Worth reading
48Recurring
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
6.8
% (equity spread target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROENot disclosed → 16.4%（FY27e）
Only the target level is shown because the current level for comparison was not provided.Investment amount by sectorField Human capital investment / Amount Five-year total of ¥900 million (an increase compared with the fiscal year ending June 2026), Field Capital Expenditure / Amount Five-year total of ¥400–500 million, Field Financial investments, alliances and M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyA payout ratio of approximately 50% as a guideline, with a target DOE of at least 5%. Target period: Not disclosed. Considering an upward revision.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of shareholders’ equity: 9.6% (including the CAPM and size 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 pricePBR has remained approximately twice the average for the TSE Standard Market. PBR was 2.33x as of 31 July 2026, with a target PBR of 3.4x. PER has recovered to approximately the TSE Standard Market average, but the company recognizes that it needs to do more to foster expectations for growth.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Further improvement in the equity spread (ES = ROE - CAPM), with a current target of at least 5%
02Allocation of management resources (cash allocation)
03Optimization of the PER multiple
04Strengthen SR/IR engagement and foster expectations for growth in the Group
05Consider introducing a share-based incentive plan to achieve sustained growth in corporate value and promote value sharing with shareholders
Plan assumptionsThe calculation of the cost of shareholders’ equity uses the latest one-month average yield of 2.52% on 10-year Japanese Government Bonds, an equity risk premium of 6.0%, a beta of 0.667 and a size risk premium of 3.1%.
Risks identified by the company
Changes in risks and uncertainties
Changes in economic conditions and other factors
Divergence between projected figures and future outlook and actual business conditions and results
Reason for revision or withdrawal
To further improve ROE, lower the cost of capital, foster expectations for growth and achieve sustained growth in corporate value.
| Item | Details |
|---|---|
| Plan name | Actions to Achieve Management That Is Conscious of the Cost of Capital and Share Price [Updated at the End of the Fiscal Year Ending June 2026] |
| Progress against the plan | Annual update |
| ROE target | Not disclosed → 16.4%（FY27e） |
| Payout ratio / DOE policy | A payout ratio of approximately 50% as a guideline, with a target DOE of at least 5%. Target period: Not disclosed. Considering an upward revision. |
| Cost of capital | Cost of shareholders’ equity: 9.6% (including the CAPM and size risk premium) |
| Self-assessment of PBR and share price | PBR has remained approximately twice the average for the TSE Standard Market. PBR was 2.33x as of 31 July 2026, with a target PBR of 3.4x. PER has recovered to approximately the TSE Standard Market average, but the company recognizes that it needs to do more to foster expectations for growth. |
| Investment amount by sector | Field Human capital investment / Amount Five-year total of ¥900 million (an increase compared with the fiscal year ending June 2026), Field Capital Expenditure / Amount Five-year total of ¥400–500 million, Field Financial investments, alliances and M&A / Amount Not disclosed |
| Plan assumptions | The calculation of the cost of shareholders’ equity uses the latest one-month average yield of 2.52% on 10-year Japanese Government Bonds, an equity risk premium of 6.0%, a beta of 0.667 and a size risk premium of 3.1%. |
| Key initiatives | Further improvement in the equity spread (ES = ROE - CAPM), with a current target of at least 5%, Allocation of management resources (cash allocation), Optimization of the PER multiple, Strengthen SR/IR engagement and foster expectations for growth in the Group, Consider introducing a share-based incentive plan to achieve sustained growth in corporate value and promote value sharing with shareholders |
| Reason for revision or withdrawal | To further improve ROE, lower the cost of capital, foster expectations for growth and achieve sustained growth in corporate value. |
| Risks identified | Changes in risks and uncertainties, Changes in economic conditions and other factors, Divergence between projected figures and future outlook and actual business conditions and results |
| Publication date | 7 August 2026 |
Items this document does not state (13)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal 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.To further improve ROE, lower the cost of capital, foster expectations for growth and achieve sustained growth in corporate value.
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.