Worth reading
60In 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
60
More than ¥100 million (net sales target for the fiscal year ending April 2030)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales-42.4%
基準 3,526Target2,030million; ¥100 million
Operating profit+0.2%
基準 2,026Target2,030million; ¥100 million
Operating profit margin+4.0pt
基準 2,026Target2,030％
Net income for the current fiscal year+0.2%
基準 2,026Target2,030million; ¥100 million
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.
ROE32.5% (actual results for the fiscal year ended April 2026) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planFull-year forecast for the fiscal year ended April 2026: net sales of ¥3,567 million, operating profit of ¥1,492 million, and net income of ¥1,000 million → Actual results for the fiscal year ended April 2026: net sales of ¥3,526 million, operating profit of ¥1,500 million, and net income of ¥1,083 million（Net sales: 98.9%; operating profit: 100.5%; net income: 108.3%）-1.1%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe Company targets a total payout ratio of 50%, including dividends and share repurchases. The applicable period is not disclosed.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 maintain a total payout ratio of 50%, including dividends and share repurchases. Details of the repurchase limit, timing, and conditions are not disclosed.
Key initiatives
01① Importance of security measures
02② Pain points of Microsoft and Google users
03③ Withdrawal or downsizing by competitors
04④ Introduction and use of AI
05Customer acquisition strategy - Further accelerating growth through capital alliances -
Plan assumptionsCompound annual growth rate (CAGR) of more than 14%, Security: 23% / Communications: 14%, Subscription revenue ratio of 95%, Cross-selling and upselling exceeding the normal churn rate of 0.2%, Variable cost ratio of 12%, Keep the fixed-cost growth rate below the sales growth rate, No price revisions to date and no price increases going forward, System upgrades are expected over the next approximately 3 years across all 47 prefectures and approximately 1,800 municipalities
Size of the Target MarketMarket Overall email security market / Scale 32.28 million IDs / Source Company estimate based on a market research report by a domestic research firm, Market Overall unified communications market / Scale ¥543 billion (of which ¥41.3 billion is accounted for by providers other than Microsoft and Google) / Source Company estimate based on a market research report by a domestic research firm
Risks identified by the company
Risk of software being replaced by AI
Risks posed by parties that the Company cannot control, including external attackers, business partners, and authentication infrastructure providers
Delayed timing of revenue recognition for large projects
| Item | Details |
|---|---|
| Plan name | Medium-Term Targets (Fiscal Year Ending April 2030) |
| Plan period | Fiscal year ending April 2027 (forecast) to fiscal year ending April 2030 (plan) |
| Progress against the plan | Annual update |
| Sales Target | ¥3,526 million (actual results for the fiscal year ended April 2026) → More than ¥6 billion (fiscal year ending April 2030) |
| Operating profit target | ¥1,500 million (actual results for the fiscal year ended April 2026) → More than ¥3 billion (fiscal year ending April 2030) |
| Operating profit margin target | 42.5% (actual results for the fiscal year ended April 2026) → More than 50% (fiscal year ending April 2030) |
| Net income target | ¥1,083 million (actual results for the fiscal year ended April 2026) → More than ¥2 billion (fiscal year ending April 2030) |
| ROE target | 32.5% (actual results for the fiscal year ended April 2026) → Not disclosed |
| Payout ratio / DOE policy | The Company targets a total payout ratio of 50%, including dividends and share repurchases. The applicable period is not disclosed. |
| Treasury share acquisition policy | The Company plans to maintain a total payout ratio of 50%, including dividends and share repurchases. Details of the repurchase limit, timing, and conditions are not disclosed. |
| Plan assumptions | Compound annual growth rate (CAGR) of more than 14%, Security: 23% / Communications: 14%, Subscription revenue ratio of 95%, Cross-selling and upselling exceeding the normal churn rate of 0.2%, Variable cost ratio of 12%, Keep the fixed-cost growth rate below the sales growth rate, No price revisions to date and no price increases going forward, System upgrades are expected over the next approximately 3 years across all 47 prefectures and approximately 1,800 municipalities |
| Key initiatives | ① Importance of security measures, ② Pain points of Microsoft and Google users, ③ Withdrawal or downsizing by competitors, ④ Introduction and use of AI, Customer acquisition strategy - Further accelerating growth through capital alliances - |
| Results under the previous plan | Full-year forecast for the fiscal year ended April 2026: net sales of ¥3,567 million, operating profit of ¥1,492 million, and net income of ¥1,000 million → Actual results for the fiscal year ended April 2026: net sales of ¥3,526 million, operating profit of ¥1,500 million, and net income of ¥1,083 million（Net sales: 98.9%; operating profit: 100.5%; net income: 108.3%） |
| Size of the Target Market | Market Overall email security market / Scale 32.28 million IDs / Source Company estimate based on a market research report by a domestic research firm, Market Overall unified communications market / Scale ¥543 billion (of which ¥41.3 billion is accounted for by providers other than Microsoft and Google) / Source Company estimate based on a market research report by a domestic research firm |
| Risks identified | Risk of software being replaced by AI, Risks posed by parties that the Company cannot control, including external attackers, business partners, and authentication infrastructure providers, Delayed timing of revenue recognition for large projects |
Items this document does not state (10)
ROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetNon-financial targetsReason for revision or withdrawalDate of board resolutionPublication date
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 targets were set taking into account the growth potential of the email security and unified communications markets and the potential for further gains in the Company's market share. The Company also expects sales growth from system upgrades in the public sector, new products, and migrations from other providers.
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.