Worth reading
79Important
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
60
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.2%
基準 2,025Target2,030Hundreds of millions of yen
Operating profit margin+5.0pt
基準 2,025Target2,030%
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.
ROIC17.8 (FY2020–FY2025 average adjusted ROIC for the domestic scaffolding rental business) → ROIC exceeding WACC (M&A investment criterion)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planApproximately ¥6 billion in total (FY2025–FY2027) → No acquisitions other than Qool in FY2025; investments carried forward to FY2026–FY2028+0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥6 billion in total from FY2026 to FY2028
Key initiatives
01Strengthen the earnings base through the scaffolding rental business
02Strengthen the Vietnam and ASEAN businesses by leveraging expertise from the domestic scaffolding rental business
03Achieve “nonlinear growth” through new businesses developed via the M&A strategy
04Improving utilization rates
05Group structure
06ASNOVA’s “model”
07Capital allocation policy
Plan assumptionsItem Vietnam nominal GDP / Assumptions USD527bn in FY2026, USD667bn in FY2030, five-year CAGR of +6% / Source IMF World Economic Outlook April, 2026, Item Domestic residential renovation market / Assumptions Slight growth or flat through around 2040 / Source Nomura Research Institute,Ltd., “The Housing Market and Issues in 2040”, Item Global rental business market / Assumptions Approximately USD370bn currently, approximately USD590bn in the future, CAGR of approximately +6% to +11% in the areas under consideration / Source IT information and Grand View Research Market Analysis Reports on various rental markets
Segment targetSegment Domestic scaffolding rental business / Sales Target FY2030 rental revenue of ¥4 billion / Profit Target FY2030 operating profit margin of more than 40%, Segment ASNOVA VIETNAM / Sales Target FY2026–FY2030 revenue CAGR of +19% / Profit Target Operating profit before amortization to turn profitable in FY2028; operating profit to turn profitable in FY2030
Non-financial targetsIndicator Off-season utilization rate at company-operated equipment centers / Target value 75% / Timing Not disclosed, Indicator Peak-season utilization rate at company-operated equipment centers / Target value 95% / Timing Not disclosed
Size of the Target MarketMarket Light temporary construction materials rental market / Scale ¥280 billion in FY2024 / Source Ministry of Land, Infrastructure, Transport and Tourism, “Current Survey of Construction-Related Industries, Results of the Current Survey of Construction Machinery and Equipment Rental Businesses and Related Industries” (April 2026), Market Vietnam nominal GDP / Scale USD527bn in FY2026, USD667bn in FY2030, five-year CAGR of +6% / Source IMF World Economic Outlook April, 2026, Market Global rental business market / Scale Approximately USD370bn currently, approximately USD590bn in the future / Source IT information and Grand View Research Market Analysis Reports on various rental markets
Risks identified by the company
Population decline
Decline in housing starts due to soaring housing prices
Worsening labor shortages
Slowing economic growth
Delays in administrative procedures by the Vietnamese government
Weak overall construction investment in Vietnam
Demand for domestic scaffolding rentals is expected to increase steadily for approximately the next 10 years, but the outlook thereafter is uncertain
Reason for revision or withdrawal
No acquisitions other than Qool in FY2025. Investments carried forward to FY2026–FY2028.
| Item | Details |
|---|---|
| Plan name | Future Growth Strategy |
| Plan period | FY2026–FY2030 (ASNOVA VIETNAM five-year management plan) / FY2026–FY2028 (investment plan) |
| Progress against the plan | Annual update |
| Sales Target | 35.9 (FY2025 actual, rental revenue) → 40 (FY2030 target, rental revenue)（+11.4%） |
| Operating profit margin target | 4.3 (FY2025, domestic scaffolding rental business) → More than 40% (FY2030, domestic scaffolding rental business) |
| ROIC target | 17.8 (FY2020–FY2025 average adjusted ROIC for the domestic scaffolding rental business) → ROIC exceeding WACC (M&A investment criterion) |
| Total investment plan | Approximately ¥6 billion in total from FY2026 to FY2028 |
| Segment target | Segment Domestic scaffolding rental business / Sales Target FY2030 rental revenue of ¥4 billion / Profit Target FY2030 operating profit margin of more than 40%, Segment ASNOVA VIETNAM / Sales Target FY2026–FY2030 revenue CAGR of +19% / Profit Target Operating profit before amortization to turn profitable in FY2028; operating profit to turn profitable in FY2030 |
| Non-financial targets | Indicator Off-season utilization rate at company-operated equipment centers / Target value 75% / Timing Not disclosed, Indicator Peak-season utilization rate at company-operated equipment centers / Target value 95% / Timing Not disclosed |
| Plan assumptions | Item Vietnam nominal GDP / Assumptions USD527bn in FY2026, USD667bn in FY2030, five-year CAGR of +6% / Source IMF World Economic Outlook April, 2026, Item Domestic residential renovation market / Assumptions Slight growth or flat through around 2040 / Source Nomura Research Institute,Ltd., “The Housing Market and Issues in 2040”, Item Global rental business market / Assumptions Approximately USD370bn currently, approximately USD590bn in the future, CAGR of approximately +6% to +11% in the areas under consideration / Source IT information and Grand View Research Market Analysis Reports on various rental markets |
| Key initiatives | Strengthen the earnings base through the scaffolding rental business, Strengthen the Vietnam and ASEAN businesses by leveraging expertise from the domestic scaffolding rental business, Achieve “nonlinear growth” through new businesses developed via the M&A strategy, Improving utilization rates, Group structure, ASNOVA’s “model”, Capital allocation policy |
| Results under the previous plan | Approximately ¥6 billion in total (FY2025–FY2027) → No acquisitions other than Qool in FY2025; investments carried forward to FY2026–FY2028 |
| Reason for revision or withdrawal | No acquisitions other than Qool in FY2025. Investments carried forward to FY2026–FY2028. |
| Size of the Target Market | Market Light temporary construction materials rental market / Scale ¥280 billion in FY2024 / Source Ministry of Land, Infrastructure, Transport and Tourism, “Current Survey of Construction-Related Industries, Results of the Current Survey of Construction Machinery and Equipment Rental Businesses and Related Industries” (April 2026), Market Vietnam nominal GDP / Scale USD527bn in FY2026, USD667bn in FY2030, five-year CAGR of +6% / Source IMF World Economic Outlook April, 2026, Market Global rental business market / Scale Approximately USD370bn currently, approximately USD590bn in the future / Source IT information and Grand View Research Market Analysis Reports on various rental markets |
| Risks identified | Population decline, Decline in housing starts due to soaring housing prices, Worsening labor shortages, Slowing economic growth, Delays in administrative procedures by the Vietnamese government, Weak overall construction investment in Vietnam, Demand for domestic scaffolding rentals is expected to increase steadily for approximately the next 10 years, but the outlook thereafter is uncertain |
| Publication date | 26 June 2026 |
Items this document does not state (9)
Operating profit targetNet income targetROE targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceInvestment amount by sectorDate 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.In Japan, the rollout of locations in markets where high utilization is expected has been completed. Limiting investment in scaffolding will reduce depreciation and improve operating profit. In Vietnam, growth is expected against a backdrop of economic growth, growing awareness of Japanese wedge-type scaffolding and the accumulation of operating results. In ASEAN, the Company will expand its business scope through M&A.
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.
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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.