Worth reading
64In 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
FormulatedNet Sales+13.7%
基準 32,982Target37,500million
Net income for the current fiscal year-16.8%
基準 2,765Target2,300million
ROE+5.0pt
基準 2,026Target2,031%
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.
Total investment planApproximately ¥6.0 billion to ¥10.0 billion
Investment amount by sectorField Growth investment and research and development / Amount Approximately ¥2.5–4.5 billion, Field Development and strengthening of the foundation of existing businesses / Amount Approximately ¥3–4.5 billion, Field Strengthening the Management Platform / Amount Approximately ¥500 million–¥1 billion
Statements about the use of capital
Payout ratio / DOE policyNumerical targets for the payout ratio and DOE are not disclosed. The dividend per share will have a floor of ¥10, and interim dividends will be introduced from the fiscal year ending March 2027. Dividends will be paid twice a year, including interim dividends. The applicable period is the medium-term management plan period.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company will acquire treasury shares depending on circumstances, with the aim of raising the total payout ratio. Under its cash allocation policy, such acquisitions will be carried out as necessary.
Cost of capitalShareholders’ equity cost (company estimate): approximately 5–8%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe PBR is below 1.0x. As of the end of March 2026, the share price was ¥510 and the PBR was 0.68x. The PER was 5.1x. Although ROE has improved, the company recognizes that the PER has remained low because of significant earnings volatility and the growth prospects of its core sugar business, among other factors.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthening the foundation of the sugar business
02Strengthening the bio business, centered on oligosaccharides
03Strengthening new businesses
04Rebuilding the brand and sales strategies
05Advancing sustainability management
06Promoting Human Capital Management
07DX Strategy
08Enhancing the governance and risk management framework
Segment targetSegment Bio Business / Target Double sales
Non-financial targetsIndicator Percentage of Female Managers / Actual results 14.0% (as of the end of March 2025) / Target 20.0% / Timing End of March 2030
Risks identified by the company
Response to Cost Inflation
Maintaining production facilities
Securing Human Resources
Responding to logistics issues
Revenue Stabilization
Climate change
Human Rights
Legal compliance
Information Leaks
Harassment
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (NEXT 2030) |
| Plan period | Fiscal years 2026–2030 |
| Progress against the plan | Formulated |
| Sales Target | 32,100 (outlook for the fiscal year ending March 2027; actual for the fiscal year ended March 2026: 32,982) → 37,500 (target for the fiscal year ending March 2031)（16.8% increase (versus the outlook for the fiscal year ending March 2027)） |
| Net income target | 1,800 (outlook for the fiscal year ending March 2027; actual for the fiscal year ended March 2026: 2,765) → 2,300 (target for the fiscal year ending March 2031)（27.8% increase (versus the outlook for the fiscal year ending March 2027)） |
| ROE target | 10.3% (actual for the fiscal year ended March 2026) → 9% or higher (target for the fiscal year ending March 2031)（12.6% decline (versus the lower end of the target)） |
| Payout ratio / DOE policy | Numerical targets for the payout ratio and DOE are not disclosed. The dividend per share will have a floor of ¥10, and interim dividends will be introduced from the fiscal year ending March 2027. Dividends will be paid twice a year, including interim dividends. The applicable period is the medium-term management plan period. |
| Treasury share acquisition policy | The company will acquire treasury shares depending on circumstances, with the aim of raising the total payout ratio. Under its cash allocation policy, such acquisitions will be carried out as necessary. |
| Cost of capital | Shareholders’ equity cost (company estimate): approximately 5–8% |
| Self-assessment of PBR and share price | The PBR is below 1.0x. As of the end of March 2026, the share price was ¥510 and the PBR was 0.68x. The PER was 5.1x. Although ROE has improved, the company recognizes that the PER has remained low because of significant earnings volatility and the growth prospects of its core sugar business, among other factors. |
| Total investment plan | Approximately ¥6.0 billion to ¥10.0 billion |
| Investment amount by sector | Field Growth investment and research and development / Amount Approximately ¥2.5–4.5 billion, Field Development and strengthening of the foundation of existing businesses / Amount Approximately ¥3–4.5 billion, Field Strengthening the Management Platform / Amount Approximately ¥500 million–¥1 billion |
| Segment target | Segment Bio Business / Target Double sales |
| Non-financial targets | Indicator Percentage of Female Managers / Actual results 14.0% (as of the end of March 2025) / Target 20.0% / Timing End of March 2030 |
| Key initiatives | Strengthening the foundation of the sugar business, Strengthening the bio business, centered on oligosaccharides, Strengthening new businesses, Rebuilding the brand and sales strategies, Advancing sustainability management, Promoting Human Capital Management, DX Strategy, Enhancing the governance and risk management framework |
| Risks identified | Response to Cost Inflation, Maintaining production facilities, Securing Human Resources, Responding to logistics issues, Revenue Stabilization, Climate change, Human Rights, Legal compliance, Information Leaks, Harassment |
| Publication date | 8 May 2026 |
Items this document does not state (8)
Operating profit targetOperating profit margin targetROIC targetPlan assumptionsResults under the previous planReason for revision or withdrawalSize of the Target MarketDate 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.To steadily strengthen the foundation of the refined sugar business while focusing on strengthening and expanding the bio business and other businesses as the second and third earnings pillars.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.