Worth reading
72In 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
1500
¥100 million (total investment over the four-year plan period)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-82.7%
基準 2,026Target350100 million
Operating profit-98.8%
基準 2,026Target24100 million
Net income for the current fiscal year-99.2%
基準 2,026Target17100 million
ROE-2,018.0pt
基準 2,026Target8％
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.
What happened to the previous planFinal-year targets under the Medium-Term Management Plan 2026: net sales of ¥330 billion, operating income of ¥20 billion, ordinary income of ¥24 billion, net income attributable to owners of the parent of ¥20 billion, ROE of 8.0%, EBITDA of ¥39 billion, total capital expenditures of ¥70 billion, an exchange rate of ¥135/$, and Dubai crude oil at USD 90/bbl → Actual results for the fiscal year ended March 2026: net sales of ¥287.7 billion, operating income of ¥7.5 billion, ordinary income of ¥11.2 billion, net income attributable to owners of the parent of ¥7.2 billion, ROE of 2.8%, EBITDA of ¥26.1 billion, total capital expenditures of ¥19.5 billion, an exchange rate of ¥151/$, and Dubai crude oil at USD 72/bbl0.0%Calculated from the two disclosed figures
Total investment plan¥150 billion (four years from fiscal 2026 through fiscal 2029)
Investment amount by sectorField Growth and improvement investments / Amount ¥40 billion, Field Maintenance and replacement investments / Amount ¥60 billion, Field Strategic Investment / Amount ¥50.0 billion
Statements about the use of capital
Payout ratio / DOE policyFor the four-year plan period from fiscal 2026 through fiscal 2029, the company targets a dividend payout ratio of at least 30% and shareholder returns of at least ¥20 billion. It will provide stable dividends and conduct flexible share repurchases, allocating surplus remaining after growth investments to shareholder returns.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 aims to enhance shareholder value through stable dividends and flexible share repurchases. The specific scope, timing, and conditions of repurchases are not disclosed.
Key initiatives
01Accelerate the business portfolio shift
02Expand the packaging business
03Rebuild the white paperboard business
04Expand exports
05Strategic investments (M&A, new businesses, etc.)
06Establish a competitive advantage by strengthening competitiveness
07Strengthening the Foundation of Existing Businesses
08Paper, pulp and environmental businesses
09Value creation through sustainability management
10Implement the environmental management strategy
11Human Capital Management
12Strengthening Corporate Governance
Plan assumptionsThe numerical assumptions underlying the Medium-Term Management Plan 2030 are not disclosed. The review table for the Medium-Term Management Plan 2026 lists an exchange rate of ¥135/$ and Dubai crude oil at USD 90/bbl.
Risks identified by the company
Higher costs including raw material and fuel prices
Decline in global pulp market prices
Foreign exchange volatility
Continued contraction of the domestic printing and information paper market
Difficulty Securing Human Resources
Delays in environment-related investments
Reason for revision or withdrawal
The company cites strategic investments (M&A, new businesses, etc.), new product development, higher costs including raw material and fuel prices, the global decline in pulp market prices, foreign exchange volatility, and delays in environment-related investments as the main reasons for failing to achieve the targets of the Medium-Term Management Plan 2026.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | 1 April 2026 to 31 March 2030 (4 years) |
| Progress against the plan | Formulated |
| Sales Target | ¥330 billion (Medium-Term Management Plan 2026) → ¥350 billion |
| Operating profit target | ¥20 billion (Medium-Term Management Plan 2026) → At least ¥24 billion |
| Net income target | ¥20 billion (Medium-Term Management Plan 2026) → At least ¥17 billion |
| ROE target | 8.0% (Medium-Term Management Plan 2026) → 8.0％ |
| Payout ratio / DOE policy | For the four-year plan period from fiscal 2026 through fiscal 2029, the company targets a dividend payout ratio of at least 30% and shareholder returns of at least ¥20 billion. It will provide stable dividends and conduct flexible share repurchases, allocating surplus remaining after growth investments to shareholder returns. |
| Treasury share acquisition policy | The company aims to enhance shareholder value through stable dividends and flexible share repurchases. The specific scope, timing, and conditions of repurchases are not disclosed. |
| Total investment plan | ¥150 billion (four years from fiscal 2026 through fiscal 2029) |
| Investment amount by sector | Field Growth and improvement investments / Amount ¥40 billion, Field Maintenance and replacement investments / Amount ¥60 billion, Field Strategic Investment / Amount ¥50.0 billion |
| Plan assumptions | The numerical assumptions underlying the Medium-Term Management Plan 2030 are not disclosed. The review table for the Medium-Term Management Plan 2026 lists an exchange rate of ¥135/$ and Dubai crude oil at USD 90/bbl. |
| Key initiatives | Accelerate the business portfolio shift, Expand the packaging business, Rebuild the white paperboard business, Expand exports, Strategic investments (M&A, new businesses, etc.), Establish a competitive advantage by strengthening competitiveness, Strengthening the Foundation of Existing Businesses, Paper, pulp and environmental businesses, Value creation through sustainability management, Implement the environmental management strategy, Human Capital Management, Strengthening Corporate Governance |
| Results under the previous plan | Final-year targets under the Medium-Term Management Plan 2026: net sales of ¥330 billion, operating income of ¥20 billion, ordinary income of ¥24 billion, net income attributable to owners of the parent of ¥20 billion, ROE of 8.0%, EBITDA of ¥39 billion, total capital expenditures of ¥70 billion, an exchange rate of ¥135/$, and Dubai crude oil at USD 90/bbl → Actual results for the fiscal year ended March 2026: net sales of ¥287.7 billion, operating income of ¥7.5 billion, ordinary income of ¥11.2 billion, net income attributable to owners of the parent of ¥7.2 billion, ROE of 2.8%, EBITDA of ¥26.1 billion, total capital expenditures of ¥19.5 billion, an exchange rate of ¥151/$, and Dubai crude oil at USD 72/bbl |
| Reason for revision or withdrawal | The company cites strategic investments (M&A, new businesses, etc.), new product development, higher costs including raw material and fuel prices, the global decline in pulp market prices, foreign exchange volatility, and delays in environment-related investments as the main reasons for failing to achieve the targets of the Medium-Term Management Plan 2026. |
| Risks identified | Higher costs including raw material and fuel prices, Decline in global pulp market prices, Foreign exchange volatility, Continued contraction of the domestic printing and information paper market, Difficulty Securing Human Resources, Delays in environment-related investments |
| Publication date | 15 May 2026 |
Items this document does not state (8)
Operating profit margin targetROIC targetCost of capitalSelf-assessment of PBR and share priceSegment targetNon-financial targetsSize 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.The company cites strategic investments, new product development, higher costs including raw material and fuel prices, the global decline in pulp market prices, foreign exchange volatility, and delays in environment-related investments as the main reasons for failing to achieve the targets of the Medium-Term Management Plan 2026. Based on these factors, it plans to accelerate its business portfolio shift, strengthen competitiveness, and promote sustainability-oriented management.
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