Worth reading
64In 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
200
Millions of yen (reduction in the 2026 operating profit target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 11,700Target11,700million yen
Operating profit-21.1%
基準 950Target750million yen
Net income for the current fiscal year-14.3%
基準 735Target630million yen
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROENot disclosed → 6.0%
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planFY2025 plan: Revenue ¥11,600 million, operating profit ¥900 million, ordinary profit ¥1,000 million, net income ¥700 million → FY2025 results: Revenue ¥11,221 million, operating profit ¥940 million, ordinary profit ¥1,092 million, net income ¥821 million-3.3%Calculated from the two disclosed figures
Investment amount by sectorField Capital expenditures / Amount FY2026 plan: ¥500 million
Statements about the use of capital
Payout ratio / DOE policyDetermine annual dividends with a target dividend-on-equity ratio (DOE) of at least 2.0%. The company adopted DOE as an indicator beginning with the fiscal year-end dividend for FY2024.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalThe cost of equity is recognized as approximately 7-10%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR was 0.59x at the end of FY2026. The company assesses that the continued PBR below 1x indicates that corporate value is being impaired.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Promote business growth in both the corrugated cardboard and printed corrugated cardboard businesses by implementing the sales methods described below.
02Pursue a workplace environment where employees can work comfortably and find fulfillment through human capital management.
03Challenge ourselves to improve the productivity of existing facilities, with safety as the top priority.
04Promote initiatives addressing climate change, energy and resource circulation from an ESG perspective.
05Fluting medium: Expand sales activities by visiting new customers and distributors. Also review delivery areas in light of logistics issues.
06Paper tube base paper: Strengthen relationships with existing paper tube manufacturers and other customers to secure sales volumes. Develop new applications for the company's products outside paper tubes.
07Printed corrugated cardboard: Strengthen the acquisition of digital printing projects in cooperation with the Toppan Group. Actively pursue new projects targeting recurring mail-order businesses.
Plan assumptionsAssumes higher fuel prices
Risks identified by the company
Climate Change
Energy Prices
Resource circulation
Raw Material Procurement
Securing, retaining and developing human resources
Occupational Safety
Supply Chain
Responsibility to customers
Local Communities
Corporate Governance
Risk Management
Compliance
Reason for revision or withdrawal
The original plan was revised downward because the company expects fuel prices to rise.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (FY2024-FY2026) |
| Plan period | FY2024-FY2026 |
| Progress against the plan | Partially revised |
| Sales Target | 11,700 million yen → 11,700 million yen（0%） |
| Operating profit target | 950 million yen → 750 million yen（-21.1%） |
| Net income target | 735 million yen → 630 million yen（-14.3%） |
| ROE target | Not disclosed → 6.0% |
| Payout ratio / DOE policy | Determine annual dividends with a target dividend-on-equity ratio (DOE) of at least 2.0%. The company adopted DOE as an indicator beginning with the fiscal year-end dividend for FY2024. |
| Cost of capital | The cost of equity is recognized as approximately 7-10%. |
| Self-assessment of PBR and share price | PBR was 0.59x at the end of FY2026. The company assesses that the continued PBR below 1x indicates that corporate value is being impaired. |
| Investment amount by sector | Field Capital expenditures / Amount FY2026 plan: ¥500 million |
| Plan assumptions | Assumes higher fuel prices |
| Key initiatives | Promote business growth in both the corrugated cardboard and printed corrugated cardboard businesses by implementing the sales methods described below., Pursue a workplace environment where employees can work comfortably and find fulfillment through human capital management., Challenge ourselves to improve the productivity of existing facilities, with safety as the top priority., Promote initiatives addressing climate change, energy and resource circulation from an ESG perspective., Fluting medium: Expand sales activities by visiting new customers and distributors. Also review delivery areas in light of logistics issues., Paper tube base paper: Strengthen relationships with existing paper tube manufacturers and other customers to secure sales volumes. Develop new applications for the company's products outside paper tubes., Printed corrugated cardboard: Strengthen the acquisition of digital printing projects in cooperation with the Toppan Group. Actively pursue new projects targeting recurring mail-order businesses. |
| Results under the previous plan | FY2025 plan: Revenue ¥11,600 million, operating profit ¥900 million, ordinary profit ¥1,000 million, net income ¥700 million → FY2025 results: Revenue ¥11,221 million, operating profit ¥940 million, ordinary profit ¥1,092 million, net income ¥821 million |
| Reason for revision or withdrawal | The original plan was revised downward because the company expects fuel prices to rise. |
| Risks identified | Climate Change, Energy Prices, Resource circulation, Raw Material Procurement, Securing, retaining and developing human resources, Occupational Safety, Supply Chain, Responsibility to customers, Local Communities, Corporate Governance, Risk Management, Compliance |
| Publication date | 24 July 2026 |
Items this document does not state (8)
Operating profit margin targetROIC targetTreasury share acquisition policyTotal investment planSegment 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.Because the company expects fuel prices to rise.
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.