Worth reading
46Recurring
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
400
¥100 million (share buyback ceiling)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedTotal investment plan¥4,200 hundred million
Investment amount by sectorField Capital Investment and M&A / Amount ¥4,200 hundred million / Period 2026/3 - 2030/3 (5-year cumulative total)
Statements about the use of capital
Payout ratio / DOE policyTarget dividend payout ratio: 40%; minimum DOE (dividend on equity): 3%. Applicable from the fiscal year ending March 2027.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 policyOver the 2-year period through the fiscal year ending March 2028, the Company will conduct share buybacks in stages, up to a total of approximately ¥40 billion. The specific buyback amount will be determined by the Board of Directors on each occasion, taking into consideration the Company’s financial position, share price levels, and other factors.
Self-assessment of PBR and share priceThe Company aims for an early recovery to a PBR above 1x. PBR is projected at 0.7x for the fiscal year ending March 2026.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Reduction of cross-shareholdings
02Optimizing assets
03Selecting investment targets
04Strengthening the dividend policy
05Flexible Share Repurchases
06Maintaining credit ratings
07Shareholder returns within free cash flow
Plan assumptionsMaintaining Financial Soundness, Shareholder returns within the scope of free cash flow, Implementing measures based on the business environment and financial position, Selecting investment projects with an emphasis on profitability and recoverability
Reason for revision or withdrawal
To maximize corporate value by maintaining financial soundness while further improving capital efficiency and enhancing shareholder returns. The Company aims to achieve a PBR above 1x at an early stage and deliver sustainable improvements in shareholder value by accelerating the reduction of cross-shareholdings and non-core assets, while simultaneously tightening investment discipline and enhancing shareholder returns.
| Item | Details |
|---|---|
| Plan name | Vision120 |
| Plan period | Fiscal years ending March 2026 to March 2030 |
| Progress against the plan | Formulated |
| Payout ratio / DOE policy | Target dividend payout ratio: 40%; minimum DOE (dividend on equity): 3%. Applicable from the fiscal year ending March 2027. |
| Treasury share acquisition policy | Over the 2-year period through the fiscal year ending March 2028, the Company will conduct share buybacks in stages, up to a total of approximately ¥40 billion. The specific buyback amount will be determined by the Board of Directors on each occasion, taking into consideration the Company’s financial position, share price levels, and other factors. |
| Self-assessment of PBR and share price | The Company aims for an early recovery to a PBR above 1x. PBR is projected at 0.7x for the fiscal year ending March 2026. |
| Total investment plan | ¥4,200 hundred million |
| Investment amount by sector | Field Capital Investment and M&A / Amount ¥4,200 hundred million / Period 2026/3 - 2030/3 (5-year cumulative total) |
| Plan assumptions | Maintaining Financial Soundness, Shareholder returns within the scope of free cash flow, Implementing measures based on the business environment and financial position, Selecting investment projects with an emphasis on profitability and recoverability |
| Key initiatives | Reduction of cross-shareholdings, Optimizing assets, Selecting investment targets, Strengthening the dividend policy, Flexible Share Repurchases, Maintaining credit ratings, Shareholder returns within free cash flow |
| Reason for revision or withdrawal | To maximize corporate value by maintaining financial soundness while further improving capital efficiency and enhancing shareholder returns. The Company aims to achieve a PBR above 1x at an early stage and deliver sustainable improvements in shareholder value by accelerating the reduction of cross-shareholdings and non-core assets, while simultaneously tightening investment discipline and enhancing shareholder returns. |
| Publication date | 24 April 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetCost of capitalSegment targetNon-financial targetsResults under the previous planSize of the Target MarketRisks identifiedDate 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 maximize corporate value by maintaining financial soundness while further improving capital efficiency and enhancing shareholder returns. The Company also aims to achieve a PBR above 1x at an early stage and deliver sustainable improvements in shareholder value by reducing cross-shareholdings and non-core assets, tightening investment discipline, and enhancing shareholder returns.
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.