Worth reading
73In 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
65
¥100 million (increase in cumulative growth investment over 3 years)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet income for the current fiscal year+36.4%
基準 3.3Target4.5100 million
ROE+3.0pt
基準 2,026Target2,029％
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.
What happened to the previous plan7.0% or higher (ROE target under the previous medium-term management plan) → 8.5% (actual at the end of the fiscal year ended March 2026)+28,842.9%Calculated from the two disclosed figures
Investment amount by sectorField Growth Investment / Amount ¥10.0 billion / Period Cumulative over 3 years, Field Investment in Human Resources / Amount Approximately ¥1 billion / Period Not disclosed
Statements about the use of capital
Payout ratio / DOE policyThe basic policy is a consolidated dividend payout ratio of 50%, with progressive dividends to be introduced from the fiscal year ending March 2027The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyDuring the period of the medium-term management plan “PI 2028,” the Company will flexibly conduct share buybacks up to a maximum of ¥5 billion, including the ¥2.5 billion announced in February 2026
Cost of capitalShareholders' equity cost: 7.8% (reference value based on CAPM)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 30 September 2026, the share price was ¥999, PBR was 0.96x and PER was 10.7x. PER is below the average level of 5 peer companies, making improvement in market valuation an issue. The target is to achieve a PBR of at least 1xPBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Achieve discontinuous growth through business portfolio transformation, M&A and business investments
02Invest in talent that creates value and strengthen organizational capabilities that support new challenges
03Implement capital policies with a strong focus on the share price
04Developing businesses that will become future earnings pillars
05Strengthening sustainability (ESG) initiatives
06Raising awareness and communicating the growth story
Plan assumptionsThe assumptions for shareholders' equity cost based on CAPM are a risk-free rate of 3.0%, a beta of 0.8 and a market risk premium of 6.0%
Non-financial targetsIndicator Information sessions for individual investors / Target value Scheduled 6 times per year / Timing Fiscal 2026, Indicator Employee stock ownership plan incentive rate / Target value 20% (previously 10%) / Timing Key initiatives from April to September 2026
Risks identified by the company
Procurement and business risks arising from US-China tensions and export restrictions on rare earths and other materials
A slowdown in the Chinese economy and bad debt risk
Impact on the supply system from the situation in the Middle East
Uncertain future factors, including raw material prices and logistics
Foreign-Exchange Risk
Changes in the external environment, including resource shortages and climate change
Reason for revision or withdrawal
Improve PER by increasing ROE and the expected growth rate, while reducing the cost of equity
| Item | Details |
|---|---|
| Plan name | Medium-term management plan “PI 2028” |
| Plan period | April 2026 to the end of March 2029 |
| Progress against the plan | Partially revised |
| Net income target | ¥3.3 billion → ¥4.5 billion |
| ROE target | 8.5% (actual at the end of the fiscal year ended March 2026) → At least 10% (target at the end of the fiscal year ending March 2029) |
| Payout ratio / DOE policy | The basic policy is a consolidated dividend payout ratio of 50%, with progressive dividends to be introduced from the fiscal year ending March 2027 |
| Treasury share acquisition policy | During the period of the medium-term management plan “PI 2028,” the Company will flexibly conduct share buybacks up to a maximum of ¥5 billion, including the ¥2.5 billion announced in February 2026 |
| Cost of capital | Shareholders' equity cost: 7.8% (reference value based on CAPM) |
| Self-assessment of PBR and share price | As of 30 September 2026, the share price was ¥999, PBR was 0.96x and PER was 10.7x. PER is below the average level of 5 peer companies, making improvement in market valuation an issue. The target is to achieve a PBR of at least 1x |
| Investment amount by sector | Field Growth Investment / Amount ¥10.0 billion / Period Cumulative over 3 years, Field Investment in Human Resources / Amount Approximately ¥1 billion / Period Not disclosed |
| Non-financial targets | Indicator Information sessions for individual investors / Target value Scheduled 6 times per year / Timing Fiscal 2026, Indicator Employee stock ownership plan incentive rate / Target value 20% (previously 10%) / Timing Key initiatives from April to September 2026 |
| Plan assumptions | The assumptions for shareholders' equity cost based on CAPM are a risk-free rate of 3.0%, a beta of 0.8 and a market risk premium of 6.0% |
| Key initiatives | Achieve discontinuous growth through business portfolio transformation, M&A and business investments, Invest in talent that creates value and strengthen organizational capabilities that support new challenges, Implement capital policies with a strong focus on the share price, Developing businesses that will become future earnings pillars, Strengthening sustainability (ESG) initiatives, Raising awareness and communicating the growth story |
| Results under the previous plan | 7.0% or higher (ROE target under the previous medium-term management plan) → 8.5% (actual at the end of the fiscal year ended March 2026) |
| Reason for revision or withdrawal | Improve PER by increasing ROE and the expected growth rate, while reducing the cost of equity |
| Risks identified | Procurement and business risks arising from US-China tensions and export restrictions on rare earths and other materials, A slowdown in the Chinese economy and bad debt risk, Impact on the supply system from the situation in the Middle East, Uncertain future factors, including raw material prices and logistics, Foreign-Exchange Risk, Changes in the external environment, including resource shortages and climate change |
| Date of board resolution | 30 September 2026 |
| Publication date | 1 October 2026 |
Items this document does not state (7)
Sales TargetOperating profit targetOperating profit margin targetROIC targetTotal investment planSegment targetSize 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 improve PER by increasing the expected growth rate and reducing shareholders' equity cost, in addition to improving ROE.
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.