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
220
¥ millionWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedWhat happened to the previous planFY2025 targets: net sales of ¥20.0 billion, operating income of ¥1.0 billion, operating margin of 5.0%, ROE of at least 2.3%, and total capital investment of ¥8.0 billion over 3 years → FY2025 results: net sales of ¥20.94 billion, operating income of ¥1.09 billion, operating margin of 5.2%, ROE of 3.3%, and total capital investment of ¥5.91 billion over 3 years0.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe company listed the increase in its consolidated payout ratio to 35% as a key achievement of the previous medium-term management plan. The new medium-term management plan does not disclose specific targets or the target period for the payout ratio or DOE.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Business development and selective concentration to increase market value
02Manufacturing innovation and DX implementation to support competitiveness
03Building a growth-oriented organization that brings out the potential of its people
04Strengthening management control and the operating base, centered on profit generation
05Moving away from high dependence on labor toward a production system focused on creating added value (automation and labor saving)
06Establishing change-response units (pooled staff) in manufacturing and operations (leveling workloads)
07Investing broadly in talent, from recruitment through the rehiring of seniors (reviewing personnel systems)
08Diversifying suppliers and securing a stable supply of critical raw materials derived from rare metals
Plan assumptionsThe plan reflects significant changes in the external environment, including surging prices for key raw materials and developments in the Middle East. Numerical assumptions for exchange rates, market growth rates, raw-material prices and other factors are not disclosed.
Non-financial targetsIndicator name GHG emissions (Scope 1 and 2) / Target value 35% reduction from FY2021 / Timing FY2030, Indicator name Generative AI adoption rate across all departments / Target value 100％ / Timing Not disclosed, Indicator name Generative AI active-user rate / Target value At least 50% / Timing Not disclosed, Indicator name Reduction in GHG emissions and rare-metal use through development themes / Target value Achieved across all development themes / Timing Not disclosed
Risks identified by the company
Foreign exchange fluctuations
A global economic downturn triggered by geopolitical factors
Rising labor and other costs
Surging prices for key raw materials
Significant changes in the external environment, including developments in the Middle East
Market fluctuations and changes in supply and demand
Securing a stable supply of critical raw materials derived from rare metals
Reason for revision or withdrawal
The plan is being reviewed in light of surging prices since the beginning of the year for key raw materials, including cemented carbide materials, and significant changes in the external environment, including developments in the Middle East.
| Item | Details |
|---|---|
| Plan name | The Desired Future State in 2035 (Long-Term Vision) / Medium-Term Management Plan (FY2026–FY2028) |
| Plan period | Starting fiscal year Fiscal 2026 / Final year FY2028 |
| Progress against the plan | Formulated |
| Payout ratio / DOE policy | The company listed the increase in its consolidated payout ratio to 35% as a key achievement of the previous medium-term management plan. The new medium-term management plan does not disclose specific targets or the target period for the payout ratio or DOE. |
| Non-financial targets | Indicator name GHG emissions (Scope 1 and 2) / Target value 35% reduction from FY2021 / Timing FY2030, Indicator name Generative AI adoption rate across all departments / Target value 100％ / Timing Not disclosed, Indicator name Generative AI active-user rate / Target value At least 50% / Timing Not disclosed, Indicator name Reduction in GHG emissions and rare-metal use through development themes / Target value Achieved across all development themes / Timing Not disclosed |
| Plan assumptions | The plan reflects significant changes in the external environment, including surging prices for key raw materials and developments in the Middle East. Numerical assumptions for exchange rates, market growth rates, raw-material prices and other factors are not disclosed. |
| Key initiatives | Business development and selective concentration to increase market value, Manufacturing innovation and DX implementation to support competitiveness, Building a growth-oriented organization that brings out the potential of its people, Strengthening management control and the operating base, centered on profit generation, Moving away from high dependence on labor toward a production system focused on creating added value (automation and labor saving), Establishing change-response units (pooled staff) in manufacturing and operations (leveling workloads), Investing broadly in talent, from recruitment through the rehiring of seniors (reviewing personnel systems), Diversifying suppliers and securing a stable supply of critical raw materials derived from rare metals |
| Results under the previous plan | FY2025 targets: net sales of ¥20.0 billion, operating income of ¥1.0 billion, operating margin of 5.0%, ROE of at least 2.3%, and total capital investment of ¥8.0 billion over 3 years → FY2025 results: net sales of ¥20.94 billion, operating income of ¥1.09 billion, operating margin of 5.2%, ROE of 3.3%, and total capital investment of ¥5.91 billion over 3 years |
| Reason for revision or withdrawal | The plan is being reviewed in light of surging prices since the beginning of the year for key raw materials, including cemented carbide materials, and significant changes in the external environment, including developments in the Middle East. |
| Risks identified | Foreign exchange fluctuations, A global economic downturn triggered by geopolitical factors, Rising labor and other costs, Surging prices for key raw materials, Significant changes in the external environment, including developments in the Middle East, Market fluctuations and changes in supply and demand, Securing a stable supply of critical raw materials derived from rare metals |
| Publication date | 12 May 2026 |
Items this document does not state (14)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetSize 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.The company is reviewing its numerical targets and key KPIs for FY2027 onward in light of significant changes in the external environment, including surging prices for key raw materials such as cemented carbide materials and developments in the Middle East. It stated that the information would be disclosed promptly once reasonable calculations become possible.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.