Worth reading
66In 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
280
¥100 million (FY2028 operating profit target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedOperating profit+0.1%
基準 2,025Target2,028Hundreds of millions of yen
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.
Net SalesFY2025 actual: 6,878 → Not disclosed
Operating profit marginFY2025 actual: 3.3% → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planFY2025 targets: revenue ¥300 billion, operating profit ¥13 billion, operating margin 4.3%, cumulative operating cash flow of ¥40 billion for FY2022–FY2025, ROE 9.0%, ROA 10.0% → FY2025 actual: revenue ¥687.8 billion, operating profit ¥22.4 billion, operating margin 3.3%, cumulative operating cash flow of ¥6 billion for FY2022–FY2025, ROE 15.4%, ROA 11.9%0.0%Calculated from the two disclosed figures
Investment amount by sectorField Business investment (expansion and strengthening of production infrastructure, creation of new revenue sources, and strengthening of the management foundation) / Amount Approximately ¥18 billion, Field Capital investment (recurring) / Amount Approximately ¥13 billion
Statements about the use of capital
Payout ratio / DOE policyThe company will provide stable and sustainable dividends and return profits with dividend-on-equity (DOE) as a guideline. DOE of at least 2.5%; target for the fiscal year ending March 2029, the final year of the plan.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 policyFlexible share repurchases taking market conditions into account.
Key initiatives
01Strengthening the arterial process (sales)
02Strengthening the venous process (recovery)
03Expanding the procurement network and broadening the product lineup
04Expanding sales channels and increasing value-added offerings
05Strengthening the management foundation: DX and security
06Strengthening the management foundation: promoting human capital management
Plan assumptionsPrecious metals prices are assumed to remain at approximately the average level for Q4 of FY2025 (January–March 2026).
Segment targetSegment Precious metals-related business / Indicator Operating profit / Target ¥24.5 billion / Timing FY2028, Segment Food-Related Business / Indicator Operating profit / Target ¥3.5 billion / Timing FY2028
Non-financial targetsIndicator GHG emissions (Scope 1 + 2) / Target value 42% reduction / Timing Not disclosed, Indicator GHG emissions (Scope 3) / Target value 25% reduction / Timing Not disclosed, Indicator Recycling rate / Target value At least 90% / Timing Not disclosed, Indicator Employee Engagement / Target value Increase / Timing Not disclosed, Indicator Advancement of Women / Target value Promotion / Timing Not disclosed, Indicator Supplier engagement / Target value Increase / Timing Not disclosed
Risks identified by the company
Geopolitical risk
Climate Change
Communicable diseases
Surging raw material prices
Population decline
Labor Shortages
Changes in the business environment
Reason for revision or withdrawal
The company was able to expand earnings and enhance corporate value. However, with external tailwinds including rising precious metals prices, strengthening the earnings base and creating new revenue sources remained ongoing challenges.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2028 (FY2026–FY2028) |
| Plan period | 3 years from FY2026 through FY2028 (FY2026–FY2028) |
| Progress against the plan | Formulated |
| Sales Target | FY2025 actual: 6,878 → Not disclosed |
| Operating profit target | FY2025 actual: 224 → FY2028 medium-term target: 280 |
| Operating profit margin target | FY2025 actual: 3.3% → Not disclosed |
| ROE target | FY2025 actual: 15.4% → FY2028 medium-term target: at least 11.0% |
| Payout ratio / DOE policy | The company will provide stable and sustainable dividends and return profits with dividend-on-equity (DOE) as a guideline. DOE of at least 2.5%; target for the fiscal year ending March 2029, the final year of the plan. |
| Treasury share acquisition policy | Flexible share repurchases taking market conditions into account. |
| Investment amount by sector | Field Business investment (expansion and strengthening of production infrastructure, creation of new revenue sources, and strengthening of the management foundation) / Amount Approximately ¥18 billion, Field Capital investment (recurring) / Amount Approximately ¥13 billion |
| Segment target | Segment Precious metals-related business / Indicator Operating profit / Target ¥24.5 billion / Timing FY2028, Segment Food-Related Business / Indicator Operating profit / Target ¥3.5 billion / Timing FY2028 |
| Non-financial targets | Indicator GHG emissions (Scope 1 + 2) / Target value 42% reduction / Timing Not disclosed, Indicator GHG emissions (Scope 3) / Target value 25% reduction / Timing Not disclosed, Indicator Recycling rate / Target value At least 90% / Timing Not disclosed, Indicator Employee Engagement / Target value Increase / Timing Not disclosed, Indicator Advancement of Women / Target value Promotion / Timing Not disclosed, Indicator Supplier engagement / Target value Increase / Timing Not disclosed |
| Plan assumptions | Precious metals prices are assumed to remain at approximately the average level for Q4 of FY2025 (January–March 2026). |
| Key initiatives | Strengthening the arterial process (sales), Strengthening the venous process (recovery), Expanding the procurement network and broadening the product lineup, Expanding sales channels and increasing value-added offerings, Strengthening the management foundation: DX and security, Strengthening the management foundation: promoting human capital management |
| Results under the previous plan | FY2025 targets: revenue ¥300 billion, operating profit ¥13 billion, operating margin 4.3%, cumulative operating cash flow of ¥40 billion for FY2022–FY2025, ROE 9.0%, ROA 10.0% → FY2025 actual: revenue ¥687.8 billion, operating profit ¥22.4 billion, operating margin 3.3%, cumulative operating cash flow of ¥6 billion for FY2022–FY2025, ROE 15.4%, ROA 11.9% |
| Reason for revision or withdrawal | The company was able to expand earnings and enhance corporate value. However, with external tailwinds including rising precious metals prices, strengthening the earnings base and creating new revenue sources remained ongoing challenges. |
| Risks identified | Geopolitical risk, Climate Change, Communicable diseases, Surging raw material prices, Population decline, Labor Shortages, Changes in the business environment |
| Publication date | 13 May 2026 |
Items this document does not state (7)
Net income targetROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment 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.Under the previous medium-term management plan, the company was able to expand earnings and enhance corporate value. However, with external tailwinds including rising precious metals prices, strengthening the earnings base and creating new revenue sources remained ongoing challenges. FY2026 through FY2028 was therefore positioned as the period that would provide the foundation for long-term growth beyond that point.
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.