Worth reading
63In 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
23.1
Hundred million yenWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029Hundred million yen
Operating profit+0.1%
基準 2,026Target2,029Hundred million yen
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. 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 plan2026/09 revised forecast: revenue of ¥5.80 billion and operating profit of ¥80 million → 2026/09 actual: revenue of ¥5.80 billion and operating profit of ¥190 million（Revenue was in line with the forecast, while operating profit exceeded the full-year forecast）0.0%Calculated from the two disclosed figures
Total investment planGrowth investment: ¥800 million–¥1.2 billion (growth investment section for the plan period)
Investment amount by sectorField Capital investment for opening test centers / Amount Not disclosed, Field System development costs for the contract and licensing businesses / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyAs cash inflows will be allocated to growth investments, the company generally expects to pay no dividends. 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.
Key initiatives
01Capture demand from the expansion of CBT adoption
02Enhance operations to improve profitability
03Undertake large-scale projects (continued orders in the public sector)
04Develop and expand services tailored to customers (horizontal expansion leveraging EIF)
05Use EIF to turn common components into services
06Integrate services into operators' offerings and expand into new areas
Plan assumptionsThere are approximately 1,000 qualification examinations in Japan, of which approximately 360 have been converted to CBT, The market for major examinations is approximately ¥70 billion, the PBT market is ¥55 billion, and the market expected to convert to CBT in the short to medium term is approximately ¥31 billion, The market in which EIF can be leveraged (SAM) is at least ¥200 billion, comprising at least ¥60 billion in existing areas and at least ¥140 billion in new areas
Segment targetSegment Test Center Business / Net Sales ¥4.70 billion / Segment profit ¥520 million / Timing 2029/09, Segment Contract Manufacturing Business / Net Sales ¥2.13 billion / Segment profit ¥310 million / Timing 2029/09, Segment Licensing Business / Net Sales ¥1.27 billion / Segment profit ¥370 million / Timing 2029/09
Non-financial targetsIndicator Number of Test Center users / Target value 1.525 million people / Timing 2029/09, Indicator Number of contracts won in the contract business / Target value 100 contracts / Timing 2029/09
Size of the Target MarketMarket for major examinations: approximately ¥70 billion. PBT market: ¥55 billion; CBT examinations: ¥15 billion; market expected to convert to CBT in the short to medium term: ¥31 billion. Market in which EIF can be leveraged (SAM): at least ¥200 billion, comprising at least ¥60 billion in existing areas and at least ¥140 billion in new areas. Source: The company's estimates based on publicly available materials from the respective examination organizations, and prepared by the company based on the Ministry of Education, Culture, Sports, Science and Technology's School Basic Survey and Implementation Status of Entrance Examinations for National, Public and Private Universities, the Ministry of Health, Labour and Welfare's Status of Notifications of the Employment Status of Foreign Nationals, and other sources.
Risks identified by the company
Relationships with specific customers
Impact of bidding results
Impact of Japan's declining birthrate
System failures and personal information protection management
Recruitment and Talent Development
Internal Controls
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2029 |
| Plan period | 2027/09–2029/09 (three-year financial plan) |
| Progress against the plan | Formulated |
| Sales Target | 2026/09 actual: ¥5.80 billion → 2029/09 plan: ¥8.11 billion（CAGR +11.7%） |
| Operating profit target | 2026/09 actual: ¥190 million → 2029/09 plan: ¥530 million（Approximately 2.7 times FY26） |
| Payout ratio / DOE policy | As cash inflows will be allocated to growth investments, the company generally expects to pay no dividends. The applicable period is Not disclosed. |
| Total investment plan | Growth investment: ¥800 million–¥1.2 billion (growth investment section for the plan period) |
| Investment amount by sector | Field Capital investment for opening test centers / Amount Not disclosed, Field System development costs for the contract and licensing businesses / Amount Not disclosed |
| Segment target | Segment Test Center Business / Net Sales ¥4.70 billion / Segment profit ¥520 million / Timing 2029/09, Segment Contract Manufacturing Business / Net Sales ¥2.13 billion / Segment profit ¥310 million / Timing 2029/09, Segment Licensing Business / Net Sales ¥1.27 billion / Segment profit ¥370 million / Timing 2029/09 |
| Non-financial targets | Indicator Number of Test Center users / Target value 1.525 million people / Timing 2029/09, Indicator Number of contracts won in the contract business / Target value 100 contracts / Timing 2029/09 |
| Plan assumptions | There are approximately 1,000 qualification examinations in Japan, of which approximately 360 have been converted to CBT, The market for major examinations is approximately ¥70 billion, the PBT market is ¥55 billion, and the market expected to convert to CBT in the short to medium term is approximately ¥31 billion, The market in which EIF can be leveraged (SAM) is at least ¥200 billion, comprising at least ¥60 billion in existing areas and at least ¥140 billion in new areas |
| Key initiatives | Capture demand from the expansion of CBT adoption, Enhance operations to improve profitability, Undertake large-scale projects (continued orders in the public sector), Develop and expand services tailored to customers (horizontal expansion leveraging EIF), Use EIF to turn common components into services, Integrate services into operators' offerings and expand into new areas |
| Results under the previous plan | 2026/09 revised forecast: revenue of ¥5.80 billion and operating profit of ¥80 million → 2026/09 actual: revenue of ¥5.80 billion and operating profit of ¥190 million（Revenue was in line with the forecast, while operating profit exceeded the full-year forecast） |
| Size of the Target Market | Market for major examinations: approximately ¥70 billion. PBT market: ¥55 billion; CBT examinations: ¥15 billion; market expected to convert to CBT in the short to medium term: ¥31 billion. Market in which EIF can be leveraged (SAM): at least ¥200 billion, comprising at least ¥60 billion in existing areas and at least ¥140 billion in new areas. Source: The company's estimates based on publicly available materials from the respective examination organizations, and prepared by the company based on the Ministry of Education, Culture, Sports, Science and Technology's School Basic Survey and Implementation Status of Entrance Examinations for National, Public and Private Universities, the Ministry of Health, Labour and Welfare's Status of Notifications of the Employment Status of Foreign Nationals, and other sources. |
| Risks identified | Relationships with specific customers, Impact of bidding results, Impact of Japan's declining birthrate, System failures and personal information protection management, Recruitment and Talent Development, Internal Controls |
| Publication date | 12 November 2026 |
Items this document does not state (9)
Operating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceReason for revision or withdrawalDate 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 objective is to accelerate business growth by leveraging competitive advantages and EIF, starting with a recovery in performance through structural reform. In the test center business, the company will capture demand for computer-based testing (CBT), while in the contract and licensing businesses, it will use EIF to convert knowledge gained from individual projects into reusable assets and expand the businesses.
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.