Worth reading
78Important
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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
WithdrawnNet Sales¥8,400 million → Not disclosed
Operating profit¥1,400 million → Not disclosed
Operating profit margin17 % → Not disclosed
ROENot disclosed → 20 %
Only the target level is shown because the current level for comparison was not provided.ROIC targetNot disclosed → ROIC > WACC (sustained expansion of the spread)ROIC is the percentage of profit generated from money invested in the business, including borrowings.
What happened to the previous planOperating revenue 5,400 / Operating profit 500 → Operating revenue 4,581 / Operating profit 105（Operating revenue -15.2% / Operating profit -79.0%）
Total investment planUp to ¥4 billion
Investment amount by sectorField Growth investment (LINKTIVITY business and OTA business) / Amount Not disclosed, Field Strategic investment (M&A and inorganic growth) / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyShare buybacks and dividends will be considered in the future. Growth investment is currently being prioritized. ¥200–500 million is stated as the range for shareholder returns. The target period is medium to long term.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 policyAfter taking the cancellation rate into account, a certain proportion will be retained as retained earnings, and share buybacks and dividends will be considered in the future. Growth investment is currently being prioritized.
Key initiatives
01Disciplined cost management and improved agility
02Maximizing operating leverage
03Applying AI to data assets and expanding into new B2B fields
04Prioritizing and concentrating development resources
05Delivering reliable monetization of the platform business
06Strengthening existing sales channels and expanding broadly into East Asia and other markets
07Launching the cruise business
08Collaboration with government agencies and local authorities (G to B)
Plan assumptionsOutbound demand In light of exchange-rate trends and other factors, the plan assumes a gradual recovery of approximately 8% year on year. / Inbound Demand Inbound demand is expected to remain solid, particularly from East Asia, but no sharp upside is factored in.
Size of the Target MarketBusiness OTA business / TAM Approximately ¥30 trillion / SAM Approximately JPY 1.5 trillion / SOM Approximately ¥300 billion / Source Calculated based on data from the Japan Tourism Agency and the Company's booking data, Business Tourism IT business / TAM Several trillion yen to ¥10 trillion / SAM Approximately ¥2–2.5 trillion / SOM Approximately ¥600 billion / Source Calculated based on the Japan Tourism Agency's Survey of Foreign Visitors' Spending Trends (2023–2024 levels), estimates by JNTO and the Company's booking data
Risks identified by the company
Natural disasters, international affairs and infectious diseases, among others (likelihood: low; timing: anytime)
Exchange-rate fluctuations (likelihood: medium; timing: anytime)
Climate change (likelihood: medium; timing: medium to long term)
Keeping pace with technological innovation (AI and DX) (likelihood: medium; timing: medium to long term)
Securing and training personnel, and compliance (likelihood: medium; timing: medium to long term)
Maintaining the market-listing requirements (market capitalization of ¥10 billion) (likelihood: medium; timing: short to medium term)
Reason for revision or withdrawal
Exceptionally high macroeconomic volatility, the risk that low-accuracy long-term forecasts may be inconsistent, and the concentration of resources on the ability to adapt to change.
| Item | Details |
|---|---|
| Plan name | Fixed three-year medium-term management plan |
| Plan period | 2025–2027 |
| Progress against the plan | Withdrawn |
| Sales Target | ¥8,400 million → Not disclosed |
| Operating profit target | ¥1,400 million → Not disclosed |
| Operating profit margin target | 17 % → Not disclosed |
| ROE target | Not disclosed → 20 % |
| ROIC target | Not disclosed → ROIC > WACC (sustained expansion of the spread) |
| Payout ratio / DOE policy | Share buybacks and dividends will be considered in the future. Growth investment is currently being prioritized. ¥200–500 million is stated as the range for shareholder returns. The target period is medium to long term. |
| Treasury share acquisition policy | After taking the cancellation rate into account, a certain proportion will be retained as retained earnings, and share buybacks and dividends will be considered in the future. Growth investment is currently being prioritized. |
| Total investment plan | Up to ¥4 billion |
| Investment amount by sector | Field Growth investment (LINKTIVITY business and OTA business) / Amount Not disclosed, Field Strategic investment (M&A and inorganic growth) / Amount Not disclosed |
| Plan assumptions | Outbound demand In light of exchange-rate trends and other factors, the plan assumes a gradual recovery of approximately 8% year on year. / Inbound Demand Inbound demand is expected to remain solid, particularly from East Asia, but no sharp upside is factored in. |
| Key initiatives | Disciplined cost management and improved agility, Maximizing operating leverage, Applying AI to data assets and expanding into new B2B fields, Prioritizing and concentrating development resources, Delivering reliable monetization of the platform business, Strengthening existing sales channels and expanding broadly into East Asia and other markets, Launching the cruise business, Collaboration with government agencies and local authorities (G to B) |
| Results under the previous plan | Operating revenue 5,400 / Operating profit 500 → Operating revenue 4,581 / Operating profit 105（Operating revenue -15.2% / Operating profit -79.0%） |
| Reason for revision or withdrawal | Exceptionally high macroeconomic volatility, the risk that low-accuracy long-term forecasts may be inconsistent, and the concentration of resources on the ability to adapt to change. |
| Size of the Target Market | Business OTA business / TAM Approximately ¥30 trillion / SAM Approximately JPY 1.5 trillion / SOM Approximately ¥300 billion / Source Calculated based on data from the Japan Tourism Agency and the Company's booking data, Business Tourism IT business / TAM Several trillion yen to ¥10 trillion / SAM Approximately ¥2–2.5 trillion / SOM Approximately ¥600 billion / Source Calculated based on the Japan Tourism Agency's Survey of Foreign Visitors' Spending Trends (2023–2024 levels), estimates by JNTO and the Company's booking data |
| Risks identified | Natural disasters, international affairs and infectious diseases, among others (likelihood: low; timing: anytime), Exchange-rate fluctuations (likelihood: medium; timing: anytime), Climate change (likelihood: medium; timing: medium to long term), Keeping pace with technological innovation (AI and DX) (likelihood: medium; timing: medium to long term), Securing and training personnel, and compliance (likelihood: medium; timing: medium to long term), Maintaining the market-listing requirements (market capitalization of ¥10 billion) (likelihood: medium; timing: short to medium term) |
Items this document does not state (7)
Net income targetCost of capitalSelf-assessment of PBR and share priceSegment targetNon-financial targetsDate of board resolutionPublication date
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.Macroeconomic volatility is exceptionally high due to sharp exchange-rate fluctuations, geopolitical risks and persistently high airfares, among other factors. Low-accuracy long-term forecasts could create noise in corporate valuation. Management resources will be concentrated on the ability to adapt to change.
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