Worth reading
73In 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
500
¥100 million (2030 revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-97.5%
基準 2,025Target50Hundreds of millions of yen
Operating profit margin-2,016.0pt
基準 2,025Target9％
ROE-2,016.0pt
基準 2,025Target9％
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 planRevenue of ¥33.5 billion and an operating margin of 5.0% (TRS Vision-2025) → FY2025 actual: revenue of ¥35.3 billion and an operating margin of 6.7%+200.0%Calculated from the two disclosed figures
Investment amount by sectorField Growth Investment / Amount ¥5 billion (including ¥2 billion for M&A), Field Strengthening the Management Platform / Amount ¥5 billion
Statements about the use of capital
Payout ratio / DOE policyStable and continuous shareholder returns, with a payout ratio of 40% as a guideline. The period covered is the plan period of TRS Vision-2030, from FY2026 through FY2030.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of equity: 6.5%–8.5%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 was 0.6x during the previous medium-term plan, and has remained below 1.0x. Under the new plan, the company aims to achieve a PBR of 1.0x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01[Expanding sales of existing products] Rebuild sales expansion strategies based on market analysis and execute strategies with a focus on speed
02[Global] Japan: core earnings driver and growth leader; China: leverage strengths and characteristics and establish the carbon-neutrality heat exchanger business; Asia: expand growth
03[Expanding into new areas] Expand the business scope along two axes: passenger vehicles (expansion into existing product areas) and carbon neutrality (new products and applications)
04New smart factory (strengthening the production base)
05Human capital (strengthening the organizational base)
06Financial strategy (stabilizing the management base)
07Sustainability strategy (promoting ESG management)
Plan assumptionsThe company assumes that the shift to EVs will progress gradually, with regional differences. Demand for internal-combustion-engine vehicles is expected to continue in Japan, trend downward in China, and commercial vehicle demand is expected to grow moderately in Asia. Overall demand for construction machinery is expected to remain flat, with the shift to EVs limited mainly to smaller models, while demand for cooling products for internal-combustion engines is expected to remain relatively stable. Specific figures for exchange rates, raw material prices, and market growth rates were not disclosed.
Segment targetSegment name Japan / Sales Target ¥40.5 billion in 2030 (FY2025 actual: ¥29.6 billion) / Profit Target Not disclosed, Segment name China / Sales Target ¥7 billion in 2030 (FY2025 actual: ¥5.9 billion) / Profit Target Not disclosed, Segment name Asia / Sales Target ¥6 billion in 2030 (FY2025 actual: ¥2.9 billion) / Profit Target Not disclosed, Segment name Carbon-neutrality and passenger vehicle-related products / Sales Target ¥6 billion in 2030 / Profit Target Not disclosed
Non-financial targetsIndicator name Domestic share of heat exchangers for trucks and construction machinery / Target value No.1 / Timing 2030, Indicator name CO₂ emissions / Target value 50% reduction from FY2018 / Timing 2035, Indicator name Renewable energy ratio / Target value Bring it close to effectively 100% / Timing 2035, Indicator name Carbon Neutrality / Target value Achieve / Timing 2050
Risks identified by the company
Geopolitical risks and policy developments
Changes in market structure resulting from the shift to EVs
Structural changes in the Chinese market
Production efficiency and cost challenges associated with high-mix, low-volume production
| Item | Details |
|---|---|
| Plan name | TRS Vision-2030 |
| Plan period | FY2026–FY2030 |
| Progress against the plan | Formulated |
| Sales Target | FY2025 actual: ¥35.3 billion → ¥50.0 billion |
| Operating profit margin target | FY2025 actual: 6.7% → 9％ |
| ROE target | FY2025 actual: 8.5% → 9% or more |
| Payout ratio / DOE policy | Stable and continuous shareholder returns, with a payout ratio of 40% as a guideline. The period covered is the plan period of TRS Vision-2030, from FY2026 through FY2030. |
| Cost of capital | Cost of equity: 6.5%–8.5% |
| Self-assessment of PBR and share price | PBR was 0.6x during the previous medium-term plan, and has remained below 1.0x. Under the new plan, the company aims to achieve a PBR of 1.0x. |
| Investment amount by sector | Field Growth Investment / Amount ¥5 billion (including ¥2 billion for M&A), Field Strengthening the Management Platform / Amount ¥5 billion |
| Segment target | Segment name Japan / Sales Target ¥40.5 billion in 2030 (FY2025 actual: ¥29.6 billion) / Profit Target Not disclosed, Segment name China / Sales Target ¥7 billion in 2030 (FY2025 actual: ¥5.9 billion) / Profit Target Not disclosed, Segment name Asia / Sales Target ¥6 billion in 2030 (FY2025 actual: ¥2.9 billion) / Profit Target Not disclosed, Segment name Carbon-neutrality and passenger vehicle-related products / Sales Target ¥6 billion in 2030 / Profit Target Not disclosed |
| Non-financial targets | Indicator name Domestic share of heat exchangers for trucks and construction machinery / Target value No.1 / Timing 2030, Indicator name CO₂ emissions / Target value 50% reduction from FY2018 / Timing 2035, Indicator name Renewable energy ratio / Target value Bring it close to effectively 100% / Timing 2035, Indicator name Carbon Neutrality / Target value Achieve / Timing 2050 |
| Plan assumptions | The company assumes that the shift to EVs will progress gradually, with regional differences. Demand for internal-combustion-engine vehicles is expected to continue in Japan, trend downward in China, and commercial vehicle demand is expected to grow moderately in Asia. Overall demand for construction machinery is expected to remain flat, with the shift to EVs limited mainly to smaller models, while demand for cooling products for internal-combustion engines is expected to remain relatively stable. Specific figures for exchange rates, raw material prices, and market growth rates were not disclosed. |
| Key initiatives | [Expanding sales of existing products] Rebuild sales expansion strategies based on market analysis and execute strategies with a focus on speed, [Global] Japan: core earnings driver and growth leader; China: leverage strengths and characteristics and establish the carbon-neutrality heat exchanger business; Asia: expand growth, [Expanding into new areas] Expand the business scope along two axes: passenger vehicles (expansion into existing product areas) and carbon neutrality (new products and applications), New smart factory (strengthening the production base), Human capital (strengthening the organizational base), Financial strategy (stabilizing the management base), Sustainability strategy (promoting ESG management) |
| Results under the previous plan | Revenue of ¥33.5 billion and an operating margin of 5.0% (TRS Vision-2025) → FY2025 actual: revenue of ¥35.3 billion and an operating margin of 6.7% |
| Risks identified | Geopolitical risks and policy developments, Changes in market structure resulting from the shift to EVs, Structural changes in the Chinese market, Production efficiency and cost challenges associated with high-mix, low-volume production |
| Date of board resolution | 14 May 2026 |
| Publication date | 14 May 2026 |
Items this document does not state (7)
Operating profit targetNet income targetROIC targetTreasury share acquisition policyTotal investment planReason for revision or withdrawalSize of the Target Market
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 aims to achieve sustainable growth by simultaneously strengthening the earnings base of its existing businesses and expanding growth areas. It will optimize its product portfolio, expand its passenger vehicle and carbon-neutrality-related businesses, strengthen its manufacturing capabilities, and reinforce its human capital and organizational foundations centered on digital transformation, with the aim of improving medium- to long-term earnings power and capital efficiency.
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.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.