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
100
¥100 million (FY2031 consolidated net sales target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,027Target2,031Hundreds of millions of yen
Operating profit+0.2%
基準 2,027Target2,031Hundreds of millions of yen
Operating profit margin+4.0pt
基準 2,027Target2,031%
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.
ROEFY2026 actual: 5.54% → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planInitial FY2026 plan: ¥923 million in operating profit → FY2026 actual: ¥361 million in operating profit0.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe dividend will be increased from ¥38 to ¥40. The dividend payout ratio, DOE figures and applicable 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 repurchase authorization of ¥300 million; 45.5% progress by number of shares. The repurchase period and conditions are not disclosed.
Key initiatives
01Strengthen cross-selling and follow-up through new incentives and customer success
02Raise the average monthly fee from the ¥600,000 range to the ¥800,000 range through stronger AD
03Convert referrals from group customers into retainer engagements
04Diversify customers in domestic B2B markets, including corporate training, schools and sports
05Introduce 5 new buses in September (45 seats, with USB ports at every seat) and establish a sales manager position
06Double sales productivity through AI adoption (November 2026) and obtain a travel business license
07Enhance AI-based property screening (gross profit margin +80%; by the end of September 2026)
08Build an automated email system for sales prospects (number of projects +80%; by the end of August 2026)
09Develop relationships with financial institutions and secure lending partners
10Prepare for the launch of operations in October 2026 (through September 2026)
11Differentiate the business through medical receivables factoring
12Expand PR offerings across a list of 7,000 companies and 10,000 opportunities
13Customer integration platform project | Establish the foundation for cross-selling
14In-house AI development
15In-house development of land operator talent
Plan assumptionsMaintain an 81% gross profit margin in the PR business, Keep fixed SG&A expenses flat to slightly lower, Reduce the variable cost ratio from 20% to 11% through insourcing and AI adoption, FY2031 PR consultants: 110 (base case) / 127 (upside case), Inbound visitors: 42.68 million in 2025; government target of 60 million visitors and ¥15 trillion in spending by 2030, Target an increase in utilization from 60% to 80% following the introduction of 5 new buses in September
Segment targetSegment PR / Period FY2027 / Sales ¥2,311 million / Operating profit ¥344 million / Operating profit margin 14.9%, Segment Tourism / Period FY2027 / Sales ¥818 million / Operating profit -¥5 million / Operating profit margin ▲0.7%, Segment Real estate and assets / Period FY2027 / Sales ¥346 million / Operating profit ¥17 million / Operating profit margin 5.1%, Segment Financial Services / Period FY2027 / Sales ¥34 million / Operating profit -¥18 million / Operating profit margin ▲53.0%, Segment AI and Group Platform / Period FY2027 / Sales Not disclosed / Operating profit Not disclosed / Operating profit margin Not disclosed, Segment PR / Period FY2031 / Sales ¥4.00 billion (base case) / ¥4.84 billion (upside case) / Operating profit ¥1.50 billion (base case) / ¥1.75 billion (upside case) / Operating profit margin 37.5% (base case) / 36.2% (upside case)
Non-financial targetsIndicator Number of STOCK companies / Target 1,500 companies / Timing FY2031, Indicator Number of tourism projects and average unit price / Target 1,621 projects × ¥2.5 million / Timing FY2031, Indicator Chartered bus utilization rate / Target From 60% to 80% / Timing FY2027, Indicator Number of real estate projects / Target From 2 to 12 annually / Timing FY2031, Indicator Number of PR consultants / Target 110 (base case) / 127 (upside case) / Timing FY2031
Size of the Target MarketMarket Domestic PR services market / Scale Estimated at ¥139.1 billion in FY2024 / Growth rate Not disclosed / Source PRSJ 2025 PR Industry Survey, Market Inbound tourism spending in Japan / Scale Approximately ¥9.5 trillion in 2025; government target of ¥15 trillion in 2030 / Growth rate 4.3 million visitors from the 6 ASEAN countries; growth of +10–30% / Source Japan Tourism Agency, JNTO, Basic Plan for the Promotion of a Tourism Nation, Market Real estate and assets / Scale ¥8 trillion in used-property distribution plus ¥12 trillion in renovations, for a total of ¥20 trillion / Growth rate Not disclosed / Source JLL, CBRE, Ministry of Land, Infrastructure, Transport and Tourism, JREI, Market Domestic factoring / Scale ¥6.0 trillion in the fiscal year ended March 2025 / Growth rate CAGR of approximately 7.2% (2025–33 forecast) / Source Ank Partners, IMARC Group, Small and Medium Enterprise Agency, Market Domestic AI market / Scale From ¥1.3 trillion in 2024 to ¥4.2 trillion in 2029 / Growth rate CAGR of 25.6%; generative AI CAGR of 84.4% / Source IDC Japan, Ministry of Internal Affairs and Communications, Fuji-Keizai
Risks identified by the company
Further employee attrition (greatest risk)
Timing shifts in the launch of sales
Assumptions underlying the achievement of the disclosed target operating margin
Consecutive cancellations of group tours due to an economic slowdown in China
Higher airfares due to insufficient oil supply
Declining bus prices
A shift to a buyer's market dominated by travel agencies
A 3–4 month lag before results are achieved from developing alternative markets
Risk of the factoring market becoming a red ocean as more companies enter
Reason for revision or withdrawal
The assumptions changed because of intensifying competition in the market for new graduate recruitment. The company determined that the numerical targets would be difficult to achieve and withdrew them. Following completion of the group reorganization, the new plan moves the company from the single-business PR model's organizational restructuring phase to a phase of discontinuous growth under the five-domain structure.
| Item | Details |
|---|---|
| Plan name | FY2027 Business Plan / Group Medium-Term Vision | FY2031 (25th Fiscal Year) |
| Plan period | FY2027–FY2031 (25th Fiscal Year) |
| Progress against the plan | Formulated |
| Sales Target | FY2027 plan (approved figure): ¥3.51 billion → FY2031 medium-term vision: ¥10 billion |
| Operating profit target | FY2027 plan (approved figure): ¥322 million → FY2031 medium-term vision: ¥3 billion |
| Operating profit margin target | FY2027 plan: 11.0% → FY2031: approximately 30% |
| ROE target | FY2026 actual: 5.54% → Not disclosed |
| Payout ratio / DOE policy | The dividend will be increased from ¥38 to ¥40. The dividend payout ratio, DOE figures and applicable period are not disclosed. |
| Treasury share acquisition policy | Share repurchase authorization of ¥300 million; 45.5% progress by number of shares. The repurchase period and conditions are not disclosed. |
| Segment target | Segment PR / Period FY2027 / Sales ¥2,311 million / Operating profit ¥344 million / Operating profit margin 14.9%, Segment Tourism / Period FY2027 / Sales ¥818 million / Operating profit -¥5 million / Operating profit margin ▲0.7%, Segment Real estate and assets / Period FY2027 / Sales ¥346 million / Operating profit ¥17 million / Operating profit margin 5.1%, Segment Financial Services / Period FY2027 / Sales ¥34 million / Operating profit -¥18 million / Operating profit margin ▲53.0%, Segment AI and Group Platform / Period FY2027 / Sales Not disclosed / Operating profit Not disclosed / Operating profit margin Not disclosed, Segment PR / Period FY2031 / Sales ¥4.00 billion (base case) / ¥4.84 billion (upside case) / Operating profit ¥1.50 billion (base case) / ¥1.75 billion (upside case) / Operating profit margin 37.5% (base case) / 36.2% (upside case) |
| Non-financial targets | Indicator Number of STOCK companies / Target 1,500 companies / Timing FY2031, Indicator Number of tourism projects and average unit price / Target 1,621 projects × ¥2.5 million / Timing FY2031, Indicator Chartered bus utilization rate / Target From 60% to 80% / Timing FY2027, Indicator Number of real estate projects / Target From 2 to 12 annually / Timing FY2031, Indicator Number of PR consultants / Target 110 (base case) / 127 (upside case) / Timing FY2031 |
| Plan assumptions | Maintain an 81% gross profit margin in the PR business, Keep fixed SG&A expenses flat to slightly lower, Reduce the variable cost ratio from 20% to 11% through insourcing and AI adoption, FY2031 PR consultants: 110 (base case) / 127 (upside case), Inbound visitors: 42.68 million in 2025; government target of 60 million visitors and ¥15 trillion in spending by 2030, Target an increase in utilization from 60% to 80% following the introduction of 5 new buses in September |
| Key initiatives | Strengthen cross-selling and follow-up through new incentives and customer success, Raise the average monthly fee from the ¥600,000 range to the ¥800,000 range through stronger AD, Convert referrals from group customers into retainer engagements, Diversify customers in domestic B2B markets, including corporate training, schools and sports, Introduce 5 new buses in September (45 seats, with USB ports at every seat) and establish a sales manager position, Double sales productivity through AI adoption (November 2026) and obtain a travel business license, Enhance AI-based property screening (gross profit margin +80%; by the end of September 2026), Build an automated email system for sales prospects (number of projects +80%; by the end of August 2026), Develop relationships with financial institutions and secure lending partners, Prepare for the launch of operations in October 2026 (through September 2026), Differentiate the business through medical receivables factoring, Expand PR offerings across a list of 7,000 companies and 10,000 opportunities, Customer integration platform project | Establish the foundation for cross-selling, In-house AI development, In-house development of land operator talent |
| Results under the previous plan | Initial FY2026 plan: ¥923 million in operating profit → FY2026 actual: ¥361 million in operating profit |
| Reason for revision or withdrawal | The assumptions changed because of intensifying competition in the market for new graduate recruitment. The company determined that the numerical targets would be difficult to achieve and withdrew them. Following completion of the group reorganization, the new plan moves the company from the single-business PR model's organizational restructuring phase to a phase of discontinuous growth under the five-domain structure. |
| Size of the Target Market | Market Domestic PR services market / Scale Estimated at ¥139.1 billion in FY2024 / Growth rate Not disclosed / Source PRSJ 2025 PR Industry Survey, Market Inbound tourism spending in Japan / Scale Approximately ¥9.5 trillion in 2025; government target of ¥15 trillion in 2030 / Growth rate 4.3 million visitors from the 6 ASEAN countries; growth of +10–30% / Source Japan Tourism Agency, JNTO, Basic Plan for the Promotion of a Tourism Nation, Market Real estate and assets / Scale ¥8 trillion in used-property distribution plus ¥12 trillion in renovations, for a total of ¥20 trillion / Growth rate Not disclosed / Source JLL, CBRE, Ministry of Land, Infrastructure, Transport and Tourism, JREI, Market Domestic factoring / Scale ¥6.0 trillion in the fiscal year ended March 2025 / Growth rate CAGR of approximately 7.2% (2025–33 forecast) / Source Ank Partners, IMARC Group, Small and Medium Enterprise Agency, Market Domestic AI market / Scale From ¥1.3 trillion in 2024 to ¥4.2 trillion in 2029 / Growth rate CAGR of 25.6%; generative AI CAGR of 84.4% / Source IDC Japan, Ministry of Internal Affairs and Communications, Fuji-Keizai |
| Risks identified | Further employee attrition (greatest risk), Timing shifts in the launch of sales, Assumptions underlying the achievement of the disclosed target operating margin, Consecutive cancellations of group tours due to an economic slowdown in China, Higher airfares due to insufficient oil supply, Declining bus prices, A shift to a buyer's market dominated by travel agencies, A 3–4 month lag before results are achieved from developing alternative markets, Risk of the factoring market becoming a red ocean as more companies enter |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 July 2026 |
Items this document does not state (6)
Net income targetROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sector
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 group reorganization has been completed, enabling a transition to a five-domain structure that includes 3 M&A transactions and the establishment of an AI business. The company says it is moving from the previous organizational restructuring phase to a phase of discontinuous growth under the five-domain structure. The decline in revenue in FY2026 was primarily attributable to the temporary loss of experienced sales personnel and upfront investment in 5 new businesses.
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