Worth reading
59In 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
25
¥100 million (increase in revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+8.3%
基準 300Target325Hundreds of millions of yen
Operating profit+22.2%
基準 27Target33Hundreds 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.
What happened to the previous planRevenue: ¥30 billion; operating profit: ¥2.7 billion → FY2025 results: revenue of ¥31.648 billion and operating profit of ¥2.879 billion+6,650.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyStable dividends based on a target payout ratio of 30%. The FY2026 payout ratio target has been raised to 40%, and the forecast payout ratio for FY2026 is 45.7%.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 policyShare buybacks are currently being conducted. Details of the acquisition limit, timing and conditions are Not disclosed.
Cost of capitalFY2025 cost of equity: 11.045%; WACC: 9.6%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR improved from 0.77x at the end of FY2024 to 1.04x at the end of FY2025. At the end of May 2026, PBR was 1.24x and the share price was ¥1,737. Business profitability and market valuation are on an improving trend.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Achieve the targets of the medium-term management plan
02Enhance shareholder returns
03Resume interim dividends (record date: end of September 2023)
04Continuation of the Shareholder Benefit Program
05Reduction of cross-shareholdings
06Continue briefings for institutional investors and individual investors, held 2 times per year each
07Expand opportunities for individual IR meetings
08Enhance communication of non-financial information, including sustainability information
Risks identified by the company
Higher cost of equity due to an increase in beta under the CAPM
Higher cost of capital due to rising interest rates
ROE and ROIC falling below the cost of capital
Reason for revision or withdrawal
The Company achieved record-high performance in FY2025, reaching the medium-term management plan target for revenue one year ahead of schedule and the target for operating profit two years ahead of schedule. Accordingly, the FY2026 plan has been set above the medium-term management plan targets. The cost of capital increased due to the impact of higher beta under the CAPM and rising interest rates.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (FY2021–FY2026) |
| Plan period | FY2021～FY2026 |
| Progress against the plan | Partially revised |
| Sales Target | 300 Hundreds of millions of yen → 325 Hundreds of millions of yen |
| Operating profit target | 27 Hundreds of millions of yen → 33 Hundreds of millions of yen |
| Payout ratio / DOE policy | Stable dividends based on a target payout ratio of 30%. The FY2026 payout ratio target has been raised to 40%, and the forecast payout ratio for FY2026 is 45.7%. |
| Treasury share acquisition policy | Share buybacks are currently being conducted. Details of the acquisition limit, timing and conditions are Not disclosed. |
| Cost of capital | FY2025 cost of equity: 11.045%; WACC: 9.6%. |
| Self-assessment of PBR and share price | PBR improved from 0.77x at the end of FY2024 to 1.04x at the end of FY2025. At the end of May 2026, PBR was 1.24x and the share price was ¥1,737. Business profitability and market valuation are on an improving trend. |
| Key initiatives | Achieve the targets of the medium-term management plan, Enhance shareholder returns, Resume interim dividends (record date: end of September 2023), Continuation of the Shareholder Benefit Program, Reduction of cross-shareholdings, Continue briefings for institutional investors and individual investors, held 2 times per year each, Expand opportunities for individual IR meetings, Enhance communication of non-financial information, including sustainability information |
| Results under the previous plan | Revenue: ¥30 billion; operating profit: ¥2.7 billion → FY2025 results: revenue of ¥31.648 billion and operating profit of ¥2.879 billion |
| Reason for revision or withdrawal | The Company achieved record-high performance in FY2025, reaching the medium-term management plan target for revenue one year ahead of schedule and the target for operating profit two years ahead of schedule. Accordingly, the FY2026 plan has been set above the medium-term management plan targets. The cost of capital increased due to the impact of higher beta under the CAPM and rising interest rates. |
| Risks identified | Higher cost of equity due to an increase in beta under the CAPM, Higher cost of capital due to rising interest rates, ROE and ROIC falling below the cost of capital |
| Publication date | 30 June 2026 |
Items this document does not state (11)
Operating profit margin targetNet income targetROE targetROIC targetTotal investment planInvestment amount by sectorSegment targetNon-financial targetsPlan assumptionsSize of the Target MarketDate 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 achieved record-high performance in FY2025, reaching its revenue target under the medium-term management plan one year ahead of schedule and its operating profit target two years ahead of schedule. Accordingly, the FY2026 plan has been set above the previous targets. The Company also cites higher beta under the CAPM and rising interest rates as the primary causes of the increase in the cost of capital.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.