Worth reading
59In 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
0.88
Actual PBR (x, as of the end of March 2026)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateROE+2.0pt
基準 2,026Target2,028％
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).
Investment amount by sectorField Capital Expenditure / Amount ¥2.2 billion, Field M&A allocation / Amount ¥1.8 billion
Statements about the use of capital
Payout ratio / DOE policyThe company will maintain ordinary dividends at no less than the previous year's level and aims for a payout ratio of at least 35%. It will pay a special dividend of ¥100 per share during the period of the 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 policyPlanned while taking the stock price into consideration.
Cost of capitalThe company recognizes its cost of equity as 8–10%. The estimate is based on CAPM and also takes factors such as a size premium into account.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR had remained around 0.4x before the special dividend was announced, but rose after the announcement to 0.88x as of the end of March 2026. The company aims to increase ROE and further improve PBR by achieving its long-term vision.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Advancement of plans for next-generation logistics facilities (in preparation)
02ASEAN investment (acquisition of land for a third warehouse in Indonesia)
03Business expansion through M&A in Japan and overseas (2 companies in Japan and transactions in Vietnam)
04Promotion of human capital utilization through the introduction of a Japan-style ESOP and other measures (in preparation)
05Review of the executive compensation system (linked to stock price and performance) (implemented)
06Strengthening of the investment committee
07Strengthening of corporate branding (in preparation)
08Reconstruction (review of existing businesses, productivity improvement, and human capital allocation) (under way)
09Identification of growth business domains and refinement of business models (in preparation)
10Reduction of total assets through the sale of non-core assets (in preparation)
11Improvement of the cash conversion cycle through working capital reduction (in preparation)
12Proactive investment using bank borrowings (under way)
13Increase in the dividend payout ratio (ordinary dividend payout ratio of at least 35% planned)
14Implementation of a substantial shareholder return policy (special dividend paid)
Plan assumptionsBased on CAPM and taking factors such as a size premium into account. Risk-free rate of 2.4%, beta of 0.7–1.2, and risk premium of 6–8%.
Risks identified by the company
Various risk factors
Uncertain factors
Reason for revision or withdrawal
The company updated the progress of its response announced on 13 May 2025.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan Vision2027 |
| Plan period | End of the fiscal year ended March 2025 to end of the fiscal year ending March 2028 (3 years) |
| Progress against the plan | Annual update |
| ROE target | 2.9% (actual for the fiscal year ended March 2026) → 5.0% (forecast for the fiscal year ending March 2028)（Approximately 72.4%） |
| Payout ratio / DOE policy | The company will maintain ordinary dividends at no less than the previous year's level and aims for a payout ratio of at least 35%. It will pay a special dividend of ¥100 per share during the period of the medium-term management plan. |
| Treasury share acquisition policy | Planned while taking the stock price into consideration. |
| Cost of capital | The company recognizes its cost of equity as 8–10%. The estimate is based on CAPM and also takes factors such as a size premium into account. |
| Self-assessment of PBR and share price | PBR had remained around 0.4x before the special dividend was announced, but rose after the announcement to 0.88x as of the end of March 2026. The company aims to increase ROE and further improve PBR by achieving its long-term vision. |
| Investment amount by sector | Field Capital Expenditure / Amount ¥2.2 billion, Field M&A allocation / Amount ¥1.8 billion |
| Plan assumptions | Based on CAPM and taking factors such as a size premium into account. Risk-free rate of 2.4%, beta of 0.7–1.2, and risk premium of 6–8%. |
| Key initiatives | Advancement of plans for next-generation logistics facilities (in preparation), ASEAN investment (acquisition of land for a third warehouse in Indonesia), Business expansion through M&A in Japan and overseas (2 companies in Japan and transactions in Vietnam), Promotion of human capital utilization through the introduction of a Japan-style ESOP and other measures (in preparation), Review of the executive compensation system (linked to stock price and performance) (implemented), Strengthening of the investment committee, Strengthening of corporate branding (in preparation), Reconstruction (review of existing businesses, productivity improvement, and human capital allocation) (under way), Identification of growth business domains and refinement of business models (in preparation), Reduction of total assets through the sale of non-core assets (in preparation), Improvement of the cash conversion cycle through working capital reduction (in preparation), Proactive investment using bank borrowings (under way), Increase in the dividend payout ratio (ordinary dividend payout ratio of at least 35% planned), Implementation of a substantial shareholder return policy (special dividend paid) |
| Reason for revision or withdrawal | The company updated the progress of its response announced on 13 May 2025. |
| Risks identified | Various risk factors, Uncertain factors |
| Publication date | 15 May 2026 |
Items this document does not state (11)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planSegment targetNon-financial targetsResults under the previous planSize of the Target MarketDate 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.The company updated the progress of its response announced on 13 May 2025 in the "Notice Regarding the Response Toward Achieving Management That Is Conscious of the Cost of Capital and Stock Price."
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.