Worth reading
40Recurring
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
FormulatedROE-2,016.0pt
基準 2,026Target10%
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).
Statements about the use of capital
Payout ratio / DOE policyStable dividends, targeting a consolidated payout ratio of 30%. Covered period: Not disclosedThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capital8–9% (cost of equity based on CAPM), approximately 9–12% (broad cost of equity calculated as the earnings yield)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 was 0.85x for the fiscal year ending August 2026. Although it has remained around 0.8x since the fiscal year ended August 2023, it is still at a low level. The company aims to achieve a PBR of at least 1x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01① Business strategy
02② Capital and financial strategy
03③ IR strategy
| Item | Details |
|---|---|
| Plan name | Growth Plan2027 |
| Plan period | Start year: Not disclosed; final year: fiscal year ending August 2027 |
| Progress against the plan | Formulated |
| ROE target | 9.7% (fiscal year ended August 2026) → 10% or higher |
| Payout ratio / DOE policy | Stable dividends, targeting a consolidated payout ratio of 30%. Covered period: Not disclosed |
| Cost of capital | 8–9% (cost of equity based on CAPM), approximately 9–12% (broad cost of equity calculated as the earnings yield) |
| Self-assessment of PBR and share price | PBR was 0.85x for the fiscal year ending August 2026. Although it has remained around 0.8x since the fiscal year ended August 2023, it is still at a low level. The company aims to achieve a PBR of at least 1x. |
| Key initiatives | ① Business strategy, ② Capital and financial strategy, ③ IR strategy |
Items this document does not state (17)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal investment planInvestment amount by sectorSegment targetNon-financial targetsPlan assumptionsResults under the previous planReason for revision or withdrawalSize of the Target MarketRisks identifiedDate of board resolutionPublication date
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.The company identified as challenges the fact that PBR has remained below 1x, ROE has not exceeded the cost of shareholders' equity expected by investors, net income margin is low at approximately 2%, and expectations for medium- to long-term growth strategies and improved profitability are not sufficiently reflected in the share price.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.