Worth reading
59In 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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+0.5%
基準 2,025Target2,035100 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.
Total investment planApproximately ¥8 billion (over the 3-year period of the Eighth Medium-Term Management Plan)
Investment amount by sectorField Growth Investment / Amount Approximately ¥4.0 billion / Details Introduction of new equipment and expansion of facilities, Field Capital Expenditure / Amount Approximately ¥3.0 billion / Details Replacement of equipment and enhancement of the functions of existing facilities, Field Human capital, IT and digital transformation investments / Amount Approximately ¥1 billion / Details Increasing staffing, developing human resources, improving compensation, and accelerating IT and digital transformation across the Group
Statements about the use of capital
Payout ratio / DOE policyThe company will pay stable dividends, using a DOE of at least 2.0% as a guideline. This policy applies during and after the period of the Eighth Medium-Term Management Plan. DOE was 2.1% for the fiscal year ending March 2026.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 is considering the use of treasury shares and measures to improve liquidity. The acquisition limit, timing and conditions have not been disclosed.
Cost of capitalEstimated cost of equity based on CAPM: 6.5% according to the company's calculationsThe cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceAlthough its PBR has improved and moved closer to the 0.6x average for paper and pulp companies listed on the TSE Standard market, it remains below the 1.0x benchmark. PBR was 0.59x for the fiscal year ending March 2026. The target is 1.0x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improving Profitability
02Strengthening the ESG management platform supporting sustainable growth
03Enhance shareholder returns
04Improving capital efficiency
05Enhance information disclosure
06Enhancing dialogue with investors
Risks identified by the company
Changes in economic conditions
Changes in laws and regulations
Natural disasters and other events
Risks and uncertainties that exist currently or may arise in the future
Reason for revision or withdrawal
The company has reanalyzed and reassessed the current situation regarding its response disclosed on 19 December 2024, and updated its policies and initiatives aimed at improvement.
| Item | Details |
|---|---|
| Plan name | Long-Term Vision: New Challenge Vision 2035 / Eighth Medium-Term Management Plan |
| Plan period | Eighth Medium-Term Management Plan: 3 years (final fiscal year: fiscal year ending March 2028) / Long-Term Vision: 2035 |
| Progress against the plan | Partially revised |
| Sales Target | 234 (actual for the fiscal year ended March 2025) → 300 (target for 2035)（28.2%） |
| ROE target | 3.8 (actual for the fiscal year ending March 2026) → 8 (target)（110.5%） |
| Payout ratio / DOE policy | The company will pay stable dividends, using a DOE of at least 2.0% as a guideline. This policy applies during and after the period of the Eighth Medium-Term Management Plan. DOE was 2.1% for the fiscal year ending March 2026. |
| Treasury share acquisition policy | The company is considering the use of treasury shares and measures to improve liquidity. The acquisition limit, timing and conditions have not been disclosed. |
| Cost of capital | Estimated cost of equity based on CAPM: 6.5% according to the company's calculations |
| Self-assessment of PBR and share price | Although its PBR has improved and moved closer to the 0.6x average for paper and pulp companies listed on the TSE Standard market, it remains below the 1.0x benchmark. PBR was 0.59x for the fiscal year ending March 2026. The target is 1.0x. |
| Total investment plan | Approximately ¥8 billion (over the 3-year period of the Eighth Medium-Term Management Plan) |
| Investment amount by sector | Field Growth Investment / Amount Approximately ¥4.0 billion / Details Introduction of new equipment and expansion of facilities, Field Capital Expenditure / Amount Approximately ¥3.0 billion / Details Replacement of equipment and enhancement of the functions of existing facilities, Field Human capital, IT and digital transformation investments / Amount Approximately ¥1 billion / Details Increasing staffing, developing human resources, improving compensation, and accelerating IT and digital transformation across the Group |
| Key initiatives | Improving Profitability, Strengthening the ESG management platform supporting sustainable growth, Enhance shareholder returns, Improving capital efficiency, Enhance information disclosure, Enhancing dialogue with investors |
| Reason for revision or withdrawal | The company has reanalyzed and reassessed the current situation regarding its response disclosed on 19 December 2024, and updated its policies and initiatives aimed at improvement. |
| Risks identified | Changes in economic conditions, Changes in laws and regulations, Natural disasters and other events, Risks and uncertainties that exist currently or may arise in the future |
| Date of board resolution | 15 May 2026 |
| Publication date | 15 May 2026 |
Items this document does not state (9)
Operating profit targetOperating profit margin targetNet income targetROIC targetSegment targetNon-financial targetsPlan assumptionsResults under the previous planSize of the Target Market
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 has reanalyzed and reassessed the current situation regarding its response disclosed in December 2024, and updated its policies and initiatives aimed at improvement. It considers that improving ROE will require higher earning power and greater 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.