Worth reading
48Recurring
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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROE8% (Medium-Term Business Plan target) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planROE: 8% (Medium-Term Business Plan target) → ROE: 9.2% (most recent actual result for the fiscal year ending March 2026)（+15.0%）+25,225.0%Calculated from the two disclosed figures
Investment amount by sectorField Proactive investment funded with equity capital (expanding revenue outside customer-facing businesses) / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyFrom the fiscal year ended March 2024, the company set a consolidated dividend payout ratio of 70% and determines dividends based on the higher of the amounts calculated using a consolidated dividend payout ratio of 70% and a consolidated DOE of 2%. Applicable period: from the fiscal year ended March 2024 onward, including the fiscal year ending March 2026.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: 8.9% (as of the end of March 2026)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 price-to-book ratio exceeded 1x at points during the fiscal year as earnings recovered, but was below 1x at fiscal year-end. The PBR was 0.98x at the end of March 2026.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen competitive advantages to improve profitability (ROE)
02Promoting a personnel development plan to strengthen responsiveness and proposal capabilities so that customers’ needs can be addressed accurately.
03Improve the efficiency of sales administration and create an environment in which employees can focus on high-value-added proposal activities
04Enhance responsiveness and proposal capabilities through the analysis and use of customer data
05Further strengthen the company's competitive advantages and improve profitability by providing customers with additional advice
06Capital-market engagement
07Actively engage with shareholders and investors through online earnings briefings and other initiatives
Plan assumptionsThe cost of equity is estimated based on CAPM. The cost of equity is 8.9%; the risk-free rate is based on the latest yield on 10-year Japanese government bonds; beta is based on daily returns over the past five years; and the risk premium is based on annual data for the TOPIX, including dividends, over the past 25 years, excluding the 2008 Lehman shock.
| Item | Details |
|---|---|
| Plan name | Medium-Term Business Plan (FY2024–FY2026) |
| Plan period | FY2024–FY2026 |
| Progress against the plan | Annual update |
| ROE target | 8% (Medium-Term Business Plan target) → Not disclosed |
| Payout ratio / DOE policy | From the fiscal year ended March 2024, the company set a consolidated dividend payout ratio of 70% and determines dividends based on the higher of the amounts calculated using a consolidated dividend payout ratio of 70% and a consolidated DOE of 2%. Applicable period: from the fiscal year ended March 2024 onward, including the fiscal year ending March 2026. |
| Cost of capital | Cost of equity: 8.9% (as of the end of March 2026) |
| Self-assessment of PBR and share price | The price-to-book ratio exceeded 1x at points during the fiscal year as earnings recovered, but was below 1x at fiscal year-end. The PBR was 0.98x at the end of March 2026. |
| Investment amount by sector | Field Proactive investment funded with equity capital (expanding revenue outside customer-facing businesses) / Amount Not disclosed |
| Plan assumptions | The cost of equity is estimated based on CAPM. The cost of equity is 8.9%; the risk-free rate is based on the latest yield on 10-year Japanese government bonds; beta is based on daily returns over the past five years; and the risk premium is based on annual data for the TOPIX, including dividends, over the past 25 years, excluding the 2008 Lehman shock. |
| Key initiatives | Strengthen competitive advantages to improve profitability (ROE), Promoting a personnel development plan to strengthen responsiveness and proposal capabilities so that customers’ needs can be addressed accurately., Improve the efficiency of sales administration and create an environment in which employees can focus on high-value-added proposal activities, Enhance responsiveness and proposal capabilities through the analysis and use of customer data, Further strengthen the company's competitive advantages and improve profitability by providing customers with additional advice, Capital-market engagement, Actively engage with shareholders and investors through online earnings briefings and other initiatives |
| Results under the previous plan | ROE: 8% (Medium-Term Business Plan target) → ROE: 9.2% (most recent actual result for the fiscal year ending March 2026)（+15.0%） |
| Publication date | 24 April 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal investment planSegment targetNon-financial targetsReason for revision or withdrawalSize of the Target MarketRisks identifiedDate 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.The company stated that it maintained high profitability through the steady execution of its Medium-Term Business Plan, supported by buoyant securities markets. It also confirmed that its “kind and courteous service” in face-to-face sales is a strength supporting its competitive advantage, and said it will work to strengthen human capital and its proposal capabilities.
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.