Worth reading
32Immaterial
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 revisedInvestment amount by sectorField Capital expenditure / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyConsolidated dividend payout ratio of approximately 40%. Increased from the fiscal year ended March 2024. DOE: not disclosed.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 policyAcquired 124,600 shares (¥574,406,000) on 3 February 2025. The amount, timing and terms of any future acquisitions: not disclosed.
Cost of capitalCost of equity of approximately 7–8% (estimated using CAPM)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe PBR remains below 1x, and the company considers its share price to be undervalued. PBR was 0.61x in the fiscal year ending March 2026.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen and rationalize the production system
02Expanding the Overseas Business
03Pursue new business areas
04Capital investment and human capital investment
05Steadily implement each initiative set out in the Medium-Term Management Plan
06Expand sales and profits
07Manage the business with an emphasis on the efficiency of invested capital
08Allocate management resources based on the profitability and growth potential of each business
09Improve share liquidity
10Continue stable shareholder returns
11Strengthen IR activities aimed at individual and institutional investors
Risks identified by the company
Profit fluctuations caused by changes in raw material prices and selling prices
Reason for revision or withdrawal
To enhance corporate value over the medium to long term, the company positions improving its PBR not as a mere measure to support the share price, but as part of its transformation into a company that can continuously achieve capital profitability exceeding its cost of capital.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan Looking Ahead to the Desired State in 10 Years |
| Progress against the plan | Partially revised |
| Payout ratio / DOE policy | Consolidated dividend payout ratio of approximately 40%. Increased from the fiscal year ended March 2024. DOE: not disclosed. |
| Treasury share acquisition policy | Acquired 124,600 shares (¥574,406,000) on 3 February 2025. The amount, timing and terms of any future acquisitions: not disclosed. |
| Cost of capital | Cost of equity of approximately 7–8% (estimated using CAPM) |
| Self-assessment of PBR and share price | The PBR remains below 1x, and the company considers its share price to be undervalued. PBR was 0.61x in the fiscal year ending March 2026. |
| Investment amount by sector | Field Capital expenditure / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed |
| Key initiatives | Strengthen and rationalize the production system, Expanding the Overseas Business, Pursue new business areas, Capital investment and human capital investment, Steadily implement each initiative set out in the Medium-Term Management Plan, Expand sales and profits, Manage the business with an emphasis on the efficiency of invested capital, Allocate management resources based on the profitability and growth potential of each business, Improve share liquidity, Continue stable shareholder returns, Strengthen IR activities aimed at individual and institutional investors |
| Reason for revision or withdrawal | To enhance corporate value over the medium to long term, the company positions improving its PBR not as a mere measure to support the share price, but as part of its transformation into a company that can continuously achieve capital profitability exceeding its cost of capital. |
| Risks identified | Profit fluctuations caused by changes in raw material prices and selling prices |
| Date of board resolution | 8 May 2026 |
| Publication date | 8 May 2026 |
Items this document does not state (13)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetTotal investment planSegment targetNon-financial targetsPlan assumptionsResults under the previous planSize 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 transform the company into one that can continuously achieve capital profitability exceeding its cost of capital, with a view to enhancing corporate value over the medium to long term.
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.