Worth reading
72In 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
60000
¥ million (consolidated net sales target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+8.3%
基準 55,386Target60,000million yen
Operating profit+9.5%
基準 4,656Target5,100million yen
ROIC+3.0pt
基準 2,026Target2,029%
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.
ROE6.1% (actual for the fiscal year ended March 2026) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNet Sales ¥52.0 billion / Operating profit ¥4.5 billion / ROIC 6～7% → Net Sales ¥55.3 billion / Operating profit ¥4.6 billion / ROIC 6.4%（Net Sales Approximately 6.3% / Operating profit Approximately 2.2% / ROIC Not disclosed）
Total investment planApproximately ¥17.5 billion plus additional investment (approximately ¥12.0 billion plus additional growth investment and approximately ¥5.5 billion in foundational investment)
Investment amount by sectorField Technology and Product Development / Amount Approximately ¥10.5 billion, Field Human Resources / Amount Approximately ¥1.5 billion, Field Strategic Investment / Amount ＋α, Field Productivity Improvement / Amount Approximately ¥1.1 billion, Field Renovation of headquarters and review of the functions of the adjoining hall / Amount Approximately ¥2.1 billion, Field Other / Amount Approximately ¥2.3 billion
Statements about the use of capital
Payout ratio / DOE policyDuring the plan period, the Company will generally pay a stable annual dividend of ¥85 (an interim dividend of ¥40 and a year-end dividend of ¥45). The dividend amount will be determined with reference to the higher of a consolidated dividend payout ratio of 85% or DOE of 5% or more.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 pricePBR has remained above 1x, reflecting business growth and changes to the dividend policy, among other factors (as of 22 April 2026). The Company assesses that its corporate value is steadily increasing.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Innovation in communication solutions
02Accelerating overseas growth
03Advancing customer support solutions
04New Business Development
05Strengthening the people, products and information infrastructure supporting business growth
Plan assumptionsThe plan assumes that economic growth within ASEAN and South Asia will remain at 4% to 6%. Other numerical assumptions, including exchange rates and raw material prices, are Not disclosed.
Segment targetSegment Japan / Actual results for the fiscal year ending March 2026 ¥32.6 billion / Target for the fiscal year ending March 2029 Approximately 1% increase, Segment Europe, the Middle East and Africa / Actual results for the fiscal year ending March 2026 ¥7.6 billion / Target for the fiscal year ending March 2029 Approximately 16% increase, Segment Asia-Pacific / Actual results for the fiscal year ending March 2026 ¥12.1 billion / Target for the fiscal year ending March 2029 Approximately 31% increase, Segment Americas / Actual results for the fiscal year ending March 2026 ¥3 billion / Target for the fiscal year ending March 2029 Approximately 15% increase
Size of the Target MarketMarket Growth Rate 4% to 6% (economic growth within ASEAN and South Asia) / Market Size Not disclosed / Source Not disclosed
Risks identified by the company
Item A long-term decline in the number of new building construction projects due to population decline and the trend toward prioritizing the utilization of existing social infrastructure / Additions and deletions from the previous version Not disclosed
Item Higher construction-material prices due to the yen's depreciation trend and heightened geopolitical risks, placing pressure on customers' capacity for capital investment / Additions and deletions from the previous version Not disclosed
Item Geopolitical risks within Europe arising from the prolonged Russia-Ukraine war / Additions and deletions from the previous version Not disclosed
Item Heightened tensions in the Middle East and their impact on the global economy / Additions and deletions from the previous version Not disclosed
Item An influx of low-priced products from China, India and other countries, and intensifying competition with local competitors / Additions and deletions from the previous version Not disclosed
Item Uncertainty in market conditions arising from the trade environment, including U.S. tariffs, U.S.-China tensions and tax changes / Additions and deletions from the previous version Not disclosed
Item Increasingly stringent cybersecurity requirements / Additions and deletions from the previous version Not disclosed
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (fiscal years ending March 2027 through March 2029) |
| Plan period | Three years from the fiscal year ending March 2027 through the fiscal year ending March 2029 |
| Progress against the plan | Formulated |
| Sales Target | 55,386 (actual for the fiscal year ended March 2026) → 60,000 (target for the fiscal year ending March 2029)（Approximately 8.3%） |
| Operating profit target | 4,656 (actual for the fiscal year ended March 2026) → 5,100 (target for the fiscal year ending March 2029)（Approximately 9.5%） |
| ROE target | 6.1% (actual for the fiscal year ended March 2026) → Not disclosed |
| ROIC target | 6.4% (actual for the fiscal year ended March 2026) → 6.6% (target for the fiscal year ending March 2029)（Approximately 3.1%） |
| Payout ratio / DOE policy | During the plan period, the Company will generally pay a stable annual dividend of ¥85 (an interim dividend of ¥40 and a year-end dividend of ¥45). The dividend amount will be determined with reference to the higher of a consolidated dividend payout ratio of 85% or DOE of 5% or more. |
| Self-assessment of PBR and share price | PBR has remained above 1x, reflecting business growth and changes to the dividend policy, among other factors (as of 22 April 2026). The Company assesses that its corporate value is steadily increasing. |
| Total investment plan | Approximately ¥17.5 billion plus additional investment (approximately ¥12.0 billion plus additional growth investment and approximately ¥5.5 billion in foundational investment) |
| Investment amount by sector | Field Technology and Product Development / Amount Approximately ¥10.5 billion, Field Human Resources / Amount Approximately ¥1.5 billion, Field Strategic Investment / Amount ＋α, Field Productivity Improvement / Amount Approximately ¥1.1 billion, Field Renovation of headquarters and review of the functions of the adjoining hall / Amount Approximately ¥2.1 billion, Field Other / Amount Approximately ¥2.3 billion |
| Segment target | Segment Japan / Actual results for the fiscal year ending March 2026 ¥32.6 billion / Target for the fiscal year ending March 2029 Approximately 1% increase, Segment Europe, the Middle East and Africa / Actual results for the fiscal year ending March 2026 ¥7.6 billion / Target for the fiscal year ending March 2029 Approximately 16% increase, Segment Asia-Pacific / Actual results for the fiscal year ending March 2026 ¥12.1 billion / Target for the fiscal year ending March 2029 Approximately 31% increase, Segment Americas / Actual results for the fiscal year ending March 2026 ¥3 billion / Target for the fiscal year ending March 2029 Approximately 15% increase |
| Plan assumptions | The plan assumes that economic growth within ASEAN and South Asia will remain at 4% to 6%. Other numerical assumptions, including exchange rates and raw material prices, are Not disclosed. |
| Key initiatives | Innovation in communication solutions, Accelerating overseas growth, Advancing customer support solutions, New Business Development, Strengthening the people, products and information infrastructure supporting business growth |
| Results under the previous plan | Net Sales ¥52.0 billion / Operating profit ¥4.5 billion / ROIC 6～7% → Net Sales ¥55.3 billion / Operating profit ¥4.6 billion / ROIC 6.4%（Net Sales Approximately 6.3% / Operating profit Approximately 2.2% / ROIC Not disclosed） |
| Size of the Target Market | Market Growth Rate 4% to 6% (economic growth within ASEAN and South Asia) / Market Size Not disclosed / Source Not disclosed |
| Risks identified | Item A long-term decline in the number of new building construction projects due to population decline and the trend toward prioritizing the utilization of existing social infrastructure / Additions and deletions from the previous version Not disclosed, Item Higher construction-material prices due to the yen's depreciation trend and heightened geopolitical risks, placing pressure on customers' capacity for capital investment / Additions and deletions from the previous version Not disclosed, Item Geopolitical risks within Europe arising from the prolonged Russia-Ukraine war / Additions and deletions from the previous version Not disclosed, Item Heightened tensions in the Middle East and their impact on the global economy / Additions and deletions from the previous version Not disclosed, Item An influx of low-priced products from China, India and other countries, and intensifying competition with local competitors / Additions and deletions from the previous version Not disclosed, Item Uncertainty in market conditions arising from the trade environment, including U.S. tariffs, U.S.-China tensions and tax changes / Additions and deletions from the previous version Not disclosed, Item Increasingly stringent cybersecurity requirements / Additions and deletions from the previous version Not disclosed |
| Publication date | 7 May 2026 |
Items this document does not state (7)
Operating profit margin targetNet income targetTreasury share acquisition policyCost of capitalNon-financial targetsReason 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.Under the long-term management strategy NEXT100 TOA, the Company will redefine its business structure and accelerate the development of a foundation for future rapid growth during the first three years of transformation toward fiscal 2034, the 100th anniversary of its founding. The plan also reflects the fact that consolidated net sales and operating profit, among other figures, reached record highs in the final year of the previous medium-term management plan.
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