Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
3000
¥ (fiscal 2028 share price target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROEFiscal 2025 actual: 8.6% → Not disclosed
Only the target level is shown because the current level for comparison was not provided.Statements about the use of capital
Payout ratio / DOE policyCurrent capital policies, including dividends and share buybacks, are difficult due to statutory accounting constraints. The specific dividend payout ratio, DOE target and target period are 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 policyShare buybacks at present are difficult due to statutory accounting constraints. The acquisition limit, timing and conditions are not disclosed.
Cost of capital7-9%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 has remained consistently above 1x, at 1.69x in fiscal 2025. The PCE ratio below 1x remains an issue, at 0.92x in fiscal 2025 and 0.66x based on the closing share price on 29 September 2026. The share price target for fiscal 2028 is at least ¥3,000.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Rebranding
02Embedded
03Tech & Services
04Strengthening human capital
05Strengthening Governance
06Promotion of sustainability
07Quality risk-taking
08Management with an awareness of the share price
09Dialogue with Shareholders and Investors
10Human Capital Strategy
Non-financial targetsIndicator Employee engagement score (overall) / Target value Continuous improvement / Timing End of March 2029, Indicator Percentage of decision-makers who are women / Target value At least 30% / Timing End of March 2029, Indicator Percentage of decision-makers aged 30 or under / Target value 15% or higher / Timing End of March 2029, Indicator Employee engagement score (growth) / Target value Continuous improvement / Timing End of March 2029
Risks identified by the company
Changes in the business environment
Various risks and uncertainties
Market and credit risk
Life insurance risk
Reason for revision or withdrawal
The Board of Directors discussed and updated the company's assessment of its current status, its evaluation and its initiatives. The share price has declined due to changes in market expectations following changes in shareholders and progress in comprehensive capital, among other factors, and the company recognizes the PCE multiple falling below 1x as a major issue.
| Item | Details |
|---|---|
| Plan name | Medium-Term Plan for Fiscal 2024–Fiscal 2028 |
| Plan period | FY2024–FY2028 |
| Progress against the plan | Annual update |
| ROE target | Fiscal 2025 actual: 8.6% → Not disclosed |
| Payout ratio / DOE policy | Current capital policies, including dividends and share buybacks, are difficult due to statutory accounting constraints. The specific dividend payout ratio, DOE target and target period are not disclosed. |
| Treasury share acquisition policy | Share buybacks at present are difficult due to statutory accounting constraints. The acquisition limit, timing and conditions are not disclosed. |
| Cost of capital | 7-9% |
| Self-assessment of PBR and share price | PBR has remained consistently above 1x, at 1.69x in fiscal 2025. The PCE ratio below 1x remains an issue, at 0.92x in fiscal 2025 and 0.66x based on the closing share price on 29 September 2026. The share price target for fiscal 2028 is at least ¥3,000. |
| Non-financial targets | Indicator Employee engagement score (overall) / Target value Continuous improvement / Timing End of March 2029, Indicator Percentage of decision-makers who are women / Target value At least 30% / Timing End of March 2029, Indicator Percentage of decision-makers aged 30 or under / Target value 15% or higher / Timing End of March 2029, Indicator Employee engagement score (growth) / Target value Continuous improvement / Timing End of March 2029 |
| Key initiatives | Rebranding, Embedded, Tech & Services, Strengthening human capital, Strengthening Governance, Promotion of sustainability, Quality risk-taking, Management with an awareness of the share price, Dialogue with Shareholders and Investors, Human Capital Strategy |
| Reason for revision or withdrawal | The Board of Directors discussed and updated the company's assessment of its current status, its evaluation and its initiatives. The share price has declined due to changes in market expectations following changes in shareholders and progress in comprehensive capital, among other factors, and the company recognizes the PCE multiple falling below 1x as a major issue. |
| Risks identified | Changes in the business environment, Various risks and uncertainties, Market and credit risk, Life insurance risk |
| Publication date | 30 September 2026 |
Items this document does not state (12)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planInvestment amount by sectorSegment targetPlan assumptionsResults under the previous planSize 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 Board of Directors discussed the company's assessment of its current status, its evaluation and its initiatives. The company identifies as an issue the decline in the share price, due to changes in market expectations following changes in shareholders and progress in comprehensive capital, among other factors, and the PCE multiple falling below 1x.
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.