HAGIHARA INDUSTRIES INC. (7856 JP) RESEARCH UPDATE – 16 JANUARY 2024

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HAGIHARA INDUSTRIES (7856 JP)
BARC HIP CONT INUE S T O LEAD GROWT H. T OTA L SHA RE HOLDER RE T URN ON AD JUST E D FY 23 E PS REACHE D 92 %FY23 RESULTS UPDATE
Hagihara Industries (7856 JP) reported FY23 (Oct year-end) earnings results on
11 December 2023 with operating profit [OP] of ¥1,979mil (+43.7% YoY) on salesof ¥31,245mil (+4.3% YoY). Sales were largely in line with the firm’s guidance for
FY23, however OP surpassed the FY23 guidance of ¥1,800mil, thanks to progressin price revisions to offset the rapid surge in material and energy costs.
In FY22, net profit [NP] attributed to the parent company’s shareholders of¥943mil (-41.8% YoY) reflects the extraordinary loss of -¥345mil associated withbusiness closure of the firm’s subsidiary in Qingdao, China. For FY23, however,net profit [NP] surged +230.7% to ¥3,118mil, as the firm received ¥2,022mil incompensation payments from the Chinese government related to the same
subsidiary during 1H.
Hagihara Industries (7856 JP): Earnings Summary
FY22(¥mil)

FY23

1H

FY

1H

FYCE

FY

YoY (%)

FY v. FYCE

Sales

14,49029,953

15,93031,00031,245

4.3

0.8

OP

742

1,377

1,010

1,800

1,979

43.7

9.9

OPM (%)

5.1

4.6

6.3

5.8

6.3

+1.7ppt+0.5ppt

RP

889

1,681

1,091

2,000

2,250

33.8

12.5

RPM (%)

6.1

5.6

6.8

6.5

7.2

+1.6ppt+0.7ppt

NP

659

943

2,246

3,100

3,118

230.7

0.6

NPM (%)

4.6

3.1

14.1

10.0

10.0

+6.9pptflat

Source: Nippon -IBR based on Hagihara Industries' FY23 earnings presentation material

FY23 OPM rose to 6.3% from 4.6% in FY22, however, it has not yet recovered tothe 9.2% level achieved in FY20 when the firm enjoyed an improvement in sales
mix for its Plastic Products [PLS] segment. FY23 PLS segment OPM was 6.3%, up
from 4.6% in FY22, thanks to (1) higher energy and materials costs being
successful passed on to product prices and (2) continued efforts in reducing
SG&A. The Engineering [ENG] segment OPM also improved from 4.6% in FY22
to 6.6% in FY23 thanks to improvement in profitability of screen changers. The
Engineering segment order backlog remained high at approx. ¥6,944mil – theequivalent of 1.5 years of segment sales.
Plastic Products [PLS] Segment
The PLS segment saw FY23 OP improve +40.6% YoY to ¥1,655mil on sales of¥26,353mil (+3.1% YoY). Of the net +¥783mil increase in sales, +¥2,915mil camefrom price increases, however, there was also -¥2,479mil negative impact fromdecline in sales volume. Due to the surge in product prices reflecting the rapid
rise in energy and raw material costs, sales volume of sheets and yarns slowed.
Flexible container bag sales remained weak due to production adjustments on
the back of weak demand. On the other hand, domestic sales of adhesive tapeused during natural hazards remained solid. Sales of Meltac, mainly used asvegetable containers also enjoyed sales growth. BarChip, a concrete reinforcing
material, reported higher sales thanks to price hikes. The weaker yen also
contributed a positive impact of +¥345mil for the segment sales.
HAGIHARA INDUSTRIES (7856 JP)

EXECUTIVE SUMMARY Hagihara Industries’ FY23 earnings(OP of ¥1,979mil (+43.7% YoY) on
sales of ¥31,245mil (+4.3% YoY)
reported better than expected OP
thanks to progress in passing on
price hikes to product prices in the
PLS segment, despite sluggish
sales volumes.
 FY23 PLS segment OPM was 6.3%,
up from 4.6% in FY22, thanks tothe successful passing on of higher
energy and material costs to
product prices and continued
reductions
in
SG&A.
The
Engineering [ENG] segment OPM
also improved from 4.6% in FY22
to 6.6% in FY23 on improvements
in profitability of screen changers.
 Hagihara Industries is guiding for
FY24 1H OP of ¥1,120mil (+10.8%
YoY) on sales of ¥15,950mil (+0.1%
YoY), and FY24 OP of ¥2,200mil(+11.2% YoY) on sales of¥32,000mil (+2.4% YoY).
 The ongoing new medium-term
plan, which covers three years
between FY23 and FY25, will see
Hagihara Industries revisit the RP
target of ¥3,300mil on sales of¥33,000mil.
 Management also aims to raise
total shareholder returns from
54.7% in FY22 to 70% (40% via
dividend payments and 30% forshare buybacks) in FY25. The firm
also plans to cancel excess
treasury shares above 5% ofshares outstanding. FY23 total
shareholder return reached 92.2%
on the adjusted NP.
 The firm’s FY25 ROE target is 8% vsFY23 ROE of 4.8%, based on NP
adjusted for aforementioned
extraordinary profits related tosubsidiaries.

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Engineering Products [ENG] Segment
The Engineering Products [ENG] segment reported FY23 OP of ¥324mil (+61.8% YoY) on sales of ¥4,891mil (+11.6%
YoY). End applications that led the segment overseas sales growth in the 1H started slowing down, especially in China
where the firm used to enjoy demand for slitters such as secondary lithium-ion battery [LiB], semiconductors anddisplays. However, stronger than expected sales of screen changers on the back of surging demand for recycling plastics
supported segment sales. ENG OPM improved +2.0ppts YoY, thanks to a gradual recovery in the supply chain – such as
inverters and sensors – and improved lead time for screen changers, which are used in the plastic recycling process.
Segment Sales and OP (Cumulative)
FY20(¥mil / Oct year-end)

FY21

FY22

FY23
YoY (%)FY v.
FYCE (%)

26,353

3.1

1.0

1,520

1,655

40.6

8.9

6.7

5.8

6.3

+1.7ppt+0.5ppt

2,379

4,900

4,891

11.6

-0.2

1H

FY

1H

FY

1H

FY

1H

FYCE

FY

PLS Segment Sales

11,58922,327

10,872

22,54012,32725,57013,55026,100

Segment OP

1,132

1,932

941

1,578

557

1,176

912

Segment OPM (%)

9.8

8.7

8.7

7.0

4.5

4.6

ENG Segment Sales

2,560

4,904

2,235

5,165

2,163

4,382

Segment OP

289

582

329

677

184

200

98

280

324

61.8

15.7

Segment OPM (%)

11.3

11.9

14.7

13.1

8.5

4.6

4.1

5.7

6.6

+2.0ppt+0.9ppt

Total Sales

14,15027,231

13,107

27,705

14,49029,953

15,93031,00031,245

4.3

0.8

Total OP

1,421

2,515

1,270

2,254

742

1,377

1,010

1,800

1,979

43.7

9.9

OPM (%)

10.0

9.2

9.7

8.1

5.1

4.6

6.3

5.8

6.3

+1.7ppt+0.5ppt

Source: Nippon-IBR based on Hagihara Industries' FY23 earnings results materials

SUSTAINABLE DEVELOPMENT GOALS-RELATED PRODUCTS
From FY21, Hagihara Industries changed the segmentation of each strategic product and categorised them into
different Sustainable Development Goals [SDGs]. The firm aims to offer solutions to various issues that have been raisedby its customers.
SDGs-Related Products are further divided into the following four groups, each of which are tasked with specificsustainability goals.
1. Climate Change Adaptations [CCA]: This category includes made-in-Japan sheets, such as Blue Sheet – used toprotect houses from natural disasters, and adhesive tape cloths.
FY23 sales of this group of products rose +14.9% YoY to ¥4,894mil, thanks to price hikes that reflect the surge inmaterial and energy costs. Sales volumes of Domestically Produced Sheets, including Blue Sheet, remained sluggish
as demand was tapered due to excess inventory in the market. FY23 sales of Domestically Produced Sheets increased+13.9% YoY to ¥2,550mil, thanks to price revisions.
Sales of adhesive tape cloths, which are also included in CCA, saw FY23 sales of ¥2,343mil (+16.0% YoY), thanks to asurge in demand from adhesive tape makers.
2. Work-style Reform: This group includes super-light flame-retardant sheets – which are used to prevent job-related
injuries and improve the health and safety of workers at construction sites – and mesh sheets. Being light weight,
these products do not require as many people to carry them around. Hagihara’s core product, BarChip, is also
included in this category.
Work-style Reform products reported FY23 sales of ¥6,253mil (+8.0% YoY), of which ¥5,289mil (+9.6% YoY), or 84.6%,
was from BarChip. Demand for BarChip, especially in Brazil, remained strong. The firm spent approx. ¥200mil for a
new factory in Paraguay, to cater to the rising local demand for BarChip as they are used as a base material for
concrete floors in Latin America. Competition in mines, which requires concrete reinforcing materials for the tunnels
to the mining sites, has intensified due to competing products. Hagihara has addressed this issue with the focus on
surging demand for flooring materials.
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BarChip contributes to shorten the amount of time spent on constructing floors due to its simple but effective
method of concrete reinforcement. Majority of concrete reinforcing material for flooring is still steel gage hence
there is room for BarChip to grow market share in South America. Furthermore, BarChip has been adopted as aconcrete reinforcement material for tunnels by Nippon Expressway Company [NEXCO]. After a dump truck crashand fire accident in the Amagoyama Tunnel in Hyogo and subsequent closure due to risk of explosion of concrete,
BarChip gained awareness for its explosion-proof properties.
3. Recycling-oriented Society: This category includes Blue Sheets branded with an eco-mark, plastic recyclingmachines and screen changers, all of which support recycling activities. FY23 sales rose +6.5% YoY to ¥1,205mil.
Although sales declined -15.4% YoY, screen changers still comprise the largest proportion (FY23 sales of ¥787mil) of
this category. Thanks to rising interest in plastic recycling, demand for Hagihara’s screen changers remains solid as
it is necessary for the removal of contaminants in used plastics during the process of producing used plastic resin.
4. Solutions for Industry and Technology Innovations: The largest product in this group is the film slitter which, as thename implies, is used to slit various types of film. FY23 sales improved +11.5% YoY to ¥3,628mil, thanks to solid
domestic demand for slitters used in industrial materials, however, demand for those used for label films for PET
bottles was weak. Hagihara also saw a rise in slitting demand from the food industry such as zipper tapes forcontaining and preserving food. In overseas, slitting demand for lithium-ion battery [LiB] packaging in China,
semiconductor and display related materials which led slitter sales growth softened. FY23 sales of Film Slitters
improved +8.6% YoY to ¥3,109mil. FY23 sales of Paper Slitters saw +32.4% YoY to ¥519mil.
Consolidated Sales for SDGs-related Products
FY19

FY20

FY

FY

1H

FY

1H

FY

1H

FY CE

FY

YoY
(%)

FY v.
FYCE (%)

Climate Change Adaptations

4,199

3,867

2,028

3,977

2,119

4,259

2,477

4,037

4,894

14.9

21.2

Domestically Produced Sheets (inc. Blue
Sheet)

2,340

1,986

991

1,957

1,106

2,238

1,371

2,026

2,550

13.9

25.9

Adhesive Tape Cloths

1,859

1,881

998

2,019

1,013

2,020

1,106

2,010

2,343

16.0

16.6

Work-style Reform

4,287

4,329

2,101

4,613

2,549

5,789

3,137

6,061

6,253

8.0

3.2

976

899

433

933

469

963

488

997

963

0.0

-3.4

BarChip

3,311

3,429

1,667

3,680

2,080

4,825

2,649

5,063

5,289

9.6

4.5

Recycling-oriented Society

1,183

944

452

759

589

1,131

631

1,303

1,205

6.5

-7.5

Blue Sheet Branded by Eco-mark

80

76

25

47

27

76

110

303

184

142.1

-39.3

Screen Changers

902

623

352

594

492

930

373

727

787

-15.4

8.3

Recycling Machines

200

245

74

116

69

124

147

272

234

88.7

-14.0

Solutions for Industry & Technology
Innovations

4,506

3,883

1,765

4,339

1,558

3,255

1,644

3,802

3,628

11.5

-4.6

Film Slitters

3,771

2,964

1,144

3,413

1,460

2,862

1,553

3,278

3,109

8.6

-5.2

(¥mil / Oct year-end)

Flame Retardant Sheets & Mesh Sheets

Paper Slitters

FY21

FY22

FY23

735

918

620

925

97

392

91

524

519

32.4

-1.0

Total Sales of SDGs-related Products

14,17813,025

6,347

13,6896,817

14,434

7,889

15,203

15,980

10.7

5.1% of Total Sales

47.8%

47.8%

48.4%

49.4%

47.0%

48.2%

49.5%

49.0%

51.1%

+3.0ppt+2.1ppt

Source: Nippon -IBR based on Hagihara Industries FY21, FY22 and FY23 earnings presentation material

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FY24 OUTLOOK
Hagihara Industries is guiding for FY24 1H OP of ¥1,120mil (+10.8% YoY) on sales of ¥15,950mil (+0.1% YoY), and FY24
OP of ¥2,200mil (+11.2% YoY) on sales of ¥32,000mil (+2.4% YoY). Management continues to view external factors,
such as energy costs, global demand, and the slowdown in the Chinese economy, as unclear.
The firm assumes that the rising costs of raw materials and logistics, however, have peaked. Moreover, more customers
are now accepting the price surcharge other than on the naphtha price [naphtha slide]. BarChip will likely continue tolead earnings growth, thanks to continued strong demand in Latin American countries, especially in Brazil, as it is used
as a flooring enforcement material. Hagihara Industries does not disclose FY24 BarChip sales forecast.
Hagihara Industries (7856 JP): Earnings Summary and Guidance
1H

FY22
2H

FY

1H

Sales

14,49015,462

29,953

15,930

OP

742

634

1,377

OPM (%)

5.1

4.1

4.6

RP

889

792

RPM (%)

6.1

NP
NPM (%)(¥mil)FY23
2H

FY24 CE
2H

FY

YoY (%)1H

FY

YoY (%)

15,314

31,245

4.3

15,95016,05032,000

2.4

1,010

968

1,979

43.7

1,120

1,080

2,200

11.2

6.3

6.3

6.3

+1.7ppt

7.0

6.7

6.9

+0.5ppt

1,681

1,091

1,159

2,250

33.8

1,180

1,120

2,300

2.2

5.1

5.6

6.8

7.6

7.2

+1.6ppt

7.4

7.0

7.2

flat

659

283

943

2,246

871

3,118

230.7

830

770

1,600

-48.7

4.5

1.8

3.1

14.1

5.7

10.0

+6.8ppt

5.2

4.8

5.0

-5.0ppt

Source: Nippon -IBR based on Hagihara Industries' FY23 earnings presentation material

MEDIUM-TERM PLAN “V FOR J” – V-SHAPE RECOVERY FOR JUMP STARTING GROWTH
Hagihara Industries announced the current medium-term plan, which covers three years between FY23~FY25, at thetime of FY22 results. Given the shortfall in achieving the previous medium-term plan, the new medium-term plan starts
with a revisit of the previous plan’s targets.

Under the new V for J Plan, the firm aims to achieve:
1. To meet the targets that were missed during the previous medium-term, which call for recurring profit [RP] of¥3,300mil (CAGR over 3 years of +25.2%) on sales of ¥33,000mil (CAGR of +3.3%). Segment split for Sales and RP is
as follows:
PLS Segment [FY23 segment profit of ¥1,655mil (+40.6% YoY) on sales of ¥26,353mil (+3.1% YoY)]: PLS Segment sales target is ¥26,600mil (CAGR of +1.3%), a +¥1,000mil increase compared to FY22 segment
sales of ¥25,570mil. The +¥1,000mil increase in sales comprises of: +¥1,800mil increase in BarChip sales to ¥6,625mil (CAGR of +11.1%) vs FY22 sales of ¥4,825mil.
 +¥400mil rise in Meltac sales compared to FY22 sales of ¥419mil.
 A -¥1,200mil decline in segment sales by eliminating unprofitable products.


PLS segment RP target is ¥2,300mil (CAGR of +15.3%), up +¥800mil compared to that of FY22.
 +¥100mil on the back of higher sales.
 A +¥700mil increase amid improved profitability by 1) optimal pricing, 2) an increase in local production
and cultivating overseas demand.

ENG Segment [FY23 segment profit of ¥324mil (+61.8% YoY) on sales of ¥4,891mil (+11.6% YoY)]: ENG Segment sales target of ¥6,400mil (CAGR of +13.4%), a rise of +¥2,000mil vs FY22 segment sales of¥4,382mil. The breakdown of the +¥2,000mil increase includes: +¥1,600mil due to shorter procurement cycle of components.
 +¥400mil from new products.


ENG segment RP target is ¥1,000mil (CAGR of +71.0%), a +¥800mil rise compared to that of FY22 thanks to: +¥100mil from the increase in sales.
 +¥700mil thanks to normalised profitability.

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To achieve the aforementioned numerical targets, the firm has put in place the following strategies to encourage a Vshape recovery and to jump start growth:
1. Enhance product competitiveness to realise optimal pricing.
Hagihara Industries managed to pass on price hikes on non-Naphtha materials and energy to product prices during
FY23 in PLS segment.
2. Establish optimal production and distribution networks. Hagihara plans to open overseas BarChip production
facilities in close proximity to areas of demand, such as the new production base of BarChip in Paraguay whichstarted production in FY23 and will commence full operation from FY24. This would not only help the firm avoid
the soaring cost of shipping but also enable it to get a better grasp local market trend. Hagihara also plans to build
a plant in US for Meltac.
CAPEX for the two overseas production facilities will comprise ¥650mil in Paraguay and approx. ¥1,000mil in Texasof the ¥4,000mil in strategic investment planned during the medium-term plan. Of the ¥4,000mil strategic
investment, ¥700mil was spent in FY23. In addition, the firm will bring back sheet production in China to Japan by
spending total of ¥5,000mil (of which ¥2,500mil had already been invested at the time of the Medium-term Planannouncement) on the Kasaoka Factory which completed in May 2023. Management is considering an optimal
production location for the ENG segment. Total investment including aforementioned strategic investment,
Kasaoka Factory, and maintenance CAPEX during the three years will total ¥10,500mil. In FY23, a total of ¥4,400mil
was invested.
3. Establish a horizontal recycling model: The ultimate aim is to establish a model that enables repeated recycling
rather than just one-off recycling. Every time a used Blue Sheet is recycled, it undergoes 1) a wash, then the resin
and ink is extracted, 2) filtration of the resin via screen changer, and 3) the product is improved / altered throughthe re-pellet and pelletiser process. The recycling business will also boost Hagihara Industries’ ENG productdevelopment and sales.
Hagihara Industries: Medium-term Management Plan
FY22(¥mil)FY25
Plan% CAGR(3-yr)

8.1

33,0003.3

13.4

26,600

1.3

-15.2

6,400

13.5

-52.5

-38.9

N/A

N/A

-47.7

-25.4

N/A

N/A

Results

Actual v. plan (%)

Sales

29,953-0.2

PLS

25,570

4.7

ENG

4,382

-21.4

OP

1,377

PLS

1,176

YoY (%)

ENG

200

-69.2

-70.5

N/A

N/A

OPM (%)

4.6-5.1ppt-3.5ppt

N/A

N/A

PLS

4.6

-4.6ppt-2.4ppt

N/A

N/A

ENG

4.6

-7.1ppt-8.5ppt

N/A

N/A

1,681

-44.0

-29.1

3,300

25.2

5.6

-4.4

-3.0ppt

10.0

N/A

RP
RPM (%)

Source: Nippon-IBR based on Hagihara Industries' Mid-term Management Plan presentation materials

Capital Allocation during the Medium-term Plan
Hagihara Industries’ capital allocation policy in the current medium-term plan (FY23~FY25) calls for spending of¥14,000mil (¥10,000mil from operating cash flow and ¥4,000mil from debt finance). Although the firm is able to financeall of the ¥14,000mil from cash flow, management plans to use debt to seek an optimal balance so as to realise PBR1x
as guided by the Tokyo Stock Exchange [TSE] for all the TSE Prime listed companies.

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The split of the ¥14,000mil is as follows: ¥3,500mil planned for shareholder returns. The firm plans to improve the total shareholder return from 54.7% in
FY22 to 70% (40% from dividend and 30% in share buybacks) in FY25 and plans to cancel excess treasury shares
above 5% of shares outstanding.
In FY23, the firm paid a total of ¥696mil (+35.4% YoY) in dividends and bought back shares in total of ¥536mil, whichmakes the total shareholder return of 39.7%. Based on net profit [NP] adjusted for ¥2,022mil in compensation
payments from the Chinese government for the Qingdao factory and ¥250mil one-off gain from closing down asubsidiary, dividend pay-out ratio was 52.0%, and total shareholder return was approx. 92.2%, compared to 54.7%
in FY22.
 ¥10,500mil for aforementioned strategic investments (including CAPEX and M&A).
The firm’s FY25 ROE target is 8% vs FY23 ROE of 4.8%, based on NP adjusted for aforementioned extraordinary profits
related to subsidiaries. Management has not disclosed its ROIC targets.

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GENERAL DISCLAIMER AND COPYRIGHTThis report has been commissioned by Hagihara Industries Inc. (the Sponsor) and prepared and issued by Nippon
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