Worth reading
70In 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
100
¥100 millionWording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+40.8%
基準 71Target100100 million
Operating profit+105.1%
基準 3.9Target8100 million
ROE+2.5pt
基準 5.5Target8％
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).
What happened to the previous planAlthough the number of online obituary notices created and the member activity rate increased, new tsunagoo contracts fell short of plan
Investment amount by sectorField M&A / Amount ¥10 100 million / Timing Cumulative through fiscal 2028, Field Renewal and expansion of production facilities for the photobook business / Amount Not disclosed, Field Research and development for the aerial display business / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyTarget Maintain a minimum dividend of ¥7 per share and a payout ratio of at least 30% / Period Covered Not disclosedThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyConduct share repurchases as appropriate, taking into account stock market conditions and available cash
Key initiatives
01Strategy 1: Expansion of existing businesses
02Strategy 2: Utilization of in-house assets
03Strategy 3: Growth of the B2C business
04Strategy 4: Promoting regional revitalization
05Market-Share Expansion
06Partnership initiatives
07Maximizing value delivered to customers
08DX for the funeral industry
09Planning and developing services using new technologies
10Expanding sales through the funeral-home network
11Capturing outsourcing demand
12Support for photographers
13Expanding data conversion services
14Strengthening the MyBook brand
15Approaching the senior market
16Oshi-katsu market
17Strengthening the supply of existing products and sales of package products
18Providing high-value-added solutions
19Packaging the Company’s intellectual property and know-how and licensing them to strategic partners
20Building strategic partnerships with global companies and expanding the licensing business
21Expanding the product lineup for general consumers
22Strengthening BET’s earnings base
23Developing regional VTuber events
24Strengthening collaboration with local governments and regional companies
25Promoting in-house innovation
26Strengthening communications
27Building the foundation for growth investment
28Human Capital Development
29Energizing the workforce
30Strengthening recruitment capabilities
31Ensuring Compliance
32Enhancing information security
33Utilizing intellectual property and know-how
Plan assumptionsItem Domestic funeral services market size / Assumptions Approximately ¥1.9 trillion; the number of deaths is expected to increase through 2040 / Source Yano Research Institute, “Survey of the Funeral Services Market (2025)”, Item Photo imaging market / Assumptions Approximately ¥160 billion and trending downward; 2025 is a forecast / Source JPIA Photo Imaging Market Statistics, Item Global holographic display market / Assumptions Approximately ¥450 billion in 2024, forecast to reach approximately ¥1.2 trillion in 2030; CAGR of 18.1%; converted at ¥150 per US dollar / Source Mordor Intelligence, “Holographic Display Market” (2025), Item Oshi-katsu-related market / Assumptions Approximately ¥1.3 trillion; 15 of the 17 major categories recorded positive growth in fiscal 2024 / Source Yano Research Institute, “Survey of the Otaku Market” (2025), Item Pet funeral services market / Assumptions Approximately ¥35 billion / Source Not disclosed
Segment targetSegment Funeral business / Net Sales ¥4.3 billion / Profit Not disclosed / Fiscal year FY2028, Segment Photobook business / Net Sales ¥3.9 billion / Profit Not disclosed / Fiscal year FY2028, Segment Aerial Display business / Net Sales ¥800 million / Profit Not disclosed / Fiscal year FY2028, Segment Future Investment / Net Sales ¥1 billion or more / Profit Not disclosed / Fiscal year FY2028
Non-financial targetsIndicator Number of newly processed memorial portraits / Target 600,000 portraits (annual) / Timing FY2028, Indicator Number of DX service contracts / Target 1,500 cases / Timing FY2028, Indicator Number of new services and businesses launched / Target 6 (cumulative over 3 years) / Timing By fiscal 2028, Indicator Number of Asuka Book contracts / Target 22,000 contracts / Timing FY2028, Indicator Asuka Book utilization rate / Target 40.0% / Timing FY2028, Indicator Number of outsourcing service contracts / Target 200 contracts / Timing FY2028, Indicator Number of MyBook members / Target 500,000 members / Timing FY2028, Indicator Number of package products sold / Target 30 (annual) / Timing FY2028, Indicator Licensing Agreements / Target 4 items / Timing FY2028, Indicator Patent applications related to new technologies / Target 15 projects / Timing FY2028, Indicator Cumulative number of M&A transactions / Target 3 to 5 / Timing FY2028
Size of the Target MarketMarket Domestic funeral services market / Scale Approximately ¥1.9 trillion / Growth/trend The number of deaths is expected to increase through 2040 / Source Yano Research Institute, “Survey of the Funeral Services Market (2025)”, Market Photo imaging market / Scale Approximately ¥160 billion / Growth/trend Trending downward; 2025 is a forecast / Source JPIA Photo Imaging Market Statistics, Market Global holographic display market / Scale Approximately ¥450 billion in 2024 → approximately ¥1.2 trillion forecast for 2030 / Growth/trend CAGR of 18.1% / Source Mordor Intelligence, “Holographic Display Market” (2025), Market Oshi-katsu-related market / Scale Approximately ¥1.3 trillion / Growth/trend 15 of the 17 major categories recorded positive growth in fiscal 2024 / Source Yano Research Institute, “Survey of the Otaku Market” (2025), Market Pet funeral services market / Scale Approximately ¥35 billion / Growth/trend Not disclosed / Source Not disclosed
Risks identified by the company
Advances in generative AI could lower barriers to entry in the memorial portrait market
The increasing prevalence of small, family-only funerals is causing funeral sizes to trend downward
The decline in marriages and the birth rate is reducing opportunities to create photobooks
The shift toward digital media is causing the photo output market to contract structurally
The aerial display market remains in its infancy and has not yet developed into a full-scale market; industrializing the technology will take time
Although there are no major competitors, the Company is struggling to create a market on its own
The aerial display business continues to incur segment losses
At the male livestreamer agency, acquiring livestreamers is a challenge
Reason for revision or withdrawal
The basic policy for the funeral business remains unchanged, but partnership initiatives have been added. In the photobook business, the Company is pursuing residual profits by turning the challenging market environment to its advantage, while also expanding into adjacent areas and exploring overseas markets. In the aerial display business, the Company has struggled to create a market on its own and considers collaboration with strategic partners essential to achieving commercialization at an early stage.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2026–2028 |
| Plan period | FY2026-FY2028 |
| Progress against the plan | Partially revised |
| Sales Target | ¥71 100 million → ¥100 100 million（+40.8%） |
| Operating profit target | ¥3.9 100 million → ¥8 100 million（+105.1%） |
| ROE target | 5.5 ％ → 8 ％（+45.5%） |
| Payout ratio / DOE policy | Target Maintain a minimum dividend of ¥7 per share and a payout ratio of at least 30% / Period Covered Not disclosed |
| Treasury share acquisition policy | Conduct share repurchases as appropriate, taking into account stock market conditions and available cash |
| Investment amount by sector | Field M&A / Amount ¥10 100 million / Timing Cumulative through fiscal 2028, Field Renewal and expansion of production facilities for the photobook business / Amount Not disclosed, Field Research and development for the aerial display business / Amount Not disclosed |
| Segment target | Segment Funeral business / Net Sales ¥4.3 billion / Profit Not disclosed / Fiscal year FY2028, Segment Photobook business / Net Sales ¥3.9 billion / Profit Not disclosed / Fiscal year FY2028, Segment Aerial Display business / Net Sales ¥800 million / Profit Not disclosed / Fiscal year FY2028, Segment Future Investment / Net Sales ¥1 billion or more / Profit Not disclosed / Fiscal year FY2028 |
| Non-financial targets | Indicator Number of newly processed memorial portraits / Target 600,000 portraits (annual) / Timing FY2028, Indicator Number of DX service contracts / Target 1,500 cases / Timing FY2028, Indicator Number of new services and businesses launched / Target 6 (cumulative over 3 years) / Timing By fiscal 2028, Indicator Number of Asuka Book contracts / Target 22,000 contracts / Timing FY2028, Indicator Asuka Book utilization rate / Target 40.0% / Timing FY2028, Indicator Number of outsourcing service contracts / Target 200 contracts / Timing FY2028, Indicator Number of MyBook members / Target 500,000 members / Timing FY2028, Indicator Number of package products sold / Target 30 (annual) / Timing FY2028, Indicator Licensing Agreements / Target 4 items / Timing FY2028, Indicator Patent applications related to new technologies / Target 15 projects / Timing FY2028, Indicator Cumulative number of M&A transactions / Target 3 to 5 / Timing FY2028 |
| Plan assumptions | Item Domestic funeral services market size / Assumptions Approximately ¥1.9 trillion; the number of deaths is expected to increase through 2040 / Source Yano Research Institute, “Survey of the Funeral Services Market (2025)”, Item Photo imaging market / Assumptions Approximately ¥160 billion and trending downward; 2025 is a forecast / Source JPIA Photo Imaging Market Statistics, Item Global holographic display market / Assumptions Approximately ¥450 billion in 2024, forecast to reach approximately ¥1.2 trillion in 2030; CAGR of 18.1%; converted at ¥150 per US dollar / Source Mordor Intelligence, “Holographic Display Market” (2025), Item Oshi-katsu-related market / Assumptions Approximately ¥1.3 trillion; 15 of the 17 major categories recorded positive growth in fiscal 2024 / Source Yano Research Institute, “Survey of the Otaku Market” (2025), Item Pet funeral services market / Assumptions Approximately ¥35 billion / Source Not disclosed |
| Key initiatives | Strategy 1: Expansion of existing businesses, Strategy 2: Utilization of in-house assets, Strategy 3: Growth of the B2C business, Strategy 4: Promoting regional revitalization, Market-Share Expansion, Partnership initiatives, Maximizing value delivered to customers, DX for the funeral industry, Planning and developing services using new technologies, Expanding sales through the funeral-home network, Capturing outsourcing demand, Support for photographers, Expanding data conversion services, Strengthening the MyBook brand, Approaching the senior market, Oshi-katsu market, Strengthening the supply of existing products and sales of package products, Providing high-value-added solutions, Packaging the Company’s intellectual property and know-how and licensing them to strategic partners, Building strategic partnerships with global companies and expanding the licensing business, Expanding the product lineup for general consumers, Strengthening BET’s earnings base, Developing regional VTuber events, Strengthening collaboration with local governments and regional companies, Promoting in-house innovation, Strengthening communications, Building the foundation for growth investment, Human Capital Development, Energizing the workforce, Strengthening recruitment capabilities, Ensuring Compliance, Enhancing information security, Utilizing intellectual property and know-how |
| Results under the previous plan | Although the number of online obituary notices created and the member activity rate increased, new tsunagoo contracts fell short of plan |
| Reason for revision or withdrawal | The basic policy for the funeral business remains unchanged, but partnership initiatives have been added. In the photobook business, the Company is pursuing residual profits by turning the challenging market environment to its advantage, while also expanding into adjacent areas and exploring overseas markets. In the aerial display business, the Company has struggled to create a market on its own and considers collaboration with strategic partners essential to achieving commercialization at an early stage. |
| Size of the Target Market | Market Domestic funeral services market / Scale Approximately ¥1.9 trillion / Growth/trend The number of deaths is expected to increase through 2040 / Source Yano Research Institute, “Survey of the Funeral Services Market (2025)”, Market Photo imaging market / Scale Approximately ¥160 billion / Growth/trend Trending downward; 2025 is a forecast / Source JPIA Photo Imaging Market Statistics, Market Global holographic display market / Scale Approximately ¥450 billion in 2024 → approximately ¥1.2 trillion forecast for 2030 / Growth/trend CAGR of 18.1% / Source Mordor Intelligence, “Holographic Display Market” (2025), Market Oshi-katsu-related market / Scale Approximately ¥1.3 trillion / Growth/trend 15 of the 17 major categories recorded positive growth in fiscal 2024 / Source Yano Research Institute, “Survey of the Otaku Market” (2025), Market Pet funeral services market / Scale Approximately ¥35 billion / Growth/trend Not disclosed / Source Not disclosed |
| Risks identified | Advances in generative AI could lower barriers to entry in the memorial portrait market, The increasing prevalence of small, family-only funerals is causing funeral sizes to trend downward, The decline in marriages and the birth rate is reducing opportunities to create photobooks, The shift toward digital media is causing the photo output market to contract structurally, The aerial display market remains in its infancy and has not yet developed into a full-scale market; industrializing the technology will take time, Although there are no major competitors, the Company is struggling to create a market on its own, The aerial display business continues to incur segment losses, At the male livestreamer agency, acquiring livestreamers is a challenge |
| Publication date | 29 July 2026 |
Items this document does not state (7)
Operating profit margin targetNet income targetROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planDate 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 pursue future investment in areas where direct synergies are expected amid the accelerating evolution of technology and changes in market structures. In the existing businesses, the Company also aims to expand into adjacent areas and the B2C market by leveraging its customer base, technological capabilities, and intellectual property.
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