As a result, Kyocera has fallen behind its specialist competitors as reflected by its effectively flat stock price over the last ten years compared to Maruwa Co., Ltd., TDK Corporation, and Ibiden Co., Ltd., which saw gains of +1,118%, +191%, and +159% respectively over the same period. Kyocera's plan to sell one-third of its KDDI holdings and implement a JPY400 billion buyback over the next two years appears to be reactionary rather than carefully considered. Kyocera owns cross-shareholdings of over JPY1.7 trillion, including its 15.29% stake in KDDI, and received a total dividend of almost JPY50 billion in the last fiscal year. We believe that, in the short-term, Kyocera should use a mix of leverage and sales of cross-shareholdings to finance JPY1 trillion of buybacks over the next four years.