Worth reading
61In 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
12.5
¥100 million (increase in the consolidated operating profit target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 77.5Target77.5Hundred millions of yen
Operating profit+19.2%
基準 6.5Target7.8Hundred millions of yen
ROE+1.0pt
基準 8Target9％
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).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit margin8.4％ → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planConsolidated net sales of ¥77.5 billion, consolidated operating profit of ¥6.5 billion, consolidated operating margin of 8.4%, ROE of 8.0%, three-year cumulative order intake from new business areas of ¥3 billion, and three-year cumulative growth investment of ¥5 billion → Actual results as of March 2026: consolidated net sales of ¥74 billion, consolidated operating profit of ¥7.1 billion, consolidated operating margin of 9.6%, ROE of 8.3%, order intake from new business areas of ¥3.4 billion, and growth investment of ¥2.7 billion+2,514.2%Calculated from the two disclosed figures
Investment amount by sectorField Maintenance and renewal investments / Amount Approximately ¥2 billion over three years, Field Growth investment / Amount Revised from ¥5 billion plus additional investment to ¥7 billion plus additional investment on a three-year cumulative basis
Statements about the use of capital
Payout ratio / DOE policyThe DOE level has been raised from the initial level of 3.2% to 3.6%, based on a dividend payout ratio of 40%. An interim dividend will be introduced from the fiscal year ending March 2027.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capital8.6％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 is 1.03x, above 1.0x but below the 1.5x average for Prime Market-listed companies. The share price was ¥2,710 at the end of April 2026 and ¥2,521 at the end of fiscal 2025.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01① Winning large-scale construction orders
02② Expanding into new business areas
03③ Strengthening construction capabilities
04④ Improving productivity
05① Adopting DOE as a shareholder return metric
06② Conducting a secondary offering of shares
Risks identified by the company
A disclaimer states that the information contains uncertainties, but specific risk items and additions or deletions from the previous plan are not disclosed
Reason for revision or withdrawal
In light of the improvement in earnings power through initiatives undertaken over the past year, and the achievement ahead of schedule of the consolidated operating profit and ROE targets for the final year of the Medium-Term Management Plan, the company reviewed its shareholder return level and management indicators and KPIs.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2027 |
| Plan period | Three-year cumulative / three years (the specific start and final fiscal years are not disclosed) |
| Progress against the plan | Partially revised |
| Sales Target | ¥77.5 billion (target for the final year of the Medium-Term Management Plan) → ¥77.5 billion (target for the final year of the Medium-Term Management Plan presented in this document) |
| Operating profit target | ¥6.5 billion → ¥7.75 billion（Approximately 19.2%） |
| Operating profit margin target | 8.4％ → Not disclosed |
| ROE target | 8％ → 9％（12.5％） |
| Payout ratio / DOE policy | The DOE level has been raised from the initial level of 3.2% to 3.6%, based on a dividend payout ratio of 40%. An interim dividend will be introduced from the fiscal year ending March 2027. |
| Cost of capital | 8.6％ |
| Self-assessment of PBR and share price | PBR is 1.03x, above 1.0x but below the 1.5x average for Prime Market-listed companies. The share price was ¥2,710 at the end of April 2026 and ¥2,521 at the end of fiscal 2025. |
| Investment amount by sector | Field Maintenance and renewal investments / Amount Approximately ¥2 billion over three years, Field Growth investment / Amount Revised from ¥5 billion plus additional investment to ¥7 billion plus additional investment on a three-year cumulative basis |
| Key initiatives | ① Winning large-scale construction orders, ② Expanding into new business areas, ③ Strengthening construction capabilities, ④ Improving productivity, ① Adopting DOE as a shareholder return metric, ② Conducting a secondary offering of shares |
| Results under the previous plan | Consolidated net sales of ¥77.5 billion, consolidated operating profit of ¥6.5 billion, consolidated operating margin of 8.4%, ROE of 8.0%, three-year cumulative order intake from new business areas of ¥3 billion, and three-year cumulative growth investment of ¥5 billion → Actual results as of March 2026: consolidated net sales of ¥74 billion, consolidated operating profit of ¥7.1 billion, consolidated operating margin of 9.6%, ROE of 8.3%, order intake from new business areas of ¥3.4 billion, and growth investment of ¥2.7 billion |
| Reason for revision or withdrawal | In light of the improvement in earnings power through initiatives undertaken over the past year, and the achievement ahead of schedule of the consolidated operating profit and ROE targets for the final year of the Medium-Term Management Plan, the company reviewed its shareholder return level and management indicators and KPIs. |
| Risks identified | A disclaimer states that the information contains uncertainties, but specific risk items and additions or deletions from the previous plan are not disclosed |
| Date of board resolution | 18 May 2026 |
| Publication date | 18 May 2026 |
Items this document does not state (8)
Net income targetROIC targetTreasury share acquisition policyTotal investment planSegment targetNon-financial targetsPlan assumptionsSize of the Target Market
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.Earnings power has improved through initiatives undertaken over the past year, enabling the company to achieve the consolidated operating profit and ROE targets for the final year of the Medium-Term Management Plan ahead of schedule. The company has therefore reviewed its shareholder return level and management indicators and KPIs. However, ROE remains below the cost of capital, and PBR is also below the average of Prime Market-listed companies, making the further strengthening of earnings power and growth capabilities ongoing priorities.
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.