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
189
¥100 million (FY2028 revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-85.6%
基準 14,132Target2,028million / ¥100 million
Operating profit+0.1%
基準 2,025Target2,028million / ¥100 million
ROE+3.0pt
基準 2,025Target2,028％
ROIC+3.0pt
基準 2,025Target2,028％
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 → 7% (FY2028 plan)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planReturn to profitability in the second year and transition to a phase of profit expansion driven by revenue growth → The company returned to profitability through a steady recovery in revenue and thorough cost-efficiency improvements. Although it maintained a stable upward trend in revenue, growth did not accelerate and profit increased only marginally.
Total investment plan¥3 billion (FY2026–FY2028)
Investment amount by sectorField Investment / Amount ¥3 billion
Statements about the use of capital
Payout ratio / DOE policyThe company plans to resume dividend payments in FY2028. While prioritizing growth investment, it aims to strengthen stable shareholder returns. Numerical targets for the payout ratio and DOE have not been disclosed.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 policyNot disclosed. The cash allocation plan states that shareholder returns will be ¥200 million plus an additional amount.
Cost of capitalCost of equity range: 9–11%; WACC range: 7–9%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01A. Strengthen media and membership services
02B. Establish the agency business
03C. Expand membership value
04D. Strengthen the sales organization and improve activity processes
05E. Build and utilize a data platform suited to the AI era
Plan assumptionsThe working-age population is expected to decline by 6.47 million, or 8.9%, from 72.74 million in 2026 to 66.26 million in 2036. Source: National Institute of Population and Social Security Research, Population Projections for Japan (2023 projection)., The inbound market is expected to exceed 42 million international visitors to Japan and ¥2 trillion in spending on food and beverages in 2025. The 2030 targets are 60 million international visitors and approximately ¥3.3 trillion in spending on food and beverages. Sources: JNTO, Visitor Arrivals Statistics; Japan Tourism Agency, Consumption Trend Survey for Foreigners Visiting Japan; government targets and the company's estimates., The BPO market was ¥1.9566 trillion in FY2024 and is forecast to reach ¥2.0703 trillion in FY2029. Source: Yano Research Institute., The domestic CRM applications market was ¥249.78 billion in 2023 and is forecast to reach ¥395.08 billion in 2028, representing a CAGR of 9.6%. Source: IDC Japan., The cashless payment ratio was 51.7% in 2024. The target is 65% by 2030 and 80% over the longer term. Source: Ministry of Economy, Trade and Industry, Cashless Promotion Study Group., The domestic AI systems market was ¥1.3412 trillion in 2024 and is forecast to reach ¥4.1873 trillion in 2029, representing a CAGR of 25.6%. Source: Ministry of Internal Affairs and Communications, 2025 White Paper on Information and Communications in Japan (based on IDC Japan's 2024 Domestic AI Systems Market Forecast).
Non-financial targetsIndicator Number of paying member locations / Target value 60,000 locations / Timing FY2028, Indicator Total number of member locations / Target value 100,000 locations / Timing FY2028, Indicator FY2026 focused recruitment / Target value Approximately 70 people / Timing FY2026, Indicator Time reduction through the use of AI in sales activities / Target value Up to 80% / Timing Not disclosed
Size of the Target MarketMarket Inbound Tourism Market / Size and growth rate More than 42 million international visitors to Japan and more than ¥2 trillion in spending on food and beverages in 2025. The 2030 targets are 60 million international visitors and approximately ¥3.3 trillion in spending on food and beverages. / Source JNTO, Visitor Arrivals Statistics; Japan Tourism Agency, Consumption Trend Survey for Foreigners Visiting Japan; government targets and the company's estimates, Market BPO market (non-IT BPO) / Size and growth rate FY2024 actual: ¥1.9566 trillion; FY2029 forecast: ¥2.0703 trillion (+¥110.0 billion) / Source Yano Research Institute, Market Domestic CRM applications market / Size and growth rate 2023 actual: ¥249.78 billion; 2028 forecast: ¥395.08 billion (CAGR 9.6%) / Source IDC Japan, Market Cashless payments market / Size and growth rate Cashless payment ratio of 51.7% in 2024; target of 65% by 2030 and a long-term target of 80% / Source Ministry of Economy, Trade and Industry, Cashless Promotion Study Group, Market Domestic AI systems market / Size and growth rate 2024 actual: ¥1.3412 trillion; 2029 forecast: ¥4.1873 trillion (CAGR 25.6%) / Source Ministry of Internal Affairs and Communications, 2025 White Paper on Information and Communications in Japan (based on IDC Japan's 2024 Domestic AI Systems Market Forecast)
Risks identified by the company
Labor shortages due to the decline in the working-age population
Rising costs, including food materials, labor, utilities and rent
Intense competition in the online reservations market
The burden of payment processing fees, including those for cashless payments
Impact on cash management due to payment lags
Risk of being unable to process payments in the event of communications or equipment failures
Risk of reduced accuracy in the timing and content of distributions
Not disclosed (additions and deletions from the previous plan)
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2028 |
| Plan period | Fiscal years ending March 2027 through March 2029 (FY2026–FY2028) |
| Progress against the plan | Formulated |
| Sales Target | 14,132 (FY2025 actual) → ¥18.9 billion (FY2028 plan)（CAGR（25-28）10％） |
| Operating profit target | 262 (FY2025 actual) → ¥1.3 billion (FY2028 plan) |
| Operating profit margin target | Not disclosed → 7% (FY2028 plan) |
| ROE target | -23% (FY2025 actual) → 21% (FY2028 plan) |
| ROIC target | -11% (FY2025 actual) → 16% (FY2028 plan) |
| Payout ratio / DOE policy | The company plans to resume dividend payments in FY2028. While prioritizing growth investment, it aims to strengthen stable shareholder returns. Numerical targets for the payout ratio and DOE have not been disclosed. |
| Treasury share acquisition policy | Not disclosed. The cash allocation plan states that shareholder returns will be ¥200 million plus an additional amount. |
| Cost of capital | Cost of equity range: 9–11%; WACC range: 7–9%. |
| Total investment plan | ¥3 billion (FY2026–FY2028) |
| Investment amount by sector | Field Investment / Amount ¥3 billion |
| Non-financial targets | Indicator Number of paying member locations / Target value 60,000 locations / Timing FY2028, Indicator Total number of member locations / Target value 100,000 locations / Timing FY2028, Indicator FY2026 focused recruitment / Target value Approximately 70 people / Timing FY2026, Indicator Time reduction through the use of AI in sales activities / Target value Up to 80% / Timing Not disclosed |
| Plan assumptions | The working-age population is expected to decline by 6.47 million, or 8.9%, from 72.74 million in 2026 to 66.26 million in 2036. Source: National Institute of Population and Social Security Research, Population Projections for Japan (2023 projection)., The inbound market is expected to exceed 42 million international visitors to Japan and ¥2 trillion in spending on food and beverages in 2025. The 2030 targets are 60 million international visitors and approximately ¥3.3 trillion in spending on food and beverages. Sources: JNTO, Visitor Arrivals Statistics; Japan Tourism Agency, Consumption Trend Survey for Foreigners Visiting Japan; government targets and the company's estimates., The BPO market was ¥1.9566 trillion in FY2024 and is forecast to reach ¥2.0703 trillion in FY2029. Source: Yano Research Institute., The domestic CRM applications market was ¥249.78 billion in 2023 and is forecast to reach ¥395.08 billion in 2028, representing a CAGR of 9.6%. Source: IDC Japan., The cashless payment ratio was 51.7% in 2024. The target is 65% by 2030 and 80% over the longer term. Source: Ministry of Economy, Trade and Industry, Cashless Promotion Study Group., The domestic AI systems market was ¥1.3412 trillion in 2024 and is forecast to reach ¥4.1873 trillion in 2029, representing a CAGR of 25.6%. Source: Ministry of Internal Affairs and Communications, 2025 White Paper on Information and Communications in Japan (based on IDC Japan's 2024 Domestic AI Systems Market Forecast). |
| Key initiatives | A. Strengthen media and membership services, B. Establish the agency business, C. Expand membership value, D. Strengthen the sales organization and improve activity processes, E. Build and utilize a data platform suited to the AI era |
| Results under the previous plan | Return to profitability in the second year and transition to a phase of profit expansion driven by revenue growth → The company returned to profitability through a steady recovery in revenue and thorough cost-efficiency improvements. Although it maintained a stable upward trend in revenue, growth did not accelerate and profit increased only marginally. |
| Size of the Target Market | Market Inbound Tourism Market / Size and growth rate More than 42 million international visitors to Japan and more than ¥2 trillion in spending on food and beverages in 2025. The 2030 targets are 60 million international visitors and approximately ¥3.3 trillion in spending on food and beverages. / Source JNTO, Visitor Arrivals Statistics; Japan Tourism Agency, Consumption Trend Survey for Foreigners Visiting Japan; government targets and the company's estimates, Market BPO market (non-IT BPO) / Size and growth rate FY2024 actual: ¥1.9566 trillion; FY2029 forecast: ¥2.0703 trillion (+¥110.0 billion) / Source Yano Research Institute, Market Domestic CRM applications market / Size and growth rate 2023 actual: ¥249.78 billion; 2028 forecast: ¥395.08 billion (CAGR 9.6%) / Source IDC Japan, Market Cashless payments market / Size and growth rate Cashless payment ratio of 51.7% in 2024; target of 65% by 2030 and a long-term target of 80% / Source Ministry of Economy, Trade and Industry, Cashless Promotion Study Group, Market Domestic AI systems market / Size and growth rate 2024 actual: ¥1.3412 trillion; 2029 forecast: ¥4.1873 trillion (CAGR 25.6%) / Source Ministry of Internal Affairs and Communications, 2025 White Paper on Information and Communications in Japan (based on IDC Japan's 2024 Domestic AI Systems Market Forecast) |
| Risks identified | Labor shortages due to the decline in the working-age population, Rising costs, including food materials, labor, utilities and rent, Intense competition in the online reservations market, The burden of payment processing fees, including those for cashless payments, Impact on cash management due to payment lags, Risk of being unable to process payments in the event of communications or equipment failures, Risk of reduced accuracy in the timing and content of distributions, Not disclosed (additions and deletions from the previous plan) |
| Publication date | 13 May 2026 |
Items this document does not state (5)
Net income targetSelf-assessment of PBR and share priceSegment targetReason 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.It is important to move away from simply extending the current trajectory and take an offensive approach toward the next growth path. The company aims to enhance its revenue and profit growth through strategic investment in FY2026, while establishing the foundation for new growth by rebuilding its customer base and expanding its information assets.
How to read this page
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