Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
0.1
Increase in PBR (x) from 2024Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedOperating profit margin-2,015.0pt
基準 2,025Target10％
ROE-2,005.0pt
基準 2,025Target20％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).
Net Sales¥33,670 million (2025 actual) → Not disclosed
Operating profit¥2,774 million (2025 actual) → Not disclosed
Net income for the current fiscal year¥1,895 million (2025 actual) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planSustainable growth rate of 10%, ROE of 20%, operating margin of 10% and dividend payout ratio of 50% → 2025 actual: sustainable growth rate of 7.0%, ROE of 17.1%, operating margin of 8.2% and dividend payout ratio of 58.9%+3,950.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyAdded a dividend payout ratio of at least 50% and a progressive dividend policy to the dividend policy. The medium-term management plan covers fiscal years 2024 to 2026.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalThe cost of equity is approximately 5%. Calculated using CAPM. The figures shown in the chart are 5.3% in 2020, 4.8% in 2021, 4.7% in 2022, 3.9% in 2023, 4.2% in 2024 and 5.6% in 2025.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR ranged between 2.3x and 3.3x over the past 6 years, reaching 2.4x in 2025, up 0.1 point from 2024. The company believes that the increase in PBR in 2025 was attributable to a rise in PER despite the decline in ROE.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Market share expansion strategy in anticipation of a market recovery
02Strengthen the construction execution structure
03The company's approach to shareholders and investors
04Status of dialogue with shareholders and investors
Plan assumptionsCost of equity of approximately 5%, Data center market CAGR of 6%, Cold chain market CAGR of 5%, The construction market is expected to recover from 2027 onward
Non-financial targetsIndicator name Logistics hubs (sales offices) / Target value Approximately 1–2 hubs per year / Timing For the time being, Indicator name Small warehouses / Target value Establish several new locations annually / Timing For the time being, Indicator name Construction personnel (engineering employees, etc.) / Target value Increase the workforce by approximately 100 people for the time being / Timing For the time being
Size of the Target MarketMarket Data Center Market / Growth rate CAGR 6％ / Source Prepared by the company based on 株式会社富士キメラ総研, “Data Center Business Market Survey Overview 2025: Market Edition”, Market Cold chain market / Growth rate CAGR 5％ / Source Prepared by the company based on Mordor Intelligence, “Japan Cold Chain Logistics Market Size & Share Analysis—Growth Trends and Forecasts”
Risks identified by the company
Price competition with small and medium-sized enterprises and small-scale operators
Difficulty securing specialized personnel and partner companies in the construction industry
Delays in the progress of large-scale construction projects or postponement of their commencement
Changes in project composition caused by a decline in large-scale projects and an increase in the proportion of small and medium-sized projects
Investments made in anticipation of future order growth may cause expenses to precede temporarily in the income statement and cash flow
Various risks and uncertainties inherent in forward-looking statements
Reason for revision or withdrawal
In addition to actively strengthening construction capabilities, strategic pricing responses, changes in the construction market environment and the composition of projects caused the operating margin to remain at 8.2%. Although the individual metrics declined temporarily, the company believes these initiatives will lead to higher margins in the future.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | Fiscal years 2024 to 2026 |
| Progress against the plan | Partially revised |
| Sales Target | ¥33,670 million (2025 actual) → Not disclosed |
| Operating profit target | ¥2,774 million (2025 actual) → Not disclosed |
| Operating profit margin target | 8.2% (2025 actual) → 10% (medium-term management plan KPI target) |
| Net income target | ¥1,895 million (2025 actual) → Not disclosed |
| ROE target | 17.1% (2025 actual) → 20% (medium-term management plan KPI target) |
| Payout ratio / DOE policy | Added a dividend payout ratio of at least 50% and a progressive dividend policy to the dividend policy. The medium-term management plan covers fiscal years 2024 to 2026. |
| Cost of capital | The cost of equity is approximately 5%. Calculated using CAPM. The figures shown in the chart are 5.3% in 2020, 4.8% in 2021, 4.7% in 2022, 3.9% in 2023, 4.2% in 2024 and 5.6% in 2025. |
| Self-assessment of PBR and share price | PBR ranged between 2.3x and 3.3x over the past 6 years, reaching 2.4x in 2025, up 0.1 point from 2024. The company believes that the increase in PBR in 2025 was attributable to a rise in PER despite the decline in ROE. |
| Non-financial targets | Indicator name Logistics hubs (sales offices) / Target value Approximately 1–2 hubs per year / Timing For the time being, Indicator name Small warehouses / Target value Establish several new locations annually / Timing For the time being, Indicator name Construction personnel (engineering employees, etc.) / Target value Increase the workforce by approximately 100 people for the time being / Timing For the time being |
| Plan assumptions | Cost of equity of approximately 5%, Data center market CAGR of 6%, Cold chain market CAGR of 5%, The construction market is expected to recover from 2027 onward |
| Key initiatives | Market share expansion strategy in anticipation of a market recovery, Strengthen the construction execution structure, The company's approach to shareholders and investors, Status of dialogue with shareholders and investors |
| Results under the previous plan | Sustainable growth rate of 10%, ROE of 20%, operating margin of 10% and dividend payout ratio of 50% → 2025 actual: sustainable growth rate of 7.0%, ROE of 17.1%, operating margin of 8.2% and dividend payout ratio of 58.9% |
| Reason for revision or withdrawal | In addition to actively strengthening construction capabilities, strategic pricing responses, changes in the construction market environment and the composition of projects caused the operating margin to remain at 8.2%. Although the individual metrics declined temporarily, the company believes these initiatives will lead to higher margins in the future. |
| Size of the Target Market | Market Data Center Market / Growth rate CAGR 6％ / Source Prepared by the company based on 株式会社富士キメラ総研, “Data Center Business Market Survey Overview 2025: Market Edition”, Market Cold chain market / Growth rate CAGR 5％ / Source Prepared by the company based on Mordor Intelligence, “Japan Cold Chain Logistics Market Size & Share Analysis—Growth Trends and Forecasts” |
| Risks identified | Price competition with small and medium-sized enterprises and small-scale operators, Difficulty securing specialized personnel and partner companies in the construction industry, Delays in the progress of large-scale construction projects or postponement of their commencement, Changes in project composition caused by a decline in large-scale projects and an increase in the proportion of small and medium-sized projects, Investments made in anticipation of future order growth may cause expenses to precede temporarily in the income statement and cash flow, Various risks and uncertainties inherent in forward-looking statements |
| Publication date | 18 March 2026 |
Items this document does not state (6)
ROIC targetTreasury share acquisition policyTotal investment planInvestment amount by sectorSegment targetDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The analysis and assessment of the current situation and the policy for future initiatives were updated to achieve sustainable growth and enhance corporate value over the medium to long term. The factors cited for the decline in operating margin and other metrics in 2025 include efforts to strengthen construction capabilities, strategic pricing responses, changes in the construction market environment and the composition of projects.
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