Worth reading
70In 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
85
% (versus the previous medium-term plan for operating income)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+45.1%
基準 1,344Target1,950hundred million (cumulative for 3 years)
Operating profit+85.0%
基準 227Target420hundred million (cumulative for 3 years)
Operating profit margin+4.6pt
基準 16.9Target21.5% (cumulative for three years)
Net income for the current fiscal year+81.0%
基準 163Target295hundred million (cumulative for 3 years)
ROE+3.0pt
基準 2,025Target2,028％
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 planNet sales of ¥139.0 billion, operating income of ¥25.0 billion, net income of ¥17.2 billion, an operating margin of 17.9%, and ROE of at least 10% (cumulative three-year targets under the Fourth Medium-Term Management Plan) → Net sales of ¥134.4 billion, operating income of ¥22.7 billion, net income of ¥16.3 billion, an operating margin of 16.9%, and ROE of 21.1% (cumulative three-year actual results)-3.3%Calculated from the two disclosed figures
Total investment plan¥23.0 billion (¥18.0 billion in capital expenditures + ¥5.0 billion in strategic investment)
Investment amount by sectorField Capital expenditure / Amount ¥18 billion, Field Strategic Investment / Amount ¥5 billion
Statements about the use of capital
Payout ratio / DOE policyFor fiscal 2026 through fiscal 2028, the company will generally maintain a consolidated dividend payout ratio of 30% and introduce progressive dividends. The dividend per share for ordinary dividends will serve as the floor, and when surplus funds are available, the company will conduct share buybacks or pay special dividends, aiming for a high total payout ratio. The numerical DOE target is not disclosed.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 policyIf surplus funds remain after business investment, growth investment and ordinary dividends, the company will conduct flexible share buybacks or pay special dividends. Specific figures for the acquisition limit and timing are not disclosed.
Self-assessment of PBR and share priceThe company believes that ROE has been trending upward and that PBR has also improved. PBR was 2.93x in fiscal 2025, and the company will continue to seek further improvement in PBR.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Business Strengthening
02Strengthen the organization
03Deepening and expanding our core businesses and taking on new fields
04Becoming a company that can continuously adapt to a constantly changing era
05Deepening the business that drives the company’s growth into an even stronger business
06Evolving into a core business that leverages the company’s strengths and supports profit growth
07Innovating through internal strengthening and external collaboration
08Investment in Human Capital
09Sustainability initiatives
10Governance Enhancement
11Developing new fields and new customers
12Expanding the product lineup
13Strengthening the integrated in-house production system
14Strengthening solutions for hyperscale data centers
15Expanding internal interconnect solutions compatible with next-generation high-speed transmission
16Strengthening the development and sales of medical blood analyzers
17Strengthening sales of AR-coated products for data centers and polyimide filter products for optical communications lines
Plan assumptionsAssumed exchange rate: US$1 = ¥150.00, Assumed exchange rate: €1 = ¥175.00
Segment targetSegment Test Solutions business (TS business) / Sales Target ¥100.1 billion / Operating profit target ¥25.4 billion, Segment Connector Solutions business (CS business) / Sales Target ¥90.0 billion / Operating profit target ¥16 billion, Segment Optical-related business (OPT business) / Sales Target ¥4.8 billion / Operating profit target ¥500 million
| Item | Details |
|---|---|
| Plan name | Fifth Medium-Term Management Plan |
| Plan period | Fiscal 2026–fiscal 2028 (fiscal years ending March 2027 through March 2029) |
| Progress against the plan | Formulated |
| Sales Target | ¥1,344 hundred million (cumulative for 3 years) → ¥1,950 hundred million (cumulative for 3 years)（+45％） |
| Operating profit target | ¥227 hundred million (cumulative for 3 years) → ¥420 hundred million (cumulative for 3 years)（+85％） |
| Operating profit margin target | 16.9 % (cumulative for three years) → 21.5 % (cumulative for three years) |
| Net income target | ¥163 hundred million (cumulative for 3 years) → ¥295 hundred million (cumulative for 3 years)（+80％） |
| ROE target | 21.1% (actual for fiscal 2025) → At least 18% (target for fiscal 2026–fiscal 2028) |
| Payout ratio / DOE policy | For fiscal 2026 through fiscal 2028, the company will generally maintain a consolidated dividend payout ratio of 30% and introduce progressive dividends. The dividend per share for ordinary dividends will serve as the floor, and when surplus funds are available, the company will conduct share buybacks or pay special dividends, aiming for a high total payout ratio. The numerical DOE target is not disclosed. |
| Treasury share acquisition policy | If surplus funds remain after business investment, growth investment and ordinary dividends, the company will conduct flexible share buybacks or pay special dividends. Specific figures for the acquisition limit and timing are not disclosed. |
| Self-assessment of PBR and share price | The company believes that ROE has been trending upward and that PBR has also improved. PBR was 2.93x in fiscal 2025, and the company will continue to seek further improvement in PBR. |
| Total investment plan | ¥23.0 billion (¥18.0 billion in capital expenditures + ¥5.0 billion in strategic investment) |
| Investment amount by sector | Field Capital expenditure / Amount ¥18 billion, Field Strategic Investment / Amount ¥5 billion |
| Segment target | Segment Test Solutions business (TS business) / Sales Target ¥100.1 billion / Operating profit target ¥25.4 billion, Segment Connector Solutions business (CS business) / Sales Target ¥90.0 billion / Operating profit target ¥16 billion, Segment Optical-related business (OPT business) / Sales Target ¥4.8 billion / Operating profit target ¥500 million |
| Plan assumptions | Assumed exchange rate: US$1 = ¥150.00, Assumed exchange rate: €1 = ¥175.00 |
| Key initiatives | Business Strengthening, Strengthen the organization, Deepening and expanding our core businesses and taking on new fields, Becoming a company that can continuously adapt to a constantly changing era, Deepening the business that drives the company’s growth into an even stronger business, Evolving into a core business that leverages the company’s strengths and supports profit growth, Innovating through internal strengthening and external collaboration, Investment in Human Capital, Sustainability initiatives, Governance Enhancement, Developing new fields and new customers, Expanding the product lineup, Strengthening the integrated in-house production system, Strengthening solutions for hyperscale data centers, Expanding internal interconnect solutions compatible with next-generation high-speed transmission, Strengthening the development and sales of medical blood analyzers, Strengthening sales of AR-coated products for data centers and polyimide filter products for optical communications lines |
| Results under the previous plan | Net sales of ¥139.0 billion, operating income of ¥25.0 billion, net income of ¥17.2 billion, an operating margin of 17.9%, and ROE of at least 10% (cumulative three-year targets under the Fourth Medium-Term Management Plan) → Net sales of ¥134.4 billion, operating income of ¥22.7 billion, net income of ¥16.3 billion, an operating margin of 16.9%, and ROE of 21.1% (cumulative three-year actual results) |
| Publication date | 13 May 2026 |
Items this document does not state (7)
ROIC targetCost of capitalNon-financial targetsReason for revision or withdrawalSize of the Target MarketRisks identifiedDate 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.To capture changes in the business environment, including increased investment in AI and data centers, the electrification and intelligent development of automobiles, and advances in industrial equipment and medical applications, as growth opportunities, and to establish a foundation for profit growth toward 2030 and 2035.
How to read this page
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