Worth reading
74In focus
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
50
¥100 million (increase in consolidated net sales target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+0.0%
基準 2,027Target2,028100 million
Operating profit+0.0%
基準 2,027Target2,028100 million
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.
What happened to the previous planNet Sales ¥7,189–¥7,265 million / Operating profit ¥900–¥1,000 million / As of Initial forecast for the fiscal year ending December 2025 (14 February 2025) → Net Sales ¥6,435 million / Operating profit ¥598 million / Category Actual results for the fiscal year ending December 2025 (14 February 2026)
Total investment planThe total investment planned for the entire plan period is not disclosed. Growth investment expenses for the fiscal year ending December 2026 are ¥288 million.
Investment amount by sectorField Growth investment expenses (including advertising and promotion expenses) / Amount ¥288 million / Subject Fiscal year ending December 2026, Field M&A (acquisition of Include) / Amount ¥590 million / Subject Acquired in March 2026
Statements about the use of capital
Payout ratio / DOE policyThe forecast dividend for the fiscal year ending December 2026 is ¥10.00 per share, unchanged from the previous fiscal year. The Company plans to continue its dividend and shareholder benefit programs, but numerical targets for the dividend payout ratio and DOE are not disclosed.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 identifies share price appreciation and improvement as means of returning value to shareholders, but has not disclosed a self-assessment that its PBR or share price is at a low level.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strategic M&A
02Total solutions strategy (combining cost leadership and differentiation)
03Building strategic partnerships
04Progress on the growth strategy (expansion from the private sector to the public sector)
05Building an integrated service delivery structure
06Restructuring the shareholder base
07Rapid growth strategy utilizing M&A
Plan assumptionsThe targets will be achieved through the sustainable growth of existing businesses driven by internal growth (organic growth), External growth (inorganic growth) is not reflected in the numerical targets of this plan and is positioned as upside, New project acquisitions in the MHS business are assumed to remain at the same level as in the previous fiscal year, The MWS business does not assume margin improvement over a short period and will prioritize maximizing profit in absolute terms through sales growth
Segment targetSegment MHS business / Sales target Average ENT unit price of ¥740K and 48 new ENT acquisitions / Profit Target Not disclosed, Segment MWS Business / Sales target ¥8.47 billion / Profit Target Gross profit margin of 14.4%, Segment Other Businesses / Sales target ¥70 million / Profit Target Not disclosed
Non-financial targetsIndicator Stock-based consolidated sales ratio / Target At least 95% / Timing FY2028 December
Reason for revision or withdrawal
The plan was adjusted based on the market environment and business progress. The net sales target was raised through Include's M&A and the strategic shift in the MWS business, while more realistic assumptions were adopted to establish a bottom-line target with a higher degree of certainty. The MHS business was recalculated based on recent results, the MWS business prioritized maximizing profit in absolute terms over margin improvement, and the physician recruitment business was scaled back in response to deterioration in the market environment.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan MHT100/20-25 (Revised/New Medium-Term Management Plan) |
| Plan period | Fiscal years ending December 2024–2028 |
| Progress against the plan | Partially revised |
| Sales Target | ¥10 billion (fiscal year ending December 2027) → ¥15 billion (fiscal year ending December 2028)（+50%） |
| Operating profit target | ¥2.0 billion–¥2.5 billion (fiscal year ending December 2027) → ¥2.0 billion (fiscal year ending December 2028)（Not calculated because the comparison involves a range） |
| Payout ratio / DOE policy | The forecast dividend for the fiscal year ending December 2026 is ¥10.00 per share, unchanged from the previous fiscal year. The Company plans to continue its dividend and shareholder benefit programs, but numerical targets for the dividend payout ratio and DOE are not disclosed. |
| Self-assessment of PBR and share price | The Company identifies share price appreciation and improvement as means of returning value to shareholders, but has not disclosed a self-assessment that its PBR or share price is at a low level. |
| Total investment plan | The total investment planned for the entire plan period is not disclosed. Growth investment expenses for the fiscal year ending December 2026 are ¥288 million. |
| Investment amount by sector | Field Growth investment expenses (including advertising and promotion expenses) / Amount ¥288 million / Subject Fiscal year ending December 2026, Field M&A (acquisition of Include) / Amount ¥590 million / Subject Acquired in March 2026 |
| Segment target | Segment MHS business / Sales target Average ENT unit price of ¥740K and 48 new ENT acquisitions / Profit Target Not disclosed, Segment MWS Business / Sales target ¥8.47 billion / Profit Target Gross profit margin of 14.4%, Segment Other Businesses / Sales target ¥70 million / Profit Target Not disclosed |
| Non-financial targets | Indicator Stock-based consolidated sales ratio / Target At least 95% / Timing FY2028 December |
| Plan assumptions | The targets will be achieved through the sustainable growth of existing businesses driven by internal growth (organic growth), External growth (inorganic growth) is not reflected in the numerical targets of this plan and is positioned as upside, New project acquisitions in the MHS business are assumed to remain at the same level as in the previous fiscal year, The MWS business does not assume margin improvement over a short period and will prioritize maximizing profit in absolute terms through sales growth |
| Key initiatives | Strategic M&A, Total solutions strategy (combining cost leadership and differentiation), Building strategic partnerships, Progress on the growth strategy (expansion from the private sector to the public sector), Building an integrated service delivery structure, Restructuring the shareholder base, Rapid growth strategy utilizing M&A |
| Results under the previous plan | Net Sales ¥7,189–¥7,265 million / Operating profit ¥900–¥1,000 million / As of Initial forecast for the fiscal year ending December 2025 (14 February 2025) → Net Sales ¥6,435 million / Operating profit ¥598 million / Category Actual results for the fiscal year ending December 2025 (14 February 2026) |
| Reason for revision or withdrawal | The plan was adjusted based on the market environment and business progress. The net sales target was raised through Include's M&A and the strategic shift in the MWS business, while more realistic assumptions were adopted to establish a bottom-line target with a higher degree of certainty. The MHS business was recalculated based on recent results, the MWS business prioritized maximizing profit in absolute terms over margin improvement, and the physician recruitment business was scaled back in response to deterioration in the market environment. |
| Publication date | 31 March 2026 |
Items this document does not state (9)
Operating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalSize 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.This reflects Include's M&A and the strategic shift in the MWS business, based on the market environment and business progress. The MHS business reviewed its KPIs based on recent results, while the MWS business is prioritizing maximizing profit in absolute terms rather than improving its margin over a short period. In Other businesses, the Company decided to scale back its physician recruitment business.
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.