Worth reading
62In focus
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
200
¥100 million (revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-99.0%
基準 2,025Target20Hundreds of millions of yen
Operating profit margin-2,018.0pt
基準 2,025Target7%
ROE-2,017.0pt
基準 2,026Target9%
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.
ROIC6.84% (FY2026/3 actual) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue: ¥17.5 billion; operating profit: ¥920 million; ordinary profit: ¥1.0 billion; net income: ¥670 million → Revenue: ¥18.1 billion; operating profit: ¥1.09 billion; ordinary profit: ¥1.23 billion; net income: ¥910 million（Revenue: 103.4%; operating profit: 118.5%; ordinary profit: 123.0%; net income: 135.8% (versus plan)）-1.1%Calculated from the two disclosed figures
Investment amount by sectorField Growth Investment / Amount ¥3.3 billion executed (target: ¥4.0 billion) / Period Covered Eighth Medium-Term Management Plan (fiscal years 2023-2025)
Statements about the use of capital
Payout ratio / DOE policyThe minimum annual dividend is guaranteed at ¥20 per share. The company will use a dividend payout ratio of approximately 30% as a guideline, with balancing dividends and growth investment as its basic policy. The applicable period 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.
Cost of capitalThe cost of equity is approximately 5%. The earnings yield for FY2026/3 was 4.77%, and WACC was 4.39%.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 reached 1.72x in FY2026/3, exceeding 1.0x from 0.65x in the previous fiscal year. The company considers this a clear improvement in its valuation by the capital markets. It aims to achieve continued improvement in PBR from the current level of 1.72x through sustained improvement in ROE and steady execution of growth investments.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Deepening and diversification of existing operations
02Optimizing pricing and shifting to solution-based sales
03Building an integrated domestic and international order-acquisition model
04Strengthening transportation capacity
05Responding to demand fluctuations through multilayered use of in-house operations, outsourcing, and partnerships
06Eliminating lost opportunities caused by constrained drayage capacity
07Redesigning the operating model
08Reducing errors and work hours and improving quality consistency through process standardization and the use of digital tools and AI
09Strengthening project design and pricing communication capabilities
10Fostering an organizational culture that encourages challenges and cross-functional collaboration
11Human Capital Development
12Enhancing expertise and proposal capabilities
Plan assumptionsThe CAPM assumptions used were a risk-free rate of approximately 2% based on 10-year Japanese government bonds, a beta of 0.3-0.5, and a market risk premium of 5-6%. The plan also states a share price of ¥2,110, EPS of ¥100.70, a PER of approximately 21.0x, and an earnings yield of 4.77%.
Reason for revision or withdrawal
To provide a deeper understanding of the updated initiatives, including policies and specific measures, aimed at reassessing and improving the company’s current position. Following the achievement of all targets under the Eighth Medium-Term Management Plan (fiscal years 2023-2025) in excess of plan, the company will disclose its initiatives to improve capital efficiency under the Ninth Medium-Term Management Plan (fiscal years 2026-2028).
| Item | Details |
|---|---|
| Plan name | Ninth Medium-Term Management Plan (fiscal years 2026-2028) |
| Plan period | FY2026-FY2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥18.1 billion (fiscal 2025 actual) → ¥20 billion（Approx. 10.5% increase (calculated)） |
| Operating profit margin target | 6.0% (FY2025 actual) → 7.0%（Approx. 16.7% increase (calculated)） |
| ROE target | 8.7% (FY2026/3 actual) → ≧9.0% |
| ROIC target | 6.84% (FY2026/3 actual) → Not disclosed |
| Payout ratio / DOE policy | The minimum annual dividend is guaranteed at ¥20 per share. The company will use a dividend payout ratio of approximately 30% as a guideline, with balancing dividends and growth investment as its basic policy. The applicable period is Not disclosed. |
| Cost of capital | The cost of equity is approximately 5%. The earnings yield for FY2026/3 was 4.77%, and WACC was 4.39%. |
| Self-assessment of PBR and share price | PBR reached 1.72x in FY2026/3, exceeding 1.0x from 0.65x in the previous fiscal year. The company considers this a clear improvement in its valuation by the capital markets. It aims to achieve continued improvement in PBR from the current level of 1.72x through sustained improvement in ROE and steady execution of growth investments. |
| Investment amount by sector | Field Growth Investment / Amount ¥3.3 billion executed (target: ¥4.0 billion) / Period Covered Eighth Medium-Term Management Plan (fiscal years 2023-2025) |
| Plan assumptions | The CAPM assumptions used were a risk-free rate of approximately 2% based on 10-year Japanese government bonds, a beta of 0.3-0.5, and a market risk premium of 5-6%. The plan also states a share price of ¥2,110, EPS of ¥100.70, a PER of approximately 21.0x, and an earnings yield of 4.77%. |
| Key initiatives | Deepening and diversification of existing operations, Optimizing pricing and shifting to solution-based sales, Building an integrated domestic and international order-acquisition model, Strengthening transportation capacity, Responding to demand fluctuations through multilayered use of in-house operations, outsourcing, and partnerships, Eliminating lost opportunities caused by constrained drayage capacity, Redesigning the operating model, Reducing errors and work hours and improving quality consistency through process standardization and the use of digital tools and AI, Strengthening project design and pricing communication capabilities, Fostering an organizational culture that encourages challenges and cross-functional collaboration, Human Capital Development, Enhancing expertise and proposal capabilities |
| Results under the previous plan | Revenue: ¥17.5 billion; operating profit: ¥920 million; ordinary profit: ¥1.0 billion; net income: ¥670 million → Revenue: ¥18.1 billion; operating profit: ¥1.09 billion; ordinary profit: ¥1.23 billion; net income: ¥910 million（Revenue: 103.4%; operating profit: 118.5%; ordinary profit: 123.0%; net income: 135.8% (versus plan)） |
| Reason for revision or withdrawal | To provide a deeper understanding of the updated initiatives, including policies and specific measures, aimed at reassessing and improving the company’s current position. Following the achievement of all targets under the Eighth Medium-Term Management Plan (fiscal years 2023-2025) in excess of plan, the company will disclose its initiatives to improve capital efficiency under the Ninth Medium-Term Management Plan (fiscal years 2026-2028). |
| Publication date | 23 June 2026 |
Items this document does not state (9)
Operating profit targetNet income targetTreasury share acquisition policyTotal investment planSegment targetNon-financial targetsSize of the Target MarketRisks identifiedDate 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 reassess and analyze the company’s current position and provide a deeper understanding of the updated initiatives, including policies and specific measures, aimed at improvement. In addition, following the achievement of all targets under the Eighth Medium-Term Management Plan in excess of plan, the company is disclosing its initiatives to improve capital efficiency under the Ninth Medium-Term Management Plan.
How to read this page
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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.