_officer_5_name":"","company_officer_5_title":"","company_officers_update_time":"","get_dividend_history_year1":0,"get_dividend_history_year2":0,"get_dividend_history_year3":0,"get_dividend_history_year4":0,"get_dividend_history_year5":0,"get_dividend_history_year6":0,"get_dividend_history_year7":0,"get_dividend_history_year8":0,"get_dividend_history_year9":0,"get_dividend_history_year10":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jir_stock_code":"8151","jir_company_name":"TOYO Corporation","jir_importance":"\u2605\u2605\u2605\u2605\u2606","jir_publication_date":"2026-11-11","jir_source_link":"https:\/\/japanir.jp\/wp-content\/uploads\/2026\/11\/8151-20261111-03.pdf","jir_short_summary":"Updated current analysis and capital cost measures based on TY2027. ROE is 8.6% (FY9\/26), shareholders' cost of equity estimated at 6.5\u20137.9%, PBR is 1.39x. TY2027 sales target is 45 billion yen + alpha, ROE 11%, ultimate target is BT600\u20132030. Explains dividend policy, share buybacks and cancellations, and strengthened sustainability measures.","jir_summary":"### Key Points of Financial and Capital Strategy\nThe current analysis presents measures to restrain factors that raise the cost of shareholders' equity while ROE is improving. Through the TY2027 medium-term plan, the policy is to balance growth investment with the optimization of capital efficiency. The growth strategy includes M&A, new businesses, and overseas expansion, emphasizing effective use of external funds, proactive growth investments, and enhanced shareholder returns.\n\n### Execution of Shareholder Returns and Capital Policy\nWill execute share buybacks and cancellations flexibly. Introduces DOE to establish a stable dividend policy and presents a long-term policy of increasing dividends. During TY2027, in addition to expanded shareholder benefits and cash dividends, will use treasury shares to address dilution and improve capital efficiency.","jir_financial_highlights":"ROE: 8.6% (FY9\/26)\nShareholders' cost of equity: 6.5\u20137.9% (Estimate based on CAPM and inverse PER as of end-FY9\/26)\nPBR: 1.39x (End-FY9\/25 1.23x)\n TY2027 Sales: 45 billion yen + alpha (Final year projection)\nTY2027 ROE: 11.0% (FY9\/27)","jir_category":"","jir_hashtags":"#ShareBuybacksAndShareholderReturns, #CapitalPolicyAndCapitalEfficiency, #TY2027, #SustainabilityManagement","jir_key_figures":"ROE: 8.6% (FY9\/26)\nShareholders' cost of equity: 6.5\u20137.9% (estimate as of end-FY9\/26)\nPBR: 1.39x (end-FY9\/26, improved from 1.23x)","jir_meta_title":"TOYO Corporation \u2014 Update on Management Conscious of Capital Costs and Share Price | November 2026","jir_meta_description":"Summary of TOYO Corporation's current analysis and updates on management conscious of capital costs and share price. Covers ROE improvement, shareholders' cost of equity, PBR trends, TY2027 growth strategy, capital policy, dividend policy, and share buyback details.","jir_og_title":"TOYO Corporation Update on Management Conscious of Capital Costs and Share Price","jir_og_description":"Initiatives under TY2027 aiming to improve ROE and capital efficiency. Explains capital policy combining share buybacks and cancellations, stable dividends, and strengthened sustainability.","jir_og_image_url":"\/assets\/og\/company-capital_update.jpg","jir_chart_data_collection":"[{\"jir_chart_id\": \"roe_trend\", \"jir_chart_type\": \"line\", \"jir_chart_title\": \"ROE Trend\", \"jir_chart_json_data\": \"{\\\"type\\\":\\\"line\\\",\\\"data\\\":{\\\"labels\\\":[\\\"21\/9\\\",\\\"22\/9\\\",\\\"23\/9\\\",\\\"24\/9\\\",\\\"25\/9\\\",\\\"26\/9\\\",\\\"27\/9\\\"],\\\"datasets\\\":[{\\\"label\\\":\\\"ROE\\\",\\\"data\\\":[5.8,6.5,5.3,9.0,4.3,8.6,11.0]}]},\\\"options\\\":{}}\"}, {\"jir_chart_id\": \"pb_r_trend\", \"jir_chart_type\": \"line\", \"jir_chart_title\": \"Shareholders' Cost of Equity Trend\", \"jir_chart_json_data\": \"{\\\"type\\\":\\\"line\\\",\\\"data\\\":{\\\"labels\\\":[\\\"21\/9\\\",\\\"22\/9\\\",\\\"23\/9\\\",\\\"24\/9\\\",\\\"25\/9\\\",\\\"26\/9\\\",\\\"27\/9\\\"],\\\"datasets\\\":[{\\\"label\\\":\\\"Shareholders' cost of equity\\\",\\\"data\\\":[6.5,6.5,6.0,6.0,6.9,7.0,7.9]}]},\\\"options\\\":{}}\"}, {\"jir_chart_id\": \"pbr_trend\", \"jir_chart_type\": \"line\", \"jir_chart_title\": \"PBR Trend\", \"jir_chart_json_data\": \"{\\\"type\\\":\\\"line\\\",\\\"data\\\":{\\\"labels\\\":[\\\"'25\/9\\\",\\\"'26\/9\\\",\\\"'27\/9\\\"],\\\"datasets\\\":[{\\\"label\\\":\\\"PBR\\\",\\\"data\\\":[1.23,1.39,1.39]}]},\\\"options\\\":{}}\"}, {\"jir_chart_id\": \"sales_goal\", \"jir_chart_type\": \"bar\", \"jir_chart_title\": \"TY2027 Sales Target\", \"jir_chart_json_data\": \"{\\\"type\\\":\\\"bar\\\",\\\"data\\\":{\\\"labels\\\":[\\\"2025\/9\\\",\\\"2026\/9\\\",\\\"2027\/9\\\"],\\\"datasets\\\":[{\\\"label\\\":\\\"Sales\\\",\\\"data\\\":[325.5,383.7,450]}]}}\"}, {\"jir_chart_id\": \"operating_profit_trend\", \"jir_chart_type\": \"bar\", \"jir_chart_title\": \"Operating Profit Trend\", \"jir_chart_json_data\": \"{\\\"type\\\":\\\"bar\\\",\\\"data\\\":{\\\"labels\\\":[\\\"2025\/9\\\",\\\"2026\/9\\\",\\\"2027\/9\\\"],\\\"datasets\\\":[{\\\"label\\\":\\\"Operating Profit\\\",\\\"data\\\":[19.1,35.1,45]}]}}\"}, {\"jir_chart_id\": \"roa_utilization\", \"jir_chart_type\": \"bar\", \"jir_chart_title\": \"Relationship Between ROE and PER\", \"jir_chart_json_data\": \"{\\\"type\\\":\\\"bar\\\",\\\"data\\\":{\\\"labels\\\":[\\\"'25\/9\\\",\\\"'26\/9\\\",\\\"'27\/9\\\"],\\\"datasets\\\":[{\\\"label\\\":\\\"PBR\\\",\\\"data\\\":[1.23,1.39,1.39]}]}}\"}]","ir_related_company":17524,"ir_release_date":"","ir_type":"","ir_is_new":false,"ir_document_url":"","jir_ir_type":"business_update","footnotes":""},"sector":[],"importance":[],"class_list":["post-149811","ir_release","type-ir_release","status-publish","hentry"],"yoast_head":"\n