Worth reading
81Important
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
5
ROE（％）Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+12.4%
基準 28,029Target31,500million
Operating profit+21.9%
基準 2,051Target2,500million
Operating profit margin+0.6pt
基準 7.3Target7.9%, percentage points
ROE+0.6pt
基準 4.4Target5%, percentage points
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).
Total investment plan¥17,100 million (during the period of the 8th Medium-Term Management Plan)
Investment amount by sectorField Renewal and refurbishment of existing facilities / Amount ¥5,000 million, Field Growth Investment / Amount ¥7,000 million, Field Dividends / Amount ¥2,100 million, Field Share repurchases / Amount ¥3,000 million
Statements about the use of capital
Payout ratio / DOE policyDuring the period of the 8th Medium-Term Management Plan, the basic policy is to implement progressive dividends, maintaining or increasing the dividend per share from the previous fiscal year. Applicable period: during the period of the 8th Medium-Term Management Plan.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 policyThe company plans to acquire approximately ¥3 billion of treasury shares during the period of the 8th Medium-Term Management Plan. It will consider additional purchases depending on circumstances. In November 2025, the company announced a treasury share acquisition with an upper limit of ¥1 billion. As of the end of April 2026, it had acquired 577,300 shares for ¥946,880,300.
Cost of capital4.2–4.6% (fiscal 2025). Calculated as the risk-free rate + beta × market risk premium.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 share price rose from ¥1,422 at the end of fiscal 2024 to ¥2,055 at the end of fiscal 2025, but PBR remained below 1x, and the company recognizes that it has not sufficiently met investors’ expectations. PBR at the end of fiscal 2025 was 0.75x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of handling of imported commodity resins and chemicals
02Participation in customers’ supply chains and expansion of industrial equipment transportation
03Expansion of Circular Businesses
04Expansion of domestic sales areas
05Improvement of profitability through high operational quality and value creation
06Asset sales and other measures
07Dividend Policy
08Share repurchases
09M&A, including capital alliances, to be considered broadly
10Investment in human capital, including the working environment, diversity and utilization of skills
11One-on-one meetings with institutional investors
12Continuing to hold investor briefings for individual investors
13Strengthening disclosure of management information, including expanding opportunities for information disclosure
14Enhancing ESG and sustainability disclosures, including information published in financial results briefing materials and on the company’s website
15Regular shareholder surveys, feedback to the Board of Directors and incorporation of feedback into management
Plan assumptionsAssumptions for calculating the cost of capital: a 10-year Japanese government bond yield of 2.366% at the end of fiscal 2025, a beta of 0.11, and a market risk premium of 6.0–7.0%.
Risks identified by the company
Known or unknown risks and uncertainties
Actual results and other outcomes may differ materially due to various factors
Reason for revision or withdrawal
ROE remains within the range of the cost of capital and has not generated an equity spread. PBR also remains below 1x, and the company has been unable to sufficiently meet investors’ expectations.
| Item | Details |
|---|---|
| Plan name | 8th Medium-Term Management Plan “NEXT CS-100” |
| Plan period | 2025/4～2028/3 |
| Progress against the plan | Annual update |
| Sales Target | ¥28,029 million → ¥31,500 million（+12.4%） |
| Operating profit target | ¥2,051 million → ¥2,500 million（+21.9%） |
| Operating profit margin target | 7.3 %, percentage points → 7.9 %, percentage points（+8.2%） |
| ROE target | 4.4 %, percentage points → 5 %, percentage points（+13.6%） |
| Payout ratio / DOE policy | During the period of the 8th Medium-Term Management Plan, the basic policy is to implement progressive dividends, maintaining or increasing the dividend per share from the previous fiscal year. Applicable period: during the period of the 8th Medium-Term Management Plan. |
| Treasury share acquisition policy | The company plans to acquire approximately ¥3 billion of treasury shares during the period of the 8th Medium-Term Management Plan. It will consider additional purchases depending on circumstances. In November 2025, the company announced a treasury share acquisition with an upper limit of ¥1 billion. As of the end of April 2026, it had acquired 577,300 shares for ¥946,880,300. |
| Cost of capital | 4.2–4.6% (fiscal 2025). Calculated as the risk-free rate + beta × market risk premium. |
| Self-assessment of PBR and share price | The share price rose from ¥1,422 at the end of fiscal 2024 to ¥2,055 at the end of fiscal 2025, but PBR remained below 1x, and the company recognizes that it has not sufficiently met investors’ expectations. PBR at the end of fiscal 2025 was 0.75x. |
| Total investment plan | ¥17,100 million (during the period of the 8th Medium-Term Management Plan) |
| Investment amount by sector | Field Renewal and refurbishment of existing facilities / Amount ¥5,000 million, Field Growth Investment / Amount ¥7,000 million, Field Dividends / Amount ¥2,100 million, Field Share repurchases / Amount ¥3,000 million |
| Plan assumptions | Assumptions for calculating the cost of capital: a 10-year Japanese government bond yield of 2.366% at the end of fiscal 2025, a beta of 0.11, and a market risk premium of 6.0–7.0%. |
| Key initiatives | Expansion of handling of imported commodity resins and chemicals, Participation in customers’ supply chains and expansion of industrial equipment transportation, Expansion of Circular Businesses, Expansion of domestic sales areas, Improvement of profitability through high operational quality and value creation, Asset sales and other measures, Dividend Policy, Share repurchases, M&A, including capital alliances, to be considered broadly, Investment in human capital, including the working environment, diversity and utilization of skills, One-on-one meetings with institutional investors, Continuing to hold investor briefings for individual investors, Strengthening disclosure of management information, including expanding opportunities for information disclosure, Enhancing ESG and sustainability disclosures, including information published in financial results briefing materials and on the company’s website, Regular shareholder surveys, feedback to the Board of Directors and incorporation of feedback into management |
| Reason for revision or withdrawal | ROE remains within the range of the cost of capital and has not generated an equity spread. PBR also remains below 1x, and the company has been unable to sufficiently meet investors’ expectations. |
| Risks identified | Known or unknown risks and uncertainties, Actual results and other outcomes may differ materially due to various factors |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 May 2026 |
Items this document does not state (6)
Net income targetROIC targetSegment targetNon-financial targetsResults under the previous planSize of the Target Market
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 fiscal 2025, ROE remained within the range of the cost of capital and did not generate an equity spread. PBR also remained below 1x, and the company recognizes that it has not sufficiently met investors’ expectations. The company identifies the rise in the risk-free rate resulting from higher domestic interest rates as a primary factor behind the increase in the cost of capital.
How to read this page
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