Worth reading
63In focus
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
1
Percentage points (ROE target, from 7% to 8%)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROE+3.0pt
基準 2,025Target2,028％
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).
What happened to the previous planTargets for the Mid-Term Management Plan 2025 period: ROE of 7%, reduction of cross-shareholdings equivalent to 30% of the balance at the end of March 2023 (approximately ¥8.4 billion), annual dividends of at least ¥40 per share (after the stock split), a dividend payout ratio of at least 75% and a treasury share holding ratio of less than 10% → Fiscal 2025 results: ROE of 8.8%, a 30.0% reduction in cross-shareholdings, equivalent to ¥8.4 billion, annual dividends of ¥91 per share (¥455 before the stock split), a dividend payout ratio of 75.5% and a treasury share holding ratio of 8.3%0.0%Calculated from the two disclosed figures
Total investment plan¥62 billion (cumulative over the three-year Mid-Term Management Plan period)
Investment amount by sectorField Maintenance and strengthening of existing businesses / Amount ¥15 billion / Details Maintenance and renewal, earnings capacity enhancement and research and development, Field Executing the Growth Strategy / Amount ¥40 billion / Details Development of business areas, including through M&A, Field Strengthening the management platform / Amount ¥7 billion / Details DX-related, sustainability-related and human capital-related initiatives
Statements about the use of capital
Payout ratio / DOE policyDuring the Mid-Term Management Plan 2025 period, the company maintained annual dividends of at least ¥40 per share (after the stock split) and implemented a dividend payout ratio of at least 75%. It will also target a dividend payout ratio of at least 75% during the Mid-Term Management Plan period.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 priceThe PBR is 0.98x and has improved to its highest level in the past 10 years, supported by the continuation of the shareholder return policy, the stock split and the rise in the share price. However, the company identifies further improvement in capital profitability that consistently exceeds the cost of shareholders' equity as a priority.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthening the earnings structure
02Strengthening Existing Businesses
03Executing the Growth Strategy
04Reduction of cross-shareholdings
05Capital Policy and Financial Strategy
06Shareholder Returns
07IR strategy
08Enhancing Investor Relations Activities
09Enhance information disclosure
| Item | Details |
|---|---|
| Plan name | Mid-Term Management Plan 2028 |
| Plan period | Fiscal 2026 to fiscal 2028 (3 years) |
| Progress against the plan | Annual update |
| ROE target | Fiscal 2025 target: 7% → Mid-Term Management Plan 2028 target: 8% (most recent result: 8.8% for fiscal 2025; underlying ROE excluding one-off factors: 6.0%) |
| Payout ratio / DOE policy | During the Mid-Term Management Plan 2025 period, the company maintained annual dividends of at least ¥40 per share (after the stock split) and implemented a dividend payout ratio of at least 75%. It will also target a dividend payout ratio of at least 75% during the Mid-Term Management Plan period. |
| Self-assessment of PBR and share price | The PBR is 0.98x and has improved to its highest level in the past 10 years, supported by the continuation of the shareholder return policy, the stock split and the rise in the share price. However, the company identifies further improvement in capital profitability that consistently exceeds the cost of shareholders' equity as a priority. |
| Total investment plan | ¥62 billion (cumulative over the three-year Mid-Term Management Plan period) |
| Investment amount by sector | Field Maintenance and strengthening of existing businesses / Amount ¥15 billion / Details Maintenance and renewal, earnings capacity enhancement and research and development, Field Executing the Growth Strategy / Amount ¥40 billion / Details Development of business areas, including through M&A, Field Strengthening the management platform / Amount ¥7 billion / Details DX-related, sustainability-related and human capital-related initiatives |
| Key initiatives | Strengthening the earnings structure, Strengthening Existing Businesses, Executing the Growth Strategy, Reduction of cross-shareholdings, Capital Policy and Financial Strategy, Shareholder Returns, IR strategy, Enhancing Investor Relations Activities, Enhance information disclosure |
| Results under the previous plan | Targets for the Mid-Term Management Plan 2025 period: ROE of 7%, reduction of cross-shareholdings equivalent to 30% of the balance at the end of March 2023 (approximately ¥8.4 billion), annual dividends of at least ¥40 per share (after the stock split), a dividend payout ratio of at least 75% and a treasury share holding ratio of less than 10% → Fiscal 2025 results: ROE of 8.8%, a 30.0% reduction in cross-shareholdings, equivalent to ¥8.4 billion, annual dividends of ¥91 per share (¥455 before the stock split), a dividend payout ratio of 75.5% and a treasury share holding ratio of 8.3% |
| Date of board resolution | 11 May 2026 |
| Publication date | 11 May 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyCost of capitalSegment targetNon-financial targetsPlan assumptionsReason for revision or withdrawalSize of the Target MarketRisks identified
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 company aims to achieve sustainable growth and enhance corporate value over the medium to long term by maximizing profits and optimizing capital simultaneously, with the goal of achieving ROE above the cost of shareholders' equity.
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.