Worth reading
65In focus
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
135.1
¥100 million (total capital investment under the 14th Medium-Term Management Plan)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 2,026Target2,026Hundreds of millions of yen
Operating profit0.0%
基準 2,026Target2,026Hundreds of millions of yen
Net income for the current fiscal year0.0%
基準 2,026Target2,026Hundreds of millions of yen
ROIC0.0pt
基準 2,026Target2,026％
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 marginFY2026 forecast: 15.2 → Not disclosed
ROEFY2026 forecast: 10.0 → Not disclosed
Only the target level is shown because the current level for comparison was not provided.Total investment planBase investment and growth investment: approximately ¥13.5 billion. Total capital investment over the four years of the 14th Medium-Term Management Plan is ¥13.51 billion.
Investment amount by sectorField Capacity expansion, new facilities and other investments / Amount Approximately ¥9.5 billion, Field Research and Development / Amount Approximately ¥0.9 billion, Field Human Capital / Amount Approximately ¥1.9 billion, Field Digitalisation and labour saving / Amount Approximately ¥1.2 billion, Field Functional oils plant for cosmetics (CIP) / Amount Approximately ¥8.6 billion
Statements about the use of capital
Payout ratio / DOE policySet the total payout ratio at an average of 50% or higher over the four years from FY2023 to FY2026. The company uses a DOE of approximately 4.3% as a guideline and expects to raise the dividend progressively, targeting a dividend of ¥135 per share in FY2030.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 policyApproximately ¥3 billion in share repurchases have been completed. Share repurchases amounted to ¥2 billion in FY2025, and the company has identified continued dividend increases and share repurchases as shareholder returns.
Cost of capitalThe cost of equity is recognised at approximately 8.5%–9.0% based on CAPM, and WACC at 8.5%–9.0%. WACC was 7.0%–7.5% in FY2025.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 rose from 0.93x in FY2024 to 1.03x in FY2025, but further improvement is needed. PBR was below 1.00x in FY2024.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Human Capital Investment
02R&D investment
03Capital Expenditure
04Dividends / total payout ratio
05Review of shareholder benefits
06Information sessions for individual investors
07Launch of a website for individual investors / launch of social media accounts
08Meetings with institutional investors (as needed)
09Investment for growth
10Shareholder Returns
11IR strategy
12Construction of a new functional oils plant for cosmetics
13Reduction of cross-shareholdings
14Promotion of investment in digitalisation
Segment targetSegment Beauty Care / FY2026 net sales ¥10.00 billion / FY2026 operating profit ¥2.25 billion / FY2026 profit margin 22.5％ / FY2026 overseas sales ratio 44.3％ / FY2030 overseas sales ratio 52％, Segment Healthcare / FY2026 net sales ¥7.60 billion / FY2026 operating profit ¥1.4 billion / FY2026 profit margin 18.4％, Segment Fine chemicals / FY2026 net sales ¥6.55 billion / FY2026 operating profit ¥1.03 billion / FY2026 profit margin 15.7％, Segment Hygiene / FY2026 net sales ¥7.85 billion / FY2026 operating profit ¥710 million / FY2026 profit margin 9.0％
Non-financial targetsIndicator Total engagement / Target 3.5 or more / Timing Not disclosed, Indicator Total annual actual working hours / Target 2,000 hours or less per employee / Timing Not disclosed, Indicator Paid leave utilisation rate for regular employees / Target At least 70% / Timing Not disclosed, Indicator Childcare leave utilization rate / Target At least 70% / Timing Not disclosed, Indicator Male parental leave uptake rate / Target At least 50% / Timing Not disclosed, Indicator Training and development expenses / Target At least the previous year's level / Timing Not disclosed, Indicator Percentage of women in management positions / Target 30% or more / Timing The 2030s, Indicator Percentage of women among employees / Target At least 20% / Timing By fiscal 2027, Indicator Employment Rate of People with Disabilities / Target 2.7% or higher / Timing By FY2026, Indicator Psychological safety in the workplace / Target 3.5 or more / Timing Not disclosed, Indicator Compliance training completion rate / Target 100%, with participation by all employees / Timing Not disclosed, Indicator Stress check participation rate / Target At least 90% / Timing Not disclosed, Indicator R&D expenses as a percentage of revenue / Target 2.7％ / Timing Fiscal 2026
Reason for revision or withdrawal
The company reassessed its current situation and identified issues, and updated the details of initiatives for future improvement. Although PBR rose year on year, further improvement is needed, and improving PER remains an ongoing issue. Further profitability improvement is needed for ROIC to exceed WACC.
| Item | Details |
|---|---|
| Plan name | 14th Medium-Term Management Plan (FY2023–FY2026) |
| Plan period | FY2023–FY2026 |
| Progress against the plan | Partially revised |
| Sales Target | FY2026 current forecast: 374.0 → FY2026 target: 380.0 |
| Operating profit target | FY2026 current forecast: 57.0 → FY2026 target: 58.0 |
| Operating profit margin target | FY2026 forecast: 15.2 → Not disclosed |
| Net income target | FY2026 current forecast: 52.0 → FY2026 target: 49.0 |
| ROE target | FY2026 forecast: 10.0 → Not disclosed |
| ROIC target | FY2026 forecast: 7.6 → FY2026 target: 8.0 |
| Payout ratio / DOE policy | Set the total payout ratio at an average of 50% or higher over the four years from FY2023 to FY2026. The company uses a DOE of approximately 4.3% as a guideline and expects to raise the dividend progressively, targeting a dividend of ¥135 per share in FY2030. |
| Treasury share acquisition policy | Approximately ¥3 billion in share repurchases have been completed. Share repurchases amounted to ¥2 billion in FY2025, and the company has identified continued dividend increases and share repurchases as shareholder returns. |
| Cost of capital | The cost of equity is recognised at approximately 8.5%–9.0% based on CAPM, and WACC at 8.5%–9.0%. WACC was 7.0%–7.5% in FY2025. |
| Self-assessment of PBR and share price | PBR rose from 0.93x in FY2024 to 1.03x in FY2025, but further improvement is needed. PBR was below 1.00x in FY2024. |
| Total investment plan | Base investment and growth investment: approximately ¥13.5 billion. Total capital investment over the four years of the 14th Medium-Term Management Plan is ¥13.51 billion. |
| Investment amount by sector | Field Capacity expansion, new facilities and other investments / Amount Approximately ¥9.5 billion, Field Research and Development / Amount Approximately ¥0.9 billion, Field Human Capital / Amount Approximately ¥1.9 billion, Field Digitalisation and labour saving / Amount Approximately ¥1.2 billion, Field Functional oils plant for cosmetics (CIP) / Amount Approximately ¥8.6 billion |
| Segment target | Segment Beauty Care / FY2026 net sales ¥10.00 billion / FY2026 operating profit ¥2.25 billion / FY2026 profit margin 22.5％ / FY2026 overseas sales ratio 44.3％ / FY2030 overseas sales ratio 52％, Segment Healthcare / FY2026 net sales ¥7.60 billion / FY2026 operating profit ¥1.4 billion / FY2026 profit margin 18.4％, Segment Fine chemicals / FY2026 net sales ¥6.55 billion / FY2026 operating profit ¥1.03 billion / FY2026 profit margin 15.7％, Segment Hygiene / FY2026 net sales ¥7.85 billion / FY2026 operating profit ¥710 million / FY2026 profit margin 9.0％ |
| Non-financial targets | Indicator Total engagement / Target 3.5 or more / Timing Not disclosed, Indicator Total annual actual working hours / Target 2,000 hours or less per employee / Timing Not disclosed, Indicator Paid leave utilisation rate for regular employees / Target At least 70% / Timing Not disclosed, Indicator Childcare leave utilization rate / Target At least 70% / Timing Not disclosed, Indicator Male parental leave uptake rate / Target At least 50% / Timing Not disclosed, Indicator Training and development expenses / Target At least the previous year's level / Timing Not disclosed, Indicator Percentage of women in management positions / Target 30% or more / Timing The 2030s, Indicator Percentage of women among employees / Target At least 20% / Timing By fiscal 2027, Indicator Employment Rate of People with Disabilities / Target 2.7% or higher / Timing By FY2026, Indicator Psychological safety in the workplace / Target 3.5 or more / Timing Not disclosed, Indicator Compliance training completion rate / Target 100%, with participation by all employees / Timing Not disclosed, Indicator Stress check participation rate / Target At least 90% / Timing Not disclosed, Indicator R&D expenses as a percentage of revenue / Target 2.7％ / Timing Fiscal 2026 |
| Key initiatives | Human Capital Investment, R&D investment, Capital Expenditure, Dividends / total payout ratio, Review of shareholder benefits, Information sessions for individual investors, Launch of a website for individual investors / launch of social media accounts, Meetings with institutional investors (as needed), Investment for growth, Shareholder Returns, IR strategy, Construction of a new functional oils plant for cosmetics, Reduction of cross-shareholdings, Promotion of investment in digitalisation |
| Reason for revision or withdrawal | The company reassessed its current situation and identified issues, and updated the details of initiatives for future improvement. Although PBR rose year on year, further improvement is needed, and improving PER remains an ongoing issue. Further profitability improvement is needed for ROIC to exceed WACC. |
| Date of board resolution | 30 September 2026 |
| Publication date | 1 October 2026 |
Items this document does not state (4)
Plan assumptionsResults under the previous planSize of the Target MarketRisks identified
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.At the Board of Directors meeting held on 30 September 2026, the company reassessed its current situation and identified issues, and updated the details of initiatives for future improvement. Although PBR rose year on year, further improvement is needed, and the company recognises that further profitability improvement is needed for ROIC to exceed WACC.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.