Worth reading
66In focus
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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+13.8%
基準 272.4Target310hundred million
ROE-1.8pt
基準 12.3Target10.5％
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.
What happened to the previous planRevenue of ¥270 billion, consolidated ordinary profit of ¥18 billion, and consolidated ROE of 8.0% → Actual results for the fiscal year ending March 2026: revenue of ¥272.4 billion, consolidated ordinary profit of ¥22.6 billion, and consolidated ROE of 12.3%+650.4%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyReturn profits to shareholders in line with performance, targeting a consolidated dividend payout ratio of 40%. Since the fiscal year ended March 2024, dividends equivalent to approximately 40% of consolidated net income have been paid. Target period: not disclosed.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 equity: approximately 5.5%; WACC: approximately 4.3%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceAlthough the PBR had remained below 1x, it has now improved to above 1x as a result of the rise in the share price. The PER remains low compared with the 17.8x average for construction companies listed on the Prime Market.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Taking on challenges in growth areas
02Deepening existing businesses
03Further expanding investment in human capital
04Strengthening the management platform
05Supporting customers in achieving carbon neutrality
06Strengthening renewable energy-related businesses and construction
07Investing in DX and responding to the post-COVID environment
08Developing an area strategy with a view to the future
09Further strengthening overseas operations, centered on Asia
10Creating and developing new businesses
11Promoting technology research and development that contributes to the creation of added value, and initiatives aimed at business development
12Carbon-Neutrality Initiatives
13Promoting Digitalization and DX
14Securing talent and promoting their active participation
Plan assumptionsPrivate-sector capital investment is expected to remain at a high level, supported by demand for equipment renewals and growing demand related to the spread of AI and carbon neutrality., The impact of instability in the international situation and rising raw-material prices and labor costs is a concern.
Non-financial targetsIndicator CO2 emissions per unit of revenue / Target value At least 46% reduction from fiscal 2013 / Timing 2030, Indicator CO2 emissions / Target value Achieve net zero / Timing 2050
Risks identified by the company
Increasing instability in the international situation
Rising raw-material prices and labor costs
Geopolitical risks, including Russia's invasion of Ukraine and the situation surrounding Taiwan
Supply chain disruptions
Rapid Yen Depreciation
Labor shortages and difficulty recruiting in the construction industry
Increasing competition
More frequent and severe natural disasters
Market contraction in certain areas
Intensifying competition in major cities
Reason for revision or withdrawal
The numerical targets were achieved ahead of schedule in the fiscal year ending March 2026, due to the tailwind of robust private-sector capital investment, productivity improvements driven by kaizen activities and the promotion of DX, and the establishment of a flexible construction system aligned with construction demand.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2027 |
| Plan period | 2023-2027 |
| Progress against the plan | Partially revised |
| Sales Target | ¥270 billion (latest actual: ¥272.4 billion) → ¥310 billion（+14.8%） |
| ROE target | 8.0% (latest actual: 12.3%) → 10.5％（+31.3%） |
| Payout ratio / DOE policy | Return profits to shareholders in line with performance, targeting a consolidated dividend payout ratio of 40%. Since the fiscal year ended March 2024, dividends equivalent to approximately 40% of consolidated net income have been paid. Target period: not disclosed. |
| Cost of capital | Cost of equity: approximately 5.5%; WACC: approximately 4.3% |
| Self-assessment of PBR and share price | Although the PBR had remained below 1x, it has now improved to above 1x as a result of the rise in the share price. The PER remains low compared with the 17.8x average for construction companies listed on the Prime Market. |
| Non-financial targets | Indicator CO2 emissions per unit of revenue / Target value At least 46% reduction from fiscal 2013 / Timing 2030, Indicator CO2 emissions / Target value Achieve net zero / Timing 2050 |
| Plan assumptions | Private-sector capital investment is expected to remain at a high level, supported by demand for equipment renewals and growing demand related to the spread of AI and carbon neutrality., The impact of instability in the international situation and rising raw-material prices and labor costs is a concern. |
| Key initiatives | Taking on challenges in growth areas, Deepening existing businesses, Further expanding investment in human capital, Strengthening the management platform, Supporting customers in achieving carbon neutrality, Strengthening renewable energy-related businesses and construction, Investing in DX and responding to the post-COVID environment, Developing an area strategy with a view to the future, Further strengthening overseas operations, centered on Asia, Creating and developing new businesses, Promoting technology research and development that contributes to the creation of added value, and initiatives aimed at business development, Carbon-Neutrality Initiatives, Promoting Digitalization and DX, Securing talent and promoting their active participation |
| Results under the previous plan | Revenue of ¥270 billion, consolidated ordinary profit of ¥18 billion, and consolidated ROE of 8.0% → Actual results for the fiscal year ending March 2026: revenue of ¥272.4 billion, consolidated ordinary profit of ¥22.6 billion, and consolidated ROE of 12.3% |
| Reason for revision or withdrawal | The numerical targets were achieved ahead of schedule in the fiscal year ending March 2026, due to the tailwind of robust private-sector capital investment, productivity improvements driven by kaizen activities and the promotion of DX, and the establishment of a flexible construction system aligned with construction demand. |
| Risks identified | Increasing instability in the international situation, Rising raw-material prices and labor costs, Geopolitical risks, including Russia's invasion of Ukraine and the situation surrounding Taiwan, Supply chain disruptions, Rapid Yen Depreciation, Labor shortages and difficulty recruiting in the construction industry, Increasing competition, More frequent and severe natural disasters, Market contraction in certain areas, Intensifying competition in major cities |
| Date of board resolution | 28 April 2026 |
| Publication date | 28 April 2026 |
Items this document does not state (9)
Operating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal investment planInvestment amount by sectorSegment targetSize 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.The previous numerical targets were achieved ahead of schedule in the fiscal year ending March 2026, due to robust private-sector capital investment, productivity improvements driven by kaizen activities and the promotion of DX, and the establishment of a flexible construction system aligned with construction demand. In addition, private-sector capital investment is expected to remain at a high level, supported by demand for equipment renewals, the spread of AI, and demand related to carbon neutrality.
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