Worth reading
74In 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
149.5
¥ billion (revenue, versus FY2025 actual results)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,025Target2,028Hundreds of millions of yen
Operating profit+0.1%
基準 2,025Target2,028Hundreds of millions of yen
Operating profit margin+3.0pt
基準 2,025Target2,028%; percentage points
ROE+3.0pt
基準 2,025Target2,028%; percentage points
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 planConsolidated revenue of ¥41.7 billion, consolidated operating profit of ¥6.24 billion, and ROE of 10.0% (10th Medium-term Management Plan) → Consolidated revenue of ¥25.04 billion, consolidated operating loss of ¥0.69 billion, and ROE of ▲6.3% (FY2025 actual)+4,756.1%Calculated from the two disclosed figures
Total investment planCapital expenditures of ¥6.5 billion (over the 3 years from FY2026 to FY2028)
Investment amount by sectorField Production capacity expansion / Amount Approximately ¥3.1 billion / Period Covered FY2026～FY2028, Field Expansion and renovation of the head office plant / Amount Approximately ¥2.3 billion / Period Covered FY2026～FY2028, Field Expansion of new products and acceleration / Amount Approximately ¥0.9 billion / Period Covered FY2026～FY2028, Field M&A, etc. / Amount Not disclosed / Period Covered FY2026～FY2028
Statements about the use of capital
Payout ratio / DOE policyUnder the 11th Medium-term Management Plan (FY2026-FY2028), the basic policy is progressive dividends with a minimum DOE of 4.5%. The minimum DOE will be raised from the previous level of 3.5% to 4.5%.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
011. Restructuring the business portfolio
022. Strengthening the overseas strategy
033. Structural reform (improving the earnings structure)
04Improving productivity and optimizing the fixed-cost structure
05Enhancing variable-cost management and improving earnings power
06Optimizing the allocation of organizational resources
07Promoting DX
08Business alliance with LITEON
09Enhancement of shareholder returns
10Cash allocation with a focus on capital efficiency
11Introduction of a Shareholder Benefit Program
Plan assumptionsAssumptions USD / JPY / FY2025 151.95 / FY2028 155.00, Assumptions EUR / JPY / FY2025 176.74 / FY2028 182.50
Segment targetSegment Growth areas (semiconductor manufacturing equipment-related and renewable energy-related areas) / Sales target FY2025 ¥5.0 billion; FY2028 at least ¥9.3 billion / Profit Target Not disclosed, Segment Overseas revenue (excluding PRBX) / Sales target FY2025 ¥6.4 billion; FY2028 at least ¥13.9 billion / Profit Target Not disclosed
Non-financial targetsIndicator CO2 emissions (Scope 1 and 2, consolidated) / Target value FY2025 1,039t-CO2 to FY2028 968t-CO2 / Timing FY2028, Indicator Total waste generated / Target value FY2025 280t to FY2028 250t / Timing FY2028, Indicator Percentage of women in management positions / Target value FY2025 6.5% to FY2028 8.0% / Timing FY2028, Indicator Number of foreign nationals employed / Target value FY2025 13 to FY2028 17 / Timing FY2028, Indicator Employment Rate of People with Disabilities / Target value Maintain at least 2.70% / Timing FY2026～FY2028, Indicator Rate of parental leave taken by male employees / Target value Maintain 100% / Timing FY2026～FY2028
Risks identified by the company
Growing geopolitical risks
Weakness in the Chinese economy
Uncertainty in component procurement
Impact of population decline
Foreign Exchange Movements
Slowdown in the semiconductor manufacturing equipment market
Promotion of domestic production under China’s national policy
Stagnation in EV demand
Intensifying price competition
Dependence on the Japanese market
Concentration in the product portfolio
Development lead times
Higher procurement prices for materials and components
| Item | Details |
|---|---|
| Plan name | 11th Medium-term Management Plan FY2026-FY2028 Medium-term Management Plan |
| Plan period | FY2026-FY2028 (fiscal years ending May 2027 through May 2029) |
| Progress against the plan | Formulated |
| Sales Target | 250.4 (FY2025 actual) → 400.0 (FY2028 plan)（+59.7%） |
| Operating profit target | ▲6.9 (FY2025 actual) → 34.0 (FY2028 plan) |
| Operating profit margin target | ▲2.8% (FY2025 actual) → At least 8.5% (FY2028 plan) |
| ROE target | ▲6.3% (FY2025 actual) → At least 5.2% (FY2028 plan) |
| Payout ratio / DOE policy | Under the 11th Medium-term Management Plan (FY2026-FY2028), the basic policy is progressive dividends with a minimum DOE of 4.5%. The minimum DOE will be raised from the previous level of 3.5% to 4.5%. |
| Total investment plan | Capital expenditures of ¥6.5 billion (over the 3 years from FY2026 to FY2028) |
| Investment amount by sector | Field Production capacity expansion / Amount Approximately ¥3.1 billion / Period Covered FY2026～FY2028, Field Expansion and renovation of the head office plant / Amount Approximately ¥2.3 billion / Period Covered FY2026～FY2028, Field Expansion of new products and acceleration / Amount Approximately ¥0.9 billion / Period Covered FY2026～FY2028, Field M&A, etc. / Amount Not disclosed / Period Covered FY2026～FY2028 |
| Segment target | Segment Growth areas (semiconductor manufacturing equipment-related and renewable energy-related areas) / Sales target FY2025 ¥5.0 billion; FY2028 at least ¥9.3 billion / Profit Target Not disclosed, Segment Overseas revenue (excluding PRBX) / Sales target FY2025 ¥6.4 billion; FY2028 at least ¥13.9 billion / Profit Target Not disclosed |
| Non-financial targets | Indicator CO2 emissions (Scope 1 and 2, consolidated) / Target value FY2025 1,039t-CO2 to FY2028 968t-CO2 / Timing FY2028, Indicator Total waste generated / Target value FY2025 280t to FY2028 250t / Timing FY2028, Indicator Percentage of women in management positions / Target value FY2025 6.5% to FY2028 8.0% / Timing FY2028, Indicator Number of foreign nationals employed / Target value FY2025 13 to FY2028 17 / Timing FY2028, Indicator Employment Rate of People with Disabilities / Target value Maintain at least 2.70% / Timing FY2026～FY2028, Indicator Rate of parental leave taken by male employees / Target value Maintain 100% / Timing FY2026～FY2028 |
| Plan assumptions | Assumptions USD / JPY / FY2025 151.95 / FY2028 155.00, Assumptions EUR / JPY / FY2025 176.74 / FY2028 182.50 |
| Key initiatives | 1. Restructuring the business portfolio, 2. Strengthening the overseas strategy, 3. Structural reform (improving the earnings structure), Improving productivity and optimizing the fixed-cost structure, Enhancing variable-cost management and improving earnings power, Optimizing the allocation of organizational resources, Promoting DX, Business alliance with LITEON, Enhancement of shareholder returns, Cash allocation with a focus on capital efficiency, Introduction of a Shareholder Benefit Program |
| Results under the previous plan | Consolidated revenue of ¥41.7 billion, consolidated operating profit of ¥6.24 billion, and ROE of 10.0% (10th Medium-term Management Plan) → Consolidated revenue of ¥25.04 billion, consolidated operating loss of ¥0.69 billion, and ROE of ▲6.3% (FY2025 actual) |
| Risks identified | Growing geopolitical risks, Weakness in the Chinese economy, Uncertainty in component procurement, Impact of population decline, Foreign Exchange Movements, Slowdown in the semiconductor manufacturing equipment market, Promotion of domestic production under China’s national policy, Stagnation in EV demand, Intensifying price competition, Dependence on the Japanese market, Concentration in the product portfolio, Development lead times, Higher procurement prices for materials and components |
| Publication date | 19 June 2026 |
Items this document does not state (8)
Net income targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceReason for revision or withdrawalSize 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 was slow to respond to changes in the market environment and did not achieve the targets of its 10th Medium-term Management Plan. It takes the shortfall seriously and will rebuild its earnings base under the 11th Medium-term Management Plan. In light of slowing growth in the standard power supply business, the Company will also create new businesses through active investment in growth areas.
How to read this page
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