Worth reading
74In 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
420
¥100 million (revenue target for the fiscal year ending March 2031)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,026Target2,031Hundreds of millions of yen
Operating profit+0.2%
基準 2,026Target2,031Hundreds of millions of yen
ROE+5.0pt
基準 2,026Target2,031％
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 planRevenue of ¥30.0 billion, operating income of ¥3.1 billion, ROE of 8.0% and DOE of 4.0% (targets for the fiscal year ending March 2026) → Revenue of ¥27.5 billion, operating income of ¥1.6 billion, ROE of 5.7% and DOE of 3.0% (actual for the fiscal year ending March 2026)0.0%Calculated from the two disclosed figures
Total investment planGrowth investments of ¥9.0 billion to ¥10.5 billion (fiscal years ending March 2027 to March 2031)
Investment amount by sectorField Research and development costs / Amount Approximately ¥5.0 billion, Field Capital Expenditure / Amount ¥2.5 billion to ¥3.0 billion, Field Flexible growth investment allocation, including M&A and capital alliances / Amount ¥1.5 billion to ¥2.5 billion
Statements about the use of capital
Payout ratio / DOE policyDuring the plan period, the basic policy is a payout ratio of 50% when ROE exceeds 6%, DOE of 3% when ROE is between 3% and 6%, and a payout ratio of 100% when ROE is below 3%. The target for the fiscal year ending March 2029 is a payout ratio of 50.0% and DOE of 4.0%, while the target for the fiscal year ending March 2031 is a payout ratio of 50.0% and DOE of 5.0%.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe company has set improving its PBR as a goal and aims to achieve a PBR above 1x. The current PBR is Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Launch of high-value-added products through research and development
02Entry into and expansion of adjacent areas
03Optimization of the operating structure and enhancement of after-sales service
04Qualitative growth in mature markets
05Deeper penetration of growth markets
06Model rollout to capture changing demand
07Selection of development themes based on market potential and competitive advantage, followed by rapid commercialization
08Value Enhancement
09Expansion into adjacent areas
10Sales Efficiency
11Channel expansion and improved sales efficiency
12Strengthening sales of high-value-added products
13Inventory optimization and improved service
14Product initiatives
15Expansion of scope
16Strengthening the aftermarket
Plan assumptionsThe plan assumes that roller demand in the 3 major markets will continue to grow over the medium to long term, despite short-term fluctuations., In Japan, the plan assumes tailwinds from approximately ¥20 trillion in national resilience spending, defense capability development and increased domestic construction investment., In North America, the plan assumes increased road infrastructure spending under the BUILD America 250 Act and private-sector construction demand, while considering tariff risks difficult to assess., In ASEAN, the plan assumes a market recovery, while also anticipating intensifying competition with Chinese manufacturers.
Non-financial targetsIndicator Sales Productivity / Target value 1.5x / Timing Medium-Term Management Plan 2031
Size of the Target MarketRoller demand in the 3 major markets of Japan, North America and ASEAN from the fiscal year ended March 2010 through the fiscal year ending March 2026, presented in units. Examples include 5,144 units, 18,686 units and 14,302 units. Source: Company research.
Risks identified by the company
Cyclical fluctuations in roller demand
Inventory adjustments across the distribution channel
Dealer inventory adjustments due to higher interest rates
Intensifying competition with Chinese manufacturers
Rapid expansion of inflows of Chinese products due to deflation in China
Tariff risks are difficult to assess
Failure to achieve performance targets due to external and internal factors
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2031 |
| Plan period | Fiscal year ending March 2027 to fiscal year ending March 2031 |
| Progress against the plan | Formulated |
| Sales Target | ¥27.5 billion (actual for the fiscal year ending March 2026) → ¥42.0 billion (target for the fiscal year ending March 2031) |
| Operating profit target | ¥1.6 billion (actual results for the fiscal year ended March 2026) → ¥5.5 billion (target for the fiscal year ending March 2031) |
| ROE target | 5.7% (actual for the fiscal year ending March 2026) → 10.0% (target for the fiscal year ending March 2031) |
| Payout ratio / DOE policy | During the plan period, the basic policy is a payout ratio of 50% when ROE exceeds 6%, DOE of 3% when ROE is between 3% and 6%, and a payout ratio of 100% when ROE is below 3%. The target for the fiscal year ending March 2029 is a payout ratio of 50.0% and DOE of 4.0%, while the target for the fiscal year ending March 2031 is a payout ratio of 50.0% and DOE of 5.0%. |
| Self-assessment of PBR and share price | The company has set improving its PBR as a goal and aims to achieve a PBR above 1x. The current PBR is Not disclosed. |
| Total investment plan | Growth investments of ¥9.0 billion to ¥10.5 billion (fiscal years ending March 2027 to March 2031) |
| Investment amount by sector | Field Research and development costs / Amount Approximately ¥5.0 billion, Field Capital Expenditure / Amount ¥2.5 billion to ¥3.0 billion, Field Flexible growth investment allocation, including M&A and capital alliances / Amount ¥1.5 billion to ¥2.5 billion |
| Non-financial targets | Indicator Sales Productivity / Target value 1.5x / Timing Medium-Term Management Plan 2031 |
| Plan assumptions | The plan assumes that roller demand in the 3 major markets will continue to grow over the medium to long term, despite short-term fluctuations., In Japan, the plan assumes tailwinds from approximately ¥20 trillion in national resilience spending, defense capability development and increased domestic construction investment., In North America, the plan assumes increased road infrastructure spending under the BUILD America 250 Act and private-sector construction demand, while considering tariff risks difficult to assess., In ASEAN, the plan assumes a market recovery, while also anticipating intensifying competition with Chinese manufacturers. |
| Key initiatives | Launch of high-value-added products through research and development, Entry into and expansion of adjacent areas, Optimization of the operating structure and enhancement of after-sales service, Qualitative growth in mature markets, Deeper penetration of growth markets, Model rollout to capture changing demand, Selection of development themes based on market potential and competitive advantage, followed by rapid commercialization, Value Enhancement, Expansion into adjacent areas, Sales Efficiency, Channel expansion and improved sales efficiency, Strengthening sales of high-value-added products, Inventory optimization and improved service, Product initiatives, Expansion of scope, Strengthening the aftermarket |
| Results under the previous plan | Revenue of ¥30.0 billion, operating income of ¥3.1 billion, ROE of 8.0% and DOE of 4.0% (targets for the fiscal year ending March 2026) → Revenue of ¥27.5 billion, operating income of ¥1.6 billion, ROE of 5.7% and DOE of 3.0% (actual for the fiscal year ending March 2026) |
| Size of the Target Market | Roller demand in the 3 major markets of Japan, North America and ASEAN from the fiscal year ended March 2010 through the fiscal year ending March 2026, presented in units. Examples include 5,144 units, 18,686 units and 14,302 units. Source: Company research. |
| Risks identified | Cyclical fluctuations in roller demand, Inventory adjustments across the distribution channel, Dealer inventory adjustments due to higher interest rates, Intensifying competition with Chinese manufacturers, Rapid expansion of inflows of Chinese products due to deflation in China, Tariff risks are difficult to assess, Failure to achieve performance targets due to external and internal factors |
| Publication date | 7 August 2026 |
Items this document does not state (8)
Operating profit margin targetNet income targetROIC targetTreasury share acquisition policyCost of capitalSegment targetReason for revision or withdrawalDate 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 stated that it will expand revenue in the steadily growing road roller market through its product rollout capabilities and region-specific strategies, and improve profitability by entering and expanding in adjacent areas and upgrading its business operations. It also explained that the final targets under the previous policy were not achieved due to external and internal factors.
How to read this page
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