Worth reading
65In 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
155
¥100 million (fiscal 2027 operating income target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-16.1%
基準 3,219Target2,700Hundreds of millions of yen
Operating profit+0.1%
基準 2,025Target2,027Hundreds of millions of yen
Net income for the current fiscal year+0.1%
基準 2,025Target2,027Hundreds of millions of yen
ROE+2.0pt
基準 2,025Target2,027%
ROIC+2.0pt
基準 2,025Target2,027%
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.
Investment amount by sectorField Research and Development / Amount ¥12.0 billion, Field Capital expenditure / Amount ¥32 billion
Statements about the use of capital
Payout ratio / DOE policyDOE will be used as the dividend indicator, with a medium-term target of 3%. The applicable period is the medium-term management policy period.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 policyWhile maintaining an appropriate level of shareholders’ equity, share buybacks will remain an option, with dividend enhancement as the central focus. Total shareholder returns for fiscal 2026 through fiscal 2027 will be at least ¥6 billion. The specific amount and timing of share buybacks are Not disclosed.
Cost of capitalCost of shareholders’ equity: 7%–8%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 company aims to improve its PBR, with a target of a PBR of 1x. It considers its PBR to be steadily improving relative to those of its peers.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Establishing an optimal production structure
02Improving cost competitiveness through smart transformation
03Enhancing and accelerating strategic technology development
04Dividend policy based on DOE
05Flexible share buybacks
06Promoting Sustainability Management
07Strengthen dialogue with investors
Plan assumptionsAn effective tax rate of 31% is used in the ROIC calculation. Numerical assumptions for exchange rates, market growth rates, raw material prices and other items are Not disclosed.
Non-financial targetsIndicator GHG emissions from business activities / Target value 50% reduction from fiscal 2018 / Timing FY2030, Indicator GHG emissions from business activities / Target value Net zero / Timing FY2050, Indicator GHG emissions together with suppliers / Target value Work toward net zero / Timing Fiscal 2050 challenge, Indicator Percentage of Female Managers / Target value 7% / Timing FY2030, Indicator Percentage of locally hired employees in senior management positions at overseas sites / Target value 60% / Timing FY2030, Indicator Industrial waste recycling rate / Target value At least 90% / Timing FY2030, Indicator Serious human rights violations / Target value ゼロ / Timing FY2030, Indicator High-risk suppliers / Target value ゼロ / Timing FY2030, Indicator Serious legal or regulatory violations / Target value ゼロ / Timing FY2030, Indicator Serious violations of anti-corruption policies / Target value ゼロ / Timing FY2030
Risks identified by the company
Rising geopolitical risks
Slowdown in the global shift toward EVs
Restructuring of individual customer strategies
Uncertainty surrounding economic trends
Inflation concerns stemming from soaring energy prices
Reason for revision or withdrawal
Because plans for fiscal 2028 onward contain significant uncertainties, quantitative targets are set only for fiscal 2026 and fiscal 2027.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Policy for Fiscal 2026–2028 |
| Plan period | Fiscal years 2026-2028 |
| Progress against the plan | Formulated |
| Sales Target | Fiscal 2025 actual: 3,219 → Fiscal 2027 target: 2,700 |
| Operating profit target | Fiscal 2025 actual: 136 → Fiscal 2027 target: 155 |
| Net income target | Fiscal 2025 actual: -84 → Fiscal 2027 target: 85 |
| ROE target | Fiscal 2025 actual: -6.3% → Fiscal 2027 plan: 6.3%; target state: 10% |
| ROIC target | Fiscal 2025 actual: 5.1% → Fiscal 2027 plan: 6.0%; target state: 7% |
| Payout ratio / DOE policy | DOE will be used as the dividend indicator, with a medium-term target of 3%. The applicable period is the medium-term management policy period. |
| Treasury share acquisition policy | While maintaining an appropriate level of shareholders’ equity, share buybacks will remain an option, with dividend enhancement as the central focus. Total shareholder returns for fiscal 2026 through fiscal 2027 will be at least ¥6 billion. The specific amount and timing of share buybacks are Not disclosed. |
| Cost of capital | Cost of shareholders’ equity: 7%–8% |
| Self-assessment of PBR and share price | The company aims to improve its PBR, with a target of a PBR of 1x. It considers its PBR to be steadily improving relative to those of its peers. |
| Investment amount by sector | Field Research and Development / Amount ¥12.0 billion, Field Capital expenditure / Amount ¥32 billion |
| Non-financial targets | Indicator GHG emissions from business activities / Target value 50% reduction from fiscal 2018 / Timing FY2030, Indicator GHG emissions from business activities / Target value Net zero / Timing FY2050, Indicator GHG emissions together with suppliers / Target value Work toward net zero / Timing Fiscal 2050 challenge, Indicator Percentage of Female Managers / Target value 7% / Timing FY2030, Indicator Percentage of locally hired employees in senior management positions at overseas sites / Target value 60% / Timing FY2030, Indicator Industrial waste recycling rate / Target value At least 90% / Timing FY2030, Indicator Serious human rights violations / Target value ゼロ / Timing FY2030, Indicator High-risk suppliers / Target value ゼロ / Timing FY2030, Indicator Serious legal or regulatory violations / Target value ゼロ / Timing FY2030, Indicator Serious violations of anti-corruption policies / Target value ゼロ / Timing FY2030 |
| Plan assumptions | An effective tax rate of 31% is used in the ROIC calculation. Numerical assumptions for exchange rates, market growth rates, raw material prices and other items are Not disclosed. |
| Key initiatives | Establishing an optimal production structure, Improving cost competitiveness through smart transformation, Enhancing and accelerating strategic technology development, Dividend policy based on DOE, Flexible share buybacks, Promoting Sustainability Management, Strengthen dialogue with investors |
| Reason for revision or withdrawal | Because plans for fiscal 2028 onward contain significant uncertainties, quantitative targets are set only for fiscal 2026 and fiscal 2027. |
| Risks identified | Rising geopolitical risks, Slowdown in the global shift toward EVs, Restructuring of individual customer strategies, Uncertainty surrounding economic trends, Inflation concerns stemming from soaring energy prices |
| Publication date | 15 May 2026 |
Items this document does not state (6)
Operating profit margin targetTotal investment planSegment targetResults under the previous planSize 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.It is difficult to predict the future due to the increasing geopolitical risks and the restructuring of customer strategies accompanying the slowdown in the global shift toward EVs. Plans for fiscal 2028 onward therefore contain significant uncertainties.
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.