Worth reading
72In 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
210
¥100 million or more (operating income target for the fiscal year ending March 2031)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,026Target2,031100 million
Operating profit+0.2%
基準 2,026Target2,031100 million
Net income for the current fiscal year+0.2%
基準 2,026Target2,031100 million
ROE-2,012.0pt
基準 2,026Target14％
ROIC-2,019.0pt
基準 2,026Target7％
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 → 9％～10％
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNot disclosed → Achieved growth every fiscal year and record-high earnings
Investment amount by sectorField Growth Investment / Investment amount Not disclosed / Details Focused investment in the senior apartment business, human capital and DX
Statements about the use of capital
Payout ratio / DOE policyDuring the period of the Third Medium-Term Management Plan (FY ending March 2027 to FY ending March 2031), the Company will use a payout ratio of 40% or higher and DOE of 4% or higher as benchmarks. The Company aims to increase dividends on a sustained basis in line with earnings growth.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 policyThe Company will consider share buybacks flexibly, taking into account capital efficiency, the share price level and its financial position.
Cost of capitalWACC of approximately 4.2% (actual for FY ended March 2026). The Company aims for consolidated ROIC of 7%+α in the fiscal year ending March 2031, above the cost of capital.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceShare price: Reached a record high since listing (review of the Second Medium-Term Management Plan)PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Business Portfolio Transformation
02Making the senior apartment business a growth driver
03Improving scalability through human capital × DX
04Strengthening turnover
05Portfolio transformation
06Optimizing leverage
Plan assumptionsSelective focus on areas with expected demand, primarily in regional core cities with populations of 100,000 to 500,000, Declining populations, an aging society and changes in household composition are driving the concentration of housing demand in regional cities toward central areas, Higher construction costs and interest rates, Upward pressure on WACC
Segment targetSegment Real estate development business・for-sale condominiums / Net Sales ¥615 100 million / Operating profit ¥70 100 million, Segment Real estate development business・senior apartments / Net Sales ¥430 100 million / Operating profit ¥60 100 million, Segment Real estate development business・overseas real estate / Net Sales ¥50 100 million / Operating profit ¥5 100 million, Segment Real estate development business・Other / Net Sales ¥10 100 million / Operating profit ¥5 100 million, Segment Real estate development business (ROIC) / Net Sales Not disclosed / Operating profit Not disclosed / ROIC 7％, Segment Real Estate Investment Business / Net Sales ¥520 billion / % / Operating profit ¥60 billion / % / ROIC 8％, Segment Real estate-related services business / Net Sales ¥140 100 million / Operating profit ¥11 100 million / ROIC Not disclosed, Segment Adjustments / Net Sales △5 / Operating profit △1, Segment Consolidated / Net Sales ¥1,760 billion / % / Operating profit 210＋ / ROIC 7％
Non-financial targetsIndicator Senior apartment supply / Target value 3–4 buildings per year / Timing Target for the fiscal year ending March 2031
Risks identified by the company
Higher interest rates
Higher construction costs and land prices
Stronger selectivity among customers and investors
Differences in profitability depending on location, product characteristics and business model
Upward pressure on WACC
Reason for revision or withdrawal
The plan was formulated to achieve sustainable growth and enhance corporate value over the medium to long term in light of changes in the business environment and social structure.
| Item | Details |
|---|---|
| Plan name | Third Medium-Term Management Plan |
| Plan period | FY ending March 2027–FY ending March 2031 |
| Progress against the plan | Formulated |
| Sales Target | 1,385 (actual for FY ended March 2026) → 1,760 (plan for FY ending March 2031) |
| Operating profit target | 138 (actual for FY ended March 2026) → 210+ (plan for FY ending March 2031) |
| Operating profit margin target | Not disclosed → 9％～10％ |
| Net income target | 71 (actual for FY ended March 2026) → 100+ (plan for FY ending March 2031) |
| ROE target | 15% (actual for FY ended March 2026) → Maintain and improve, with 14% or higher as a guideline |
| ROIC target | 6% (actual for FY ended March 2026) → 7%+α (above the cost of capital) |
| Payout ratio / DOE policy | During the period of the Third Medium-Term Management Plan (FY ending March 2027 to FY ending March 2031), the Company will use a payout ratio of 40% or higher and DOE of 4% or higher as benchmarks. The Company aims to increase dividends on a sustained basis in line with earnings growth. |
| Treasury share acquisition policy | The Company will consider share buybacks flexibly, taking into account capital efficiency, the share price level and its financial position. |
| Cost of capital | WACC of approximately 4.2% (actual for FY ended March 2026). The Company aims for consolidated ROIC of 7%+α in the fiscal year ending March 2031, above the cost of capital. |
| Self-assessment of PBR and share price | Share price: Reached a record high since listing (review of the Second Medium-Term Management Plan) |
| Investment amount by sector | Field Growth Investment / Investment amount Not disclosed / Details Focused investment in the senior apartment business, human capital and DX |
| Segment target | Segment Real estate development business・for-sale condominiums / Net Sales ¥615 100 million / Operating profit ¥70 100 million, Segment Real estate development business・senior apartments / Net Sales ¥430 100 million / Operating profit ¥60 100 million, Segment Real estate development business・overseas real estate / Net Sales ¥50 100 million / Operating profit ¥5 100 million, Segment Real estate development business・Other / Net Sales ¥10 100 million / Operating profit ¥5 100 million, Segment Real estate development business (ROIC) / Net Sales Not disclosed / Operating profit Not disclosed / ROIC 7％, Segment Real Estate Investment Business / Net Sales ¥520 billion / % / Operating profit ¥60 billion / % / ROIC 8％, Segment Real estate-related services business / Net Sales ¥140 100 million / Operating profit ¥11 100 million / ROIC Not disclosed, Segment Adjustments / Net Sales △5 / Operating profit △1, Segment Consolidated / Net Sales ¥1,760 billion / % / Operating profit 210＋ / ROIC 7％ |
| Non-financial targets | Indicator Senior apartment supply / Target value 3–4 buildings per year / Timing Target for the fiscal year ending March 2031 |
| Plan assumptions | Selective focus on areas with expected demand, primarily in regional core cities with populations of 100,000 to 500,000, Declining populations, an aging society and changes in household composition are driving the concentration of housing demand in regional cities toward central areas, Higher construction costs and interest rates, Upward pressure on WACC |
| Key initiatives | Business Portfolio Transformation, Making the senior apartment business a growth driver, Improving scalability through human capital × DX, Strengthening turnover, Portfolio transformation, Optimizing leverage |
| Results under the previous plan | Not disclosed → Achieved growth every fiscal year and record-high earnings |
| Reason for revision or withdrawal | The plan was formulated to achieve sustainable growth and enhance corporate value over the medium to long term in light of changes in the business environment and social structure. |
| Risks identified | Higher interest rates, Higher construction costs and land prices, Stronger selectivity among customers and investors, Differences in profitability depending on location, product characteristics and business model, Upward pressure on WACC |
| Publication date | 13 May 2026 |
Items this document does not state (3)
Total investment 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 achieve sustainable growth and enhance corporate value over the medium to long term in light of changes in the business environment and social structure.
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.