Worth reading
63In 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
105
¥100 million (target consolidated net sales for the fiscal year ending March 2031)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-74.3%
基準 7,895Target2,031The unit for actual results in the chart is not stated; the target is in ¥ billions
Operating profit+0.2%
基準 2,026Target2,031The unit for actual results in the chart is not stated; the target is in ¥ billions
Operating profit margin+5.0pt
基準 2,026Target2,031％
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.
Total investment planGrowth investment 630 (as stated in the chart; unit Not disclosed)
Investment amount by sectorField Growth Investment / Amount 630, Field R&D / Amount 150, Field Installation of automated machinery at the Vietnam plant / Amount ¥70 million, Field Installation of automated machinery at the Cambodia plant / Amount ¥60 million, Field M&A / Amount ¥500 million
Statements about the use of capital
Payout ratio / DOE policyThe Company will secure funds for dividends during the current medium-term management plan and aims to begin paying dividends under the next medium-term management plan. While considering the start of stable dividend payments from the fiscal year ending March 2031 onward, the Company will increase shareholder returns in stages. Numerical targets: Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Strengthen R&D functions
02Promote automation and semi-automation
03Beyond China strategy
04Strengthen sales and planning functions (村井)
05Financial Soundness
Plan assumptionsIn the simulation of net income attributable to owners of the parent relating to foreign-currency-denominated bonds for overseas subsidiaries, the exchange rate between the US dollar and the yen is assumed to remain broadly flat.
Segment targetSegment Clock Business / Sales Target ¥7 billion / Timing Fiscal year ending March 2031, Segment Accounting standards not yet adopted / Sales Target ¥1.5 billion / Timing Fiscal year ending March 2031, Segment Fishing tackle and related products / Sales Target ¥2 billion / Timing Fiscal year ending March 2031
Non-financial targetsIndicator Automation rate / Target value 30％ / Timing Fiscal year ending March 2031, Indicator ASEAN integrated production rate / Target value 80％ / Timing Fiscal year ending March 2031, Indicator High-value-added sales ratio / Target value 30％ / Timing Fiscal year ending March 2031
Size of the Target MarketMarket Luxury watch market / Scale USD 29.17 billion by 2033 / Source Business Research Insights（https://www.businessresearchinsights.com/jp/market-reports/luxury-watches-market-119996）, Market Sunglasses market / Scale 2025: 43.0; 2026: 47.8; 2033: 111.6 (USD billion) / Source Grand View Research, “Sunglasses Market (2026–2033)”, Market Global fishing equipment market / Scale 2025: USD 15.8 billion; 2026: USD 16.3 billion; 2035: USD 21.9 billion / Source Global Growth Insights「Fishing Gear Market Size」
Risks identified by the company
Emergence of China-dependence risk and moves to review supply chains
Increasing geopolitical risk and moves to review supply chains
Rising labor costs in ASEAN
Increasingly sophisticated customer requirements and high expectations
Polarization of consumption, including growing demand for high-value-added products
Fluctuations in the US dollar/yen exchange rate
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan, “ASEAN Project 3” |
| Plan period | Fiscal years ending March 2027 through March 2031 (five years) |
| Progress against the plan | Formulated |
| Sales Target | 7,895 (actual for the fiscal year ending March 2026) → ¥10.5 billion (target for the fiscal year ending March 2031) |
| Operating profit target | 374 (actual for the fiscal year ending March 2026) → ¥1.26 billion (target for the fiscal year ending March 2031) |
| Operating profit margin target | 4.75% (fiscal year ending March 2026) → At least 12% (fiscal year ending March 2031) |
| Payout ratio / DOE policy | The Company will secure funds for dividends during the current medium-term management plan and aims to begin paying dividends under the next medium-term management plan. While considering the start of stable dividend payments from the fiscal year ending March 2031 onward, the Company will increase shareholder returns in stages. Numerical targets: Not disclosed. |
| Total investment plan | Growth investment 630 (as stated in the chart; unit Not disclosed) |
| Investment amount by sector | Field Growth Investment / Amount 630, Field R&D / Amount 150, Field Installation of automated machinery at the Vietnam plant / Amount ¥70 million, Field Installation of automated machinery at the Cambodia plant / Amount ¥60 million, Field M&A / Amount ¥500 million |
| Segment target | Segment Clock Business / Sales Target ¥7 billion / Timing Fiscal year ending March 2031, Segment Accounting standards not yet adopted / Sales Target ¥1.5 billion / Timing Fiscal year ending March 2031, Segment Fishing tackle and related products / Sales Target ¥2 billion / Timing Fiscal year ending March 2031 |
| Non-financial targets | Indicator Automation rate / Target value 30％ / Timing Fiscal year ending March 2031, Indicator ASEAN integrated production rate / Target value 80％ / Timing Fiscal year ending March 2031, Indicator High-value-added sales ratio / Target value 30％ / Timing Fiscal year ending March 2031 |
| Plan assumptions | In the simulation of net income attributable to owners of the parent relating to foreign-currency-denominated bonds for overseas subsidiaries, the exchange rate between the US dollar and the yen is assumed to remain broadly flat. |
| Key initiatives | Strengthen R&D functions, Promote automation and semi-automation, Beyond China strategy, Strengthen sales and planning functions (村井), Financial Soundness |
| Size of the Target Market | Market Luxury watch market / Scale USD 29.17 billion by 2033 / Source Business Research Insights（https://www.businessresearchinsights.com/jp/market-reports/luxury-watches-market-119996）, Market Sunglasses market / Scale 2025: 43.0; 2026: 47.8; 2033: 111.6 (USD billion) / Source Grand View Research, “Sunglasses Market (2026–2033)”, Market Global fishing equipment market / Scale 2025: USD 15.8 billion; 2026: USD 16.3 billion; 2035: USD 21.9 billion / Source Global Growth Insights「Fishing Gear Market Size」 |
| Risks identified | Emergence of China-dependence risk and moves to review supply chains, Increasing geopolitical risk and moves to review supply chains, Rising labor costs in ASEAN, Increasingly sophisticated customer requirements and high expectations, Polarization of consumption, including growing demand for high-value-added products, Fluctuations in the US dollar/yen exchange rate |
| Publication date | 29 June 2026 |
Items this document does not state (9)
Net income targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceResults under the previous planReason for revision or withdrawalDate 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.As global supply chains shift from “NEXT CHINA” to “Beyond CHINA,” the Company intends to use its ASEAN production base, centered on Vietnam and Cambodia, to transition from a low-cost production company to a high-value-added metal processing company. It also aims to maximize corporate value through a focus on R&D, automation, high-value-added products and financial strengthening.
How to read this page
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