Emphasis on stable dividends, sustainable earnings and capital-efficient management
First written in FY2017. 5 of 12 entries say "Restated". Latest entry: 2026-08-25.
The whole theme swung hardest in 2020: 1 of 12 companies on the "Worse" side.
3 other companies' latest entry also says "Other".
- 2026-08-25OtherTreasury Shares
「The Company recognizes the enhancement of returns to shareholders as an important management priority and has decided to acquire treasury shares as one measure to enhance shareholder returns and improve capital efficiency in order to increase corporate value and achieve sustainable growth.」
There has been no substantive change to the plan to formulate and publish the medium-term management plan itself. - FY2026RaisedAnnual report
「We consider the cost of equity estimated using CAPM to be the most important cost of capital to monitor, and recognize it as at least 7%. Accordingly, we have set ROE (return on equity) as a target management indicator and aim to achieve ROE above the cost of equity. Based on the above, dividends will be determined comprehensively by taking into account stable returns of profits to shareholders, future consolidated performance and funding needs, among other factors, with a consolidated payout ratio of at least 30%. Retained earnings will be used to strengthen the management foundation for proactive business development, including research and development investment, capital expenditure and investment in human capital to expand our business areas, supported by a sound financial position.」
The cost of equity is recognized as at least 7%, and ROE above that level has been set as a target. In addition, a consolidated payout ratio of at least 30% and the allocation of retained earnings to research and development, capital expenditure and human capital investment have been specified as policies. - FY2025RaisedAnnual report
「Based on the above, dividends will be determined comprehensively by taking into account stable returns of profits to shareholders, future consolidated performance and funding needs, among other factors, with a consolidated payout ratio of at least 30%. Retained earnings will be used to strengthen the management foundation for proactive business development, including research and development investment, capital expenditure and investment in human capital to expand our business areas, supported by a sound financial position.」
In addition to the existing policy of stable dividends, recurring earnings and efficient capital management, a numerical benchmark of a consolidated payout ratio of at least 30% and the allocation of retained earnings to research and development, capital expenditure and human capital were specified. The stated cost of equity has also been broadened from approximately 6% to approximately 6%–7%. - FY2024RaisedAnnual report
「We consider the cost of equity estimated using CAPM to be the most important cost of capital to monitor, and recognize it as approximately 6%. Accordingly, we have set ROE (return on equity) as a target management indicator and will seek to achieve ROE above the cost of equity.」
In addition to the existing policy of stable dividends, recurring earnings and efficient capital management, the cost of equity is recognized as approximately 6%, and ROE above that level has been set as a target indicator. - FY2023RestatedAnnual report
「The Group regards stable dividends to shareholders, securing recurring earnings and efficient use of capital as important management indicators.」
The policy of treating stable dividends, recurring earnings and efficient capital management as important management indicators continues. - FY2021RestatedAnnual report
「The Group regards stable dividends to shareholders, securing recurring earnings and efficient use of capital as important management indicators.」
The policy of treating stable dividends, recurring earnings and efficient capital management as important management indicators continues. - FY2020RestatedAnnual report
「The Group regards stable dividends to shareholders, securing recurring earnings and efficient use of capital as important management indicators.」
The policy of treating stable dividends, recurring earnings and efficient capital management as important management indicators continues. - FY2019RestatedAnnual report
「The Group regards stable dividends to shareholders, securing recurring earnings and efficient use of capital as important management indicators.」
The policy of treating stable dividends, recurring earnings and efficient capital management as important management indicators continues. No numerical targets are presented. - FY2017First statedAnnual report
「We regard stable dividends to shareholders, securing recurring earnings and efficient use of capital as important management indicators.」
No specific numerical targets are presented, while stable dividends, securing recurring earnings and efficient capital management are explicitly identified as important management indicators.