Toho Acetylene says growth spending will keep ROE below target as it chases a 1x book multiple
Management says ROE in the year to March 2026 was 6.87% against a PBR of 0.80x, above its rough 6% equity-cost estimate but still short of its 8% goal. The company is prioritising investment over a cosmetic fix, targeting operating profit of ¥2.4bn and net profit of ¥1.6bn by 2028 while saying ROE is only expected to improve to 7.6% during the current plan.