Worth reading
79Important
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
430
¥100 million (net sales target for the fiscal year ending March 2030)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+16.3%
基準 36,959Target43,000million yen
Operating profit+47.6%
基準 2,913Target4,300million yen
Operating profit margin+4.0pt
基準 2,026Target2,030％
ROE+4.0pt
基準 2,026Target2,030％
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.
Net income for the current fiscal year2,665 (actual for the fiscal year ending March 2026) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue of ¥40.0 billion and an operating margin of 10% (targets for the fiscal year ending March 2026) → Revenue of ¥36.959 billion and an operating margin of 7.9% (actual results for the fiscal year ending March 2026)0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥37.0 billion in total over the period of the Medium-Term Management Plan from the fiscal year ending March 2027 through the fiscal year ending March 2030
Investment amount by sectorField Capital Expenditure / Amount Approximately ¥12.0 billion, Field Capital investment and replacement of existing facilities / Amount Approximately ¥5.0 billion, Field Research and development and initiatives to acquire new technologies / Amount Approximately ¥18 billion, Field New Businesses / Amount Approximately ¥2 billion
Statements about the use of capital
Payout ratio / DOE policyDuring the period of the Medium-Term Management Plan 2030, the company will set the higher of an annual dividend per share of ¥60 or a consolidated payout ratio of 40% as the floor. The later section states that the consolidated payout ratio will be at least 40%.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 ranged from 0.5x to 0.7x, and was 0.61x on an actual basis for the fiscal year ending March 2026. Under the Medium-Term Management Plan 2030, the company targets PBR of at least 1.0x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Entry into Public Infrastructure
02Accelerate business partnerships
03Promoting M&A
04Entry into the defense communications market
05Making stock-based businesses a core earnings driver, including the creation of new businesses
Segment targetSegment Amateur Radio Communications Equipment / Sales Target ¥7.5 billion / Profit Target Not disclosed, Segment Land Mobile Business Radio Communications Equipment / Sales Target ¥20 billion / Profit Target Not disclosed, Segment Maritime Radio Communications Equipment / Sales Target ¥5 billion / Profit Target Not disclosed, Segment Network equipment / Sales Target ¥1.5 billion / Profit Target Not disclosed, Segment Other / Sales Target ¥9 billion / Profit Target Not disclosed
Non-financial targetsIndicator Launch of MA-DNX-compatible terminals / Target and timing Targeted for 2027, Indicator Monetization of the MC-PTT/MCX business / Target and timing From the second half of 2028, Indicator Carbon Neutrality / Target and timing FY2050
Size of the Target MarketMA-DNX Up to 100,000 units / MC-PTT/MCX Several million units / Source Not disclosed
Risks identified by the company
Sharp fluctuations in economic conditions and product supply and demand in major markets, including Japan, the Americas, Europe and Asia
Changes in trade regulations, laws and other requirements in major domestic and overseas markets
Significant fluctuations in exchange rates for the US dollar, euro, and other currencies against the yen
Significant fluctuations in capital market prices
Changes in social infrastructure resulting from rapid technological change and other factors
Reason for revision or withdrawal
Amid heightened uncertainty over the economic outlook due to the U.S. government's reciprocal tariff policy, the conflicts in Ukraine and the Middle East, and political and geopolitical risks in various countries, the company did not achieve its planned revenue target. After analyzing the reasons for the shortfall, it has positioned the coming four years as a "new period of transformation" and aims to make further strides.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | Fiscal year ending March 2027 to fiscal year ending March 2030 |
| Progress against the plan | Formulated |
| Sales Target | 36,959 (actual for the fiscal year ending March 2026) → 43,000 (target for the fiscal year ending March 2030) |
| Operating profit target | 2,913 (actual for the fiscal year ending March 2026) → 4,300 (target for the fiscal year ending March 2030) |
| Operating profit margin target | 7.9% (actual for the fiscal year ending March 2026) → 10.0% (target for the fiscal year ending March 2030) |
| Net income target | 2,665 (actual for the fiscal year ending March 2026) → Not disclosed |
| ROE target | 3.8% (fiscal year ending March 2026 actual) → At least 5.0% (target for the fiscal year ending March 2030) |
| Payout ratio / DOE policy | During the period of the Medium-Term Management Plan 2030, the company will set the higher of an annual dividend per share of ¥60 or a consolidated payout ratio of 40% as the floor. The later section states that the consolidated payout ratio will be at least 40%. |
| Self-assessment of PBR and share price | PBR has ranged from 0.5x to 0.7x, and was 0.61x on an actual basis for the fiscal year ending March 2026. Under the Medium-Term Management Plan 2030, the company targets PBR of at least 1.0x. |
| Total investment plan | Approximately ¥37.0 billion in total over the period of the Medium-Term Management Plan from the fiscal year ending March 2027 through the fiscal year ending March 2030 |
| Investment amount by sector | Field Capital Expenditure / Amount Approximately ¥12.0 billion, Field Capital investment and replacement of existing facilities / Amount Approximately ¥5.0 billion, Field Research and development and initiatives to acquire new technologies / Amount Approximately ¥18 billion, Field New Businesses / Amount Approximately ¥2 billion |
| Segment target | Segment Amateur Radio Communications Equipment / Sales Target ¥7.5 billion / Profit Target Not disclosed, Segment Land Mobile Business Radio Communications Equipment / Sales Target ¥20 billion / Profit Target Not disclosed, Segment Maritime Radio Communications Equipment / Sales Target ¥5 billion / Profit Target Not disclosed, Segment Network equipment / Sales Target ¥1.5 billion / Profit Target Not disclosed, Segment Other / Sales Target ¥9 billion / Profit Target Not disclosed |
| Non-financial targets | Indicator Launch of MA-DNX-compatible terminals / Target and timing Targeted for 2027, Indicator Monetization of the MC-PTT/MCX business / Target and timing From the second half of 2028, Indicator Carbon Neutrality / Target and timing FY2050 |
| Key initiatives | Entry into Public Infrastructure, Accelerate business partnerships, Promoting M&A, Entry into the defense communications market, Making stock-based businesses a core earnings driver, including the creation of new businesses |
| Results under the previous plan | Revenue of ¥40.0 billion and an operating margin of 10% (targets for the fiscal year ending March 2026) → Revenue of ¥36.959 billion and an operating margin of 7.9% (actual results for the fiscal year ending March 2026) |
| Reason for revision or withdrawal | Amid heightened uncertainty over the economic outlook due to the U.S. government's reciprocal tariff policy, the conflicts in Ukraine and the Middle East, and political and geopolitical risks in various countries, the company did not achieve its planned revenue target. After analyzing the reasons for the shortfall, it has positioned the coming four years as a "new period of transformation" and aims to make further strides. |
| Size of the Target Market | MA-DNX Up to 100,000 units / MC-PTT/MCX Several million units / Source Not disclosed |
| Risks identified | Sharp fluctuations in economic conditions and product supply and demand in major markets, including Japan, the Americas, Europe and Asia, Changes in trade regulations, laws and other requirements in major domestic and overseas markets, Significant fluctuations in exchange rates for the US dollar, euro, and other currencies against the yen, Significant fluctuations in capital market prices, Changes in social infrastructure resulting from rapid technological change and other factors |
| Publication date | 22 May 2026 |
Items this document does not state (5)
ROIC targetTreasury share acquisition policyCost of capitalPlan assumptionsDate 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 Medium-Term Management Plan 2026, the company did not achieve revenue of ¥40.0 billion or an operating margin of 10%. It cited the U.S. government's reciprocal tariff policy, the conflicts in Ukraine and the Middle East, and uncertainty over the economic outlook arising from political and geopolitical risks in various countries as the background. Against this backdrop, the company designated the fiscal year ending March 2027 as the first year of a "new period of transformation" in order to accelerate its growth strategy toward becoming a 100-year-old company.
How to read this page
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