Worth reading
76Important
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
47
¥100 million (comparison with fiscal 2025 actual net sales)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
Operating profit+0.2%
基準 2,025Target2,030Hundreds of millions of yen
Operating profit margin+5.0pt
基準 2,025Target2,030%
ROE+5.0pt
基準 2,025Target2,030%
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 planFiscal year ending March 2026 plan (revised): net sales of ¥18.0 billion, operating income of ¥1.7 billion, operating margin of 9.4% and ROE of 5.5%. Five-year cumulative plan: net sales of ¥79.7 billion and operating income of ¥6.7 billion. → Fiscal year ending March 2026 actual: net sales of ¥17.3 billion, operating income of ¥1.2 billion, operating margin of 6.7% and ROE of 4.5%. Five-year cumulative actual: net sales of ¥80.9 billion and operating income of ¥7.1 billion.0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥12.8 billion (capital expenditures and other investments; five-year cumulative total)
Investment amount by sectorField New head office and research and development building / Amount Approximately ¥5.0 billion, Field Investment in advanced production infrastructure at the Ako plant and other locations / Amount Approximately ¥3.6 billion, Field Investment in the latest production equipment / Amount Approximately ¥3.2 billion, Field Systems and other investments / Amount Approximately ¥1 billion
Statements about the use of capital
Payout ratio / DOE policyDuring the medium-term management plan period, the company plans to return profits to shareholders with a dividend on equity (DOE) of approximately 5.0% as a guideline. The actual dividend payout ratio for fiscal 2025 was 73.4%.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 policyTo achieve an optimal capital structure and pursue a flexible capital policy, the company plans to acquire ¥1.5 billion of treasury shares in total during the first 3 years of the medium-term plan.
Cost of capitalShareholders’ equity cost: approximately 8%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceSince the previous medium-term management plan was announced, the share price has remained firm and outperformed TOPIX, while the PBR has approached 1x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of existing business areas (existing markets × existing technologies)
02Launch of new products addressing customer needs (existing markets × new products)
03Establishment of new business areas (new markets × new technologies)
04Strengthening Organisational Capabilities
Plan assumptionsTrade policy developments in various countries and rising tensions in the Middle East surrounding Iran have resulted in supply chain disruptions and volatility in energy and raw material prices. The timing of a resolution remains unclear, and the impact is uncertain; these effects have not been incorporated into the plan. Numerical assumptions such as exchange rates and market growth rates are not disclosed.
Non-financial targetsIndicator Overseas revenue / Target +10% or more versus fiscal 2025 / Timing FY2030, Indicator Market share in automotive HVAC / Target Approximately 12%, up from approximately 8–9% currently / Timing FY2030, Indicator Commercialization of leak-detection and sodium-potassium sensors / Target Aim to commercialize / Timing Around 2027, Indicator Test marketing of leak-detection and sodium-potassium sensors / Target Scheduled to start / Timing Fiscal 2026, Indicator Renewable electricity adoption rate / Target 100% (22% in fiscal 2024) / Timing FY2030, Indicator Scope 1–3 emissions reduction / Target At least 55% below fiscal 2024 / Timing FY2030, Indicator Scope 3 emissions reduction / Target 25% below fiscal 2024 / Timing FY2030, Indicator Carbon Neutrality / Target Actual reduction / Timing FY2050, Indicator Reconstruction of the new head office / Target Completion scheduled; aim to obtain ZEB Ready certification / Timing January 2028
Risks identified by the company
Expansion of trade policies and tariff measures in various countries
Rising tensions in the Middle East surrounding Iran
Supply chain disruption and instability caused by geopolitical risks
Energy price volatility
Volatility in the prices of various raw materials
Rising material and labor costs
Changes in the business environment and uncertainty regarding their impact on business performance
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | Fiscal 2026–2030 (five years) / FY2026-2030 |
| Progress against the plan | Formulated |
| Sales Target | ¥17.3 billion (fiscal 2025 actual) → ¥22.0 billion (fiscal 2030 medium-term management plan target) |
| Operating profit target | ¥1.2 billion (fiscal 2025 actual) → ¥2.2 billion (fiscal 2030 medium-term management plan target) |
| Operating profit margin target | 6.7% (fiscal 2025 actual) → 10.0% (fiscal 2030 medium-term management plan target) |
| ROE target | 4.5% (fiscal 2025 actual) → At least 6.0% (fiscal 2030 target) / aiming for more than 8.0% over the medium to long term |
| Payout ratio / DOE policy | During the medium-term management plan period, the company plans to return profits to shareholders with a dividend on equity (DOE) of approximately 5.0% as a guideline. The actual dividend payout ratio for fiscal 2025 was 73.4%. |
| Treasury share acquisition policy | To achieve an optimal capital structure and pursue a flexible capital policy, the company plans to acquire ¥1.5 billion of treasury shares in total during the first 3 years of the medium-term plan. |
| Cost of capital | Shareholders’ equity cost: approximately 8% |
| Self-assessment of PBR and share price | Since the previous medium-term management plan was announced, the share price has remained firm and outperformed TOPIX, while the PBR has approached 1x. |
| Total investment plan | Approximately ¥12.8 billion (capital expenditures and other investments; five-year cumulative total) |
| Investment amount by sector | Field New head office and research and development building / Amount Approximately ¥5.0 billion, Field Investment in advanced production infrastructure at the Ako plant and other locations / Amount Approximately ¥3.6 billion, Field Investment in the latest production equipment / Amount Approximately ¥3.2 billion, Field Systems and other investments / Amount Approximately ¥1 billion |
| Non-financial targets | Indicator Overseas revenue / Target +10% or more versus fiscal 2025 / Timing FY2030, Indicator Market share in automotive HVAC / Target Approximately 12%, up from approximately 8–9% currently / Timing FY2030, Indicator Commercialization of leak-detection and sodium-potassium sensors / Target Aim to commercialize / Timing Around 2027, Indicator Test marketing of leak-detection and sodium-potassium sensors / Target Scheduled to start / Timing Fiscal 2026, Indicator Renewable electricity adoption rate / Target 100% (22% in fiscal 2024) / Timing FY2030, Indicator Scope 1–3 emissions reduction / Target At least 55% below fiscal 2024 / Timing FY2030, Indicator Scope 3 emissions reduction / Target 25% below fiscal 2024 / Timing FY2030, Indicator Carbon Neutrality / Target Actual reduction / Timing FY2050, Indicator Reconstruction of the new head office / Target Completion scheduled; aim to obtain ZEB Ready certification / Timing January 2028 |
| Plan assumptions | Trade policy developments in various countries and rising tensions in the Middle East surrounding Iran have resulted in supply chain disruptions and volatility in energy and raw material prices. The timing of a resolution remains unclear, and the impact is uncertain; these effects have not been incorporated into the plan. Numerical assumptions such as exchange rates and market growth rates are not disclosed. |
| Key initiatives | Expansion of existing business areas (existing markets × existing technologies), Launch of new products addressing customer needs (existing markets × new products), Establishment of new business areas (new markets × new technologies), Strengthening Organisational Capabilities |
| Results under the previous plan | Fiscal year ending March 2026 plan (revised): net sales of ¥18.0 billion, operating income of ¥1.7 billion, operating margin of 9.4% and ROE of 5.5%. Five-year cumulative plan: net sales of ¥79.7 billion and operating income of ¥6.7 billion. → Fiscal year ending March 2026 actual: net sales of ¥17.3 billion, operating income of ¥1.2 billion, operating margin of 6.7% and ROE of 4.5%. Five-year cumulative actual: net sales of ¥80.9 billion and operating income of ¥7.1 billion. |
| Risks identified | Expansion of trade policies and tariff measures in various countries, Rising tensions in the Middle East surrounding Iran, Supply chain disruption and instability caused by geopolitical risks, Energy price volatility, Volatility in the prices of various raw materials, Rising material and labor costs, Changes in the business environment and uncertainty regarding their impact on business performance |
| Date of board resolution | 12 May 2026 |
| Publication date | 12 May 2026 |
Items this document does not state (5)
Net income targetROIC targetSegment targetReason for revision or withdrawalSize 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.The company aims to accelerate further the expansion of existing business areas, exploration of new areas and advancement of research and development undertaken under the previous medium-term management plan, thereby achieving sustainable growth and enhancing corporate value. New product development will remain an ongoing priority under the current medium-term management plan.
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