Worth reading
80Important
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
70
¥100 million (three-year cumulative M&A investment envelope)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 2,029Target2,029Hundreds of millions of yen
Operating profit0.0%
基準 2,029Target2,029Hundreds of millions of yen
Operating profit margin0.0pt
基準 2,029Target2,029%
ROE0.0pt
基準 2,029Target2,029%
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.
What happened to the previous planPrevious plan for the fiscal year ending January 2029: revenue of ¥23.9 billion, operating profit of ¥4.7 billion, operating margin of 20.0% and ROE of 11.1% → Actual results for fiscal 2025: revenue of ¥12.5 billion and operating profit of ¥500 million (earnings growth factor analysis)-0.2%Calculated from the two disclosed figures
Total investment plan¥10.2 billion (breakdown: ¥7.0 billion for M&A, ¥1.2 billion for organic growth investments and ¥2.0 billion for sustaining capital expenditure)
Investment amount by sectorField M&A / Amount ¥7 billion / Period Cumulative total for three years, Field Organic growth investments / Amount ¥1.2bn / Period Fiscal years 2026-2028, Field Sustaining capital expenditure / Amount ¥2 billion / Period Fiscal years 2026-2028
Statements about the use of capital
Payout ratio / DOE policyStable dividends with a floor of the higher of a 30% total payout ratio or 2% DOE. No applicable period specified.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 policyShare repurchase of ¥500 million in fiscal 2026. Flexible share repurchases will be conducted.
Cost of capitalCost of equity: 9.8–9.9%. Assumptions: a risk-free rate of 2.6–2.7%, beta of approximately 1.2 and a market risk premium of approximately 6%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe company states that it aims to improve its PBR, but its current PBR and its own assessment that it is at a low level are not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Visualizing the drivers of earnings
02Diversifying earnings drivers
03[Capturing market growth]
04[Expanding sales to existing customers]
05[Improving gross margin (reducing costs)]
06[Expanding production capacity to capture market growth]
07[Improving unit prices and selling prices]
08[Moving into higher-value-added products and services]
09[Developing new markets and acquiring new customers]
10[Entering high-value-added fields]
11[Creating higher value added through the development of proprietary branded products]
12[Expanding transaction volumes through business structure reform]
13[Capturing market growth and changes in customer needs]
14[Acquiring new customers and entering new markets]
15[Maximizing customer lifetime value]
16Strengthen human capital management
17Developing new fields centered on technology
18Reviewing the production structure
19Strengthening Group Governance
20Executing strategic M&A
Plan assumptionsThe semiconductor wafer market is expected to recover around 2026 against a backdrop of AI demand and enter a strong growth phase., The full-scale expansion of the EV market is expected to occur later than initially anticipated. HEV demand, however, is expected to remain firm., The Ministry of Land, Infrastructure, Transport and Tourism and the Cabinet Office’s “Shipbuilding Industry Revitalization Roadmap” sets a target of doubling annual shipbuilding volume by 2035., Assumptions for calculating the cost of equity: a risk-free rate of 2.6–2.7%, beta of approximately 1.2 and a market risk premium of approximately 6%., The company estimates the market growth rate based on external data on the target markets.
Segment targetSegment Transport containers / Sales Target ¥15.5 billion (fiscal 2028) / Profit Target Not disclosed, Segment Advanced resins / Sales Target ¥3.6 billion (fiscal 2028) / Profit Target Not disclosed, Segment Molding machines / Sales Target ¥2.0 billion (fiscal 2028) / Profit Target Not disclosed, Segment Social Infrastructure / Sales Target ¥2.8 billion (fiscal 2028) / Profit Target Not disclosed
Size of the Target MarketSpecific figures for market size and growth rates are not disclosed. For the shipbuilding market, the company cites the target in the Ministry of Land, Infrastructure, Transport and Tourism and Cabinet Office “Shipbuilding Industry Revitalization Roadmap” of doubling annual shipbuilding volume by 2035.
Risks identified by the company
Business portfolio risk from dependence on semiconductors
Changes in the market environment and customer needs
The delay in the full-scale expansion of the EV market
Addressing climate change (decarbonization)
Reducing Environmental Impact
Improving management transparency and soundness
Promoting Sustainability Management
Strengthening Risk Management
Reason for revision or withdrawal
To clarify the path toward achieving the targets of the Mid-Term Growth Strategy and accelerate initiatives in light of changes in the business environment since the plan was formulated, progress in strengthening the business base through M&A and advances in management focused on capital efficiency.
| Item | Details |
|---|---|
| Plan name | Medium-Term Growth Strategy 2028 |
| Plan period | 2024～2028 |
| Progress against the plan | Partially revised |
| Sales Target | ¥23.9 billion (fiscal year ending January 2029) → ¥23.9 billion (fiscal year ending January 2029)（0%） |
| Operating profit target | ¥4.7 billion (fiscal year ending January 2029) → ¥4.7 billion (fiscal year ending January 2029)（0%） |
| Operating profit margin target | 20.0% (fiscal year ending January 2029) → 20.0% (fiscal year ending January 2029)（0%） |
| ROE target | 11.1% (fiscal year ending January 2029 target) → 11.1% (fiscal year ending January 2029 target)（0%） |
| Payout ratio / DOE policy | Stable dividends with a floor of the higher of a 30% total payout ratio or 2% DOE. No applicable period specified. |
| Treasury share acquisition policy | Share repurchase of ¥500 million in fiscal 2026. Flexible share repurchases will be conducted. |
| Cost of capital | Cost of equity: 9.8–9.9%. Assumptions: a risk-free rate of 2.6–2.7%, beta of approximately 1.2 and a market risk premium of approximately 6%. |
| Self-assessment of PBR and share price | The company states that it aims to improve its PBR, but its current PBR and its own assessment that it is at a low level are not disclosed. |
| Total investment plan | ¥10.2 billion (breakdown: ¥7.0 billion for M&A, ¥1.2 billion for organic growth investments and ¥2.0 billion for sustaining capital expenditure) |
| Investment amount by sector | Field M&A / Amount ¥7 billion / Period Cumulative total for three years, Field Organic growth investments / Amount ¥1.2bn / Period Fiscal years 2026-2028, Field Sustaining capital expenditure / Amount ¥2 billion / Period Fiscal years 2026-2028 |
| Segment target | Segment Transport containers / Sales Target ¥15.5 billion (fiscal 2028) / Profit Target Not disclosed, Segment Advanced resins / Sales Target ¥3.6 billion (fiscal 2028) / Profit Target Not disclosed, Segment Molding machines / Sales Target ¥2.0 billion (fiscal 2028) / Profit Target Not disclosed, Segment Social Infrastructure / Sales Target ¥2.8 billion (fiscal 2028) / Profit Target Not disclosed |
| Plan assumptions | The semiconductor wafer market is expected to recover around 2026 against a backdrop of AI demand and enter a strong growth phase., The full-scale expansion of the EV market is expected to occur later than initially anticipated. HEV demand, however, is expected to remain firm., The Ministry of Land, Infrastructure, Transport and Tourism and the Cabinet Office’s “Shipbuilding Industry Revitalization Roadmap” sets a target of doubling annual shipbuilding volume by 2035., Assumptions for calculating the cost of equity: a risk-free rate of 2.6–2.7%, beta of approximately 1.2 and a market risk premium of approximately 6%., The company estimates the market growth rate based on external data on the target markets. |
| Key initiatives | Visualizing the drivers of earnings, Diversifying earnings drivers, [Capturing market growth], [Expanding sales to existing customers], [Improving gross margin (reducing costs)], [Expanding production capacity to capture market growth], [Improving unit prices and selling prices], [Moving into higher-value-added products and services], [Developing new markets and acquiring new customers], [Entering high-value-added fields], [Creating higher value added through the development of proprietary branded products], [Expanding transaction volumes through business structure reform], [Capturing market growth and changes in customer needs], [Acquiring new customers and entering new markets], [Maximizing customer lifetime value], Strengthen human capital management, Developing new fields centered on technology, Reviewing the production structure, Strengthening Group Governance, Executing strategic M&A |
| Results under the previous plan | Previous plan for the fiscal year ending January 2029: revenue of ¥23.9 billion, operating profit of ¥4.7 billion, operating margin of 20.0% and ROE of 11.1% → Actual results for fiscal 2025: revenue of ¥12.5 billion and operating profit of ¥500 million (earnings growth factor analysis) |
| Reason for revision or withdrawal | To clarify the path toward achieving the targets of the Mid-Term Growth Strategy and accelerate initiatives in light of changes in the business environment since the plan was formulated, progress in strengthening the business base through M&A and advances in management focused on capital efficiency. |
| Size of the Target Market | Specific figures for market size and growth rates are not disclosed. For the shipbuilding market, the company cites the target in the Ministry of Land, Infrastructure, Transport and Tourism and Cabinet Office “Shipbuilding Industry Revitalization Roadmap” of doubling annual shipbuilding volume by 2035. |
| Risks identified | Business portfolio risk from dependence on semiconductors, Changes in the market environment and customer needs, The delay in the full-scale expansion of the EV market, Addressing climate change (decarbonization), Reducing Environmental Impact, Improving management transparency and soundness, Promoting Sustainability Management, Strengthening Risk Management |
| Publication date | 8 September 2026 |
Items this document does not state (4)
Net income targetROIC targetNon-financial targetsDate 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 clarify the path toward achieving the targets of the Mid-Term Growth Strategy and accelerate initiatives in light of changes in the business environment since the plan was formulated, progress in strengthening the business base through M&A and advances in management focused on capital efficiency.
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