Worth reading
66In 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
550
Hundreds of millions of yenWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedSales TargetNot disclosed → FY2028 Upper 452 / Lower 347
Operating profit targetNot disclosed → FY2028 Upper 110 / Lower 38
Operating profit margin targetNot disclosed → FY2028 Upper 16% / Lower 6%
Net income targetFY2025 forecast 5 → FY2028 Upper 75 / Lower 25
ROE targetFiscal 2024 results 14.7% / FY2025 forecast 1.5% → FY2028 Upper 16% / Lower 6%ROE is the percentage of profit generated from money provided by shareholders.
What happened to the previous planFY2023 Upside 50 / Low 16 / FY2024 Upside 35 / Low 0 / FY2025 Upside 54 / Low 14 / Cumulative for 3 years Upside 139 / Low 30 → FY2023 11 / FY2024 50 / FY2025 5 / Cumulative for 3 years 67
Total investment planApproximately ¥25 billion during the plan period (fiscal years 2026–2028) and approximately ¥55 billion over 10 years.
Statements about the use of capital
Payout ratio / DOE policyOutlook under this plan (fiscal years 2026–2028): in good conditions, a payout ratio of approximately 30–45% is the target; ordinarily, a payout ratio of approximately 30% is the target; in poor conditions, the annual dividend will be ¥12. The DOE target is not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyIncludes the possibility of acquiring treasury shares in light of stock market conditions and other factors. Specific details regarding the acquisition limit, timing and conditions are not disclosed.
Self-assessment of PBR and share priceThe company has published the high and low share prices (the forecast high and low for fiscal 2025 are ¥1,719 and ¥1,144, respectively), but its self-assessment regarding PBR and the share price level is not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Fleet Planning
02Evolution of Operation
03Advance’s future initiatives: building NPPL and launching and expanding the Flying Module
04Plaza Kachidoki redevelopment concept ⇒ Renovation “PK2”
05Pursuit of the Healthy Longevity Strategy
Plan assumptionsHandy vessels (38 type), daily time-charter market rates (annual average): upper ¥15,000/lower ¥11,000 in fiscal 2026 and fiscal 2027; upper ¥16,000/lower ¥12,000 in fiscal 2028, Company-assumed exchange rate (yen/US dollar, annual average): upper ¥160/lower ¥140 in fiscal 2026–2028, Supply and demand for Handy vessels is expected to tighten from the 2030s onward, 2050 is assumed to be the deadline by which zero emissions will be mandatory
Segment targetSegment International shipping business / Fiscal year FY2028 / Net Sales Upper 368 / Lower 263 / Operating profit Upper 95 / Lower 22, Segment Warehousing and transportation business / Fiscal year FY2028 / Net Sales 41 Hundreds of millions of yen / Operating profit 4 Hundreds of millions of yen, Segment Real Estate Business / Fiscal year FY2028 / Net Sales 43 Hundreds of millions of yen / Operating profit 22 Hundreds of millions of yen
Size of the Target MarketApproximately 3,000 vessels in the Handy market. The market size on a monetary basis, growth rate and source are not disclosed.
Risks identified by the company
Economic Conditions
Shipping Market Conditions
Exchange rate
Trends in the global economy
Geopolitical factors
Natural Disasters
Environmental regulation
Uncertainty regarding future specification requirements and the economic viability of next-generation vessels
Reason for revision or withdrawal
In light of soaring construction costs and prolonged construction periods, the company determined that redevelopment was not a realistic solution.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan: Healthy Tomorrow |
| Plan period | April 2026 to March 2029 |
| Progress against the plan | Formulated |
| Sales Target | Not disclosed → FY2028 Upper 452 / Lower 347 |
| Operating profit target | Not disclosed → FY2028 Upper 110 / Lower 38 |
| Operating profit margin target | Not disclosed → FY2028 Upper 16% / Lower 6% |
| Net income target | FY2025 forecast 5 → FY2028 Upper 75 / Lower 25 |
| ROE target | Fiscal 2024 results 14.7% / FY2025 forecast 1.5% → FY2028 Upper 16% / Lower 6% |
| Payout ratio / DOE policy | Outlook under this plan (fiscal years 2026–2028): in good conditions, a payout ratio of approximately 30–45% is the target; ordinarily, a payout ratio of approximately 30% is the target; in poor conditions, the annual dividend will be ¥12. The DOE target is not disclosed. |
| Treasury share acquisition policy | Includes the possibility of acquiring treasury shares in light of stock market conditions and other factors. Specific details regarding the acquisition limit, timing and conditions are not disclosed. |
| Self-assessment of PBR and share price | The company has published the high and low share prices (the forecast high and low for fiscal 2025 are ¥1,719 and ¥1,144, respectively), but its self-assessment regarding PBR and the share price level is not disclosed. |
| Total investment plan | Approximately ¥25 billion during the plan period (fiscal years 2026–2028) and approximately ¥55 billion over 10 years. |
| Segment target | Segment International shipping business / Fiscal year FY2028 / Net Sales Upper 368 / Lower 263 / Operating profit Upper 95 / Lower 22, Segment Warehousing and transportation business / Fiscal year FY2028 / Net Sales 41 Hundreds of millions of yen / Operating profit 4 Hundreds of millions of yen, Segment Real Estate Business / Fiscal year FY2028 / Net Sales 43 Hundreds of millions of yen / Operating profit 22 Hundreds of millions of yen |
| Plan assumptions | Handy vessels (38 type), daily time-charter market rates (annual average): upper ¥15,000/lower ¥11,000 in fiscal 2026 and fiscal 2027; upper ¥16,000/lower ¥12,000 in fiscal 2028, Company-assumed exchange rate (yen/US dollar, annual average): upper ¥160/lower ¥140 in fiscal 2026–2028, Supply and demand for Handy vessels is expected to tighten from the 2030s onward, 2050 is assumed to be the deadline by which zero emissions will be mandatory |
| Key initiatives | Fleet Planning, Evolution of Operation, Advance’s future initiatives: building NPPL and launching and expanding the Flying Module, Plaza Kachidoki redevelopment concept ⇒ Renovation “PK2”, Pursuit of the Healthy Longevity Strategy |
| Results under the previous plan | FY2023 Upside 50 / Low 16 / FY2024 Upside 35 / Low 0 / FY2025 Upside 54 / Low 14 / Cumulative for 3 years Upside 139 / Low 30 → FY2023 11 / FY2024 50 / FY2025 5 / Cumulative for 3 years 67 |
| Reason for revision or withdrawal | In light of soaring construction costs and prolonged construction periods, the company determined that redevelopment was not a realistic solution. |
| Size of the Target Market | Approximately 3,000 vessels in the Handy market. The market size on a monetary basis, growth rate and source are not disclosed. |
| Risks identified | Economic Conditions, Shipping Market Conditions, Exchange rate, Trends in the global economy, Geopolitical factors, Natural Disasters, Environmental regulation, Uncertainty regarding future specification requirements and the economic viability of next-generation vessels |
| Date of board resolution | 26 March 2026 |
| Publication date | 26 March 2026 |
Items this document does not state (4)
ROIC targetCost of capitalInvestment amount by sectorNon-financial targets
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 light of soaring construction costs and prolonged construction periods, the company determined that redevelopment was not a realistic solution. In addition, because forecasting shipping market conditions and foreign exchange rates is extremely difficult, the earnings outlook is presented within a range.
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