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
5
Increase in the ROE target (percentage points)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROE+5.0pt
基準 10Target15％
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).
What happened to the previous planROE of 15% or higher (target) → ROE of 13.0% (2025 actual)（Approximately 13.3% below target）+13,400.0%Calculated from the two disclosed figures
Statements about the use of capital
Treasury share acquisition policyThe company will acquire treasury shares from time to time when it determines that its share price is undervalued relative to its corporate value. On 5 June 2026, it disclosed a decision regarding matters related to the acquisition of treasury shares.
Cost of capitalThe estimated cost of equity is around 10%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe company had recognized that its share price had remained depressed for an extended period through 2025 and that its growth potential and corporate value were not being fully reflected in its valuation. Since the announcement of its first-quarter results in April 2026, its share price and market capitalization have risen significantly. In 2025, its PBR was 1.88x and its PER was 15.13x. The company now believes it has received a certain level of recognition from shareholders and investors.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Achievement of the Medium-Term Management Plan
02Promote sales in the 4 priority markets
03Introduce balance sheet guidelines and consider a policy on cash allocation
04Further reduce so-called policy-held shares
05Share repurchases
06Proactive information disclosure
07Proactively respond to the revised Corporate Governance Code
Reason for revision or withdrawal
Following the upward revision of the estimated cost of equity in August 2024, the ROE target was raised from 10% or higher to 15% or higher in February 2025.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Progress against the plan | Annual update |
| ROE target | At least 10% → 15% or higher（50％） |
| Treasury share acquisition policy | The company will acquire treasury shares from time to time when it determines that its share price is undervalued relative to its corporate value. On 5 June 2026, it disclosed a decision regarding matters related to the acquisition of treasury shares. |
| Cost of capital | The estimated cost of equity is around 10%. |
| Self-assessment of PBR and share price | The company had recognized that its share price had remained depressed for an extended period through 2025 and that its growth potential and corporate value were not being fully reflected in its valuation. Since the announcement of its first-quarter results in April 2026, its share price and market capitalization have risen significantly. In 2025, its PBR was 1.88x and its PER was 15.13x. The company now believes it has received a certain level of recognition from shareholders and investors. |
| Key initiatives | Achievement of the Medium-Term Management Plan, Promote sales in the 4 priority markets, Introduce balance sheet guidelines and consider a policy on cash allocation, Further reduce so-called policy-held shares, Share repurchases, Proactive information disclosure, Proactively respond to the revised Corporate Governance Code |
| Results under the previous plan | ROE of 15% or higher (target) → ROE of 13.0% (2025 actual)（Approximately 13.3% below target） |
| Reason for revision or withdrawal | Following the upward revision of the estimated cost of equity in August 2024, the ROE target was raised from 10% or higher to 15% or higher in February 2025. |
| Date of board resolution | 7 August 2026 |
| Publication date | 7 August 2026 |
Items this document does not state (14)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetPayout ratio / DOE policyTotal investment planInvestment amount by sectorSegment targetNon-financial targetsPlan assumptionsSize of the Target MarketRisks identified
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 ROE target was raised in line with the upward revision of the estimated cost of equity based on dialogue with shareholders and investors. The company also plans to pursue initiatives such as improving asset efficiency and information disclosure to enhance capital profitability and corporate value, foster growth expectations, and reduce the cost of equity.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.