Worth reading
48Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
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Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedWhat happened to the previous planSale of at least ¥12 billion of cross-held shares over the 4-year period of the medium-term plan → ¥9.3 billion sold over 3 years-22.5%Calculated from the two disclosed figures
Investment amount by sectorField Capital expenditure / Amount ¥8 billion–¥10 billion, Field Strategic Investment / Amount ¥15 billion–¥22 billion
Statements about the use of capital
Payout ratio / DOE policyThe lower limit for stable dividends is a DOE of 3.5%, with a total payout ratio of at least 50%. The applicable period is not specified.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 pursue flexible share buybacks within the scope of its financial discipline. In the fiscal year ending March 2026, it acquired ¥12.8 billion worth of shares, or approximately 4.3 million shares, bringing its acquisitions over the 3-year period to ¥13.9 billion. In the fiscal year ending March 2026, it cancelled 4 million shares in December.
Self-assessment of PBR and share priceThe share price has outperformed TOPIX since April 2025. PBR is improving, and the company aims to increase it further. PBR was 0.60x in the fiscal year ended March 2022, 0.59x in the fiscal year ended March 2023, 0.72x in the fiscal year ended March 2024, 0.79x in the fiscal year ended March 2025, 1.08x in the fiscal year ending March 2026, and 1.31x as of 8 May.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthening the energy generation business
02Creating synergies through the business integration company
03Strengthening public-private partnership businesses
04Strengthening the competitiveness of microparticle manufacturing technology
05Strengthening after-sales services
06Addressing environmental technologies
07Business portfolio management: allocating management resources to growth areas
08M&A: executing M&A transactions and alliances that contribute to business expansion
09Improving operational efficiency and reducing costs through human capital investment, DX promotion and IT-related investment
10Sale of cross-shareholdings
11Promoting the sale of real estate
12Enhancement of shareholder returns
13Flexible share buybacks
Risks identified by the company
Municipal fiscal difficulties and a shortage of engineers
Labor shortages and higher material costs, as well as delays in mechanical equipment construction caused by delays in separately contracted civil engineering work
The lithium-ion secondary battery market is at a plateau, against the backdrop of slowing growth in the electric vehicle market
Reason for revision or withdrawal
Improving ROE is essential to increasing PBR, and improving total asset turnover is important for raising ROE. To address the low total asset turnover, the company will further promote strategic investment and strengthen balance sheet management.
| Item | Details |
|---|---|
| Plan name | Medium-term plan |
| Progress against the plan | Partially revised |
| Payout ratio / DOE policy | The lower limit for stable dividends is a DOE of 3.5%, with a total payout ratio of at least 50%. The applicable period is not specified. |
| Treasury share acquisition policy | The company will pursue flexible share buybacks within the scope of its financial discipline. In the fiscal year ending March 2026, it acquired ¥12.8 billion worth of shares, or approximately 4.3 million shares, bringing its acquisitions over the 3-year period to ¥13.9 billion. In the fiscal year ending March 2026, it cancelled 4 million shares in December. |
| Self-assessment of PBR and share price | The share price has outperformed TOPIX since April 2025. PBR is improving, and the company aims to increase it further. PBR was 0.60x in the fiscal year ended March 2022, 0.59x in the fiscal year ended March 2023, 0.72x in the fiscal year ended March 2024, 0.79x in the fiscal year ended March 2025, 1.08x in the fiscal year ending March 2026, and 1.31x as of 8 May. |
| Investment amount by sector | Field Capital expenditure / Amount ¥8 billion–¥10 billion, Field Strategic Investment / Amount ¥15 billion–¥22 billion |
| Key initiatives | Strengthening the energy generation business, Creating synergies through the business integration company, Strengthening public-private partnership businesses, Strengthening the competitiveness of microparticle manufacturing technology, Strengthening after-sales services, Addressing environmental technologies, Business portfolio management: allocating management resources to growth areas, M&A: executing M&A transactions and alliances that contribute to business expansion, Improving operational efficiency and reducing costs through human capital investment, DX promotion and IT-related investment, Sale of cross-shareholdings, Promoting the sale of real estate, Enhancement of shareholder returns, Flexible share buybacks |
| Results under the previous plan | Sale of at least ¥12 billion of cross-held shares over the 4-year period of the medium-term plan → ¥9.3 billion sold over 3 years |
| Reason for revision or withdrawal | Improving ROE is essential to increasing PBR, and improving total asset turnover is important for raising ROE. To address the low total asset turnover, the company will further promote strategic investment and strengthen balance sheet management. |
| Risks identified | Municipal fiscal difficulties and a shortage of engineers, Labor shortages and higher material costs, as well as delays in mechanical equipment construction caused by delays in separately contracted civil engineering work, The lithium-ion secondary battery market is at a plateau, against the backdrop of slowing growth in the electric vehicle market |
| Date of board resolution | 12 May 2026 |
| Publication date | 12 May 2026 |
Items this document does not state (13)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetCost of capitalTotal investment planSegment targetNon-financial targetsPlan assumptionsSize of the Target Market
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.Improving ROE is essential to further increasing PBR, and the company determined that improving its low total asset turnover is important for raising ROE. It will pursue strategic investments to increase sales and balance sheet management to optimize total assets.
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.