Worth reading
74In focus
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
10
ROE target (%)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedROE+1.0pt
基準 2,026Target2,027％
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 policyDividends will be determined with a payout ratio of 40% as a benchmark, taking into account performance for each period, future investment, and the level of retained earnings. Applicable period: each period. DOE policy: 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 policyThe company will consider share repurchases flexibly, taking comprehensive account of business trends, its financial position, and other factors. Specific figures for the acquisition limit, timing, and conditions: Not disclosed.
Cost of capitalCost of shareholders’ equity: 7.2%. The company uses an estimate based on the CAPM as the benchmark for evaluating return on 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 priceThe company recognizes that its PBR has generally been at least 1.0x over the past 5 years, indicating a certain level of market valuation. As of the end of September 2026, its PBR was 1.6x and PER was 28.8x, above the Standard Market averages of 0.9x for PBR and 14.5x for PER.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improve profitability by expanding the contracted business base and increasing operating efficiency in the BS business
02Improve asset efficiency by accelerating the sale of owned assets and recovering invested funds in the TKS business
03Create new earnings opportunities and strengthen the validation of the profitability and expected investment recovery of new investment projects
Plan assumptionsFor new development projects, the company will invest only in projects expected to generate a sale profit margin of at least 10%.
Reason for revision or withdrawal
ROE has not reached the company’s 10% target over the past 5 years because the total asset turnover ratio has remained below 1.0x and the net profit margin has fluctuated by fiscal year. Going forward, in addition to strengthening earning power, the company will recover invested funds by accelerating the sale of owned assets, aiming to further improve return on capital and asset efficiency.
| Item | Details |
|---|---|
| Plan name | Medium-term management plan “Reform 2027” |
| Plan period | Start year: Not disclosed; final year: fiscal year ending September 2027 |
| Progress against the plan | Partially revised |
| ROE target | 5.5% (actual for the fiscal year ended September 2026) → 10% (target for the fiscal year ending September 2027) |
| Payout ratio / DOE policy | Dividends will be determined with a payout ratio of 40% as a benchmark, taking into account performance for each period, future investment, and the level of retained earnings. Applicable period: each period. DOE policy: Not disclosed. |
| Treasury share acquisition policy | The company will consider share repurchases flexibly, taking comprehensive account of business trends, its financial position, and other factors. Specific figures for the acquisition limit, timing, and conditions: Not disclosed. |
| Cost of capital | Cost of shareholders’ equity: 7.2%. The company uses an estimate based on the CAPM as the benchmark for evaluating return on capital. |
| Self-assessment of PBR and share price | The company recognizes that its PBR has generally been at least 1.0x over the past 5 years, indicating a certain level of market valuation. As of the end of September 2026, its PBR was 1.6x and PER was 28.8x, above the Standard Market averages of 0.9x for PBR and 14.5x for PER. |
| Plan assumptions | For new development projects, the company will invest only in projects expected to generate a sale profit margin of at least 10%. |
| Key initiatives | Improve profitability by expanding the contracted business base and increasing operating efficiency in the BS business, Improve asset efficiency by accelerating the sale of owned assets and recovering invested funds in the TKS business, Create new earnings opportunities and strengthen the validation of the profitability and expected investment recovery of new investment projects |
| Reason for revision or withdrawal | ROE has not reached the company’s 10% target over the past 5 years because the total asset turnover ratio has remained below 1.0x and the net profit margin has fluctuated by fiscal year. Going forward, in addition to strengthening earning power, the company will recover invested funds by accelerating the sale of owned assets, aiming to further improve return on capital and asset efficiency. |
| Date of board resolution | 13 November 2026 |
| Publication date | 13 November 2026 |
Items this document does not state (12)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planInvestment amount by sectorSegment targetNon-financial targetsResults 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.ROE has not reached the 10% target over the past 5 years because the total asset turnover ratio has remained below 1.0x and the net profit margin has fluctuated by fiscal year. In addition, the sale of certain properties in the TKS business has been delayed until the following fiscal year or later, delaying the recovery of invested funds, and the company intends to improve earning power and asset efficiency.
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.