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Under supervision (confirmation) · Designated 2026-04-01 JPX notice

Overview

Chemicals

TAIYO HOLDINGS CO.,LTD.

Taiyo Holdings is a holding company primarily engaged in the development, manufacturing, and sale of electronic chemical materials for printed circuit boards (PCB), including solder resists, dry films, and semiconductor packaging materials, serving global electronics OEMs and PCB manufacturers. The company also operates a medical and pharmaceutical segment offering 19 long-listed prescription drug products and contract pharmaceutical manufacturing services. Additional businesses include fine chemicals (dyes, pigments), renewable energy, ICT services, and food technology.

Activists: Oasis Management Company Ltd. —

Market Cap

¥525B

US$3.34B

¥524B

US$3.33B

Stock¥4,715▲+0.11%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

11.8

LTM EV/EBIT

14.6

LTM PER

19.5

LTM PBR

4.2

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-2.8%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Apr 7, 26Oasis Management Company Ltd. changed stake (14.89%→14.88%)

MC → EV Bridge

AI Briefing

Taiyo Holdings: global leader in PCB solder resists and advanced semiconductor packaging materials, with a secondary medical/pharma arm. FY26/3 revenue ¥138B with OP margin expanding to 23.6%, riding AI-driven semiconductor packaging demand and steady multi-year growth. DIC (20%) and Oasis (3.3%) sit atop the register; EV/EBITDA near 11.8x reflects a premium specialty-chemicals growth story, not a distressed or activist-forced sale.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

70%

30%

EquityD/E 0.42xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 57.8%

as of 2026-03-31 · Source: Annual Securities Report

DIC Corporation

20.02%

The Master Trust Bank of Japan, Ltd. (Trust Account)

11.13%

Koka Co., Ltd.

6.30%

SMBC Trust Bank Ltd. (Retirement Benefit Trust, Sumitomo Mitsui Banking Corporation Account)

3.98%

OASIS JAPAN STRATEGIC FUND Y LTD.

3.28%

CGML PB CLIENT ACCOUNT/COLLATERAL

3.04%

Custody Bank of Japan, Ltd. (Trust Account)

2.92%

SHIKOKU KASEI HOLDINGS CORPORATION

2.66%

GOLDMAN SACHS INTERNATIONAL

2.32%

Custody Bank of Japan, Ltd. (Trust Account 4)

2.13%

Management

8 officers

Hitoshi SAITO

Representative Director, President, Group Chief Executive Officer (CEO)

Nov 1995 Marketing Manager, Win System Co., Ltd. (Win System Europe) Sep 1996 Joined the Company Jun 2001 Managing Director, TAIYO INK INTERNATIONAL (SINGAPORE) PTE LTD Jul 2001 General Manager/Director, TAIYO INK (THAILAND) CO., LTD. Jul 2010 General Manager, Overseas Sales Division, the Company Jun 2012 Director, Taiyo Ink Mfg. Co., Ltd. (current) Apr 2015 Representative Director, President and CEO, Taiyo Ink Products Co., Ltd. May 2016 Representative Director, President and CEO, Korea Taiyo Ink Co., Ltd. Jun 2016 Director, the Company Jul 2016 Senior Managing Executive Officer, the Company Apr 2019 Director, TAIYO AMERICA, INC. (current) Oct 2019 Director, TAIYO INK INTERNATIONAL (SINGAPORE) PTE LTD (scheduled to retire Jun 2026) Feb 2020 Director, TAIYO TRADING (THAILAND) CO., LTD. (scheduled to retire Jun 2026) Apr 2020 Representative Chairman and CEO, Korea Taiyo Ink Co., Ltd. Apr 2020 Representative Chairman and CEO, Taiyo Ink Products Co., Ltd. May 2020 Chairman, Taiwan Taiyo Ink Mfg. Co., Ltd. (current) May 2020 Director, Yongshengtai New Materials (Jiangxi) Co., Ltd. (scheduled to retire Jun 2026) Jun 2020 Director, TAIYO CIRCUIT AUTOMATION, INC. (current) Jun 2020 Chairman, TAIYO INK VIETNAM CO., LTD. (scheduled to retire Jun 2026) Oct 2021 Chairman, Yongshengtai Technology Co., Ltd. (current) Dec 2021 Chairman, Taiyo Ink (Suzhou) Co., Ltd. Dec 2021 Chairman, Yongshengtai Ink (Shenzhen) Co., Ltd. Jan 2022 Director, Korea Taiyo Ink Co., Ltd. (scheduled to retire Jun 2026) Jan 2022 Director, Taiyo Ink Products Co., Ltd. (current) May 2022 CEO, Electronics Company, the Company (current) Jun 2022 Representative Director, Executive Vice President, the Company Apr 2025 Chairman, Taibi Feng Semiconductor Materials (Shenzhen) Co., Ltd. (current) Apr 2025 Chairman, Taiyo Ink Trading (Shenzhen) Co., Ltd. Jun 2025 Representative Director, President, Group CEO, in charge of Risk Management and R&D, the Company (current) Oct 2025 Director, Taiyo Ink (Suzhou) Co., Ltd. (current) Oct 2025 Director, Taiyo Ink Trading (Shenzhen) Co., Ltd. (current)

1965-04-21

Masashi MINEGISHI

Director

Apr 1996 Joined the Company, Technology Development Division Apr 2012 General Manager, Development Department II, Technology Development Division, Taiyo Ink Mfg. Co., Ltd. Jun 2016 Director, Taiyo Ink Mfg. Co., Ltd. Jun 2016 Director, Korea Taiyo Ink Co., Ltd. Apr 2019 Executive Officer, in charge of Group Electronics Technology, the Company Apr 2019 Representative Director, President, Taiyo Ink Mfg. Co., Ltd. Apr 2019 Chairman, Taiyo Ink Trading (Shenzhen) Co., Ltd. Jun 2020 Senior Managing Executive Officer, the Company Jan 2022 Representative Chairman and CEO, Taiyo Ink Products Co., Ltd. (current) Jan 2022 Representative Chairman and CEO, Korea Taiyo Ink Co., Ltd. (current) Jan 2022 Director, Taiyo Ink Trading (Shenzhen) Co., Ltd. May 2022 CTO, Electronics Company, the Company (current) May 2022 Director, Taiyo Ink Trading (Shenzhen) Co., Ltd. Jun 2023 Director, Taiyo Ink (Suzhou) Co., Ltd. Jul 2024 Senior Managing Executive Officer, the Company Oct 2025 Chairman, Taiyo Ink (Suzhou) Co., Ltd. (current) Oct 2025 Chairman, Taiyo Ink Trading (Shenzhen) Co., Ltd. (current) Oct 2025 Director, Taiwan Taiyo Ink Mfg. Co., Ltd. (current) Oct 2025 Director, Yongshengtai Technology Co., Ltd. (current) Oct 2025 Director, Taiyo Fine Chemicals Co., Ltd. (current) Oct 2025 Director, Yongshengtai New Materials (Jiangxi) Co., Ltd. (current) Jun 2026 Director, the Company (current) Jun 2026 Chairman, TAIYO INK VIETNAM CO., LTD. (scheduled to assume office)

1970-06-30

Terumichi TAWARA

Director

Apr 1996 Joined Sumitomo Electric Industries, Ltd. May 2004 Joined Trans Science Inc. Dec 2005 Joined Anti-Aging Science Inc., Representative Director and CEO Nov 2009 Joined MISUMI Corporation, Director, Global Marketing Business, Mold Enterprise Unit Apr 2015 Joined Amazon Japan G.K., General Manager, Industrial and R&D Products Business Jul 2019 Joined the Company, Assistant to Representative Director, President Oct 2019 Assistant to Representative Director, President, Taiyo Ink Mfg. Co., Ltd. Apr 2020 Managing Executive Officer, the Company Apr 2020 Chief Digital Officer (current) Apr 2020 Director, FunLead Co., Ltd. (current) Jan 2021 In charge of Information Systems Department, the Company (current) Jul 2024 In charge of Human Resources Department, the Company Jun 2025 In charge of Internal Audit Department, the Company Jan 2026 Senior Managing Executive Officer, the Company Jan 2026 Director, Taiyo Pharmatech Co., Ltd. Jan 2026 Director, Taiyo Pharma Co., Ltd. Apr 2026 Representative Director, President, Taiyo Pharmatech Co., Ltd. (current) Apr 2026 Representative Chairman, Taiyo Pharma Co., Ltd. (current) Jun 2026 Director, the Company (current)

1974-03-09

Keiko TSUCHIYA

Director

Apr 1981 Joined Dentsu Inc. Apr 1989 Joined Ferrag Co., Ltd. Apr 1991 Joined Australian Trade Commission Jan 1994 HR Planning & Organizational Effectiveness Director, Becton Dickinson K.K. Jul 2004 Chief Researcher & Producer, Human Value Co., Ltd. Oct 2005 Executive Officer, Head of Human Resources, Pacific Region, GE Toshiba Silicones Co., Ltd. (now Momentive Performance Materials Japan LLC) Jan 2009 Senior HR Manager, Cisco Systems K.K. Feb 2011 Vice President, Human Resources, Johnson & Johnson K.K. Aug 2015 Director, Head of Human Resources, Adecco K.K. Jan 2016 Director, Head of People Value, Adecco K.K. Jun 2017 Outside Director, the Company (current) Jun 2019 Board Member, Teachers Initiative General Incorporated Association (current) Jun 2021 Outside Director, Nippon Light Metal Holdings Company, Ltd. (current) Apr 2024 Advisor, Tubeings Advisors K.K. (current) Jun 2024 Director, Kyoiku to Tankyu Co., Ltd. Jun 2024 Chair of the Board of Directors, the Company (current)

1960-05-13

Noriaki SHIMAMURA

Director (Full-time Audit and Supervisory Committee Member)

Apr 1988 Joined the Company Aug 2008 Director and General Manager, Sales Division, Taiwan Taiyo Ink Mfg. Co., Ltd. Apr 2013 Project Leader, Conductive Materials Project, Taiyo Ink Mfg. Co., Ltd. Apr 2018 General Manager, PCB Sales Department, Taiyo Ink Mfg. Co., Ltd. Oct 2019 General Manager, PCB Materials Department, Taiyo Ink Mfg. Co., Ltd. Apr 2020 General Manager, Kitakyushu Plant, Taiyo Ink Mfg. Co., Ltd. Jan 2022 General Manager, Intellectual Property & Legal Department, the Company Jun 2024 Compliance Officer, the Company Jul 2024 Executive Officer, the Company Jun 2025 Director (Audit and Supervisory Committee Member), the Company (current)

1966-01-24

Seiichiro MATSUMURA

Director

Apr 1985 Joined Central Research Laboratories, Ajinomoto Co., Inc. Jul 1994 Joined Nihon Baxter K.K. as Marketing Intern Aug 1995 Joined Boston Consulting Group May 1999 Joined Becton Dickinson K.K., Business Development Director Oct 2001 General Manager, Microbiology Business Division, Becton Dickinson K.K. Apr 2005 General Manager, Japan Ultrasound Division, Ultrasound Business Unit, GE Healthcare Japan Corporation Feb 2009 General Manager, Asia Pacific, Ultrasound Business Unit, GE Healthcare Japan Corporation Jan 2013 Representative Director, President, Alcon Japan Ltd. Feb 2015 Representative Director, President, Sansei Iyakuhin Co., Ltd. Apr 2020 Global CEO and Representative Director, President, QualiCaps Co., Ltd. Oct 2023 Representative Director, President, Japan, QualiCaps Co., Ltd. (current) Jun 2026 Director, the Company (current)

1961-11-26

Ikumi SATO

Director (Audit and Supervisory Committee Member)

Apr 1990 Registered as attorney-at-law, Tokyo Bar Association Mar 1992 Deregistered from Tokyo Bar Association for relocation to the United States Sep 1995 Registered as attorney in New York State Sep 1995 Re-registered as attorney-at-law, Second Tokyo Bar Association Mar 2013 Joined Yabuki Law Office Apr 2017 Vice President, Second Tokyo Bar Association Apr 2018 Managing Director, Japan Federation of Bar Associations Apr 2019 Member, Information Disclosure and Personal Information Protection Review Board, Ministry of Internal Affairs and Communications Jun 2019 Audit & Supervisory Board Member, Daidan Co., Ltd. Jan 2021 Partner Attorney, Nozomi Sogo Law Office (current) Apr 2021 Managing Director, Japan Lawyers National Pension Fund Jun 2021 Outside Director, Daidan Co., Ltd. (current) Jun 2022 Outside Audit & Supervisory Board Member, the Company Jun 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), Nihon Kohden Corporation (current)

1963-12-25

Misae MARUYAMA

Director (Audit and Supervisory Committee Member)

Oct 1993 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Dec 2011 Established Misae Maruyama CPA Office (current) Aug 2021 Outside Audit & Supervisory Board Member, 3-Shake Inc. Mar 2022 Outside Audit & Supervisory Board Member, Yappli Inc. (current) May 2023 Outside Director (Audit and Supervisory Committee Member), Dip Corporation (current) Jun 2024 Outside Audit & Supervisory Board Member, Ayumi Pharmaceutical Holdings Corporation (current) Jun 2025 Outside Director, the Company Jun 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1970-07-13

Large Shareholding Reports

Kowa Co., Ltd.

2026-05-12

6.05%→6.05%

Annual report (as of 2026-03-31): 6.30%

Oasis Management Company Ltd.

2026-04-08

—

Oasis Management Company Ltd.

2026-04-07

14.89%→14.88%

Kowa Co., Ltd.

2026-04-06

6.06%→6.05%

Annual report (as of 2026-03-31): 6.30%

DIC Corporation

2026-04-01

19.48%→19.23%

Oasis Management Company Ltd.

2025-06-20

10.57%→13.00%

Oasis Management Company Ltd.

2025-06-20

13.00%→14.89%

Oasis Management Company Ltd.

2025-04-01

8.00%→10.57%

Oasis Management Company Ltd.

2025-02-18

8.00%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-07-31

Q1 Earnings Flash

FY ending Mar 2027

TAIYO HOLDINGS CO.,LTD.

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TAIYO HOLDINGS CO.,LTD.

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