Worth reading
76Important
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
430
¥100 million (FY2031 consolidated net sales target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedROE-2,006.0pt
基準 2,026Target20% (FY2031 target)
ROIC-2,011.0pt
基準 2,026Target15%
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).
Net SalesNot disclosed → ¥430 100 million (FY2031 target)
Operating profitNot disclosed → 30〜45
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNot disclosed → FY2026: Achieved a return to profitability and positive net assets
Investment amount by sectorField New store openings (directly operated) / Amount Approximately ¥80 million per store; ¥4.05 billion over 5 years, Field Expansion of prepared-food production facilities / Amount Approximately ¥480 million (FY2026–FY2027), Field Production and distribution hubs / Amount ¥500–800 million over 5 years (assuming subsidies covering 1/2), Field M&A / Amount ¥5–3.0 billion
Statements about the use of capital
Payout ratio / DOE policyThe Company is not currently paying dividends to common shareholders. In anticipation of completing the redemption of preferred shares by FY2029, it plans to clarify and disclose its policy for returning value to common shareholders from FY2029 onward. The payout ratio and specific dividend amount will be formally documented once completion of the redemptions comes into view. No numerical targets have been 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 capitalWACC: approximately 6.6%; cost of equity: 5.7%; cost of debt: 1.6%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01① Discontinuous growth in existing businesses
02② Expansion of the production and distribution business
03③ New avenues through new businesses
04Full-scale focus on AI and DX
05Deepening vertical integration
06Expansion of high-margin businesses
07Strategy 1: Domestic food service (directly operated)
08Strategy 2: International food service (directly operated + franchised)
09Strategy 3: Prepared foods
10Strategy 4: Production and distribution
11Strategy 5: Domestic licensing and production
12AI and DX strategy: a productivity revolution with no sacred cows
Plan assumptionsThe shift from deflation to inflation is increasing consumers' willingness to spend on "valuable food and experiences", Inbound demand is expanding, Global seafood consumption has expanded by approximately 2.2x, Domestic fishery production has declined 72% over 40 years, The price gap between imported and domestically produced chicken has narrowed from approximately ¥320 to approximately ¥60, Investment in production and distribution hubs assumes subsidies covering 1/2, The assumptions used to calculate WACC are as of the end of March FY2026
Segment targetSegment Domestic food service (directly operated) / Sales target ¥21.5 billion / Operating profit target ¥2.6–3.2 billion, Segment International food service (directly operated + franchised) / Sales target ¥5 billion / Operating profit target ¥500–700 million, Segment Prepared foods / Sales target ¥7 billion / Operating profit target ¥600–800 million, Segment Production and distribution / Sales target ¥5 billion / Operating profit target ¥200–300 million, Segment Domestic licensing and production / Sales target ¥1.5 billion / Operating profit target ¥500–700 million, Segment M&A and New Businesses / Sales target ¥6.0 billion in gross merchandise value (incremental from ¥0) / Operating profit target Not disclosed
Non-financial targetsIndicator Number of directly operated stores in Indonesia / Target value 20 locations / Timing 5 years, Indicator Number of franchised stores in Asia and Oceania / Target value 30 stores / Timing 5 years, Indicator Number of stores in international markets / Target value 50 stores in total / Timing 5 years, Indicator Number of domestic licensing and production stores / Target value 70 stores / Timing FY2031, Indicator Number of stores scheduled to open in FY2027 (including yakitori production) / Target value 10 stores / Timing FY2027, Indicator Prepared-food production capacity / Target value 2x / Timing After commencing operations in August FY2026, Indicator Head-office costs / Target value 10% annual reduction; approximately 40% cumulative reduction over 5 years / Timing 5 years, Indicator Domestic directly operated store openings / Target value 10 openings and 1 closure annually (net increase of 9 stores) / Timing 5 years
Size of the Target MarketSubject Global seafood consumption / Figures Expanded by approximately 2.2x / Source Not disclosed, Subject Domestic fishery production / Figures Declined 72% over 40 years / Source Not disclosed, Subject Price gap between imported and domestically produced chicken / Figures Narrowed from approximately ¥320 to approximately ¥60 / Source Not disclosed
Risks identified by the company
Risks and uncertainties contained in forward-looking statements
The Company's outlook for the future may be changed without notice due to changes in the business environment and other factors
Reason for revision or withdrawal
not disclosed (this disclosure concerns the formulation of a new plan)
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | From the fiscal year ending March 2027 through the fiscal year ending March 2031, a 5-year period |
| Progress against the plan | Formulated |
| Sales Target | Not disclosed → ¥430 100 million (FY2031 target) |
| Operating profit target | Not disclosed → 30〜45 |
| ROE target | not disclosed (ROE for FY2026 is not meaningful as net assets were negative through FY2025) → 20% or higher |
| ROIC target | Approximately 10.3% (FY2026 baseline) → 15% or higher |
| Payout ratio / DOE policy | The Company is not currently paying dividends to common shareholders. In anticipation of completing the redemption of preferred shares by FY2029, it plans to clarify and disclose its policy for returning value to common shareholders from FY2029 onward. The payout ratio and specific dividend amount will be formally documented once completion of the redemptions comes into view. No numerical targets have been disclosed. |
| Cost of capital | WACC: approximately 6.6%; cost of equity: 5.7%; cost of debt: 1.6% |
| Investment amount by sector | Field New store openings (directly operated) / Amount Approximately ¥80 million per store; ¥4.05 billion over 5 years, Field Expansion of prepared-food production facilities / Amount Approximately ¥480 million (FY2026–FY2027), Field Production and distribution hubs / Amount ¥500–800 million over 5 years (assuming subsidies covering 1/2), Field M&A / Amount ¥5–3.0 billion |
| Segment target | Segment Domestic food service (directly operated) / Sales target ¥21.5 billion / Operating profit target ¥2.6–3.2 billion, Segment International food service (directly operated + franchised) / Sales target ¥5 billion / Operating profit target ¥500–700 million, Segment Prepared foods / Sales target ¥7 billion / Operating profit target ¥600–800 million, Segment Production and distribution / Sales target ¥5 billion / Operating profit target ¥200–300 million, Segment Domestic licensing and production / Sales target ¥1.5 billion / Operating profit target ¥500–700 million, Segment M&A and New Businesses / Sales target ¥6.0 billion in gross merchandise value (incremental from ¥0) / Operating profit target Not disclosed |
| Non-financial targets | Indicator Number of directly operated stores in Indonesia / Target value 20 locations / Timing 5 years, Indicator Number of franchised stores in Asia and Oceania / Target value 30 stores / Timing 5 years, Indicator Number of stores in international markets / Target value 50 stores in total / Timing 5 years, Indicator Number of domestic licensing and production stores / Target value 70 stores / Timing FY2031, Indicator Number of stores scheduled to open in FY2027 (including yakitori production) / Target value 10 stores / Timing FY2027, Indicator Prepared-food production capacity / Target value 2x / Timing After commencing operations in August FY2026, Indicator Head-office costs / Target value 10% annual reduction; approximately 40% cumulative reduction over 5 years / Timing 5 years, Indicator Domestic directly operated store openings / Target value 10 openings and 1 closure annually (net increase of 9 stores) / Timing 5 years |
| Plan assumptions | The shift from deflation to inflation is increasing consumers' willingness to spend on "valuable food and experiences", Inbound demand is expanding, Global seafood consumption has expanded by approximately 2.2x, Domestic fishery production has declined 72% over 40 years, The price gap between imported and domestically produced chicken has narrowed from approximately ¥320 to approximately ¥60, Investment in production and distribution hubs assumes subsidies covering 1/2, The assumptions used to calculate WACC are as of the end of March FY2026 |
| Key initiatives | ① Discontinuous growth in existing businesses, ② Expansion of the production and distribution business, ③ New avenues through new businesses, Full-scale focus on AI and DX, Deepening vertical integration, Expansion of high-margin businesses, Strategy 1: Domestic food service (directly operated), Strategy 2: International food service (directly operated + franchised), Strategy 3: Prepared foods, Strategy 4: Production and distribution, Strategy 5: Domestic licensing and production, AI and DX strategy: a productivity revolution with no sacred cows |
| Results under the previous plan | Not disclosed → FY2026: Achieved a return to profitability and positive net assets |
| Reason for revision or withdrawal | not disclosed (this disclosure concerns the formulation of a new plan) |
| Size of the Target Market | Subject Global seafood consumption / Figures Expanded by approximately 2.2x / Source Not disclosed, Subject Domestic fishery production / Figures Declined 72% over 40 years / Source Not disclosed, Subject Price gap between imported and domestically produced chicken / Figures Narrowed from approximately ¥320 to approximately ¥60 / Source Not disclosed |
| Risks identified | Risks and uncertainties contained in forward-looking statements, The Company's outlook for the future may be changed without notice due to changes in the business environment and other factors |
| Publication date | 29 May 2026 |
Items this document does not state (6)
Operating profit margin targetNet income targetTreasury share acquisition policySelf-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.The Company completed business structure reforms, including the consolidation of unprofitable stores, the narrowing of its business formats, and the rebuilding of its financial base, from the COVID-19 pandemic through the fiscal year ending March 2026. It also views the growing willingness to spend on "valuable food and experiences" amid the shift from deflation to inflation, expanding inbound demand, and productivity gains and deeper value creation through the use of AI as opportunities to enter a full-fledged growth phase.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.