Worth reading
48Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROE0.0pt
基準 6Target6%
ROIC0.0pt
基準 2Target2%
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).
Total investment planApproximately ¥2.5 billion in total over 10 years
Investment amount by sectorField Facility renewal investment in the commercial facilities business / Amount ¥383 million (amount invested in FY2025) / Period FY2025
Statements about the use of capital
Payout ratio / DOE policyDuring the medium-term management plan period, the Company aims for a dividend payout ratio of approximately 50% to 80%. The DOE target is not 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 policyShare repurchases are expected to be conducted on an irregular basis approximately once a year. The Company aims for a total payout ratio of approximately 70% to 100%.
Cost of capitalThe cost of shareholders’ equity is assumed to be approximately 5% to 6%, and WACC at approximately 2%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe share price remains low. Although the PBR at the end of the fiscal year ended March 2026 rose above the previous fiscal year’s level to 0.76x, it remains low.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Implementation of the Basic Sustainability Policy
02Promote initiatives addressing various SDG-related issues
03Response to achieving management that is conscious of the cost of capital and share price
04Promoting Human Capital Management
05Strengthen financial management
06Promote active dialogue with investors
07Raise customer and tenant satisfaction and operate more attractive facilities.
08We will further accelerate our shift toward the healthcare field in response to demand from a healthy longevity society.
09Promote digital business by actively using external consultants and social media to strengthen sales through non-face-to-face channels.
10Consider acquiring healthcare businesses and pursuing M&A targeting small and medium-sized companies facing a shortage of successors.
11Place the highest priority on the uniform business for government and private-sector demand, where market conditions have begun to recover.
12Develop and expand sales of sustainable products and contribute to building a sustainable society.
13In apparel OEM, further enhance its manufacturing expertise and trust, built on a long history, while also using the expansion of domestically produced knitwear and made-to-order products as a strength.
Plan assumptionsCost of shareholders’ equity of approximately 5% to 6% and WACC of approximately 2%. Other assumptions, including exchange rates, market growth rates and raw material prices, are not disclosed.
Risks identified by the company
Reduced purchasing amid rising prices
Low assessment of growth potential resulting from the Company’s long-standing loss-making position and continued suspension of dividends
Reason for revision or withdrawal
Not disclosed (the targets have not been revised or withdrawn; the same targets as previously disclosed will continue)
| Item | Details |
|---|---|
| Plan name | Jumping over the 130th: Toward a Future of Growth |
| Plan period | During the medium-term management plan period (start and final fiscal years not disclosed) |
| Progress against the plan | Annual update |
| ROE target | At least 6% → At least 6% |
| ROIC target | At least 2% → At least 2% |
| Payout ratio / DOE policy | During the medium-term management plan period, the Company aims for a dividend payout ratio of approximately 50% to 80%. The DOE target is not disclosed. |
| Treasury share acquisition policy | Share repurchases are expected to be conducted on an irregular basis approximately once a year. The Company aims for a total payout ratio of approximately 70% to 100%. |
| Cost of capital | The cost of shareholders’ equity is assumed to be approximately 5% to 6%, and WACC at approximately 2%. |
| Self-assessment of PBR and share price | The share price remains low. Although the PBR at the end of the fiscal year ended March 2026 rose above the previous fiscal year’s level to 0.76x, it remains low. |
| Total investment plan | Approximately ¥2.5 billion in total over 10 years |
| Investment amount by sector | Field Facility renewal investment in the commercial facilities business / Amount ¥383 million (amount invested in FY2025) / Period FY2025 |
| Plan assumptions | Cost of shareholders’ equity of approximately 5% to 6% and WACC of approximately 2%. Other assumptions, including exchange rates, market growth rates and raw material prices, are not disclosed. |
| Key initiatives | Implementation of the Basic Sustainability Policy, Promote initiatives addressing various SDG-related issues, Response to achieving management that is conscious of the cost of capital and share price, Promoting Human Capital Management, Strengthen financial management, Promote active dialogue with investors, Raise customer and tenant satisfaction and operate more attractive facilities., We will further accelerate our shift toward the healthcare field in response to demand from a healthy longevity society., Promote digital business by actively using external consultants and social media to strengthen sales through non-face-to-face channels., Consider acquiring healthcare businesses and pursuing M&A targeting small and medium-sized companies facing a shortage of successors., Place the highest priority on the uniform business for government and private-sector demand, where market conditions have begun to recover., Develop and expand sales of sustainable products and contribute to building a sustainable society., In apparel OEM, further enhance its manufacturing expertise and trust, built on a long history, while also using the expansion of domestically produced knitwear and made-to-order products as a strength. |
| Reason for revision or withdrawal | Not disclosed (the targets have not been revised or withdrawn; the same targets as previously disclosed will continue) |
| Risks identified | Reduced purchasing amid rising prices, Low assessment of growth potential resulting from the Company’s long-standing loss-making position and continued suspension of dividends |
| Publication date | 16 June 2026 |
Items this document does not state (9)
Sales TargetOperating profit targetOperating profit margin targetNet income targetSegment targetNon-financial targetsResults under the previous planSize of the Target MarketDate 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 promote management that is conscious of the cost of capital and capital efficiency in order to achieve sustainable growth and enhance corporate value over the medium to long term, and to complete the current medium-term management plan while improving earnings power and growth potential.
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