MEC Company Ltd. (4971 JP) –Sponsored Research
TECHNOLOGY THAT SUPPORTS FUNCTIONALITY OF MOTHER BOARDS

10 JUNE 2019NIPPON INVESTMENT BESPOKE RESEARCH UK LTD
London, UK

Nippon Investment Bespoke Research UK Ltd

Contents
Summary – Key Ingredient for Faster Communication............................................................................................................. 2
MEC’s Core Technologies.......................................................................................................................................................... 2
Adhesion Enhancement Technology – The CZ Series ........................................................................................................... 2
FlatBOND – Adhesion Enhancement for High-Frequency Substrates – Targeting 5G Applications ..................................... 3
Fine Wiring Formation Technology – The EXE Series ........................................................................................................... 4
Surface Treatment Technology............................................................................................................................................. 4
1: Selective Etching ........................................................................................................................................................... 4
2: Direct Resin-to-Metal Bonding (AMALPHA).................................................................................................................. 4
Customers, Competitors, Market Share and Competitive Advantage ..................................................................................... 5Peer Group Share Price Performance vs MEC .................................................................................................................. 6
Overseas Operations ................................................................................................................................................................ 6
Earnings Trend .......................................................................................................................................................................... 7
FY12/19 Q1 Results ............................................................................................................................................................... 7
Outlook for FY12/19 ............................................................................................................................................................. 9
Shareholder Return Policy ........................................................................................................................................................ 9
Corporate Governance Issues .................................................................................................................................................10
Financial Summary..................................................................................................................................................................11
1

General disclaimer and copyright ...........................................................................................................................................12

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Summary – Key Ingredient for Faster Communication
MEC was founded exactly 50 years ago by Kosaku Maeda with his vision to integrate machinery (M),electronics (E) and chemistry (C). Its main business is to develop, manufacture and sell specialised industrial
chemicals for package substrates. The firm operates a comprehensive global value chain, ranging from R&D tosales.
MEC is a global leader in copper surface treatment chemicals thanks to its prowess in the following threetechnologies:
1. Adhesion Enhancement Technology: This technology improves the bonding of organic resin to metal(copper) by roughening the copper surface with micron precision.
2. Fine Wiring Formation Technology for micro patterning: The main use is for COF (chip-on-film) for flat
panel displays (FPDs)
3. Surface Etching Technology: This provides the ability to etch only copper with no impact on any other coexisting metals
MEC’s chemical solutions are designed to enhance the functionality and production yield of electronic
substrates. The firm has spent circa 10% of sales in R&D to meet the demand from an ever-expanding range ofindustries such as IoT, electrification of automobiles and 5G.

2

FY19 Q1 earnings results released on 10 May reported declines in both sales (¥2,328mil (-12.5% YoY)) andoperating profit (¥205mil (-60.5% YoY)) mainly due to weak sales of the CZ Series – adhesion enhancement
chemicals. The electronics industry has seen a slowdown in areas such as smartphones and servers used for
cryptocurrency. Furthermore, tension rising between US and China keeps Japanese manufacturers erring on
the side of caution regarding business conditions over the near term. Although MEC is guiding for a weak H1(sales ¥5,600mil (+1.8% YoY) / OP ¥850mil (-18.2% YoY)), the firm is expecting a rebound in the H2 (sales¥6,200mil (+6.4% YoY/ +10.7% HoH) / OP ¥1,200mil (+1.4%YoY / +41.2% HoH)) as investments for 5G, suchas base stations and servers – equipment that requires large volumes of CPUs and therefore demand for
MEC’s copper roughening chemicals – start to come through.
Another application that MEC views as an opportunity for growth is in automotive applications. Automakers
are all working on electric vehicles (EVs) and ADAS – advanced driver assisted systems – which means
connected mobility will require large volumes of semiconductors.

MEC’s Core Technologies
Adhesion Enhancement Technology – The CZ Series
Adhesion enhancement is MEC’s core technology and it is used in IC packaging. The firm has a wide variety of
etching solutions under the CZ Series brand. CZ stands for “copper zarazara” – zarazara is Japanese for roughto the touch– and as the name suggests, its core technology is to roughen copper surfaces to improve theadhesiveness between organic resins and copper surfaces.
Copper roughening technology took the limelight in 1995, when PWB (printed wiring board) materials
changed from ceramic to organic resin. While there was no need for an adhesive agent when using ceramic
substrates, etching two different materials, such as copper and resin surfaces, required a more advanced
adhesive method to ensure the substrate quality would not hamper the functionality of the CPU. MEC cameup with a solution to dissolve / modify copper surfaces to create the kind of topography which enhancesadhesiveness between different types of materials on a substrate. It first such agent, CZ-8100, was adopted byIntel’s Pentium in 1995. In the copper treatment chemical market for CPUs used in PCs, MEC has 100% global
market share. The CZ Series earns circa 50% of the firm’s total revenues.

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Source: MEC Company Ltd.

3

During recent years, semiconductors such as CPUs (central processing units) and APs (application processors)
have not only become faster but they also have greater functionality. As the width of lines and spaces (L/S) got
thinner and finer with each passing year, MEC responded with the launch of an upgraded version of the CZ
Series. For example, the original CZ-8100 – used as a pre-treatment for build-up resin lamination, dry film
lamination or solder mask application – has 1.5µm coarse surface but the current most popular series CZ-8101
has much finer 1µm coarseness to meet thinner L/Ss packages used in various applications including
smartphones and tablets. Circa 35% of MEC’s sales are associated to smartphones and tablets.
Currently, MEC is promoting the most advanced CZ Series with 0.1 µm roughness, the CZ-8401. The CZ Seriesof products is not only available for package substrates but are also used across a wide range of electronic
substrates that require high levels of adhesion. The CZ-8401 is now confirmed to be used in AiP (antenna inpackage) for 5G smartphones. Such high-spectrum phones are likely to use much larger volumes of ICs perphone compared to existing models.
Outside of the traditional electronics industry, the automotive industry has also provided a new lease of life
for some of MEC’s products. While sales of the last version of the CZ-8100 initially suffered a decline with thelaunch of the new version – the CZ-8101 – the older CZ-8100 is now in demand from the auto industry. The
CZ-8100 is used in ADAS-use PWBs which are included in components associated with car safety, such as
millimetre wave radar, sensors and cameras for data processing. CZ-8101 and the V-Bond series (pre-lamination
treatment) are also used for the electrification of automobiles. Currently, circa 20% of MEC’s total sales
comes from automotive applications.
According to MEC, the gross profit margin of the CZ Series is a healthy 65% and the profitability does not differ
by application.
FlatBOND – Adhesion Enhancement for High-Frequency Substrates – Targeting 5G Applications
MEC has also developed FlatBOND. As the name suggests, it is a chemical agent does not roughen the surface
but enables flat adhesion without jeopardising adhesion quality. The firm believes that FlatBOND is a solution
for high-frequent substrates required for 5G, because the smooth etching created by this agent does not causedelays in the flow of signal transmission.

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Fine Wiring Formation Technology – The EXE Series
Fine wiring technology is a proven technology employed in the COF (chip on film) and is widely used in flat
panel TVs and flat panel displays (FPDs). The firm’s fine wiring formation technology has become de facto
standard for TVs. Here, MEC’s EXE Series – anisotropic etching – is widely adopted for wire patterning of
COF substrates. The technology can also be applied to other applications such as flexible circuit boards andmother boards.
Since 2018, the EXE Series has been used in mobile device displays. MEC remains positive on the outlook forthis product as each new generation of displays requires finer etching. Moreover, as battery capacity
requirements for smartphones and tablets continue to expand, the need to develop smaller electronic
components increases as the real estate within the devices is taken by the larger battery. Therefore, motherboards need to have finer and thinner wire patterning, so without precise etching capabilities, there is the riskthat there will be defects in the mother board. Such technological complications can be solved by the semiadditive process (SAP) which is based on plating. However, SAP is not suitable for devices like smartphones
and tablets as it is expensive and inefficient due to the difficulty in production process. The EXE Series solves
this issue.
The EXE Series generates a fat GPM of 80% (vs the 59% GPM for the company as of FY19 Q1). For now, EXE
Series sales are largely correlated with production volumes of flat panel TVs. Circa 10% of MEC’s sales isgenerated from TVs but the increase in demand for large-sized and 4K TVs has supported segment sales.
Surface Treatment Technology

4

Surface treatment (SF) technology is historically used for pre-treatment processes of copper used inelectronics substrates. Developed over 20 years ago, SF was generating revenues of just ¥20mil per annum.
However, the technology is now used in touch panel sensors for mobile devices, which has boosted revenues
to circa ¥1,000mill/annum. The GPM of surface treatment is circa 50%. ST technology is further divided tosegments: selective etching and direct resin-to-metal bonding without solution.
1: Selective Etching
A selective etching solution is a chemical that dissolves only copper, for example, while not having any effecton other co-existing metals – such as nickel and aluminium – for etching. The solution was first used for
display and touch panel sensors for the Apple (AAPL US) iPhone and iPad.
2: Direct Resin-to-Metal Bonding (AMALPHA)
Direct resin-to-metal bonding is a technology to bond two materials without adhesive. Direct bonding at theinterface level offers advantages such as high reliability, better durability (without deterioration of adhesion)and is environmentally friendly as no solution is used.

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Customers, Competitors, Market Share and Competitive Advantage
MEC’s direct customers are IC package makers such as Ibiden (4062 JP) and Shinko Electric (6967 JP), and PCBmaker CMK Corporation (6958 JP) and Meiko (6787 JP) in Japan. It also supplies to Nanya (2408 TT) in
Taiwan, and Samsung Electronics (005930 KS) and LG Electronics (066570 KS) in Korea. Those customers
have business with chipmakers like Intel (INTC US) and AMD (AMD US). Therefore, MEC’s earnings have ahigh correlation to the semiconductor trend. Competitors include Mitsubishi Gas Chemical (4182 JP), Hitachi
Chemical (4217 JP), Atotech (Germany), and MacDermid Group (US) which was acquired by Element
Solutions (ESI US). There are local manufacturers in China and Korea, but they tend to focus on the lower endof the market. However, these competitors only develop and manufacture copper surface treatment chemicals
for pre-laminating process and etching agents, but they do not develop or manufacture copper roughening
agents – this is MEC’s core speciality.
In terms of the overall business, peer group comparisons with the likes of Mitsubishi Gas Chemical and Hitachi
Chemical are not straight forward as they have a more diversified business model while MEC’s business isalmost entirely based on with copper surface treatment technology. Companies such as C Uyemura (4966 JP),JCU Corp (4975 JP) and Japan Pure Chemical (4973 JP) compete with MEC in the manufacture of metal
surfacing and Taiyo Holdings (4626 JP) supplies resist ink for PWBs. These companies are often compared to
MEC when looking at valuation and stock price performance, however, we would note that none of themcompetes with MEC in copper surface treatments.
MEC (4971 JP): The Peer Group Comparison

5(¥million)

MEC (4971JP)

JCU (4975JP)

Uyemura(4966JP)JPC (4973JP)

Taiyo HDS
(4626JP)

Fiscal Year

FY12/19CE

FY03/20 CE

FY03/20CE

FY03/20CE

FY03/20CE

11,80024,50053,30010,80069,500Sales
YoY (%)

4.16

-1.47

2.54

4.05

17.0

OP

2,050

6,500

8,800

1,250

10,500YoY (%)

-7.74

-8.09

7.16

23.4

29.6

OP Margin (%)

17.4

26.5

16.5

11.6

15.1

RP

2,100

6,500

9,000

1,350

10,300

NP

1,500

4,550

5,650

940

7,100

EPS (¥)

74.73

163.4

627.6

162.9

249

26

45

150

80

140

34.8

27.5

23.9

49.1

56.2

Dividend (¥)
Dividend Pay-out ratio (%)
Stock Price (¥, 29/05/2019)

1,000

1,973

6,430

2,284

3,310

Market Cap

20,00054,90063,50014,40095,600Forward ROE (%)

9.9

18.9

9.1

9.4

9.1

Forward PER (X)

13.4

12.1

10.2

14.0

13.3

PBR (X)

1.25

2.2

0.94

1.3

1.33

Source: Toyo Keizai, Nippon-IBR. CE=Company Estimate

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Peer Group Share Price Performance vs MEC

Source: Bloomberg

6

MEC’s strength lies in its R&D capability. The firm spends around 10% of its revenue on R&D to keep pacewith the ever-growing technological challenges. Some 90~95% of its COGS is spent on procuring chemical
substances such as sulfuric acid, hydrochloric acid, hydrogen peroxide, and water. The remaining 5% is forsurfactants. The company’s R&D focus is on discovering what serves as the optimal blending ratio of thoseingredients to create optimal solutions.
MEC mainly hires new graduates with chemistry or pharmacology degrees, all of whom are first allocated R&D
tasks before being directed to a specific division of the firm. Management believes that having employees withspecialist knowledge is a great differentiation factor that MEC has over its competitors.

Overseas Operations
MEC has production subsidiaries in Taiwan, China and Europe. Each company has a fully autonomous
management structure, from production to sales. The overseas sales ratio in the Q1was 54.9% YoY, down
0.7ppts YoY. In Japan, Taiwan and China, the slowdown of smartphone shipment volume also affected sales,
however in Europe, the negative impact of weak smartphone shipments was somewhat offset by demand fromgeneral industry and for automotive applications. MEC’s new production base in Thailand will commence
operations from July 2019. The facility will serve electronic substrate makers operating in the region that
supply the automotive and electronics device sectors.
Sales breakdown by region
FY2017(¥million)

FY2018FY2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

QoQ
(%)

YoY
(%)

Japan

1,104

1,225

1,383

1,479

1,239

1,332

1,384

1,410

1,077

-23.6

-13.1

Asia

1,104

1,195

1,294

1,354

1,240

1,330

1,399

1,355

1,079

-20.4

-13.0

Europe

165

164

133

144

181

175

148

130

171

31.5

-5.5

% Overseas sales ratio (%)

57.0

54.5

52.5

52.0

55.6

53.1

54.2

53.6

54.9

Source: MEC FY12/19 Q1 Result Presentation

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Earnings Trend
FY12/19 Q1 Results
Q1 FY12/19 earnings result was announced on 10 May. Sales and OP were ¥2328mil (-12.5% YoY) and¥205mil (-60.5%YoY) respectively. Sales of total Chemicals fell -13.2% YoY and -20.4% QoQ. Particularly weak
were Adhesive Enhancer sales (-14.9% YoY / -20.4% QoQ), including the CZ Series, on the back of a slowdown
in smartphone shipment volume, which affected the electronics components market overall. The entire value
chain suffered from rapid inventory adjustment followed by production controls.
For companies such as MEC with high marginal profits, low utilisation rates directly hit profitability. While Q1
CZ-8100 sales fell -8.3% QoQ and -14.1% YoY to ¥232mil, CZ-8101 sales – which are heavily exposed to thesmartphone market – reported sharp declines of -24.3% QoQ and -25.3% YoY to ¥540mil. The marginal
profitability of the Chemicals segment is estimated at circa 70%. With the slump in sales and low utilisation
rate, the OP margin for Chemicals plummeted from 19.9% in FY18 Q1 to just to 8.8% this year.
Sales Breakdown by Segment

FY2017(¥million)
Chemicals
Machinery
Materials
Others

Q1
2,301
27
36
8

Q2
2,518
39
26
1

Q3
2,769
7
28
5

FY2018
Q4
2,945
8
23
2

Q1
2,612
9
21
16

Q2
2,773
17
46
1

FY2019

Q3
2,898
10
19
4

Q4
2,847
15
3
1

Q1
2,266
40
15
6

Source: MEC FY12/19 Q1 Result Presentation

Chemical Sales by Products
FY2017

7(¥million)

FY2018FY2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

QoQ
(%)

YoY
(%)

2,128

2,331

2,557

2,697

2,454

2,617

2,716

2,685

2,134

-20.5

-13.0

1,376

1,434

1,577

1,642

1,598

1,641

1,640

1,577

1,360

-13.8

-14.9

CZ-8100

249

269

260

270

270

279

272

253

232

-8.3

-14.1

CZ-8101

628

634

704

709

723

733

725

713

540

-24.3

-25.3

Etching chemicals

752

897

980

1,055

855

975

1,076

1,108

773

-30.2

-9.6

172

186

212

247

158

156

181

162

132

-18.5

-16.5

Ungluing agent

81

103

139

165

73

87

105

96

59

-38.5

-19.2

Flux agent

49

46

42

45

47

45

42

37

39

5.4

-17.0

Anti-corrosive agent

27

24

22

23

29

20

24

22

25

13.6

-13.8

Others

14

12

7

12

9

3

8

5

8

60.0

-11.1

2,301

2,518

2,769

2,935

2,612

2,773

2,898

2,847

2,266

-20.4

-13.2

Copper surface treatment chemicals
Adhesive enhancer

Other surface treatment chemicals

Chemical Sales Total
Source: MEC FY12/19 Q1 Result Presentation

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Source: FY12/19 Q1 presentation material

8

Source: MEC’s FY12/19 Q1 presentation material

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Outlook for FY12/19
MEC’s is guiding for FY19 sales to rise +4.7% YoY but anticipates OP to decline -7.8% YoY due to higher costs
for logistics (+¥70mil), depreciation (+¥80mil / +24.1% YoY to ¥735mil) and personnel / overseas (Thailand)
subsidiaries (+¥110mil). The firm plans to spend ¥1,957mil on CAPEX (+3.2x YoY) in FY12/19 which includes
investment in Thailand and the R&D premises in Japan. However, the firm is looking for a recovery in the H2
as 5G investment kicks in. In Korea, 5G is already available and Japan’s 5G service is expected to start in 2020.
However, not all high-end smartphones will be 5G compatible by 2020, though most are expected to be readyby 2021. For Apple’s 5G models, the AiP will be loaded with substrates adhered by MEC’s CZ-8401.
It is common consensus that 5G infrastructure investment should start in later 2019. According to research on
5G by IHS Markit®, the full range of planned 5G capabilities will not be available during the initial launch but
will likely be implemented in a phased approach over the next few years. With 5G, there will be greater needfor numbers of base stations due to differences in propagation – a measure of how far a signal at a given
frequency can travel and how well it can penetrate solid objects. Under 5G, the higher the frequency band, thesmaller the area that each base station is able to cover, therefore will require great numbers of base stations
which will require more semiconductors to enable much speedier and higher volume data communication. The
chemical that will likely be used for 5G base station CPU substrates is FlatBOND.

9

The firm also assumes that demand from automotive customers for the older CZ Series – the CZ-8100 – willgrow as more EVs are produced. The increase in safety features, such as millimetre wave radars, and safety
cameras, which require smaller and finer copper circuits, is a positive for MEC. Reliable functionality thatcomes from the bonding between copper and resin is the most important property that both the CZ-8101 andthe new CZ-8401 are able to provide. Although automotive makers place strict criteria on their suppliers,
MEC’s proven track record of no fault over the past 20 years within the electronics substrate market hashelped the firm gain access to the automotive business.
MEC has not announced medium-term management plan for its earnings visibility is low due to the nature ofsemiconductor associated business.

Shareholder Return Policy
MEC aims to pay out 30% of net profit as dividend as well as paying a stable cash dividend. In FY12/19, the firmplans to pay ¥26/share (flat YoY), which gives a pay-out ratio 32.9%. In 12/18, it completed share repurchased
programme announced in Oct 2018, after having purchased 200,000 shares (¥265mil). Those shares will be
used to pay remuneration to the Board members.
As of the end of Q1, it has retained earnings as high as ¥14.6bil. MEC reckons that the best use of this cash isfor future growth opportunities. For example, the firm is currently considering setting up a new factory in
China (potential costs between ¥3~4bil vs. its spending on the new Thai factory ¥0.8billion). It would also
consider M&A if there were suitable candidates.
MEC (4971 JP): ROE based on Simplified DuPont Equation
FY3/16

FY3/17

FY12/17

FY12/18

16.7

17.7

0.16

15.7

0.60

0.55

n/a

0.59

1.25

1.33

n/a

1.28

12.5

12.9

n/a

12.0

Net Profit Margin (%)
Asset Turnover (x)Financial Leverage (x)ROE (%)
Source: Nippon-IBR

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Corporate Governance Issues
MEC has seven Board members of which four, including one external auditor, are external independent
directors. The ratio of external independent director is 57%, more then 1/3 recommended by the Corporate
Governance Code. Furthermore, its ESG Committee is formed by external independent directors and chairedby Mr. Maeda, MEC’s President.
Instead of ESG, MEC aims to support ESGH – the H = Human – as the firm thinks that its human resources
are an important asset for its business. It is rare to see that 100% of female employees come back to work
after maternity leave in Japan but this has been the case at MEC. The firm was selected as one of the“Nadeshiko Stocks” – named after the Japan’s female football team – which is a list of companies that arepraised for fair treatment of female staff.

10

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

Financial Summary

11

MEC (4971 JP): Financial Summary(¥million)
FY3/2015
Sales
9,057
Operating Profit
2,008
Recurring Profit
2,129
Net Profit
1,344
EPS (¥)
66.98
Adjusted EPS (¥)
Cash flow from operation (CFO)
1,489
Cash flow from investment (CFI)-399
Cash flow from finance (CFF)-220
Cash and cash equivalent
3,997Free cash flow (FCF)
1,090
CFO per share (¥)
74.19
FCF per share (¥)
54.31
Total asset
14,646
Liabilities
2,606
Net asset
12,039
Capital594
Shareholders' equity
12,039
BPS (¥)
599.85
OPM (%)
22.17
ROE (%)
12.05
ROA (%)
14.87
Shareholder equity ratio (%)
82.20
D/E ratio (%)
21.65
Total asset turnover (X)
0.66
Interest coverage (x)408.60Current ratio (%)
465.02
Interest-bearing debt
0
EBIT
2,134
EBIT Margin (%)
23.56
EBITDA
2,470
EBITDA margin (%)
27.27
Dividend (¥)
14.00
Dividend pay-out ratio (%)
20.90
Shares outstanding (shares)
20,071,093
Treasury (shares)
34

FY3/2016
9,078
2,185
2,207
1,514
76.26
1,796
-1,372
-912
3,422
424
90.42
21.35
15,715
3,465
12,250594
12,250632.41
24.07
12.47
14.68
77.95
28.29
0.60
556.00293.52
0
2,211
24.36
2,571
28.32
18.00
23.60
20,071,093
700,089

FY3/2017
9,259
1,887
1,888
1,642
84.86
1,633
-2,461
1,128
3,723
-828
84.37
-42.7817,993
4,883
13,110594
13,110683.86
20.38
12.95
11.34
72.86
37.25
0.55
318.00279.82
1,750
1,894
20.46
2,262
24.43
20.00
23.60
20,071,093
900,089

FY12/17
9,641
1,993
2,063
1,567
81.77
1,591
-832
-885
3,664
759
110.6552.79
19,247
4,660
14,587594
14,587760.92
20.67
15.09
14.43
75.79
31.95
0.69
335.00290.46
1,250
2,069
21.46
2,541
26.36
22.00
26.90
20,071,093
900,089

FY12/18
11,328
2,222
2,236
1,778
92.85
1,928
-706
-1,2283,599
1,222
100.6763.80
18,897
3,731
15,166594
15,166799.46
19.62
11.95
11.78
80.26
24.60
0.59
373.33321.00
750
2,242
19.79
2,851
25.17
26.00
28.00
20,071,093
1,100,232

FY12/19
11,800
2,050
2,100
1,500
74.73
17.37
26.00
34.79
20,071,093
1,100,232

Source: Nikkei Value Search

MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019

Nippon Investment Bespoke Research UK Ltd

General disclaimer and copyright

12

This report has been commissioned by MEC Company LTD. and prepared and issued by Nippon
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MEC COMPANY LTD. (4971 JP) – SPONSORED RESEARCH

10 JUNE 2019