Worth reading
59In 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
8
% (ROE target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROE-2,018.0pt
基準 2,026Target8％
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).
Total investment plan¥6.546 billion for FY2026 (plan). The FY2024 and FY2025 results are stated as ¥8.791 billion in one section and ¥8.691 billion in another.
Investment amount by sectorField Capital expenditure and strategic investment / Amount FY2024 and FY2025 results: ¥4.378 billion; FY2026 plan: ¥2.742 billion, Field Capital expenditure and recurring investment / Amount FY2024 and FY2025 results: ¥4.313 billion; FY2026 plan: ¥3.804 billion, Field M&A / Amount FY2025: Doken, MDI and AIG; acquisition cost of ¥3.0 billion, Field Investment in Human Capital / Amount FY2024 and FY2025 results: ¥937 million; FY2026 plan: ¥489 million (capital expenditure only in both cases)
Statements about the use of capital
Payout ratio / DOE policyBeginning in FY2025, the target was changed from DOE of 3.0% or higher to 4.0% or higher. For FY2026, the plan calls for an annual dividend of ¥71 per share and total dividends of ¥2.3 billion.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 policy¥4.0 billion was spent on share buybacks in FY2024 and FY2025. The plan calls for ¥2.0 billion in FY2026, with buybacks to continue going forward.
Self-assessment of PBR and share priceThe company recognizes that its PBR has remained at or below 1.0x as its most important management issue. PBR has remained at approximately 0.72x (as of March 2026).PBR is a measure of how many times the share price is the book value per share.
Key initiatives
011. Implement strategic investments
022. Achieve ROE of 8.0% or higher at an early stage
033. Optimize the financial base
044. Enhance shareholder returns
05Implement the growth strategy and expand earnings through M&A, while achieving ROE of 8.0% or higher at an early stage
06Achieve the target equity ratio at an early stage
07Control the balance sheet
08Review the business portfolio strategy and make proactive strategic investments and growth investments for the future through M&A
09Enhance proactive investor relations activities to foster expectations for medium- to long-term growth
| Item | Details |
|---|---|
| Plan name | 16th Medium-Term Management Plan “Aggressive Challenge One NETUREN 2026” |
| Plan period | FY2024–FY2026 (FY2024 and FY2025 results; FY2026 plan) |
| Progress against the plan | Annual update |
| ROE target | 2.3% (actual as of March 2026) → At least 8.0% |
| Payout ratio / DOE policy | Beginning in FY2025, the target was changed from DOE of 3.0% or higher to 4.0% or higher. For FY2026, the plan calls for an annual dividend of ¥71 per share and total dividends of ¥2.3 billion. |
| Treasury share acquisition policy | ¥4.0 billion was spent on share buybacks in FY2024 and FY2025. The plan calls for ¥2.0 billion in FY2026, with buybacks to continue going forward. |
| Self-assessment of PBR and share price | The company recognizes that its PBR has remained at or below 1.0x as its most important management issue. PBR has remained at approximately 0.72x (as of March 2026). |
| Total investment plan | ¥6.546 billion for FY2026 (plan). The FY2024 and FY2025 results are stated as ¥8.791 billion in one section and ¥8.691 billion in another. |
| Investment amount by sector | Field Capital expenditure and strategic investment / Amount FY2024 and FY2025 results: ¥4.378 billion; FY2026 plan: ¥2.742 billion, Field Capital expenditure and recurring investment / Amount FY2024 and FY2025 results: ¥4.313 billion; FY2026 plan: ¥3.804 billion, Field M&A / Amount FY2025: Doken, MDI and AIG; acquisition cost of ¥3.0 billion, Field Investment in Human Capital / Amount FY2024 and FY2025 results: ¥937 million; FY2026 plan: ¥489 million (capital expenditure only in both cases) |
| Key initiatives | 1. Implement strategic investments, 2. Achieve ROE of 8.0% or higher at an early stage, 3. Optimize the financial base, 4. Enhance shareholder returns, Implement the growth strategy and expand earnings through M&A, while achieving ROE of 8.0% or higher at an early stage, Achieve the target equity ratio at an early stage, Control the balance sheet, Review the business portfolio strategy and make proactive strategic investments and growth investments for the future through M&A, Enhance proactive investor relations activities to foster expectations for medium- to long-term growth |
| Publication date | 13 May 2026 |
Items this document does not state (14)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetCost of capitalSegment targetNon-financial targetsPlan assumptionsResults under the previous planReason for revision or withdrawalSize of the Target MarketRisks identifiedDate 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 company regards the fact that its PBR has remained at or below 1.0x as its most important management issue, and aims to achieve a PBR of 1.0x or higher and ROE of 8.0% or higher at an early stage, while increasing corporate value over the medium to long term. It also aims to achieve the 16th Medium-Term Management Plan and the long-term management vision, “NETUREN VISION 2030.”
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.