Worth reading
66In 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
100
¥100 million (consolidated revenue targeted for FY2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029Hundreds of millions of yen
Operating profit margin+3.0pt
基準 2,026Target2,029%
ROE+4.0pt
基準 2,025Target2,029%
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.
Operating profit¥259 million (FY2025 actual) / ¥480 million (FY2026 forecast) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue ¥6.0 billion / operating profit ¥795 million / gross profit margin 32.3% (final-year targets under the current medium-term plan (2022–2026)) → FY2026 company forecast: revenue ¥5.7 billion / operating profit ¥480 million (gross profit margin not provided)0.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyBefore moving to the Prime Market, the company will generally maintain stable dividends. After the move, it will consider enhancing shareholder returns, including raising the payout ratio, while taking ROE into account. In its vision for 2029, the company plans to link total payout ratio, comprising dividends and share repurchases, to ROE. Numerical guidelines for the total payout ratio and other metrics are scheduled to be disclosed in the formal version this winter. The applicable period is the plan period, particularly before and after the move to the Prime Market.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 policyBecause share repurchases reduce net assets and the number of tradable shares, they will be conducted conservatively before the move to the Prime Market and used flexibly after the move.
Cost of capitalApproximately 8%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Deepening the core business, securities IT
02Use of AI
03New information services using transaction data (TradeAgent Insight)
04Expansion into the retail investment sector
05Overseas markets and on-chain initiatives
Plan assumptionsMoving to the Prime Market is subject to meeting the quantitative requirements, Forward-looking information represents projections based on certain assumptions and does not constitute a commitment to achieve them
Size of the Target MarketIndicator Annual trading value on the TSE Prime Market / Figures ¥1,419 trillion / Source Recalculated by the company based on each company's financial results summaries, Indicator NISA / Figures 26.96 million accounts and ¥63 trillion in cumulative purchases / Source Not disclosed, Indicator Online brokerage accounts / Figures 51.23 million accounts / Source Not disclosed, Indicator Domestic security token market / Figures Just under ¥400 billion / Source Public information, Indicator Cyberattack damage / Figures More than ¥300 billion / Source Aggregate for January–April 2025
Risks identified by the company
AI can also be used by attackers, resulting in simultaneous growth in demand for protection
Consent from each customer and data governance and legal compliance are required
Moving to the Prime Market requires compliance not only with formal requirements but also with substantive standards, including governance and internal control systems
New areas will be subject to phased investment and disciplined withdrawal
Reason for revision or withdrawal
The numerical targets are expected to be unmet. Although the quantitative KPI of increasing headcount from 90 to 214 has been achieved, the gross profit margin deteriorated at times due to a higher cost ratio, and the target figures are expected to be missed. The company will move beyond a state of “having a plan but no strategy” by formulating the numerical plan and execution strategy as an integrated whole. It will move away from a trade-off growth structure in which growth in one specific area causes stagnation in another, and separate revenue-generating areas from development areas.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan (2027-2029) |
| Plan period | The 3-year period from the fiscal year ending December 2027 through the fiscal year ending December 2029 |
| Progress against the plan | Formulated |
| Sales Target | ¥5.05 billion (FY2025 actual) / ¥5.70 billion (FY2026 forecast) → On the scale of ¥10 billion (targeted vision for FY2029) |
| Operating profit target | ¥259 million (FY2025 actual) / ¥480 million (FY2026 forecast) → Not disclosed |
| Operating profit margin target | 5.1% (FY2025 actual) / 8.4% (FY2026 forecast) → In the 20% range (targeted vision for 2029) |
| ROE target | 3.6%（FY2025） → 20% (targeted vision for 2029) |
| Payout ratio / DOE policy | Before moving to the Prime Market, the company will generally maintain stable dividends. After the move, it will consider enhancing shareholder returns, including raising the payout ratio, while taking ROE into account. In its vision for 2029, the company plans to link total payout ratio, comprising dividends and share repurchases, to ROE. Numerical guidelines for the total payout ratio and other metrics are scheduled to be disclosed in the formal version this winter. The applicable period is the plan period, particularly before and after the move to the Prime Market. |
| Treasury share acquisition policy | Because share repurchases reduce net assets and the number of tradable shares, they will be conducted conservatively before the move to the Prime Market and used flexibly after the move. |
| Cost of capital | Approximately 8% |
| Plan assumptions | Moving to the Prime Market is subject to meeting the quantitative requirements, Forward-looking information represents projections based on certain assumptions and does not constitute a commitment to achieve them |
| Key initiatives | Deepening the core business, securities IT, Use of AI, New information services using transaction data (TradeAgent Insight), Expansion into the retail investment sector, Overseas markets and on-chain initiatives |
| Results under the previous plan | Revenue ¥6.0 billion / operating profit ¥795 million / gross profit margin 32.3% (final-year targets under the current medium-term plan (2022–2026)) → FY2026 company forecast: revenue ¥5.7 billion / operating profit ¥480 million (gross profit margin not provided) |
| Reason for revision or withdrawal | The numerical targets are expected to be unmet. Although the quantitative KPI of increasing headcount from 90 to 214 has been achieved, the gross profit margin deteriorated at times due to a higher cost ratio, and the target figures are expected to be missed. The company will move beyond a state of “having a plan but no strategy” by formulating the numerical plan and execution strategy as an integrated whole. It will move away from a trade-off growth structure in which growth in one specific area causes stagnation in another, and separate revenue-generating areas from development areas. |
| Size of the Target Market | Indicator Annual trading value on the TSE Prime Market / Figures ¥1,419 trillion / Source Recalculated by the company based on each company's financial results summaries, Indicator NISA / Figures 26.96 million accounts and ¥63 trillion in cumulative purchases / Source Not disclosed, Indicator Online brokerage accounts / Figures 51.23 million accounts / Source Not disclosed, Indicator Domestic security token market / Figures Just under ¥400 billion / Source Public information, Indicator Cyberattack damage / Figures More than ¥300 billion / Source Aggregate for January–April 2025 |
| Risks identified | AI can also be used by attackers, resulting in simultaneous growth in demand for protection, Consent from each customer and data governance and legal compliance are required, Moving to the Prime Market requires compliance not only with formal requirements but also with substantive standards, including governance and internal control systems, New areas will be subject to phased investment and disciplined withdrawal |
| Date of board resolution | 7 August 2026 |
| Publication date | 7 August 2026 |
Items this document does not state (7)
Net income targetROIC targetSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetNon-financial targets
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 current medium-term management plan is expected to conclude with its numerical targets unmet. The new plan is being formulated to move beyond a state of “having a plan but no strategy” and to integrate the numerical plan with the execution strategy. Another reason is to move away from a trade-off growth structure in which growth in one specific area causes stagnation in another, and to separate revenue-generating areas from development areas.
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.