Worth reading
81Important
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
8
% (KGI for ROE and operating margin)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedOperating profit margin+7.0pt
基準 2,024Target2,031%
ROE+7.0pt
基準 2,024Target2,031%
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).
Net Sales¥42.0 billion (previous medium-term management plan AX2024) → not disclosed (policy of not using sales as a KGI)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planSales of ¥42.0 billion, ROE of 6%, and operating margin of 7% (previous medium-term management plan AX2024) → Not disclosed
Total investment planGrowth investments of more than ¥18.0 billion
Investment amount by sectorField Growth Investment / Amount ¥18.0 billion or more, Field Factory Reorganization / Amount Not disclosed, Field Equipment renewal, including labor-saving equipment and strategic machinery / Amount Not disclosed, Field DX investments, including systems investments / Amount Not disclosed, Field Overseas expansion / Amount Not disclosed, Field Research and Development / Amount Not disclosed, Field Human Capital Investment / Amount Not disclosed, Field Alliances and M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyFrom the fiscal year ending March 2027 onward, the company will generally pursue progressive dividends and target a DOE of 2.4%. As a rule, it will not reduce dividends, maintaining or increasing them.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 policyFrom the fiscal year ending March 2027 onward, the company plans to continue making flexible share repurchases.
Cost of capitalAssumed range of cost of equity: 6–7%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 has remained below 1.0x since the fiscal year ended March 2019, reaching 0.51x in the fiscal year ending March 2026. The company aims to achieve a PBR above 1.0x through the execution of the medium-term management plan.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Structural reform of existing core businesses
02Expansion of growth areas
03New Businesses
04Strengthening human capital
05Promoting DX
06Strengthening environmental initiatives
07Balance sheet management
08Cash Allocation
09Shareholder Returns
Plan assumptionsInflation and rising labor costs, including wage increases of more than 5%, Eight consecutive years of drug price revisions for pharmaceutical companies, Limited growth in the domestic market due to population decline and demand maturation, Continued expansion of demand in overseas markets, particularly in ASEAN
Segment targetSegment Printed packaging materials business / Target FY2030 KPI: 20% improvement in gross margin, Segment Label Business / Target FY2030 sales of ¥4.0 billion (¥2.6 billion in the fiscal year ending March 2026), Segment Packaging systems sales business / Target Average annual sales of ¥5.0 billion from FY2028 to FY2030 (average of ¥3.3 billion over the most recent 3 years), Segment Overseas Operations / Target FY2030 sales of ¥5.0 billion (¥2.7 billion in the fiscal year ending March 2026), Segment New Businesses / Target FY2030 sales of ¥500 million
Non-financial targetsIndicator Scope 1 and 2 GHG emissions / Target 42% reduction from FY2023 / Timing FY2030, Indicator Scope 3 GHG emissions / Target 25% reduction from FY2023 / Timing FY2030, Indicator SBT certification / Target Acquisition / Timing By fiscal 2027
Risks identified by the company
Actual results may differ significantly from the forecasts stated in the materials due to the impact of uncertain factors, including economic conditions.
Reason for revision or withdrawal
In light of the recent business environment and other factors, the company will shift from the management approach it has pursued to date, which prioritized sales scale, to one focused on capital efficiency and profitability. The company will deliberately not use sales as a KGI and aims to achieve sustainable growth accompanied by profitability through business operations and the allocation of management resources centered on profitability, without becoming excessively focused on sales scale even in a rapidly changing environment.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | Fiscal year ending March 2027 to fiscal year ending March 2031 |
| Progress against the plan | Formulated |
| Sales Target | ¥42.0 billion (previous medium-term management plan AX2024) → not disclosed (policy of not using sales as a KGI) |
| Operating profit margin target | 7% (previous medium-term management plan AX2024) → 8% (fiscal year ending March 2031) |
| ROE target | 6% (previous medium-term management plan AX2024) → 8% (fiscal year ending March 2031) |
| Payout ratio / DOE policy | From the fiscal year ending March 2027 onward, the company will generally pursue progressive dividends and target a DOE of 2.4%. As a rule, it will not reduce dividends, maintaining or increasing them. |
| Treasury share acquisition policy | From the fiscal year ending March 2027 onward, the company plans to continue making flexible share repurchases. |
| Cost of capital | Assumed range of cost of equity: 6–7% |
| Self-assessment of PBR and share price | PBR has remained below 1.0x since the fiscal year ended March 2019, reaching 0.51x in the fiscal year ending March 2026. The company aims to achieve a PBR above 1.0x through the execution of the medium-term management plan. |
| Total investment plan | Growth investments of more than ¥18.0 billion |
| Investment amount by sector | Field Growth Investment / Amount ¥18.0 billion or more, Field Factory Reorganization / Amount Not disclosed, Field Equipment renewal, including labor-saving equipment and strategic machinery / Amount Not disclosed, Field DX investments, including systems investments / Amount Not disclosed, Field Overseas expansion / Amount Not disclosed, Field Research and Development / Amount Not disclosed, Field Human Capital Investment / Amount Not disclosed, Field Alliances and M&A / Amount Not disclosed |
| Segment target | Segment Printed packaging materials business / Target FY2030 KPI: 20% improvement in gross margin, Segment Label Business / Target FY2030 sales of ¥4.0 billion (¥2.6 billion in the fiscal year ending March 2026), Segment Packaging systems sales business / Target Average annual sales of ¥5.0 billion from FY2028 to FY2030 (average of ¥3.3 billion over the most recent 3 years), Segment Overseas Operations / Target FY2030 sales of ¥5.0 billion (¥2.7 billion in the fiscal year ending March 2026), Segment New Businesses / Target FY2030 sales of ¥500 million |
| Non-financial targets | Indicator Scope 1 and 2 GHG emissions / Target 42% reduction from FY2023 / Timing FY2030, Indicator Scope 3 GHG emissions / Target 25% reduction from FY2023 / Timing FY2030, Indicator SBT certification / Target Acquisition / Timing By fiscal 2027 |
| Plan assumptions | Inflation and rising labor costs, including wage increases of more than 5%, Eight consecutive years of drug price revisions for pharmaceutical companies, Limited growth in the domestic market due to population decline and demand maturation, Continued expansion of demand in overseas markets, particularly in ASEAN |
| Key initiatives | Structural reform of existing core businesses, Expansion of growth areas, New Businesses, Strengthening human capital, Promoting DX, Strengthening environmental initiatives, Balance sheet management, Cash Allocation, Shareholder Returns |
| Results under the previous plan | Sales of ¥42.0 billion, ROE of 6%, and operating margin of 7% (previous medium-term management plan AX2024) → Not disclosed |
| Reason for revision or withdrawal | In light of the recent business environment and other factors, the company will shift from the management approach it has pursued to date, which prioritized sales scale, to one focused on capital efficiency and profitability. The company will deliberately not use sales as a KGI and aims to achieve sustainable growth accompanied by profitability through business operations and the allocation of management resources centered on profitability, without becoming excessively focused on sales scale even in a rapidly changing environment. |
| Risks identified | Actual results may differ significantly from the forecasts stated in the materials due to the impact of uncertain factors, including economic conditions. |
| Publication date | 11 May 2026 |
Items this document does not state (5)
Operating profit targetNet income targetROIC targetSize 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.In light of the recent business environment and other factors, the company will shift from management focused on sales scale to management focused on capital efficiency and profitability. It aims to achieve sustainable growth accompanied by profitability through business operations and the allocation of management resources centered on profitability, without becoming excessively focused on sales scale.
How to read this page
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