Worth reading
34Immaterial
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
88
Yen (floor for annual dividend per share)Wording
Definitive
How definitive the wording is.Items stated in the management plan
Partially revisedStatements about the use of capital
Payout ratio / DOE policyThe consolidated dividend payout ratio will be approximately 40%. For the remaining period of the 11th Medium-Term Management Plan (the fiscal years ending March 2026 and March 2027), the minimum annual dividend per share will be ¥88.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share pricePBR has remained below 1x for an extended period. PBR for the fiscal year ending March 2026 was 0.68x, and the fiscal year-end share price was ¥2,010.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improving business quality
02Improving business quality (safety and quality) in each region
03Growth investment and strengthening earnings capacity
04Investment in human resources in growth areas
05Productivity Improvement
06Strengthening the core business and expanding it across all areas
07Expansion of Overseas Operations
08Sustainability Promotion
09Contributing to social issues through business activities
10Advancing Sustainability Management
11Enhancing shareholder returns (dividend policy)
12Enhancement of IR activities
Reason for revision or withdrawal
Based on its assessment of the current situation, the company will work to improve its earnings capacity and improve PBR by earning appropriate recognition from shareholders and investors. ROE has remained at a level comparable to last year, while PBR has remained below 1x for an extended period.
| Item | Details |
|---|---|
| Plan name | Eleventh Medium-Term Management Plan |
| Plan period | Fiscal years ending March 2025 to March 2027 |
| Progress against the plan | Partially revised |
| Payout ratio / DOE policy | The consolidated dividend payout ratio will be approximately 40%. For the remaining period of the 11th Medium-Term Management Plan (the fiscal years ending March 2026 and March 2027), the minimum annual dividend per share will be ¥88. |
| Self-assessment of PBR and share price | PBR has remained below 1x for an extended period. PBR for the fiscal year ending March 2026 was 0.68x, and the fiscal year-end share price was ¥2,010. |
| Key initiatives | Improving business quality, Improving business quality (safety and quality) in each region, Growth investment and strengthening earnings capacity, Investment in human resources in growth areas, Productivity Improvement, Strengthening the core business and expanding it across all areas, Expansion of Overseas Operations, Sustainability Promotion, Contributing to social issues through business activities, Advancing Sustainability Management, Enhancing shareholder returns (dividend policy), Enhancement of IR activities |
| Reason for revision or withdrawal | Based on its assessment of the current situation, the company will work to improve its earnings capacity and improve PBR by earning appropriate recognition from shareholders and investors. ROE has remained at a level comparable to last year, while PBR has remained below 1x for an extended period. |
| Date of board resolution | 15 May 2026 |
| Publication date | 15 May 2026 |
Items this document does not state (16)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorSegment targetNon-financial targetsPlan assumptionsResults under the previous planSize of the Target MarketRisks identified
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.As ROE has remained at a level comparable to the previous year and PBR has remained below 1x for an extended period, the company states that it will continue working to earn appropriate market recognition and improve PBR. It also cites returning profits to shareholders while building sufficient retained earnings to support sustainable growth as the rationale for its dividend policy.
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.