Worth reading
37Immaterial
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
9
ROE target (%)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedROE+1.9pt
基準 7.1Target9％
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).
Statements about the use of capital
Payout ratio / DOE policyIn each fiscal year, the company will target a payout ratio of at least 50% and DOE of at least 3.5%. It will continue to enhance shareholder returns through progressive dividends.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of shareholders' equity: 7.5%. Calculated using CAPM, based on a risk-free rate of 2.324%, an adjusted beta of 0.795 and an equity risk premium of 6.45%.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 has recovered to 0.92x but remains below 1.0x. The share price at the end of March 2026 was ¥3,795. The PBR target is at least 1.0x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Investment in human capital (enhancement of technical expertise, quality management capabilities and other areas)
02Thorough cost reduction and cost management
03Appropriate pass-through of higher costs through pricing
04Business expansion, including M&A
05Expansion of business domains (D-flip and the Sto method)
06Improving operational efficiency and safety management through the use of AI
07Winning orders from private railway operators in the Tokyo metropolitan area
08Optimize the capital structure
09Disposition of inefficient assets
10Improving the efficiency of capital investment
11Information disclosure (financial results, company presentation materials, ESG information and other materials)
12Enhancement of IR activities (enhancing dialogue through one-on-one meetings, IR briefings and other activities)
Reason for revision or withdrawal
The company analyzed and assessed the current situation and updated its policy for future improvement initiatives in order to achieve management that is conscious of cost of capital and share price.
| Item | Details |
|---|---|
| Progress against the plan | Partially revised |
| ROE target | 7.1% (previous fiscal year) → At least 9.0% |
| Payout ratio / DOE policy | In each fiscal year, the company will target a payout ratio of at least 50% and DOE of at least 3.5%. It will continue to enhance shareholder returns through progressive dividends. |
| Cost of capital | Cost of shareholders' equity: 7.5%. Calculated using CAPM, based on a risk-free rate of 2.324%, an adjusted beta of 0.795 and an equity risk premium of 6.45%. |
| Self-assessment of PBR and share price | PBR has recovered to 0.92x but remains below 1.0x. The share price at the end of March 2026 was ¥3,795. The PBR target is at least 1.0x. |
| Key initiatives | Investment in human capital (enhancement of technical expertise, quality management capabilities and other areas), Thorough cost reduction and cost management, Appropriate pass-through of higher costs through pricing, Business expansion, including M&A, Expansion of business domains (D-flip and the Sto method), Improving operational efficiency and safety management through the use of AI, Winning orders from private railway operators in the Tokyo metropolitan area, Optimize the capital structure, Disposition of inefficient assets, Improving the efficiency of capital investment, Information disclosure (financial results, company presentation materials, ESG information and other materials), Enhancement of IR activities (enhancing dialogue through one-on-one meetings, IR briefings and other activities) |
| Reason for revision or withdrawal | The company analyzed and assessed the current situation and updated its policy for future improvement initiatives in order to achieve management that is conscious of cost of capital and share price. |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 May 2026 |
Items this document does not state (16)
Plan namePlan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal investment planInvestment amount by sectorSegment targetNon-financial targetsPlan assumptionsResults under the previous planSize of the Target MarketRisks identified
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 company updated its analysis and assessment of the current situation and its policy for future improvement initiatives in order to achieve management that is conscious of cost of capital and share price. As ROE is below the cost of shareholders' equity and PBR is below 1.0x, the company aims to improve ROE and PER by increasing profitability and growth expectations.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.