Worth reading
64In 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
97
Hundreds of millions of yenWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedROE+3.0pt
基準 2,026Target2,029%
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).
Total investment plan¥9.7 billion (3-year total)
Statements about the use of capital
Payout ratio / DOE policyFor the fiscal years ending March 2027 through March 2029, the company will adopt whichever is higher: a minimum dividend of ¥38 or a dividend payout ratio of 70%. The total payout ratio is expected to exceed 100%.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 plans to repurchase at least ¥3 billion of its own shares in aggregate over the 3 years from the fiscal year ending March 2027 through the fiscal year ending March 2029.
Cost of capitalEstimated cost of equity by the company: 9–10%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 price-to-book ratio (PBR) has remained at 2x or higher at the end of each of the past 5 fiscal years.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen investment to support medium- to long-term growth
02Expand shareholder returns to improve capital efficiency
03Make strategic investments
04Review shareholder return metrics
05Strengthen IR and SR
Plan assumptionsThese are forecasts based on information available at this time. They are subject to the impact of uncertain factors, including the economic environment, competitive conditions and the success or failure of new services.
Risks identified by the company
Economic Environment
Competitive conditions
Success or failure of new services
Actual results may differ materially from the forecasts stated
Reason for revision or withdrawal
Because the accumulation of excess cash and deposits and shareholders' equity has reduced capital efficiency. A minimum dividend was adopted to improve shareholders' predictability, as increased investment and the resulting period of lower profits could raise concerns about a dividend cut.
| Item | Details |
|---|---|
| Plan name | Response to achieving management that is conscious of the cost of capital and share price |
| Plan period | Fiscal years ending March 2027 through March 2029 |
| Progress against the plan | Partially revised |
| ROE target | 22.3% (actual for the fiscal year ending March 2026) → 16% (target for the fiscal year ending March 2029) |
| Payout ratio / DOE policy | For the fiscal years ending March 2027 through March 2029, the company will adopt whichever is higher: a minimum dividend of ¥38 or a dividend payout ratio of 70%. The total payout ratio is expected to exceed 100%. |
| Treasury share acquisition policy | The company plans to repurchase at least ¥3 billion of its own shares in aggregate over the 3 years from the fiscal year ending March 2027 through the fiscal year ending March 2029. |
| Cost of capital | Estimated cost of equity by the company: 9–10% |
| Self-assessment of PBR and share price | The price-to-book ratio (PBR) has remained at 2x or higher at the end of each of the past 5 fiscal years. |
| Total investment plan | ¥9.7 billion (3-year total) |
| Plan assumptions | These are forecasts based on information available at this time. They are subject to the impact of uncertain factors, including the economic environment, competitive conditions and the success or failure of new services. |
| Key initiatives | Strengthen investment to support medium- to long-term growth, Expand shareholder returns to improve capital efficiency, Make strategic investments, Review shareholder return metrics, Strengthen IR and SR |
| Reason for revision or withdrawal | Because the accumulation of excess cash and deposits and shareholders' equity has reduced capital efficiency. A minimum dividend was adopted to improve shareholders' predictability, as increased investment and the resulting period of lower profits could raise concerns about a dividend cut. |
| Risks identified | Economic Environment, Competitive conditions, Success or failure of new services, Actual results may differ materially from the forecasts stated |
| Publication date | 12 May 2026 |
Items this document does not state (11)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetInvestment amount by sectorSegment targetNon-financial targetsResults under the previous planSize 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.Because the accumulation of excess cash and deposits and shareholders' equity has reduced capital efficiency, the company will allocate cash and deposits to growth investments and shareholder returns. The company explained that it introduced a minimum dividend to limit concerns about dividend cuts during periods of lower profits resulting from increased investment and to improve shareholders' predictability.
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.