Worth reading
64In 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
80
¥100 million (increase in fiscal 2028 revenue compared with fiscal 2025 actual revenue)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+16.9%
基準 479Target560Hundreds of millions of yen
Operating profit+23.0%
基準 61Target75Hundreds of millions of yen
Operating profit margin+0.5pt
基準 12.9Target13.4%
ROE+1.3pt
基準 10.2Target11.5%
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 planNet Sales 500 / Operating profit 45 / Operating profit margin 9.0% / ROA At least 7% / ROE 9% or more / Investment 200 → Net Sales 479 / Operating profit 61.7 / Operating profit margin 12.9% / ROA 11.1% / ROE 10.2% / Investment 73
Total investment plan¥27.0 billion in total for fiscal 2026–fiscal 2028 (growth and maintenance investment)
Investment amount by sectorField Establishment and reorganization of domestic facilities / Amount 120 Hundreds of millions of yen, Field Rebuilding of the Thailand facility / Amount 35 Hundreds of millions of yen, Field Research and development and new business development / Amount 48 Hundreds of millions of yen, Field Maintenance, renewal and rationalization / Amount 67 Hundreds of millions of yen
Statements about the use of capital
Payout ratio / DOE policyFiscal 2026–fiscal 2028. DOE will be used as the dividend metric, with the target raised in stages from 3.1% to 4.0% toward fiscal 2028, with the aim of maintaining and improving a stable dividend level that is not affected by short-term fluctuations in earnings.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 will conduct flexible share buybacks in line with the progress of growth investments and other factors.
Self-assessment of PBR and share priceThe Company aims to achieve stable and sustained improvement in ROE, thereby maintaining and improving PBR. The chart shows PBR of 0.47, 0.82, 0.67 and 1.32 for fiscal 2022 through fiscal 2025, respectively (no unit specified).PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Business expansion in the ASEAN and Indian regions
02Rebuilding the Thailand facility
03Full-scale entry into the Indian market
04Entry into business areas with strong synergies
05Development and rollout of new products
06Creation of New Businesses
07Strengthening profitability in existing business areas
08Promoting Cost Structure Reform
09Strengthening product and price competitiveness
10Expand human capital
11Promoting external partnerships
12Developing and strengthening the IT infrastructure
13Establishing a foundation for utilizing intellectual assets
14Enhancing group governance
Segment target438 Hundreds of millions of yen → 520 Hundreds of millions of yen, 312 Hundreds of millions of yen → 365 Hundreds of millions of yen, 29 Hundreds of millions of yen → 38 Hundreds of millions of yen, 30 Hundreds of millions of yen → 37 Hundreds of millions of yen, 64 Hundreds of millions of yen → 80 Hundreds of millions of yen, 41 Hundreds of millions of yen → 40 Hundreds of millions of yen, 479 Hundreds of millions of yen → 560 Hundreds of millions of yen
Risks identified by the company
Deterioration in the Middle East situation
Higher raw material prices
Procurement concerns in the supply chain
Uncertainty regarding demand trends
The possibility that future plans, numerical targets and initiatives may not be achieved or guaranteed
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan “Advance 2028” |
| Plan period | Fiscal 2026–fiscal 2028 (three years beginning with the fiscal year ending March 2027) |
| Progress against the plan | Formulated |
| Sales Target | 479 Hundreds of millions of yen → 560 Hundreds of millions of yen |
| Operating profit target | 61 Hundreds of millions of yen → 75 Hundreds of millions of yen |
| Operating profit margin target | 12.9 % → 13.4 % |
| ROE target | 10.2 % → 11.5 % |
| Payout ratio / DOE policy | Fiscal 2026–fiscal 2028. DOE will be used as the dividend metric, with the target raised in stages from 3.1% to 4.0% toward fiscal 2028, with the aim of maintaining and improving a stable dividend level that is not affected by short-term fluctuations in earnings. |
| Treasury share acquisition policy | The Company will conduct flexible share buybacks in line with the progress of growth investments and other factors. |
| Self-assessment of PBR and share price | The Company aims to achieve stable and sustained improvement in ROE, thereby maintaining and improving PBR. The chart shows PBR of 0.47, 0.82, 0.67 and 1.32 for fiscal 2022 through fiscal 2025, respectively (no unit specified). |
| Total investment plan | ¥27.0 billion in total for fiscal 2026–fiscal 2028 (growth and maintenance investment) |
| Investment amount by sector | Field Establishment and reorganization of domestic facilities / Amount 120 Hundreds of millions of yen, Field Rebuilding of the Thailand facility / Amount 35 Hundreds of millions of yen, Field Research and development and new business development / Amount 48 Hundreds of millions of yen, Field Maintenance, renewal and rationalization / Amount 67 Hundreds of millions of yen |
| Segment target | 438 Hundreds of millions of yen → 520 Hundreds of millions of yen, 312 Hundreds of millions of yen → 365 Hundreds of millions of yen, 29 Hundreds of millions of yen → 38 Hundreds of millions of yen, 30 Hundreds of millions of yen → 37 Hundreds of millions of yen, 64 Hundreds of millions of yen → 80 Hundreds of millions of yen, 41 Hundreds of millions of yen → 40 Hundreds of millions of yen, 479 Hundreds of millions of yen → 560 Hundreds of millions of yen |
| Key initiatives | Business expansion in the ASEAN and Indian regions, Rebuilding the Thailand facility, Full-scale entry into the Indian market, Entry into business areas with strong synergies, Development and rollout of new products, Creation of New Businesses, Strengthening profitability in existing business areas, Promoting Cost Structure Reform, Strengthening product and price competitiveness, Expand human capital, Promoting external partnerships, Developing and strengthening the IT infrastructure, Establishing a foundation for utilizing intellectual assets, Enhancing group governance |
| Results under the previous plan | Net Sales 500 / Operating profit 45 / Operating profit margin 9.0% / ROA At least 7% / ROE 9% or more / Investment 200 → Net Sales 479 / Operating profit 61.7 / Operating profit margin 12.9% / ROA 11.1% / ROE 10.2% / Investment 73 |
| Risks identified | Deterioration in the Middle East situation, Higher raw material prices, Procurement concerns in the supply chain, Uncertainty regarding demand trends, The possibility that future plans, numerical targets and initiatives may not be achieved or guaranteed |
| Publication date | 29 May 2026 |
Items this document does not state (8)
Net income targetROIC targetCost of capitalNon-financial targetsPlan assumptionsReason for revision or withdrawalSize of the Target MarketDate 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 business environment is uncertain and challenging, as uncertainty regarding demand trends has increased due to higher raw material prices and procurement concerns resulting from the worsening situation in the Middle East. The plan is intended to overcome these difficulties, achieve sustainable growth and enhance corporate value over the medium to long term. It also reflects the remaining challenges related to delays in growth investment under the previous medium-term management plan.
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