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
100
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+17.7%
基準 23,790Target28,000million
Operating profit+35.3%
基準 1,404Target1,900million
Operating profit margin+0.9pt
基準 5.9Target6.8％
Net income for the current fiscal year+17.6%
基準 1,224Target1,440million
ROE+6.0pt
基準 2,025Target2,031％
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 planManagement targets under the previous medium-term management plan were generally achieved (individual figures for the final-year targets under the previous medium-term management plan: Not disclosed) → Fiscal 2025 actuals: revenue ¥23,790 million, operating profit ¥1,404 million, ordinary profit ¥1,605 million, net income attributable to owners of the parent ¥1,224 million, and ROE of 6.0%
Total investment plan¥10.0 billion over three years
Investment amount by sectorField Strategic growth investment / Amount 100 Hundreds of millions of yen
Statements about the use of capital
Payout ratio / DOE policyThe Company targets a payout ratio of 50–60% and DOE of 3.5–4.0% at the end of the plan, and will provide high and stable dividends based on DOE as an indicator.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share pricePBR is below 1x. The Company will work to raise PBR to 1x or higher through management with greater awareness of its share price level.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Business strategy: Portfolio transformation
02Human resources strategy: Advancing human capital management
03Investment and financial strategy: Enhancing corporate value
04AX strategy: Effective use of AI
Plan assumptionsThe plan assumes a transformation of the business model through the effective use of AI.
Non-financial targetsIndicator Annual education and training investment per employee / Target value At least ¥120,000 per year / Timing At the end of the plan, Indicator Employee engagement score in employee surveys / Target value Conduct an employee survey at least once a year and reflect the results in initiatives / Timing At the end of the plan, Indicator Rate of parental leave taken by male employees / Target value 100％ / Timing At the end of the plan, Indicator Percentage of women among managers / Target value At least 10% / Timing At the end of the plan, Indicator Security investment ratio to consolidated net sales / Target value Maintain a level of at least 0.5% / Timing At the end of the plan
Reason for revision or withdrawal
Although the Company worked to strengthen its management foundation under the previous medium-term management plan and improved ROE to a level above its cost of shareholders’ equity, it fell short of investor expectations and PBR remained below 1x. Accordingly, the Company identified the enhancement of corporate value over the medium to long term as an important management issue.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan |
| Plan period | Fiscal 2026 through fiscal 2028 (1 April 2026 to 31 March 2029) |
| Progress against the plan | Formulated |
| Sales Target | ¥23,790 million → ¥28,000 million（CAGR 5.6%） |
| Operating profit target | ¥1,404 million → ¥1,900 million（CAGR 10.6%） |
| Operating profit margin target | 5.9％ → 6.8％ |
| Net income target | ¥1,224 million → ¥1,440 million（CAGR 5.6%） |
| ROE target | 6.0% (fiscal 2025 actual) → 6.4% (fiscal 2028 plan). The Company aims to achieve ROE of 8.0% by fiscal 2031 as a benchmark. |
| Payout ratio / DOE policy | The Company targets a payout ratio of 50–60% and DOE of 3.5–4.0% at the end of the plan, and will provide high and stable dividends based on DOE as an indicator. |
| Self-assessment of PBR and share price | PBR is below 1x. The Company will work to raise PBR to 1x or higher through management with greater awareness of its share price level. |
| Total investment plan | ¥10.0 billion over three years |
| Investment amount by sector | Field Strategic growth investment / Amount 100 Hundreds of millions of yen |
| Non-financial targets | Indicator Annual education and training investment per employee / Target value At least ¥120,000 per year / Timing At the end of the plan, Indicator Employee engagement score in employee surveys / Target value Conduct an employee survey at least once a year and reflect the results in initiatives / Timing At the end of the plan, Indicator Rate of parental leave taken by male employees / Target value 100％ / Timing At the end of the plan, Indicator Percentage of women among managers / Target value At least 10% / Timing At the end of the plan, Indicator Security investment ratio to consolidated net sales / Target value Maintain a level of at least 0.5% / Timing At the end of the plan |
| Plan assumptions | The plan assumes a transformation of the business model through the effective use of AI. |
| Key initiatives | Business strategy: Portfolio transformation, Human resources strategy: Advancing human capital management, Investment and financial strategy: Enhancing corporate value, AX strategy: Effective use of AI |
| Results under the previous plan | Management targets under the previous medium-term management plan were generally achieved (individual figures for the final-year targets under the previous medium-term management plan: Not disclosed) → Fiscal 2025 actuals: revenue ¥23,790 million, operating profit ¥1,404 million, ordinary profit ¥1,605 million, net income attributable to owners of the parent ¥1,224 million, and ROE of 6.0% |
| Reason for revision or withdrawal | Although the Company worked to strengthen its management foundation under the previous medium-term management plan and improved ROE to a level above its cost of shareholders’ equity, it fell short of investor expectations and PBR remained below 1x. Accordingly, the Company identified the enhancement of corporate value over the medium to long term as an important management issue. |
| Publication date | 13 May 2026 |
Items this document does not state (7)
ROIC targetTreasury share acquisition policyCost of capitalSegment targetSize of the Target MarketRisks identifiedDate 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.Although the Company generally achieved the management targets under its previous medium-term management plan and improved ROE to a level above its cost of shareholders’ equity, it fell short of investor expectations and its PBR remained below 1x. Accordingly, the Company identified the enhancement of corporate value over the medium to long term as an important management issue.
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