Worth reading
79Important
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
-45
¥100 million (2028年3月期 revenue target versus the initial plan)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales-5.6%
基準 800Target755100 million (fiscal year ending March 2028)
Operating profit-15.4%
基準 117Target99100 million (fiscal year ending March 2028)
Operating profit margin-1.5pt
基準 14.6Target13.1% (fiscal year ending March 2028)
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).
What happened to the previous planRevenue ¥70.0 billion, operating profit ¥9.5 billion and operating margin 13.6% (initial plan for the fiscal year ending March 2026) → Revenue ¥69.3 billion, operating profit ¥9.2 billion and operating margin 13.3% (actual results for the fiscal year ending March 2026)（Revenue -1.0%, operating profit -3.1%）0.0%Calculated from the two disclosed figures
Total investment plan¥22 billion (cumulative amount for FY2025-FY2027, based on the cash allocation chart in the materials)
Investment amount by sectorField Growth investments and strategic investments / Amount At least ¥12 billion, Field Investments to strengthen the business platform / Amount ¥7.8 billion, Field Construction of a new plant (ホロン) / Amount Total investment of approximately ¥3 billion, Field Construction of a new R&D center building / Amount Not disclosed, Field M&A / Amount Not disclosed, Field AI and DX investment / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyThe 30% payout ratio originally scheduled for the fiscal year ending March 2028 will be implemented one year earlier, and this level will be maintained. The applicable period is FY2025-FY2027. The Company aims to provide cumulative shareholder returns of at least ¥6 billion during the plan period through flexible shareholder returns, including dividends.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalEstimated cost of equity: 9.5%-10.5%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe PBR has remained at 1x or higher. The materials show PBR figures of 1.20x, 2.12x, 1.17x and 1.38x. The Company's P/E ratio has remained below the 18x average for the TSE Prime Market.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Redefining business value and rebuilding the foundation
02Expand global market share
03Promote new product development
04Strengthen the Group's advanced technologies
05Respond to the shift in energy sources
06Pursue cutting-edge technologies and strengthen the business platform
07Build global marketing capabilities
08Accelerate global expansion and achieve growth with an awareness of the business portfolio
09Strengthen the R&D and production functions that support business growth
10Implement business portfolio management
11Implement sustainability management that adapts to changes in the business environment
12Convert inquiries into orders at an earlier stage by strengthening customer relationships
13Expand adoption and develop new customers by strengthening the technical appeal of the next-generation CD-SEM (HSS-1000)
14Accelerate new product development and launch products in the market at an early stage
15Expand the customer base and build and strengthen a regionally focused customer service structure by utilizing overseas sales bases in South Korea, China and North America
16Improve productivity by consolidating manufacturing functions at the new plant
17Improve margins by strengthening the service structure
18Strengthen sales by selecting and concentrating on markets, customers and products
19Expand into new fields by applying measuring and weighing instruments and DSP instruments
20Strengthen efforts targeting the electric power and aerospace industries
21Promote new product development and strengthen promotional activities to address environmental regulations
22Consider strategic M&A with a view to entering future growth fields
23Improve margins by expanding sales of high-value-added products
24Promote cost-reduction initiatives for products sold in the United States
25Optimize selling prices in light of market conditions
26Expand sales and services for products addressing healthcare DX in the United States
27Expand sales of proprietary-brand products by raising awareness through the brand strategy
28Strengthen sales in Asia by utilizing local production and sales functions
29Release new products earlier by strengthening global development functions
30Improve productivity by promoting automation of manufacturing lines
Plan assumptionsThe assumed exchange rate has been revised from ¥140 per US dollar under the initial plan to ¥150., The semiconductor-related business is assumed to move toward a recovery in demand from the fiscal year ending March 2028., Growth in the EV-related market is expected to slow., The impact of lower demand and higher costs resulting from US tariff policies is assumed to continue., The impact of heightened tensions in the Middle East has not been incorporated into the plan at this time.
Segment targetSegment Semiconductor-Related Business / Fiscal year Fiscal year ending March 2028 / Net Sales ¥12.5 billion / Operating profit ¥4.2 billion / Operating profit margin 33.6%, Segment Measurement and weighing instruments business / Fiscal year Fiscal year ending March 2028 / Net Sales ¥34.3 billion / Operating profit ¥3.5 billion / Operating profit margin 10.2%, Segment Medical and healthcare equipment business / Fiscal year Fiscal year ending March 2028 / Net Sales ¥28.7 billion / Operating profit ¥4.5 billion / Operating profit margin 15.7%
Non-financial targetsIndicator Earnings briefings / Target value Held twice a year (mid-year and fiscal year-end) / Timing Scheduled for FY2026
Risks identified by the company
Temporary demand adjustments in the Chinese market resulting from the completion of an equipment investment cycle and a transition period between technologies
Demand adjustments in the EV- and battery-related fields resulting from slower growth in the EV market
Higher costs resulting from US tariff policies and the impact on profitability
Foreign exchange impact
Higher labor and expense levels resulting from advancing inflation overseas
Impact of heightened tensions in the Middle East (not incorporated into the plan at this time)
Reason for revision or withdrawal
In light of the latest trends in the global economy and the impact that changes in the business environment, including demand adjustments, changes in the investment environment and rising costs, are expected to have on future performance, the Company has decided to revise the plan by optimizing the plan figures and cash allocation policy from FY2026 onward.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (FY2025-FY2027) |
| Plan period | FY2025-FY2027 |
| Progress against the plan | Partially revised |
| Sales Target | ¥800 100 million (fiscal year ending March 2028) → ¥755 100 million (fiscal year ending March 2028)（-5.6%） |
| Operating profit target | ¥117 100 million (fiscal year ending March 2028) → ¥99 100 million (fiscal year ending March 2028)（-15.4%） |
| Operating profit margin target | 14.6 % (fiscal year ending March 2028) → 13.1 % (fiscal year ending March 2028) |
| Payout ratio / DOE policy | The 30% payout ratio originally scheduled for the fiscal year ending March 2028 will be implemented one year earlier, and this level will be maintained. The applicable period is FY2025-FY2027. The Company aims to provide cumulative shareholder returns of at least ¥6 billion during the plan period through flexible shareholder returns, including dividends. |
| Cost of capital | Estimated cost of equity: 9.5%-10.5% |
| Self-assessment of PBR and share price | The PBR has remained at 1x or higher. The materials show PBR figures of 1.20x, 2.12x, 1.17x and 1.38x. The Company's P/E ratio has remained below the 18x average for the TSE Prime Market. |
| Total investment plan | ¥22 billion (cumulative amount for FY2025-FY2027, based on the cash allocation chart in the materials) |
| Investment amount by sector | Field Growth investments and strategic investments / Amount At least ¥12 billion, Field Investments to strengthen the business platform / Amount ¥7.8 billion, Field Construction of a new plant (ホロン) / Amount Total investment of approximately ¥3 billion, Field Construction of a new R&D center building / Amount Not disclosed, Field M&A / Amount Not disclosed, Field AI and DX investment / Amount Not disclosed |
| Segment target | Segment Semiconductor-Related Business / Fiscal year Fiscal year ending March 2028 / Net Sales ¥12.5 billion / Operating profit ¥4.2 billion / Operating profit margin 33.6%, Segment Measurement and weighing instruments business / Fiscal year Fiscal year ending March 2028 / Net Sales ¥34.3 billion / Operating profit ¥3.5 billion / Operating profit margin 10.2%, Segment Medical and healthcare equipment business / Fiscal year Fiscal year ending March 2028 / Net Sales ¥28.7 billion / Operating profit ¥4.5 billion / Operating profit margin 15.7% |
| Non-financial targets | Indicator Earnings briefings / Target value Held twice a year (mid-year and fiscal year-end) / Timing Scheduled for FY2026 |
| Plan assumptions | The assumed exchange rate has been revised from ¥140 per US dollar under the initial plan to ¥150., The semiconductor-related business is assumed to move toward a recovery in demand from the fiscal year ending March 2028., Growth in the EV-related market is expected to slow., The impact of lower demand and higher costs resulting from US tariff policies is assumed to continue., The impact of heightened tensions in the Middle East has not been incorporated into the plan at this time. |
| Key initiatives | Redefining business value and rebuilding the foundation, Expand global market share, Promote new product development, Strengthen the Group's advanced technologies, Respond to the shift in energy sources, Pursue cutting-edge technologies and strengthen the business platform, Build global marketing capabilities, Accelerate global expansion and achieve growth with an awareness of the business portfolio, Strengthen the R&D and production functions that support business growth, Implement business portfolio management, Implement sustainability management that adapts to changes in the business environment, Convert inquiries into orders at an earlier stage by strengthening customer relationships, Expand adoption and develop new customers by strengthening the technical appeal of the next-generation CD-SEM (HSS-1000), Accelerate new product development and launch products in the market at an early stage, Expand the customer base and build and strengthen a regionally focused customer service structure by utilizing overseas sales bases in South Korea, China and North America, Improve productivity by consolidating manufacturing functions at the new plant, Improve margins by strengthening the service structure, Strengthen sales by selecting and concentrating on markets, customers and products, Expand into new fields by applying measuring and weighing instruments and DSP instruments, Strengthen efforts targeting the electric power and aerospace industries, Promote new product development and strengthen promotional activities to address environmental regulations, Consider strategic M&A with a view to entering future growth fields, Improve margins by expanding sales of high-value-added products, Promote cost-reduction initiatives for products sold in the United States, Optimize selling prices in light of market conditions, Expand sales and services for products addressing healthcare DX in the United States, Expand sales of proprietary-brand products by raising awareness through the brand strategy, Strengthen sales in Asia by utilizing local production and sales functions, Release new products earlier by strengthening global development functions, Improve productivity by promoting automation of manufacturing lines |
| Results under the previous plan | Revenue ¥70.0 billion, operating profit ¥9.5 billion and operating margin 13.6% (initial plan for the fiscal year ending March 2026) → Revenue ¥69.3 billion, operating profit ¥9.2 billion and operating margin 13.3% (actual results for the fiscal year ending March 2026)（Revenue -1.0%, operating profit -3.1%） |
| Reason for revision or withdrawal | In light of the latest trends in the global economy and the impact that changes in the business environment, including demand adjustments, changes in the investment environment and rising costs, are expected to have on future performance, the Company has decided to revise the plan by optimizing the plan figures and cash allocation policy from FY2026 onward. |
| Risks identified | Temporary demand adjustments in the Chinese market resulting from the completion of an equipment investment cycle and a transition period between technologies, Demand adjustments in the EV- and battery-related fields resulting from slower growth in the EV market, Higher costs resulting from US tariff policies and the impact on profitability, Foreign exchange impact, Higher labor and expense levels resulting from advancing inflation overseas, Impact of heightened tensions in the Middle East (not incorporated into the plan at this time) |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 May 2026 |
Items this document does not state (5)
Net income targetROE targetROIC targetTreasury share acquisition policySize 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.In light of the latest trends in the global economy and the impact that changes in the business environment, including demand adjustments, changes in the investment environment and rising costs, are expected to have on future performance, the Company decided to revise the plan by optimizing the plan figures and cash allocation policy from FY2026 onward.
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