Worth reading
47Recurring
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
4000
¥ million (FY2029 revenue target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+71.3%
基準 2,335Target4,000million yen
Operating profit+233.3%
基準 150Target500million yen
Operating profit margin+6.1pt
基準 6.4Target12.5%
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.
Key initiatives
01Strengthen sourcing, expand the foreign customer base, and expand private sales (PS)
02Establish an art finance division and obtain a money-lending business license
03Prepare for and pilot the horizontal expansion of Collective
04Launch art-backed loan operations, initially on a small scale for validation
05Implement AI appraisal and authenticity certification (Shinwa Cert.)
06Expand Collective and discuss partnerships with leading overseas auction houses
07Expand recurring revenue and establish a stable earnings base
08Validate results and formulate the next mid-term management plan
09Link to the long-term vision
10Enter into a licensing partnership with an external AI provider
11Consider offering a consumer-facing “AI Simple Appraisal” service in the second half of FY2028
12First half of FY2028: pilot with high-value works → second half of FY2028: issue for all works
13FY2029: provide an external API and commercialize it as a B2B business
Plan assumptionsFY2027 is a planned figure equivalent to a financial forecast, while FY2028–FY2029 are management targets, The FY2028–FY2029 management targets assume that the required funding will be secured; if it cannot be secured, the scale of the targets will be adjusted, The FY2027 planned figure does not assume any new financing, The art and finance market is expected to grow at an annual rate of 18–22%
Size of the Target MarketGlobal art market: $59.6B (2025), Art and finance market: $28.7→50.1B, annual growth of 18–22%, Domestic reuse market: ¥3.3→4 trillion (2030 forecast), Affluent households in Japan: 1.65 million households, ¥469 trillion in net financial assets, Sources: Art Basel & UBS 2026, Deloitte & ArtTactic 2025, disclosures by major auction houses, Nomura Research Institute 2025, and reuse industry statistics
Risks identified by the company
If the required funding for the FY2028–FY2029 management targets cannot be secured, the scale of the targets will be adjusted
Achievement of future targets is not guaranteed
Elimination of the impact of past matters and embedding of internal controls
Establishment of the new management structure and ensuring the effectiveness of governance
Ensuring the execution capability of new businesses
The recovery amount and recovery period in the event of default on a movable-asset-backed loan will vary depending on market conditions
Overseas partners are currently under discussion
| Item | Details |
|---|---|
| Plan name | Mid-Term Management Vision FY2027–FY2029 |
| Plan period | FY2027–FY2029 (fiscal years ending May 2027–May 2029) |
| Progress against the plan | Formulated |
| Sales Target | 2,335 million yen → 4,000 million yen（1.7x） |
| Operating profit target | 150 million yen → 500 million yen（3.3x） |
| Operating profit margin target | 6.4 % → 12.5 % |
| Plan assumptions | FY2027 is a planned figure equivalent to a financial forecast, while FY2028–FY2029 are management targets, The FY2028–FY2029 management targets assume that the required funding will be secured; if it cannot be secured, the scale of the targets will be adjusted, The FY2027 planned figure does not assume any new financing, The art and finance market is expected to grow at an annual rate of 18–22% |
| Key initiatives | Strengthen sourcing, expand the foreign customer base, and expand private sales (PS), Establish an art finance division and obtain a money-lending business license, Prepare for and pilot the horizontal expansion of Collective, Launch art-backed loan operations, initially on a small scale for validation, Implement AI appraisal and authenticity certification (Shinwa Cert.), Expand Collective and discuss partnerships with leading overseas auction houses, Expand recurring revenue and establish a stable earnings base, Validate results and formulate the next mid-term management plan, Link to the long-term vision, Enter into a licensing partnership with an external AI provider, Consider offering a consumer-facing “AI Simple Appraisal” service in the second half of FY2028, First half of FY2028: pilot with high-value works → second half of FY2028: issue for all works, FY2029: provide an external API and commercialize it as a B2B business |
| Size of the Target Market | Global art market: $59.6B (2025), Art and finance market: $28.7→50.1B, annual growth of 18–22%, Domestic reuse market: ¥3.3→4 trillion (2030 forecast), Affluent households in Japan: 1.65 million households, ¥469 trillion in net financial assets, Sources: Art Basel & UBS 2026, Deloitte & ArtTactic 2025, disclosures by major auction houses, Nomura Research Institute 2025, and reuse industry statistics |
| Risks identified | If the required funding for the FY2028–FY2029 management targets cannot be secured, the scale of the targets will be adjusted, Achievement of future targets is not guaranteed, Elimination of the impact of past matters and embedding of internal controls, Establishment of the new management structure and ensuring the effectiveness of governance, Ensuring the execution capability of new businesses, The recovery amount and recovery period in the event of default on a movable-asset-backed loan will vary depending on market conditions, Overseas partners are currently under discussion |
| Publication date | 15 July 2026 |
Items this document does not state (14)
Net income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetNon-financial targetsResults under the previous planReason for revision or withdrawalDate 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 light of inappropriate accounting and issues relating to revenue recognition and transaction classification in prior fiscal years, as well as declining profitability in the auction business, the company will eliminate the impact of past matters, embed internal controls, and ensure the effectiveness of the new management structure and governance, thereby reforming its earnings structure starting with the restoration of trust.
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