Worth reading
61In 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
200
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedOperating profit-90.0%
基準 2,027Target203Hundreds of millions of yen
ROE-2,018.0pt
基準 2,026Target8％
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 SalesActual for the fiscal year ended March 2026: ¥583.0 billion / Initial forecast for the fiscal year ending March 2027: ¥615.0 billion → Not disclosed
Operating profit marginActual for the fiscal year ended March 2026: 2.9% → Not disclosed
Net income for the current fiscal yearActual for the fiscal year ended March 2026: ¥11.9 billion / Initial forecast for the fiscal year ending March 2027: ¥11.0 billion → Not disclosed
Only the target level is shown because the current level for comparison was not provided.Total investment planInvestment of approximately ¥20 billion in new businesses is planned from fiscal 2026 onward.
Investment amount by sectorField Maintenance investment / Amount ¥35–40 billion / Period Covered Fiscal years 2026-2028, Field New Investments / Amount ¥15–20 billion / Period Covered Fiscal years 2026-2028, Field New Business / Amount Approximately ¥20 billion / Period Covered From fiscal 2026 onward
Statements about the use of capital
Payout ratio / DOE policyThe company’s basic policy is progressive dividends, with the target payout ratio to be raised in stages from approximately 30% to approximately 40%. Annual dividends of ¥130 per share are planned for the fiscal year ending March 2027. The applicable period is the period during which the increase is implemented in stages and the fiscal year ending March 2027.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 policyShare repurchases are planned as part of shareholder returns under the cash flow allocation for fiscal 2026 through fiscal 2028. The repurchase limit, timing, and terms have not been disclosed.
Cost of capitalCost of equity of approximately 8% (CAPM-based)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 company assesses that its PBR has been improving but has recently remained at approximately 0.6x. The company’s policy is to improve its PBR from 0.6x to 1.0x. Based on the closing price on 20 May 2026, PBR was 0.61x and the share price was ¥3,475.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Continue and further strengthen the transformation of the existing business portfolio
02Focus on efficient earnings generation by improving the operating margin
03Actively invest in new and growth areas
04Reconfigure the business portfolio with an emphasis on profitability and the degree of synergies
05Growth strategy for the Overseas and Trading Business segment: expand sales of Japanese food products overseas
06Pursue higher corporate value through management focused on the share price and cost of capital (ROE of 8% or higher)
07Implement a growth strategy focused on capital efficiency by using an ROIC tree
08Shareholder-return policy
09Introduction of a Shareholder Benefit Program
10Introduce a restricted stock compensation plan for directors and executive officers
Non-financial targetsIndicator name Farmland area for the next-generation agricultural business / Target value Planned to expand to 1 ha in the future / Timing Future aspirations
Risks identified by the company
Progression of global warming
Insufficient reduction in greenhouse gas emissions
More frequent storms, floods, and other disasters caused by extreme weather
Insufficient regional energy infrastructure
A declining population resulting from a low birth rate and an aging population
Contraction of the domestic market
Concerns regarding regional healthcare and welfare systems
Labor shortages
Declining oil demand
Declining domestic demand for new vehicles
Moderation of yen depreciation
Known and unknown risks, uncertainties, and other factors
Reason for revision or withdrawal
The company decided to revise the policy in order to further strengthen its basic strategies in light of changes in the business environment, business performance, and progress in implementing its strategies.
| Item | Details |
|---|---|
| Plan name | Long-Term Management Policy (Long-Term Vision / Our Aspiration) |
| Plan period | Formulated in May 2024 through 2035 |
| Progress against the plan | Partially revised |
| Sales Target | Actual for the fiscal year ended March 2026: ¥583.0 billion / Initial forecast for the fiscal year ending March 2027: ¥615.0 billion → Not disclosed |
| Operating profit target | Actual for the fiscal year ended March 2026: ¥16.975 billion / Initial forecast for the fiscal year ending March 2027: ¥15.7 billion → Our aspiration for 203X: ¥20 billion |
| Operating profit margin target | Actual for the fiscal year ended March 2026: 2.9% → Not disclosed |
| Net income target | Actual for the fiscal year ended March 2026: ¥11.9 billion / Initial forecast for the fiscal year ending March 2027: ¥11.0 billion → Not disclosed |
| ROE target | Actual for the fiscal year ended March 2026: 7.2% → Near-term target: 8% or higher |
| Payout ratio / DOE policy | The company’s basic policy is progressive dividends, with the target payout ratio to be raised in stages from approximately 30% to approximately 40%. Annual dividends of ¥130 per share are planned for the fiscal year ending March 2027. The applicable period is the period during which the increase is implemented in stages and the fiscal year ending March 2027. |
| Treasury share acquisition policy | Share repurchases are planned as part of shareholder returns under the cash flow allocation for fiscal 2026 through fiscal 2028. The repurchase limit, timing, and terms have not been disclosed. |
| Cost of capital | Cost of equity of approximately 8% (CAPM-based) |
| Self-assessment of PBR and share price | The company assesses that its PBR has been improving but has recently remained at approximately 0.6x. The company’s policy is to improve its PBR from 0.6x to 1.0x. Based on the closing price on 20 May 2026, PBR was 0.61x and the share price was ¥3,475. |
| Total investment plan | Investment of approximately ¥20 billion in new businesses is planned from fiscal 2026 onward. |
| Investment amount by sector | Field Maintenance investment / Amount ¥35–40 billion / Period Covered Fiscal years 2026-2028, Field New Investments / Amount ¥15–20 billion / Period Covered Fiscal years 2026-2028, Field New Business / Amount Approximately ¥20 billion / Period Covered From fiscal 2026 onward |
| Non-financial targets | Indicator name Farmland area for the next-generation agricultural business / Target value Planned to expand to 1 ha in the future / Timing Future aspirations |
| Key initiatives | Continue and further strengthen the transformation of the existing business portfolio, Focus on efficient earnings generation by improving the operating margin, Actively invest in new and growth areas, Reconfigure the business portfolio with an emphasis on profitability and the degree of synergies, Growth strategy for the Overseas and Trading Business segment: expand sales of Japanese food products overseas, Pursue higher corporate value through management focused on the share price and cost of capital (ROE of 8% or higher), Implement a growth strategy focused on capital efficiency by using an ROIC tree, Shareholder-return policy, Introduction of a Shareholder Benefit Program, Introduce a restricted stock compensation plan for directors and executive officers |
| Reason for revision or withdrawal | The company decided to revise the policy in order to further strengthen its basic strategies in light of changes in the business environment, business performance, and progress in implementing its strategies. |
| Risks identified | Progression of global warming, Insufficient reduction in greenhouse gas emissions, More frequent storms, floods, and other disasters caused by extreme weather, Insufficient regional energy infrastructure, A declining population resulting from a low birth rate and an aging population, Contraction of the domestic market, Concerns regarding regional healthcare and welfare systems, Labor shortages, Declining oil demand, Declining domestic demand for new vehicles, Moderation of yen depreciation, Known and unknown risks, uncertainties, and other factors |
| Date of board resolution | 25 May 2026 |
| Publication date | 25 May 2026 |
Items this document does not state (5)
ROIC targetSegment targetPlan assumptionsResults under the previous planSize 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.To further strengthen the company’s basic strategies in light of changes in the business environment, business performance, and progress in implementing its strategies.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.