Worth reading
60In focus
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Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.1%
基準 2,026Target2,028100 million
Net income for the current fiscal year+0.1%
基準 2,026Target2,028100 million
ROE+2.0pt
基準 2,026Target2,028%
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.
Total investment plan¥17.8 billion (fiscal year ending March 2025 to fiscal year ending March 2028; growth investments)
Investment amount by sectorField M&A / Amount ¥12.0 billion, Field Capital expenditures and other investments / Amount ¥5.8 billion
Statements about the use of capital
Payout ratio / DOE policyThe company aims to increase cash dividends in line with growth in earnings per share (EPS), while ensuring that dividends do not fall below the previous year's level. Target period: Not disclosedThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company intends to make share repurchases flexibly, taking into comprehensive consideration the effects on its capital level, stock market conditions, and growth in ROE and EPS.
Cost of capitalCost of equity: approximately 8% (estimate for 2024)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 been on a declining trend, from a peak of 0.72x in FY24 to 0.50x in FY25 and 0.48x in FY26. The company has been unable to achieve ROE above its cost of equity and may not have received sufficient recognition from investors.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Develop new customer segments, including Generation Z, through new menu development
02Proactively implement digital sales promotions
03Direct shipment from production areas, direct transactions, etc.
04Expand recurring revenue
05Propose multifaceted solutions for store operations
06Support for the employment of specified skilled foreign workers and staffing and recruitment businesses to address labor shortages in the service industry, among other initiatives
07Further expand well-performing standard products, including sales channels and order volumes
08Expand sales from contract OEM manufacturing and commissary operations
09Mutually leverage sales channels across group companies and diversify manufacturing and logistics bases
10Continuously develop hit products, among other initiatives
11Further improve operating margins in existing businesses to enhance profitability
12Further improve total asset turnover through an asset-light approach, including real estate sales
13Enhance the ability to steadily build EPS (earnings per share)
14Reduce deviations from actual results and enhance investor confidence by improving the reliability of plans and implementing specific measures to achieve them, thereby improving predictability
15Update IR information on the website and improve its timeliness through regular reviews
16Continue publishing transcripts of earnings briefings on the web media platform Logmi
17Distribute Fisco analyst company research reports
18Publish interviews with the chairperson in the Nihon Securities Journal and Kabushiki Techo
19Launch an official IR social media account on note
20Disclose English-language materials, including earnings summaries
21Communicate with institutional investors through individual company briefings and ongoing contact
Plan assumptionsCost of equity: approximately 8% (estimate for 2024)
Segment targetSegment name Prepared-food business / Sales Target ¥18.1 billion (fiscal year ending March 2028; 25% of revenue) / Profit Target Not disclosed, Segment name Store asset and solutions business / Sales Target ¥23.0 billion (fiscal year ending March 2028; 32% of revenue) / Profit Target Not disclosed, Segment name Logistics and food processing business / Sales Target ¥30.9 billion (fiscal year ending March 2028; 42% of revenue) / Profit Target Not disclosed
Risks identified by the company
Investor concerns about the stability of performance and downside risk
Stock market volatility
Higher funding costs due to rising interest rates
Concerns about financial soundness
The possibility that actual results may differ due to various factors in the future
Reason for revision or withdrawal
To report on the self-assessment of the initiatives above, progress toward the medium-term management targets, and future initiatives based on consolidated results for the fiscal year ended March 2026.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Targets (Fiscal Year Ending March 2028) |
| Plan period | Fiscal year ending March 2025 to fiscal year ending March 2028 |
| Progress against the plan | Annual update |
| Sales Target | ¥52.4 billion (actual results for the fiscal year ended March 2026) → ¥72.0 billion (plan for the fiscal year ending March 2028)（37.4%） |
| Net income target | ¥1.6 billion (actual results for the fiscal year ended March 2026) → ¥2.5 billion (plan for the fiscal year ending March 2028)（56.3%） |
| ROE target | 5.9% (actual results for the fiscal year ended March 2026) → 8.3% (target for the fiscal year ending March 2028)（40.7%） |
| Payout ratio / DOE policy | The company aims to increase cash dividends in line with growth in earnings per share (EPS), while ensuring that dividends do not fall below the previous year's level. Target period: Not disclosed |
| Treasury share acquisition policy | The company intends to make share repurchases flexibly, taking into comprehensive consideration the effects on its capital level, stock market conditions, and growth in ROE and EPS. |
| Cost of capital | Cost of equity: approximately 8% (estimate for 2024) |
| Self-assessment of PBR and share price | PBR has been on a declining trend, from a peak of 0.72x in FY24 to 0.50x in FY25 and 0.48x in FY26. The company has been unable to achieve ROE above its cost of equity and may not have received sufficient recognition from investors. |
| Total investment plan | ¥17.8 billion (fiscal year ending March 2025 to fiscal year ending March 2028; growth investments) |
| Investment amount by sector | Field M&A / Amount ¥12.0 billion, Field Capital expenditures and other investments / Amount ¥5.8 billion |
| Segment target | Segment name Prepared-food business / Sales Target ¥18.1 billion (fiscal year ending March 2028; 25% of revenue) / Profit Target Not disclosed, Segment name Store asset and solutions business / Sales Target ¥23.0 billion (fiscal year ending March 2028; 32% of revenue) / Profit Target Not disclosed, Segment name Logistics and food processing business / Sales Target ¥30.9 billion (fiscal year ending March 2028; 42% of revenue) / Profit Target Not disclosed |
| Plan assumptions | Cost of equity: approximately 8% (estimate for 2024) |
| Key initiatives | Develop new customer segments, including Generation Z, through new menu development, Proactively implement digital sales promotions, Direct shipment from production areas, direct transactions, etc., Expand recurring revenue, Propose multifaceted solutions for store operations, Support for the employment of specified skilled foreign workers and staffing and recruitment businesses to address labor shortages in the service industry, among other initiatives, Further expand well-performing standard products, including sales channels and order volumes, Expand sales from contract OEM manufacturing and commissary operations, Mutually leverage sales channels across group companies and diversify manufacturing and logistics bases, Continuously develop hit products, among other initiatives, Further improve operating margins in existing businesses to enhance profitability, Further improve total asset turnover through an asset-light approach, including real estate sales, Enhance the ability to steadily build EPS (earnings per share), Reduce deviations from actual results and enhance investor confidence by improving the reliability of plans and implementing specific measures to achieve them, thereby improving predictability, Update IR information on the website and improve its timeliness through regular reviews, Continue publishing transcripts of earnings briefings on the web media platform Logmi, Distribute Fisco analyst company research reports, Publish interviews with the chairperson in the Nihon Securities Journal and Kabushiki Techo, Launch an official IR social media account on note, Disclose English-language materials, including earnings summaries, Communicate with institutional investors through individual company briefings and ongoing contact |
| Reason for revision or withdrawal | To report on the self-assessment of the initiatives above, progress toward the medium-term management targets, and future initiatives based on consolidated results for the fiscal year ended March 2026. |
| Risks identified | Investor concerns about the stability of performance and downside risk, Stock market volatility, Higher funding costs due to rising interest rates, Concerns about financial soundness, The possibility that actual results may differ due to various factors in the future |
| Publication date | 13 May 2026 |
Items this document does not state (7)
Operating profit targetOperating profit margin targetROIC targetNon-financial targetsResults 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.To report on the self-assessment of initiatives to date, progress toward the medium-term management targets, and future initiatives based on consolidated results for the fiscal year ended March 2026. Regarding the persistently low PBR, the company cites investor concerns about the stability of its performance and the fact that its growth strategy has not yet gained sufficient traction to secure an appropriate valuation.
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