Worth reading
65In 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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+306.0%
基準 500Target2,030100 million
Operating profit+3,283.3%
基準 60Target2,030100 million
Net income for the current fiscal year+4,975.0%
基準 40Target2,030100 million
ROE+1.0pt
基準 9Target10％
ROIC-2,015.0pt
基準 2,025Target10％
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 marginNot disclosed → Up 1–2 percentage points from the current level
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue of ¥50 billion, operating profit of ¥6 billion, and net income of ¥4 billion (initial assumptions) → Expected to achieve the initial numerical targets three years ahead of schedule
Statements about the use of capital
Payout ratio / DOE policyContinue progressive dividends and provide stable, long-term shareholder returns. Numerical targets and the target period are 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 capitalApproximately 6% (cost of equity stated in the materials)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 remained at approximately 0.7–0.9x over the past five years, continuing to remain below 1x. PER was low at 8.6x for the fiscal year ending May 2026, and the Company recognizes that market valuation remains limited.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improve asset efficiency and strengthen cash-generation capabilities
02Advance capital policy based on a balance between growth investment and shareholder returns
03Allocate management resources with a focus on investment efficiency and strengthen capital discipline
04Enhance financial and non-financial disclosures and strengthen dialogue with shareholders and investors
05Improving Profitability
06Improve invested capital turnover
07Improving capital efficiency
08Growth
09Build expectations for growth
10Expand high-value-added products
11Productivity Improvement
12Optimize the asset mix
13Improve production cycles
14Introduce investment discipline
15Promote company-by-company ROIC management
16Optimize capital allocation
17Define growth areas
18New businesses and M&A
19Strengthen growth in existing businesses
20Strengthening IR and SR Activities
Non-financial targetsIndicator name CO2 reduction / Target value 42% reduction from fiscal 2021 / Timing Long-Term Vision 2030 target, Indicator name Number of engineers / Target value Increase of 60 people per year / Timing Not disclosed, Indicator name Number of Professional Engineer holders / Target value At least 30 people per year / Timing Not disclosed, Indicator name Ratio of proposal-based projects / Target value At least 40% / Timing Long-Term Vision 2030 target, Indicator name Ratio of the six priority fields / Target value At least two-thirds / Timing Long-Term Vision 2030 target, Indicator name Regional advancement level (project density) / Target value At least 50% / Timing Not disclosed, Indicator name Regional co-creation projects / Target value At least 5 projects per year / Timing Not disclosed, Indicator name Production operating rate / Target value 75〜80％ / Timing Long-Term Vision 2030 target
Risks identified by the company
The occurrence of exceptional circumstances that cannot ordinarily be anticipated
The occurrence of outcomes that cannot ordinarily be anticipated
Reason for revision or withdrawal
In addition to the fact that the Group’s businesses involve investment and recovery over the medium to long term, flexible resource allocation and strategic decision-making are required in response to rapid changes in the business environment.
| Item | Details |
|---|---|
| Plan name | Long-Term Vision “E・J-Vision2030” |
| Plan period | 2021–fiscal 2030 (formulated in 2021) |
| Progress against the plan | Partially revised |
| Sales Target | ¥500 100 million → No fixed target will be set for fiscal 2030 (for reference: fiscal 2027 target of 500) |
| Operating profit target | ¥60 100 million → No fixed target will be set for fiscal 2030 (for reference: fiscal 2027 target of 59) |
| Operating profit margin target | Not disclosed → Up 1–2 percentage points from the current level |
| Net income target | ¥40 100 million → No fixed target will be set for fiscal 2030 (for reference: fiscal 2027 target of 40) |
| ROE target | At least 9% (most recent results) → At least 10% |
| ROIC target | 7.1% (2025) → At least 10% |
| Payout ratio / DOE policy | Continue progressive dividends and provide stable, long-term shareholder returns. Numerical targets and the target period are not disclosed. |
| Cost of capital | Approximately 6% (cost of equity stated in the materials) |
| Self-assessment of PBR and share price | PBR has remained at approximately 0.7–0.9x over the past five years, continuing to remain below 1x. PER was low at 8.6x for the fiscal year ending May 2026, and the Company recognizes that market valuation remains limited. |
| Non-financial targets | Indicator name CO2 reduction / Target value 42% reduction from fiscal 2021 / Timing Long-Term Vision 2030 target, Indicator name Number of engineers / Target value Increase of 60 people per year / Timing Not disclosed, Indicator name Number of Professional Engineer holders / Target value At least 30 people per year / Timing Not disclosed, Indicator name Ratio of proposal-based projects / Target value At least 40% / Timing Long-Term Vision 2030 target, Indicator name Ratio of the six priority fields / Target value At least two-thirds / Timing Long-Term Vision 2030 target, Indicator name Regional advancement level (project density) / Target value At least 50% / Timing Not disclosed, Indicator name Regional co-creation projects / Target value At least 5 projects per year / Timing Not disclosed, Indicator name Production operating rate / Target value 75〜80％ / Timing Long-Term Vision 2030 target |
| Key initiatives | Improve asset efficiency and strengthen cash-generation capabilities, Advance capital policy based on a balance between growth investment and shareholder returns, Allocate management resources with a focus on investment efficiency and strengthen capital discipline, Enhance financial and non-financial disclosures and strengthen dialogue with shareholders and investors, Improving Profitability, Improve invested capital turnover, Improving capital efficiency, Growth, Build expectations for growth, Expand high-value-added products, Productivity Improvement, Optimize the asset mix, Improve production cycles, Introduce investment discipline, Promote company-by-company ROIC management, Optimize capital allocation, Define growth areas, New businesses and M&A, Strengthen growth in existing businesses, Strengthening IR and SR Activities |
| Results under the previous plan | Revenue of ¥50 billion, operating profit of ¥6 billion, and net income of ¥4 billion (initial assumptions) → Expected to achieve the initial numerical targets three years ahead of schedule |
| Reason for revision or withdrawal | In addition to the fact that the Group’s businesses involve investment and recovery over the medium to long term, flexible resource allocation and strategic decision-making are required in response to rapid changes in the business environment. |
| Risks identified | The occurrence of exceptional circumstances that cannot ordinarily be anticipated, The occurrence of outcomes that cannot ordinarily be anticipated |
| Publication date | 14 July 2026 |
Items this document does not state (7)
Treasury share acquisition policyTotal investment planInvestment amount by sectorSegment targetPlan assumptionsSize 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.In addition to the fact that the Group’s businesses involve investment and recovery over the medium to long term, flexible resource allocation and strategic decision-making are required in response to rapid changes in the business environment. The revision also reflects progress under the current long-term vision, including expectations that the initial numerical targets will be achieved three years ahead of schedule.
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