Worth reading
47Recurring
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
2561
¥ million (net sales target for the fiscal year ending September 2031)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+26.3%
基準 2,027Target2,561million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profitNot disclosed → ¥334 million
Only the target level is shown because the current level for comparison was not provided.Statements about the use of capital
Payout ratio / DOE policyThe current dividend is ¥0, with no dividend paid. The Company will consider paying dividends while taking into account its business performance and financial position, but the timing has not been determined.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe Company states that it will achieve “legitimate share price formation” accompanied by trading volume through its transition to the TSE Standard Market and proactive investor relations activities targeting individual investors. Numerical assessments of PBR and the current share price level are not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Two-tier growth engines
02Promote social implementation through 3 business segments
03Build a platform: completion of NEDO's “Development of Production Technologies for Bio-based Products” project
04Target high-value-added and commodity markets
05Expansion in Japan
06Expansion into Southeast Asia
07Transition to the TSE Standard Market, toward a “second IPO”
Plan assumptionsGlobal SAF market: ¥20 trillion, The Asia-Pacific region accounts for 40% of global aviation fuel demand and is expected to become the world's largest market by 2040, Japan's dependence on overseas crude oil: 99.7%; forests as a percentage of Japan's land area: 66.0%, Southeast Asia's dependence on imported crude oil: 70%
Non-financial targetsIndicator Pilot operation of ethanol derived from woody biomass / Target value 1,000kL / Timing 〜2031.9, Indicator Operation of a semi-commercial plant / Target value Operations / Timing 2027, Indicator Operation of a commercial plant / Target value Operations / Timing 2030, Indicator Full-scale global expansion / Target value Start / Timing 2031
Size of the Target MarketGlobal SAF market: ¥20 trillion. No source is provided. “IEA World Energy Outlook” is cited as the source for Southeast Asia's 70% dependence on imported crude oil.
Risks identified by the company
General industry and market conditions
Interest Rates
Currency and foreign exchange fluctuations
General domestic and international economic conditions
Uncertainty that future projections may differ from actual results
| Item | Details |
|---|---|
| Plan name | Medium- to Long-Term Vision: “Aiming to Become an Integrated Industrial Platformer in Biomanufacturing” / Medium-Term Management Plan |
| Plan period | September 2027 – September 2031 (the medium- to long-term vision runs through September 2032 onward) |
| Progress against the plan | Formulated |
| Sales Target | September 2027 plan (absolute figure not disclosed) → ¥2,561 million（213.0% of the September 2027 plan） |
| Operating profit target | Not disclosed → ¥334 million |
| Payout ratio / DOE policy | The current dividend is ¥0, with no dividend paid. The Company will consider paying dividends while taking into account its business performance and financial position, but the timing has not been determined. |
| Self-assessment of PBR and share price | The Company states that it will achieve “legitimate share price formation” accompanied by trading volume through its transition to the TSE Standard Market and proactive investor relations activities targeting individual investors. Numerical assessments of PBR and the current share price level are not disclosed. |
| Non-financial targets | Indicator Pilot operation of ethanol derived from woody biomass / Target value 1,000kL / Timing 〜2031.9, Indicator Operation of a semi-commercial plant / Target value Operations / Timing 2027, Indicator Operation of a commercial plant / Target value Operations / Timing 2030, Indicator Full-scale global expansion / Target value Start / Timing 2031 |
| Plan assumptions | Global SAF market: ¥20 trillion, The Asia-Pacific region accounts for 40% of global aviation fuel demand and is expected to become the world's largest market by 2040, Japan's dependence on overseas crude oil: 99.7%; forests as a percentage of Japan's land area: 66.0%, Southeast Asia's dependence on imported crude oil: 70% |
| Key initiatives | Two-tier growth engines, Promote social implementation through 3 business segments, Build a platform: completion of NEDO's “Development of Production Technologies for Bio-based Products” project, Target high-value-added and commodity markets, Expansion in Japan, Expansion into Southeast Asia, Transition to the TSE Standard Market, toward a “second IPO” |
| Size of the Target Market | Global SAF market: ¥20 trillion. No source is provided. “IEA World Energy Outlook” is cited as the source for Southeast Asia's 70% dependence on imported crude oil. |
| Risks identified | General industry and market conditions, Interest Rates, Currency and foreign exchange fluctuations, General domestic and international economic conditions, Uncertainty that future projections may differ from actual results |
| Date of board resolution | 15 July 2026 |
| Publication date | 15 July 2026 |
Items this document does not state (11)
Operating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorSegment targetResults under the previous planReason for revision or withdrawal
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 biomanufacturing market is growing against a backdrop of progress toward decarbonization, the increasing importance of energy security, and rising demand for the transition to sustainable raw materials. The Company also anticipates transitioning from a research-centered phase to a phase of commercial production and business expansion.
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.