MINO CERAMIC CO., LTD. (5356) Stock Price

Mino Refractory Co., Ltd. is based on the manufacturing and sales of refractory bricks, and operates the manufacturing and sales of industrial refractory materials, design and construction of plants including in the ceramics field, and sales of building materials and paving materials. These operations are divided into four business segments: refractory materials, plants, building materials and paving materials, and real estate rental.

In the refractory materials business, Mino Refractory manufactures and sells refractory bricks and unshaped refractory materials. These products are used in industries such as cement, and are utilized in the construction and repair of furnaces and kilns that require durability and fire resistance at high temperatures. The company provides high-quality and reliable products and can offer customization according to customer requirements.

The plant business is divided into a plant division and an engineering division. The plant division designs, manufactures, constructs, and sells industrial furnaces and automated equipment used in the ceramics and chemical industries. The engineering division provides design and construction services for plant equipment utilizing refractory materials and also operates as the Japan sales representative for Denmark-based FLSmidth Cement.

In the building materials and paving materials business, Bishu Kosan Co., Ltd. handles sales and construction of building materials and paving materials, while Mino Refractory manufactures and supplies some of these products. These products are used in factories, public buildings, and parking lots, offering environmentally conscious products with excellent durability and constructability.

In the real estate rental business, Mino Refractory leases a portion of its owned properties for office and residential use. Additionally, as other operations, the company sells outsourced products used in the cement, lime, and environmental sectors. Through these diverse operations, Mino Refractory contributes to a wide range of industrial fields.

Mino Refractories has executed its medium-term management plan "MINO Transformation Plan 2025," announced in 2022, improving profitability across its business divisions and achieving record-high sales and profits in the fiscal year ending March 2025. Building on this success, the company is advancing development of new markets and products toward 2030, aiming to establish its ceramics business as a new pillar alongside its refractories business.

Mino Refractories has formulated a new medium-term management plan titled "Take Off—Challenging the Next Stage" as it advances to the next phase. This plan targets a transition from the refractories business to the refractory ceramics business, with goals of 17.5 billion yen in sales and 2.1 billion yen in operating profit by the fiscal year ending March 2028. This strategy aims to drive sustainable growth and enhance corporate value.

The company is advancing management that prioritizes capital costs and stock price performance, strengthening shareholder returns and investor relations activities. Specifically, the company is expanding its ceramics business and implementing price revisions, targeting a 10% profit margin for the refractory ceramics business. Additionally, the company plans to increase its dividend payout ratio to approximately 40% by the fiscal year ending March 2028.

Mino Refractories is optimizing its business portfolio and allocating management resources with emphasis on growth and profitability. Leveraging stable earnings from its refractories business, the company is expanding overseas operations and its ceramics business to pursue sustainable growth. The company is also developing new markets in its plant business and building materials and paving materials business.