Worth reading
74In focus
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How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+0.0%
基準 2,026Target2,027Hundreds of millions of yen
Operating profit margin+1.0pt
基準 2,026Target2,027%
ROE+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.
What happened to the previous planPlan for the first year of the medium-term plan → Sales fell short, while operating profit and below exceeded plan
Total investment plan¥11.0 billion (¥6.0 billion in capital expenditure plus ¥5.0 billion for M&A)
Investment amount by sectorField Capital expenditure / Amount ¥6 billion, Field M&A / Amount ¥5 billion
Statements about the use of capital
Payout ratio / DOE policyThe company will maintain a dividend payout ratio of at least 60% throughout FY2025–FY2027. Total dividends over the three years of the medium-term plan are projected at ¥4.9 billion. Planned dividends per share are ¥40 for FY2025, ¥42 for FY2026 and ¥50 for FY2027.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 policyThe company will consider share buybacks aimed at improving capital efficiency and execute them flexibly.
Cost of capitalCost of equity: 5.89%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 states that it manages the business with an awareness of its share price and cost of capital, but no specific self-assessment of PBR or the valuation of its share price was disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
011. Establishment of a sustainable earnings base
022. Contributing to an environmentally sustainable and recycling-oriented society
033. Accelerating global expansion, centered on ASEAN
044. Advancing products and improving quality
055. Developing human resources and improving service quality through co-creation with partners
066. Enhancing management transparency and corporate governance
Plan assumptionsThe ratio of sales eligible for subsidies is expected to rise from 7.6% in FY2025 to 34.5% in FY2027. The energy-saving requirements are an energy-saving rate and increase in the non-fossil share of at least 30% under the advanced category, at least 10% under the general category and at least 7% under the SME investment promotion category. The company states that the AP industry share is expected to reach 70–80% going forward.
Segment targetSegment AP-Related Business / Sales Target ¥23,000 million / Operating profit target ¥2,350 million / Operating profit margin target 10.2%, Segment BP-Related Business / Sales Target ¥15,300 million / Operating profit target ¥2,000 million / Operating profit margin target 13.1%, Segment Environmental and conveying-related business / Sales Target ¥3,500 million / Operating profit target ¥800 million / Operating profit margin target 22.9%, Segment Crushing equipment-related business / Sales Target ¥4,300 million / Operating profit target ¥300 million / Operating profit margin target 7.0%, Segment Contract manufacturing-related business / Sales Target ¥4,200 million / Operating profit target ¥500 million / Operating profit margin target 11.9%, Segment Other Businesses / Sales Target ¥9,700 million / Operating profit target ¥1,650 million / Operating profit margin target 17.0%
Risks identified by the company
Establishing next-generation products after energy-saving subsidies end
Delays in developing remote-operation and labor-saving products
Difficulty generating maintenance demand in overseas businesses, making improved profitability a challenge
Intense competition and price competition
Delays in construction schedules and shifts in delivery timing resulting from delays in foundation work
Soaring material and supply costs and passing them on through sales prices
Securing production sites and storage space for finished products as projects become larger
Securing and developing employees and partner companies
Deterioration in the Middle East situation
Enhancing research facilities and keeping pace with the speed of technological development
Reason for revision or withdrawal
Reflecting favorable business conditions, the company has revised upward its medium-term targets for both sales and operating profit. The company also cites difficulties in the overseas business within the AP-related business, intense competition in the crushing equipment-related business, a decline in torrential-rain disasters, the loss of a large floodgate-related project, and higher material prices resulting from the worsening situation in the Middle East within other businesses.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (2025–2027) |
| Plan period | FY2025–FY2027 |
| Progress against the plan | Partially revised |
| Sales Target | ¥55.0 billion (FY2026 forecast) → ¥60.0 billion (FY2027 target)（9.1%） |
| Operating profit margin target | 6.9% (FY2026 forecast) → 8.0% (FY2027 target)（15.9%） |
| ROE target | 7.1% (FY2025 actual) → 8.0% (FY2027 target)（12.7%） |
| Payout ratio / DOE policy | The company will maintain a dividend payout ratio of at least 60% throughout FY2025–FY2027. Total dividends over the three years of the medium-term plan are projected at ¥4.9 billion. Planned dividends per share are ¥40 for FY2025, ¥42 for FY2026 and ¥50 for FY2027. |
| Treasury share acquisition policy | The company will consider share buybacks aimed at improving capital efficiency and execute them flexibly. |
| Cost of capital | Cost of equity: 5.89% |
| Self-assessment of PBR and share price | The company states that it manages the business with an awareness of its share price and cost of capital, but no specific self-assessment of PBR or the valuation of its share price was disclosed. |
| Total investment plan | ¥11.0 billion (¥6.0 billion in capital expenditure plus ¥5.0 billion for M&A) |
| Investment amount by sector | Field Capital expenditure / Amount ¥6 billion, Field M&A / Amount ¥5 billion |
| Segment target | Segment AP-Related Business / Sales Target ¥23,000 million / Operating profit target ¥2,350 million / Operating profit margin target 10.2%, Segment BP-Related Business / Sales Target ¥15,300 million / Operating profit target ¥2,000 million / Operating profit margin target 13.1%, Segment Environmental and conveying-related business / Sales Target ¥3,500 million / Operating profit target ¥800 million / Operating profit margin target 22.9%, Segment Crushing equipment-related business / Sales Target ¥4,300 million / Operating profit target ¥300 million / Operating profit margin target 7.0%, Segment Contract manufacturing-related business / Sales Target ¥4,200 million / Operating profit target ¥500 million / Operating profit margin target 11.9%, Segment Other Businesses / Sales Target ¥9,700 million / Operating profit target ¥1,650 million / Operating profit margin target 17.0% |
| Plan assumptions | The ratio of sales eligible for subsidies is expected to rise from 7.6% in FY2025 to 34.5% in FY2027. The energy-saving requirements are an energy-saving rate and increase in the non-fossil share of at least 30% under the advanced category, at least 10% under the general category and at least 7% under the SME investment promotion category. The company states that the AP industry share is expected to reach 70–80% going forward. |
| Key initiatives | 1. Establishment of a sustainable earnings base, 2. Contributing to an environmentally sustainable and recycling-oriented society, 3. Accelerating global expansion, centered on ASEAN, 4. Advancing products and improving quality, 5. Developing human resources and improving service quality through co-creation with partners, 6. Enhancing management transparency and corporate governance |
| Results under the previous plan | Plan for the first year of the medium-term plan → Sales fell short, while operating profit and below exceeded plan |
| Reason for revision or withdrawal | Reflecting favorable business conditions, the company has revised upward its medium-term targets for both sales and operating profit. The company also cites difficulties in the overseas business within the AP-related business, intense competition in the crushing equipment-related business, a decline in torrential-rain disasters, the loss of a large floodgate-related project, and higher material prices resulting from the worsening situation in the Middle East within other businesses. |
| Risks identified | Establishing next-generation products after energy-saving subsidies end, Delays in developing remote-operation and labor-saving products, Difficulty generating maintenance demand in overseas businesses, making improved profitability a challenge, Intense competition and price competition, Delays in construction schedules and shifts in delivery timing resulting from delays in foundation work, Soaring material and supply costs and passing them on through sales prices, Securing production sites and storage space for finished products as projects become larger, Securing and developing employees and partner companies, Deterioration in the Middle East situation, Enhancing research facilities and keeping pace with the speed of technological development |
Items this document does not state (7)
Operating profit targetNet income targetROIC targetNon-financial targetsSize of the Target MarketDate of board resolutionPublication date
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.In Japan, businesses related to energy-saving subsidies and other initiatives drove performance, while the BP-related and environmental and conveyance-related businesses captured strong demand. Overseas operations in the AP-related business continued to struggle, while the crushing equipment-related business faced intense competition. Other businesses were affected by a decline in torrential-rain disasters, the loss of a large floodgate-related project, and higher material prices resulting from the situation in the Middle East.
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