Worth reading
75Important
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
200
¥100 million (increase in the revenue target)Wording
Conditional
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%
ROE+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.
Net income for the current fiscal yearNot disclosed → ¥12 billion (fiscal year ending March 2031; plan)
ROIC5.9% (actual for the fiscal year ended March 2026) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planOriginal target for the fiscal year ending March 2027: revenue of ¥140 billion and operating profit of ¥10 billion → Actual results for the fiscal year ended March 2026: revenue of ¥126.956 billion and operating profit of ¥6.501 billion. Forecast for the fiscal year ending March 2027: revenue of ¥134 billion and operating profit of ¥7 billion0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥32.5 billion (approximately ¥27.5 billion in growth investment and approximately ¥5 billion in replacement investment; cumulative for the fiscal years ending March 2027 through March 2031)
Investment amount by sectorField Mirai Field Project investment / Amount Approximately ¥21.5 billion, Field Growth Investment / Amount Approximately ¥27.5 billion, Field Renewal investment / Amount Approximately ¥5.0 billion
Statements about the use of capital
Payout ratio / DOE policyTotal payout ratio has been adopted as a new metric, with a guideline of 50% throughout the plan period, and stable, continuous dividend increases will be implemented. The previous policy was to maintain a dividend payout ratio of at least 30%. No DOE policy is stated.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of equity based on CAPM: approximately 7.6%-9.6%; WACC based on CAPM: 5.5%-6.8%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceAs of the end of the fiscal year ending March 2026, the PBR remains below 1.0x. The new plan targets maintaining a PBR of at least 1.0x on an ongoing basis.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Fishing business
02Mirai Field Project (production-site investment project)
03Golf and sports business
04Financial Strategy
05Shareholder Returns
06Establishing an IR Promotion Structure
07Promoting Human Capital Management
08Sustainability Strategy
09DX Initiatives to Build a Next-Generation Management Platform
10Strengthening Governance
Plan assumptionsThe outdoor, sports and leisure markets are expected to recover gradually after bottoming out. The fishing market is indexed by region, with the 2012 market size set at 100 (company research). The global pickleball market is expected to grow steadily at 10%-15% annually; the US accounts for 70% of the global market, while Japan is expanding rapidly at an annual rate of 50%-80%. The assumptions used to estimate the cost of capital are a 2.37% yield on 10-year Japanese government bonds, a 6.0% market risk premium, a beta of 1.04, a 2.0% cost of debt, a 35.2% interest-bearing debt ratio and a 64.8% equity ratio.
Segment targetSegment Fishing business, Japan / Sales Target ¥53.2 billion (fiscal year ended March 2026) → ¥63.1 billion (fiscal year ending March 2031), Segment Fishing business, overseas / Sales Target ¥60.4 billion (fiscal year ended March 2026) → ¥80.7 billion (fiscal year ending March 2031), Segment Golf and racket sports business / Sales Target ¥13.4 billion (fiscal year ended March 2026) → ¥16.2 billion (fiscal year ending March 2031) / Operating profit margin target 7.0%→9.1%
Size of the Target MarketThe fishing market is indexed by region, with the 2012 market size set at 100 (company research). The pickleball market is growing globally at 10%-15% annually; the US accounts for 70% of the global market, while Japan is expanding at 50%-80% annually. The source for the fishing market data is company research.
Risks identified by the company
Stagnation in personal consumption due to higher prices and interest rates
Geopolitical Risk
Impact of US trade and tariff policies
Natural Disasters
Infectious disease pandemics
Large-Scale System Failures
Cyberattacks
Information Leaks
Legal and Compliance Risks
Reason for revision or withdrawal
Changes in the external business environment and in the internal environment, including business performance trends and the Mirai Field Project, a new facility construction plan that will contribute to medium- and long-term growth. Other reasons include stagnant consumer sentiment due to higher prices and interest rates, the PBR remaining below 1.0x, the transition to management that takes the cost of capital and share price into account, and a review and reassessment of cash allocation associated with the new facility construction.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | FY2026-FY2030 (the explanatory materials refer to the fiscal years ending March 2027 through March 2031) |
| Progress against the plan | Formulated |
| Sales Target | ¥140 billion (fiscal year ending March 2027; original target. The latest forecast is ¥134 billion) → ¥160 billion (fiscal year ending March 2031; new target)（+14.3% (versus the original target)） |
| Operating profit target | ¥10 billion (fiscal year ending March 2027; original target. The latest forecast is ¥7 billion) → ¥16 billion (fiscal year ending March 2031; new target)（+60.0% (versus the original target)） |
| Operating profit margin target | 7.1% (fiscal year ending March 2027; original plan) → 10.0% (fiscal year ending March 2031; plan)（+40.8%） |
| Net income target | Not disclosed → ¥12 billion (fiscal year ending March 2031; plan) |
| ROE target | At least 12% (fiscal year ending March 2027; original target) → At least 12% (fiscal year ending March 2031; new target) |
| ROIC target | 5.9% (actual for the fiscal year ended March 2026) → Not disclosed |
| Payout ratio / DOE policy | Total payout ratio has been adopted as a new metric, with a guideline of 50% throughout the plan period, and stable, continuous dividend increases will be implemented. The previous policy was to maintain a dividend payout ratio of at least 30%. No DOE policy is stated. |
| Cost of capital | Cost of equity based on CAPM: approximately 7.6%-9.6%; WACC based on CAPM: 5.5%-6.8%. |
| Self-assessment of PBR and share price | As of the end of the fiscal year ending March 2026, the PBR remains below 1.0x. The new plan targets maintaining a PBR of at least 1.0x on an ongoing basis. |
| Total investment plan | Approximately ¥32.5 billion (approximately ¥27.5 billion in growth investment and approximately ¥5 billion in replacement investment; cumulative for the fiscal years ending March 2027 through March 2031) |
| Investment amount by sector | Field Mirai Field Project investment / Amount Approximately ¥21.5 billion, Field Growth Investment / Amount Approximately ¥27.5 billion, Field Renewal investment / Amount Approximately ¥5.0 billion |
| Segment target | Segment Fishing business, Japan / Sales Target ¥53.2 billion (fiscal year ended March 2026) → ¥63.1 billion (fiscal year ending March 2031), Segment Fishing business, overseas / Sales Target ¥60.4 billion (fiscal year ended March 2026) → ¥80.7 billion (fiscal year ending March 2031), Segment Golf and racket sports business / Sales Target ¥13.4 billion (fiscal year ended March 2026) → ¥16.2 billion (fiscal year ending March 2031) / Operating profit margin target 7.0%→9.1% |
| Plan assumptions | The outdoor, sports and leisure markets are expected to recover gradually after bottoming out. The fishing market is indexed by region, with the 2012 market size set at 100 (company research). The global pickleball market is expected to grow steadily at 10%-15% annually; the US accounts for 70% of the global market, while Japan is expanding rapidly at an annual rate of 50%-80%. The assumptions used to estimate the cost of capital are a 2.37% yield on 10-year Japanese government bonds, a 6.0% market risk premium, a beta of 1.04, a 2.0% cost of debt, a 35.2% interest-bearing debt ratio and a 64.8% equity ratio. |
| Key initiatives | Fishing business, Mirai Field Project (production-site investment project), Golf and sports business, Financial Strategy, Shareholder Returns, Establishing an IR Promotion Structure, Promoting Human Capital Management, Sustainability Strategy, DX Initiatives to Build a Next-Generation Management Platform, Strengthening Governance |
| Results under the previous plan | Original target for the fiscal year ending March 2027: revenue of ¥140 billion and operating profit of ¥10 billion → Actual results for the fiscal year ended March 2026: revenue of ¥126.956 billion and operating profit of ¥6.501 billion. Forecast for the fiscal year ending March 2027: revenue of ¥134 billion and operating profit of ¥7 billion |
| Reason for revision or withdrawal | Changes in the external business environment and in the internal environment, including business performance trends and the Mirai Field Project, a new facility construction plan that will contribute to medium- and long-term growth. Other reasons include stagnant consumer sentiment due to higher prices and interest rates, the PBR remaining below 1.0x, the transition to management that takes the cost of capital and share price into account, and a review and reassessment of cash allocation associated with the new facility construction. |
| Size of the Target Market | The fishing market is indexed by region, with the 2012 market size set at 100 (company research). The pickleball market is growing globally at 10%-15% annually; the US accounts for 70% of the global market, while Japan is expanding at 50%-80% annually. The source for the fishing market data is company research. |
| Risks identified | Stagnation in personal consumption due to higher prices and interest rates, Geopolitical Risk, Impact of US trade and tariff policies, Natural Disasters, Infectious disease pandemics, Large-Scale System Failures, Cyberattacks, Information Leaks, Legal and Compliance Risks |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 May 2026 |
Items this document does not state (2)
Treasury share acquisition policyNon-financial targets
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 revision reflects changes in the external business environment and in the internal environment, including business performance trends and the Mirai Field Project, a new facility construction plan that will contribute to medium- and long-term growth. Other reasons cited include stagnant consumer sentiment due to higher prices and interest rates, the PBR remaining below 1.0x, the transition to management that takes the cost of capital and share price into account, and a review and reassessment of cash allocation associated with the new facility construction.
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.