Creating wealth by pursuing MSV as our sole mission
Nippon Paint Group is a unique Japan-origin global company that positions MSV as its sole mission. Based on Asset Assembler model, we will aim to create wealth by maximizing the residual shareholder value that remains after fulfilling our obligations to customers, suppliers, employees, society, and other stakeholders.

Concept of Maximization of Shareholder Value (MSV)

The diagram above shows the stakeholder relationship for profit and loss statement items: customers for revenue, suppliers for operating expenses, employees for personnel expenses, financial institutions for interest expenses, and governments for taxes. Fulfilling our obligations to each stakeholder group is the primary premise for MSV. Fulfillment of obligations includes not only legal contracts but also social and ethical obligations, as well as the concept of sustainability. MSV entails maximizing the residual value that remains after fulfilling obligations to all stakeholders as a way of rewarding shareholders that make an investment with an awareness of the associated risks. A prerequisite is to fulfill those obligations to stakeholders that have upper limits, and shareholder value will be the residual value that remains after fulfilling those obligations. MSV strictly pursues the maximization of medium- and long-term shareholder value, rather than short-term maximization.
MSV logic tree: Actions for achieving MSV
Earnings per Share (EPS) and price-to-earnings ratio (PER) are important benchmarks for achieving MSV. Nippon Paint Group is taking various actions that will contribute to maximizing EPS and PER in order to achieve MSV over the medium and long term.

Organic (existing businesses) | Revenue growth |
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Profitability improvement |
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Inorganic (M&A) | M&A strategy |
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Fostering understanding and expectations |
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Balance sheet management | Financial discipline |
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Communications with capital markets | Reducing recognition gap (capital cost) |
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Sustainability | Environment & Safety |
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People & Community |
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Innovation & Product Stewardship |
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Governance |
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The Co-President Structure for Pursuing MSV
Maximize EPS (Earnings Per Share) and PER (Price-to-Earnings Ratio) to achieve Maximization of Shareholder Value (MSV) | |
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EPS (Earnings Per Share)
Wee Siew Kim Director Representative Executive Officer & Co-President ![]()
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PER (Price-to-Earnings Ratio)
Yuichiro Wakatsuki Director Representative Executive Officer & Co-President ![]()
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Important indicators of our MSV performance are earnings per share (EPS) and the price-to-earnings ratio (PER). As the CEO of the NIPSEA Group, Wee Siew Kim guided the group through annual profit growth of over 10% for 12 years from FY2009. Wee's focus at the Nippon Paint Group will be on overseeing the worldwide operations and to maximize EPS by growing both revenue and profitability. Yuichiro Wakatsuki will apply his wealth of experience and knowledge in the capital markets and M&A to maximize PER by raising expectations in the capital markets. Wakatsuki will be in charge of overall corporate matters and seek to leverage M&A to spur further growth for the Group. As just described, we have a division of responsibilities. However, we will make all executive decisions together and will be jointly responsible for the overall management of the Group.
Value Creation Model for Achieving MSV
Aiming for Maximization of Shareholder Value (MSV) based on Asset Assembler model of accelerating growth through both existing businesses and M&A
