Worth reading
81Important
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
6034
¥ million (increase in revenue from FY26 actual results to the FY30 plan)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+71.6%
基準 8,427Target14,461million
Operating profit+477.8%
基準 216Target1,248million
Operating profit margin+4.0pt
基準 26Target30%
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.
ROE5.4% (FY26 actual results) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue ¥9,612 million, EBITDA ¥753 million, EBITDA margin 7.84% (FY26 plan) → Revenue ¥8,427 million, EBITDA ¥294 million, EBITDA margin 3.49% (FY26 actual results)（Revenue 87.7%, EBITDA 39.0%, EBITDA margin 44.5%）-12.3%Calculated from the two disclosed figures
Investment amount by sectorField Organic growth investment (investment in BLAS, AX and branding) / Amount Not disclosed, Field Growth investment through M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyNo dividends for the time being. Numerical targets for the payout ratio and DOE: not disclosed. Applicable period: for the time beingThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyTo be carried out flexibly in response to the share price level. Repurchases will be conducted when the company determines that the share price is below intrinsic value.
Self-assessment of PBR and share priceThe current PBR and share price level: not disclosed. The policy is to conduct share repurchases when the company determines that the share price is below intrinsic value.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of target areas
02Expansion of BLAS sales and promotion of its conversion into BPaaS
03Transformation of the management platform through company-wide AX
04Brand and Marketing
05Promoting M&A
Plan assumptionsWorking-age population (ages 15–64): 86.22 million in 2000 to 73.54 million in 2025, Percentage of companies experiencing labor shortages (2025): 53.4% for regular employees and 30.6% for non-regular employees, Effective job openings-to-applicants ratio: 0.59x in 2000 to 1.22x in 2025, Cloud cameras: 547,500 units in 2024 to 1.31 million units in 2029, approximately 2.4x, EV chargers: 68,000 ports in 2024 to 300,000 ports in 2030, approximately 4.4x, Smart water meters (Tokyo): 130,000 units in 2024 to 7.8 million units in 2030, approximately 60x, Flood-monitoring water-level gauges: 9,300 units in 2025; replacement and performance upgrades, as well as new installations and replacements, are entering full swing
Segment targetSegment IoT / Sales Target ¥7,308 million (FY30) / Profit Target Not disclosed, Segment Network / Sales Target ¥6,633 million (FY30) / Profit Target Not disclosed, Segment SaaS / Sales Target ¥520 million (FY30) / Profit Target Not disclosed
Size of the Target MarketSubject Cloud cameras / Dimensions 547,500 units (2024) → 1.31 million units (2029) / Growth Approximately 2.4x / Source Yano Research Institute, "Survey of the Domestic Surveillance Camera/System Market (2024)", Subject EV chargers / Dimensions 68,000 ports (2024) → 300,000 ports (2030) / Growth Approximately 4.4x / Source Ministry of Economy, Trade and Industry, "Initiatives to Promote the Development of Charging Infrastructure", Subject Smart water meters (Tokyo) / Dimensions 130,000 units (2024) → 7.8 million units (2030) / Growth Approximately 60x / Source Ministry of Land, Infrastructure, Transport and Tourism, "Promoting the Introduction of Smart Meters in the Water Supply Sector", Subject Flood-monitoring water-level gauges / Dimensions 9,300 units (2025) / Growth Replacement and performance upgrades, as well as new installations and replacements, are entering full swing / Source Ministry of Land, Infrastructure, Transport and Tourism, "Guide to the Installation of Flood-Monitoring Water-Level Gauges (Draft)"
Reason for revision or withdrawal
The mobile business contracted substantially more than planned; although the IoT business continued to grow, it did not reach the initially assumed level; growth in the IoT business was insufficient to offset the decline in high-margin mobile stock-based projects; and the high proportion of flow-based projects centered on the construction and installation of IoT services meant that the company did not make sufficient progress in establishing an earnings structure capable of converting revenue growth into sustainable profit growth.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | FY27～FY30 |
| Progress against the plan | Formulated |
| Sales Target | 8,427 (FY26 actual results) → 14,461 (FY30 plan)（+14.5%（CAGR）） |
| Operating profit target | 216 (FY26 actual results) → 1,248 (FY30 plan)（+55.0%（CAGR）） |
| Operating profit margin target | 2.6% (FY26 actual results) → 8.9% (FY30 plan) |
| ROE target | 5.4% (FY26 actual results) → Not disclosed |
| Payout ratio / DOE policy | No dividends for the time being. Numerical targets for the payout ratio and DOE: not disclosed. Applicable period: for the time being |
| Treasury share acquisition policy | To be carried out flexibly in response to the share price level. Repurchases will be conducted when the company determines that the share price is below intrinsic value. |
| Self-assessment of PBR and share price | The current PBR and share price level: not disclosed. The policy is to conduct share repurchases when the company determines that the share price is below intrinsic value. |
| Investment amount by sector | Field Organic growth investment (investment in BLAS, AX and branding) / Amount Not disclosed, Field Growth investment through M&A / Amount Not disclosed |
| Segment target | Segment IoT / Sales Target ¥7,308 million (FY30) / Profit Target Not disclosed, Segment Network / Sales Target ¥6,633 million (FY30) / Profit Target Not disclosed, Segment SaaS / Sales Target ¥520 million (FY30) / Profit Target Not disclosed |
| Plan assumptions | Working-age population (ages 15–64): 86.22 million in 2000 to 73.54 million in 2025, Percentage of companies experiencing labor shortages (2025): 53.4% for regular employees and 30.6% for non-regular employees, Effective job openings-to-applicants ratio: 0.59x in 2000 to 1.22x in 2025, Cloud cameras: 547,500 units in 2024 to 1.31 million units in 2029, approximately 2.4x, EV chargers: 68,000 ports in 2024 to 300,000 ports in 2030, approximately 4.4x, Smart water meters (Tokyo): 130,000 units in 2024 to 7.8 million units in 2030, approximately 60x, Flood-monitoring water-level gauges: 9,300 units in 2025; replacement and performance upgrades, as well as new installations and replacements, are entering full swing |
| Key initiatives | Expansion of target areas, Expansion of BLAS sales and promotion of its conversion into BPaaS, Transformation of the management platform through company-wide AX, Brand and Marketing, Promoting M&A |
| Results under the previous plan | Revenue ¥9,612 million, EBITDA ¥753 million, EBITDA margin 7.84% (FY26 plan) → Revenue ¥8,427 million, EBITDA ¥294 million, EBITDA margin 3.49% (FY26 actual results)（Revenue 87.7%, EBITDA 39.0%, EBITDA margin 44.5%） |
| Reason for revision or withdrawal | The mobile business contracted substantially more than planned; although the IoT business continued to grow, it did not reach the initially assumed level; growth in the IoT business was insufficient to offset the decline in high-margin mobile stock-based projects; and the high proportion of flow-based projects centered on the construction and installation of IoT services meant that the company did not make sufficient progress in establishing an earnings structure capable of converting revenue growth into sustainable profit growth. |
| Size of the Target Market | Subject Cloud cameras / Dimensions 547,500 units (2024) → 1.31 million units (2029) / Growth Approximately 2.4x / Source Yano Research Institute, "Survey of the Domestic Surveillance Camera/System Market (2024)", Subject EV chargers / Dimensions 68,000 ports (2024) → 300,000 ports (2030) / Growth Approximately 4.4x / Source Ministry of Economy, Trade and Industry, "Initiatives to Promote the Development of Charging Infrastructure", Subject Smart water meters (Tokyo) / Dimensions 130,000 units (2024) → 7.8 million units (2030) / Growth Approximately 60x / Source Ministry of Land, Infrastructure, Transport and Tourism, "Promoting the Introduction of Smart Meters in the Water Supply Sector", Subject Flood-monitoring water-level gauges / Dimensions 9,300 units (2025) / Growth Replacement and performance upgrades, as well as new installations and replacements, are entering full swing / Source Ministry of Land, Infrastructure, Transport and Tourism, "Guide to the Installation of Flood-Monitoring Water-Level Gauges (Draft)" |
| Publication date | 2026.08 (as stated in the materials) |
Items this document does not state (7)
Net income targetROIC targetCost of capitalTotal investment planNon-financial targetsRisks 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.The mobile business contracted substantially more than planned, while the IoT business also fell short of its initially assumed level. In addition, growth in the IoT business was insufficient to offset the decline in high-margin mobile stock-based projects, and the company did not make sufficient progress in establishing an earnings structure capable of converting revenue growth into sustainable profit growth. The new plan identifies the limited scope of the company's target areas and customer base, the lack of an established high-margin recurring-revenue model, increasingly complex business processes, insufficient market recognition, and the time required to expand business capabilities as key challenges.
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