Optex Group is a manufacturer of sensors for indoor and outdoor security, automatic doors, and industrial applications such as factories. The company's strength lies in its many top niche products, such as its world-leading market share in security sensors.
In 2023, Mr. Nakajima, a Keyence alumnus and head of the IA business (industrial automation and industrial sensors), was appointed president of Optex Group. In 2024, the management structure was restructured, with members of the founding family stepping down as directors, while the head of SS business (sensing solutions, security, and automatic door sensors), Mr. Uemura, was appointed vice president of Optex Group. Mr. Nakajima and Mr. Uemura now represent the company, and a three-year medium-term management plan was also announced.
Cadira Capital Management took the opportunity to speak with both representatives and visit their office in Otsu City, Shiga Prefecture, to confirm the details of Optex Group's vision and strategy.
The office, located on the shore of Lake Biwa, retains the same very cheerful atmosphere as when our CIO visited eight years ago in his previous position. In addition, the layout of the office has changed since the Covid-19 Pandemic, and innovations such as the creation of a system for more active communication were evident throughout.
In terms of strategy, President Nakajima, a former Keyence employee, is strengthening the direct marketing system, and we confirmed that the company is aiming to increase solution sales and improve profit margins. In fact, we got the impression that the company's growth potential is promising, as evidenced by the steady growth in sales of security-related solutions for large facilities such as power plants and airports.
After meeting with both representatives, they introduced and briefed us on the product displays and demonstrations at the company's headquarters, and left us with the impression that the top management is extremely knowledgeable about the details of each business.
Overall, the visit left a good impression, but there were a few points that concerned us from an investor's perspective, so we raised them during the meeting. One is that it is difficult to understand the relationship between the overall direction of the company and the direction of each business, as well as the relationship between the holding company and each company. We would like to see synergies between the existing companies and the group of companies that have joined the holding company. We also asked the company to strengthen its sustainability initiatives. The company's disclosure of non-financial information is limited and not yet systematic. Moreover, we discussed with the company the importance of publishing an integrated report. The company is aware of these issues and intends to strengthen its initiatives and disclosure. We look forward to further dialogue with the company based on its initiatives and disclosures.
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