Worth reading
49Recurring
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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 150Target150Hundreds of millions of yen
Operating profit0.0%
基準 11.5Target11.5Hundreds of millions of 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.
ROENot disclosed → To continuously exceed the cost of shareholders’ equity (7.1%) (most recent actual: 9.2%, fiscal year ending March 2026)
ROICNot disclosed → To continuously exceed WACC (7.1%) (most recent actual: 9.6%, fiscal year ending March 2026)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNot disclosed → Capital expenditures and dividends proceeded as planned, while share buybacks exceeded plan
Statements about the use of capital
Payout ratio / DOE policyThe 3-year shareholder return policy has been specified. Dividends are proceeding as planned (no numerical targets for the dividend payout ratio or DOE are provided).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 ¥15.4 billion in shares were repurchased between the fiscal year ended March 2024 and the fiscal year ending March 2026. Repurchases in the fiscal year ending March 2026 are progressing above plan. Details of the repurchase limit and conditions are not disclosed.
Cost of capitalCost of shareholders’ equity and WACC: 7.1%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 at the end of the fiscal year ending March 2026 was 0.97x, and the share price was below a PBR of 1x. The Company recognizes challenges in market valuation.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Develop new business in the non-residential sector
02Strengthen sales to the automotive, electronics and electrical equipment industries
03Focus on construction work to address the aging of social infrastructure
04Sell cross-shareholdings
05Expansion of the Employee Stock Ownership Plan
06Implement restricted stock compensation for participants in the employee stock ownership plan
07Regularly share dialogue with shareholders and investors at Board of Directors meetings
Segment targetSegment Bond / Sales Target Not disclosed / Operating profit target Not disclosed, Segment Chemical Products / Sales Target Not disclosed / Operating profit target Not disclosed, Segment Construction business / Sales Target Not disclosed / Operating profit target Not disclosed
Risks identified by the company
Higher energy prices due to worsening conditions in the Middle East
Difficulty procuring petroleum-related products
Various risks and uncertainties
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2027 |
| Plan period | Fiscal years ending March 2025 to March 2027 (April 2024 to the fiscal year ending March 2027) |
| Progress against the plan | Partially revised |
| Sales Target | ¥150 billion → ¥150 billion（No change） |
| Operating profit target | ¥11.5 billion → ¥11.5 billion（No change） |
| ROE target | Not disclosed → To continuously exceed the cost of shareholders’ equity (7.1%) (most recent actual: 9.2%, fiscal year ending March 2026) |
| ROIC target | Not disclosed → To continuously exceed WACC (7.1%) (most recent actual: 9.6%, fiscal year ending March 2026) |
| Payout ratio / DOE policy | The 3-year shareholder return policy has been specified. Dividends are proceeding as planned (no numerical targets for the dividend payout ratio or DOE are provided). |
| Treasury share acquisition policy | Approximately ¥15.4 billion in shares were repurchased between the fiscal year ended March 2024 and the fiscal year ending March 2026. Repurchases in the fiscal year ending March 2026 are progressing above plan. Details of the repurchase limit and conditions are not disclosed. |
| Cost of capital | Cost of shareholders’ equity and WACC: 7.1% |
| Self-assessment of PBR and share price | PBR at the end of the fiscal year ending March 2026 was 0.97x, and the share price was below a PBR of 1x. The Company recognizes challenges in market valuation. |
| Segment target | Segment Bond / Sales Target Not disclosed / Operating profit target Not disclosed, Segment Chemical Products / Sales Target Not disclosed / Operating profit target Not disclosed, Segment Construction business / Sales Target Not disclosed / Operating profit target Not disclosed |
| Key initiatives | Develop new business in the non-residential sector, Strengthen sales to the automotive, electronics and electrical equipment industries, Focus on construction work to address the aging of social infrastructure, Sell cross-shareholdings, Expansion of the Employee Stock Ownership Plan, Implement restricted stock compensation for participants in the employee stock ownership plan, Regularly share dialogue with shareholders and investors at Board of Directors meetings |
| Results under the previous plan | Not disclosed → Capital expenditures and dividends proceeded as planned, while share buybacks exceeded plan |
| Risks identified | Higher energy prices due to worsening conditions in the Middle East, Difficulty procuring petroleum-related products, Various risks and uncertainties |
| Date of board resolution | 20 May 2026 |
| Publication date | 20 May 2026 |
Items this document does not state (8)
Operating profit margin targetNet income targetTotal investment planInvestment amount by sectorNon-financial targetsPlan assumptionsReason for revision or withdrawalSize of the Target Market
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.To receive an appropriate valuation from the equity market by improving capital efficiency. The Company also recognizes challenges in market valuation, as its share price has fallen below a PBR of 1x.
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.