Worth reading
66In 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
4
times (revenue: from ¥2.5 billion in FY2025 to the 2030 target of ¥10 billion)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,025Target2,030Hundreds of millions of yen
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profitNot disclosed → 2030 target: ¥1 billion
Only the target level is shown because the current level for comparison was not provided.What happened to the previous plan30-40% growth in consolidated revenue and transaction volume, and 20-30% growth in cruise business revenue and transaction volume → Not disclosed
Total investment plan¥3-4 billion (hotel and ryokan business). The consolidated total for the overall plan is not disclosed
Investment amount by sectorField Hotel and Ryokan Business / Amount ¥3-4 billion, Field M&A and New-Business Investment / Amount Cumulative ¥500 million-¥1 billion, Field Investment Business / Amount Annual guideline of ¥500 million-¥1 billion
Key initiatives
01Deepening the cruise business
02Full-scale development of the hotel business
03Expansion of inbound tourism
04Accelerating growth through M&A
0501 Capturing market (supply) expansion
0602 Establishing high-value-added products
0703 Expanding distribution
0804 Product improvement and operational efficiency
09Developing sales channels and conducting demonstrations
10Expanding products and scaling up
11Platform Development
12M&A strategy (a means of accelerating growth)
13Investment business (maximizing capital efficiency and exploring the next growth pillar)
Plan assumptionsHotel EBITDA margin assumed at 30-40%; cap rate of 6-7%, The ¥3-4 billion hotel investment will be funded through cash on hand and bank borrowings, with an equity ratio of 20% maintained; no equity financing is assumed, Funding assumptions are cash and deposits of ¥2.26 billion (April 2026), plus bank borrowings, Hotel OTA ratio of approximately 80%, with a low-cost operating model based on in-house cleaning, The inbound tourism business will establish an earnings base by 2027 and become profitable in 2027, Government targets for 2030: 60 million international visitors to Japan and ¥15 trillion in spending
Segment targetSegment Cruise business / Net Sales ¥5.5-6 billion / Operating profit Approximately ¥500 million / EBITDA Approximately ¥500-600 million, Segment Inbound Business / Net Sales ¥4-4.5 billion / Operating profit Approximately ¥400 million / EBITDA Approximately ¥400-500 million, Segment Hotel and ryokan business / Net Sales ¥500 million-¥1 billion / Operating profit Approximately ¥100-200 million / EBITDA Approximately ¥300-400 million / EBITDA margin 30〜40％, Segment Total: three-pillar diversified model / Net Sales ¥10 billion / Operating profit ¥1 billion / EBITDA ¥1.2-1.5 billion
Size of the Target MarketSubject Japanese cruise population / Figures Current: 243,000; 2030 target: 1 million / Source Ministry of Land, Infrastructure, Transport and Tourism, “Cruise Trends”, Subject Global cruise market / Figures 37.2 million in 2024, up 25.7% from 2019 / Source CLIA State of the Cruise Industry Report 2025, Subject International visitors to Japan and spending / Figures 2030 targets: 60 million visitors and ¥15 trillion in spending; 2025 estimate: 42.68 million visitors / Source Japan Tourism Agency, “Basic Plan for the Promotion of a Tourism-Oriented Nation”; JNTO, “Visitor Arrivals to Japan”, Subject Ryokan and hotel market / Figures ¥6.5 trillion / Source Teikoku Databank, “National Ryokan and Hotel Market Trends Survey (FY2025 Outlook)”, Subject East Asian outbound travel market to Japan / Figures TAM: more than 27 million total visitors to Japan (several trillion yen); SAM: 3-5 million visitors (several hundred billion yen); SOM: several million visitors (¥100-200 billion) / Source National tourism authorities; JNTO, “Visitor Arrivals to Japan by Country/Region”
Risks identified by the company
Foreign exchange and geopolitical risk: medium / medium to long term, high impact. Diversification of sales regions and shipping companies, and hedging through forward exchange contracts and other measures
Weak charter sales: medium / medium to long term, high impact. Optimizing full and block purchases and conducting thorough advance promotions to secure lead time
Intensifying competition (departures from Japan): medium / medium to long term, medium impact. Differentiation through overseas departures and maintaining real-time inventory availability and product variety by expanding APIs
Delays in hotel development: medium / medium to long term, medium to high impact. Parallel project pipelines and stronger EPC management with major construction companies
Personal information breaches: low / medium to long term, high impact. Continued renewal of the PrivacyMark certification and development of data protection systems
Dependence on the chairman of the board: low / medium to long term, medium impact. Avoiding excessive dependence by strengthening the management organization
Infectious disease outbreaks: medium / medium to long term, high impact. Minimizing risk by diversifying the business over the medium to long term
Reason for revision or withdrawal
The previous targets will be withdrawn in connection with the formulation of this medium-term management plan, and the Company will transition to the management policies and targets set out in this plan. The business segments have been reviewed to more clearly present changes in the business portfolio and the Company's future growth strategy.
| Item | Details |
|---|---|
| Plan name | 2030 Medium-Term Management Plan |
| Plan period | Phase 1 / 2026、Phase 2 / 2027、Phase 3 / 2030 |
| Progress against the plan | Formulated |
| Sales Target | FY2025 actual: ¥2.5 billion → 2030 target: ¥10 billion（Approximately 4x (approximately 300% increase)） |
| Operating profit target | Not disclosed → 2030 target: ¥1 billion |
| Total investment plan | ¥3-4 billion (hotel and ryokan business). The consolidated total for the overall plan is not disclosed |
| Investment amount by sector | Field Hotel and Ryokan Business / Amount ¥3-4 billion, Field M&A and New-Business Investment / Amount Cumulative ¥500 million-¥1 billion, Field Investment Business / Amount Annual guideline of ¥500 million-¥1 billion |
| Segment target | Segment Cruise business / Net Sales ¥5.5-6 billion / Operating profit Approximately ¥500 million / EBITDA Approximately ¥500-600 million, Segment Inbound Business / Net Sales ¥4-4.5 billion / Operating profit Approximately ¥400 million / EBITDA Approximately ¥400-500 million, Segment Hotel and ryokan business / Net Sales ¥500 million-¥1 billion / Operating profit Approximately ¥100-200 million / EBITDA Approximately ¥300-400 million / EBITDA margin 30〜40％, Segment Total: three-pillar diversified model / Net Sales ¥10 billion / Operating profit ¥1 billion / EBITDA ¥1.2-1.5 billion |
| Plan assumptions | Hotel EBITDA margin assumed at 30-40%; cap rate of 6-7%, The ¥3-4 billion hotel investment will be funded through cash on hand and bank borrowings, with an equity ratio of 20% maintained; no equity financing is assumed, Funding assumptions are cash and deposits of ¥2.26 billion (April 2026), plus bank borrowings, Hotel OTA ratio of approximately 80%, with a low-cost operating model based on in-house cleaning, The inbound tourism business will establish an earnings base by 2027 and become profitable in 2027, Government targets for 2030: 60 million international visitors to Japan and ¥15 trillion in spending |
| Key initiatives | Deepening the cruise business, Full-scale development of the hotel business, Expansion of inbound tourism, Accelerating growth through M&A, 01 Capturing market (supply) expansion, 02 Establishing high-value-added products, 03 Expanding distribution, 04 Product improvement and operational efficiency, Developing sales channels and conducting demonstrations, Expanding products and scaling up, Platform Development, M&A strategy (a means of accelerating growth), Investment business (maximizing capital efficiency and exploring the next growth pillar) |
| Results under the previous plan | 30-40% growth in consolidated revenue and transaction volume, and 20-30% growth in cruise business revenue and transaction volume → Not disclosed |
| Reason for revision or withdrawal | The previous targets will be withdrawn in connection with the formulation of this medium-term management plan, and the Company will transition to the management policies and targets set out in this plan. The business segments have been reviewed to more clearly present changes in the business portfolio and the Company's future growth strategy. |
| Size of the Target Market | Subject Japanese cruise population / Figures Current: 243,000; 2030 target: 1 million / Source Ministry of Land, Infrastructure, Transport and Tourism, “Cruise Trends”, Subject Global cruise market / Figures 37.2 million in 2024, up 25.7% from 2019 / Source CLIA State of the Cruise Industry Report 2025, Subject International visitors to Japan and spending / Figures 2030 targets: 60 million visitors and ¥15 trillion in spending; 2025 estimate: 42.68 million visitors / Source Japan Tourism Agency, “Basic Plan for the Promotion of a Tourism-Oriented Nation”; JNTO, “Visitor Arrivals to Japan”, Subject Ryokan and hotel market / Figures ¥6.5 trillion / Source Teikoku Databank, “National Ryokan and Hotel Market Trends Survey (FY2025 Outlook)”, Subject East Asian outbound travel market to Japan / Figures TAM: more than 27 million total visitors to Japan (several trillion yen); SAM: 3-5 million visitors (several hundred billion yen); SOM: several million visitors (¥100-200 billion) / Source National tourism authorities; JNTO, “Visitor Arrivals to Japan by Country/Region” |
| Risks identified | Foreign exchange and geopolitical risk: medium / medium to long term, high impact. Diversification of sales regions and shipping companies, and hedging through forward exchange contracts and other measures, Weak charter sales: medium / medium to long term, high impact. Optimizing full and block purchases and conducting thorough advance promotions to secure lead time, Intensifying competition (departures from Japan): medium / medium to long term, medium impact. Differentiation through overseas departures and maintaining real-time inventory availability and product variety by expanding APIs, Delays in hotel development: medium / medium to long term, medium to high impact. Parallel project pipelines and stronger EPC management with major construction companies, Personal information breaches: low / medium to long term, high impact. Continued renewal of the PrivacyMark certification and development of data protection systems, Dependence on the chairman of the board: low / medium to long term, medium impact. Avoiding excessive dependence by strengthening the management organization, Infectious disease outbreaks: medium / medium to long term, high impact. Minimizing risk by diversifying the business over the medium to long term |
| Publication date | July 2026 |
Items this document does not state (10)
Operating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceNon-financial targetsDate 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 growth targets under the management policy announced on 30 October 2025 will be withdrawn in connection with the formulation of this medium-term management plan. The business segments have also been reviewed to more clearly present changes in the business portfolio and the Company's future growth strategy.
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