Under the premise of growth investment in semiconductor-related areas, optimize capital structure and aim for a total return orientation of over 100%. Currently focusing on improving capital efficiency and strengthening balance sheet management with a target equity ratio of 50\u201360%. Maintain a stable and growing dividend policy. 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Currently focusing on improving capital efficiency and strengthening balance sheet management with a target equity ratio of 50\u201360%. Maintain a stable and growing dividend policy. Present cash allocation for the fiscal year ending March 2026 and implement strategic investments utilizing capital business alliance.","jir_summary":"### Key points of financial and capital strategy\nThis document explains the current analysis and updates toward realizing management mindful of capital cost and stock price. It outlines growth strategy through strengthening overseas sales power centered on the semiconductor division and improving gross margin, while promoting balance sheet management to converge the equity ratio to the 50%\u201360% range. It states the policy to keep the total return orientation above 100% and to balance active shareholder return with capital strategy. Specifically, as a financial and capital strategy, it promotes the use of interest-bearing debt and implements cash allocation aimed at shrinking cash and deposits.\n\n### Outlook and impact\nAgainst the backdrop of semiconductor market expansion and overseas sales channels growth, the aim is to improve sales and profitability margins. Aims to enhance ROE and sustain shareholder returns to elevate stock price valuation, balancing growth strategies in the fourth mid-term management plan with reduced capital cost. It promotes strategic investments including capital partnerships and, through cash allocation from fiscal year ending March 2026 onward, seeks to improve capital efficiency.","jir_financial_highlights":"Equity ratio: Unknown (Converge to the target range of 50%\u201360%)\nTotal return orientation: Over 100% (Target over 100% cumulatively for three years)\nDividend per share: 180 yen (Assuming cumulative total return orientation over 100% for three years)\nCash and deposits: Unknown (Declined in the fiscal year ending March 2026 but with room to compress)","jir_category":"","jir_hashtags":"#StellaChemifa, #CapitalPolicy, #TotalReturnOrientation, #ShareholderReturns","jir_key_figures":"Equity ratio target range: 50%\u201360%\nTotal return orientation: target over 100% cumulatively for three years\nDividend per share: 180 yen","jir_meta_title":"Stella Chemifa \u2014 Update toward realizing capital-cost- and stock-price-conscious management | August 2026","jir_meta_description":"Stella Chemifa updates its efforts toward realizing management mindful of capital cost and stock price. Strengthening balance sheet management, total return orientation exceeding 100%, and equity ratio target of 50\u201360% are set. Explains growth investments in the semiconductor business and shareholder return policy.","jir_og_title":"Stella Chemifa Capital Policy Update | August 2026","jir_og_description":"Stella Chemifa's capital policy update focusing on growth investments centered on semiconductors and improving capital efficiency. Aiming for total return orientation above 100% and an equity ratio of 50\u201360%.","jir_og_image_url":"\/assets\/og\/company-general_ir.jpg","jir_chart_data_collection":"[]","ir_related_company":17176,"ir_release_date":"","ir_type":"","ir_is_new":false,"ir_document_url":"","jir_ir_type":"capital_policy","footnotes":""},"sector":[],"importance":[],"class_list":["post-96429","ir_release","type-ir_release","status-publish","hentry"],"yoast_head":"\n