Worth reading
73In 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
-166
¥ million (versus the previous plan for F&I Services sales for the fiscal year ending May 2027)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+87.0%
基準 2,029Target3,795million
Operating profit-61.4%
基準 2,029Target784million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous plan¥11,544 million → ¥9,521 million-17.5%Calculated from the two disclosed figures
Investment amount by sectorField M&A funds / Amount Not disclosed, Field Capital Expenditure / Amount Not disclosed, Field Real estate utilization support / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyFor the time being, priority will be given to retaining earnings for investment in the growth strategy. By strengthening the operating and financial foundations, the Company aims to achieve an average market payout ratio. Target period: for the time beingThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Increase the number of customers
02Increase average revenue per customer by providing multiple services
03Customer acquisition, centered on F&I
04Peripheral services, including M&A support
05Growth support
06Business revitalization support
07Expand financial services supporting the growth and revitalization of healthcare and nursing care operators, including M&A funding, capital investment, and real estate utilization support, with factoring, including future receivables, as the foundation
08Position support for specified skilled foreign workers as a key growth area
09Promote initiatives including the strengthening of human resources and system development
10Expand peripheral services and build a business platform that provides one-stop support to healthcare, nursing care, and welfare operators
Plan assumptionsBased on the progress of current projects, the recovery of investment asset balances, and the operating conditions of each service, Organic growth driven primarily by the expansion of existing businesses, Funding demand is expected to expand rapidly from 2025 as repayments of special COVID-19 loans begin, For the fiscal year ending May 2027, emphasis will be placed on the certainty of growth, taking into account the recovery of investment asset balances and the operating conditions of each service
Segment targetSegment name F&I services / Sales Target Fiscal year ending May 2027 ¥967 million / Fiscal year ending May 2028 ¥1,475 million / Fiscal year ending May 2029 ¥1,803 million / Profit Target Not disclosed, Segment name C&Br services / Sales Target Fiscal year ending May 2027 ¥553 million / Fiscal year ending May 2028 ¥922 million / Fiscal year ending May 2029 ¥1,321 million / Profit Target Not disclosed, Segment name HR&OS services / Sales Target Fiscal year ending May 2027 ¥503 million / Fiscal year ending May 2028 ¥604 million / Fiscal year ending May 2029 ¥670 million / Profit Target Not disclosed
Non-financial targetsIndicator name Number of customers / Target value 250 companies (including 130 companies whose receivables are purchased) / Timing End of the fiscal year ending May 2027, Indicator name Number of foreign nationals receiving daily-life support / Target value 700 people / Timing End of May 2029, Indicator name Number of new hires / Target value 14 / Timing Fiscal year ending May 2027
Size of the Target MarketTAM: approximately ¥59.9 trillion; SAM: approximately ¥41.2 trillion; SOM: approximately ¥490 billion. The existing factoring market, comprising the assignment of medical and nursing care reimbursement receivables, is approximately ¥490 billion. Sources: Ministry of Health, Labour and Welfare, “Trends in Medical Expenses for Fiscal 2024: Summary of Estimated Medical Expenses” and “Overview of the Fiscal 2024 Survey of Actual Medical and Long-Term Care Benefit Expenditures”; Health Insurance Claims Review & Reimbursement Services, “Fiscal 2024 Statistics” and “Fiscal 2024 Processing Status of Assignments and Attachments of Medical Reimbursement Claims.”
Risks identified by the company
Deterioration in the performance of existing business partners due to changes in health and welfare administration
Tightening financial markets and rising interest rates
Changes in financial institutions' lending attitudes due to changes in financial administration and other factors
Securing and developing human resources
Impact of a large-scale infectious disease outbreak
Reason for revision or withdrawal
The plan was updated with an emphasis on the certainty of growth, taking into account the progress of current projects, the recovery of investment asset balances, and the operating conditions of each service. For F&I Services, although the investment asset balance at the end of the fiscal year ending May 2026 fell short of the previous medium-term plan's target of ¥11,544 million, it increased 14.4% from the end of the previous fiscal year, and the recovery trend has continued following the completion of a review of the projects undertaken. Accordingly, the sales plan for the fiscal year ending May 2027 was revised from ¥1,133 million to ¥967 million.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | Fiscal years ending May 2027 to May 2029 |
| Progress against the plan | Partially revised |
| Sales Target | not disclosed (no previous plan for the fiscal year ending May 2029) → ¥3,795 million |
| Operating profit target | not disclosed (no previous plan for the fiscal year ending May 2029) → ¥784 million |
| Payout ratio / DOE policy | For the time being, priority will be given to retaining earnings for investment in the growth strategy. By strengthening the operating and financial foundations, the Company aims to achieve an average market payout ratio. Target period: for the time being |
| Investment amount by sector | Field M&A funds / Amount Not disclosed, Field Capital Expenditure / Amount Not disclosed, Field Real estate utilization support / Amount Not disclosed |
| Segment target | Segment name F&I services / Sales Target Fiscal year ending May 2027 ¥967 million / Fiscal year ending May 2028 ¥1,475 million / Fiscal year ending May 2029 ¥1,803 million / Profit Target Not disclosed, Segment name C&Br services / Sales Target Fiscal year ending May 2027 ¥553 million / Fiscal year ending May 2028 ¥922 million / Fiscal year ending May 2029 ¥1,321 million / Profit Target Not disclosed, Segment name HR&OS services / Sales Target Fiscal year ending May 2027 ¥503 million / Fiscal year ending May 2028 ¥604 million / Fiscal year ending May 2029 ¥670 million / Profit Target Not disclosed |
| Non-financial targets | Indicator name Number of customers / Target value 250 companies (including 130 companies whose receivables are purchased) / Timing End of the fiscal year ending May 2027, Indicator name Number of foreign nationals receiving daily-life support / Target value 700 people / Timing End of May 2029, Indicator name Number of new hires / Target value 14 / Timing Fiscal year ending May 2027 |
| Plan assumptions | Based on the progress of current projects, the recovery of investment asset balances, and the operating conditions of each service, Organic growth driven primarily by the expansion of existing businesses, Funding demand is expected to expand rapidly from 2025 as repayments of special COVID-19 loans begin, For the fiscal year ending May 2027, emphasis will be placed on the certainty of growth, taking into account the recovery of investment asset balances and the operating conditions of each service |
| Key initiatives | Increase the number of customers, Increase average revenue per customer by providing multiple services, Customer acquisition, centered on F&I, Peripheral services, including M&A support, Growth support, Business revitalization support, Expand financial services supporting the growth and revitalization of healthcare and nursing care operators, including M&A funding, capital investment, and real estate utilization support, with factoring, including future receivables, as the foundation, Position support for specified skilled foreign workers as a key growth area, Promote initiatives including the strengthening of human resources and system development, Expand peripheral services and build a business platform that provides one-stop support to healthcare, nursing care, and welfare operators |
| Results under the previous plan | ¥11,544 million → ¥9,521 million |
| Reason for revision or withdrawal | The plan was updated with an emphasis on the certainty of growth, taking into account the progress of current projects, the recovery of investment asset balances, and the operating conditions of each service. For F&I Services, although the investment asset balance at the end of the fiscal year ending May 2026 fell short of the previous medium-term plan's target of ¥11,544 million, it increased 14.4% from the end of the previous fiscal year, and the recovery trend has continued following the completion of a review of the projects undertaken. Accordingly, the sales plan for the fiscal year ending May 2027 was revised from ¥1,133 million to ¥967 million. |
| Size of the Target Market | TAM: approximately ¥59.9 trillion; SAM: approximately ¥41.2 trillion; SOM: approximately ¥490 billion. The existing factoring market, comprising the assignment of medical and nursing care reimbursement receivables, is approximately ¥490 billion. Sources: Ministry of Health, Labour and Welfare, “Trends in Medical Expenses for Fiscal 2024: Summary of Estimated Medical Expenses” and “Overview of the Fiscal 2024 Survey of Actual Medical and Long-Term Care Benefit Expenditures”; Health Insurance Claims Review & Reimbursement Services, “Fiscal 2024 Statistics” and “Fiscal 2024 Processing Status of Assignments and Attachments of Medical Reimbursement Claims.” |
| Risks identified | Deterioration in the performance of existing business partners due to changes in health and welfare administration, Tightening financial markets and rising interest rates, Changes in financial institutions' lending attitudes due to changes in financial administration and other factors, Securing and developing human resources, Impact of a large-scale infectious disease outbreak |
| Publication date | August 2026 |
Items this document does not state (9)
Operating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planDate 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 plan was updated with an emphasis on the certainty of growth, taking into account the progress of current projects, the recovery of investment asset balances, and the operating conditions of each service. For F&I Services, the sales plan for the fiscal year ending May 2027 was reviewed based on the actual investment asset balance for the fiscal year ending May 2026.
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