Worth reading
88Important
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
2
¥100 millionWording
Definitive
How definitive the wording is.Items stated in the management plan
Partially revisedNet income for the current fiscal yearNot disclosed → ¥230 million (fiscal year ending September 2029)
ROENot disclosed → 10% or more (planned figure of 12.64% for the fiscal year ending September 2029)
Only the target level is shown because the current level for comparison was not provided.Total investment plan¥200 million (over 3 years)
Investment amount by sectorField DX and AI investment / Amount ¥200 million
Statements about the use of capital
Payout ratio / DOE policyMaintain DOE (dividend on equity) of 10% or more. Applicable to the medium-term management plan period (2025–2029).The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalApproximately 5.5% based on the company’s calculations. The company recognizes market expectations as 8–10%. On a separate page, the company estimates its cost of shareholders’ equity at approximately 5–6%.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 company states that it is committed to achieving stock price formation that meets market expectations and improving PBR at an early stage by achieving capital efficiency of ROE of 10% or more. The current PBR is not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Evolve toward two-way management of the inbound and outbound businesses
02Concentrate investment of management resources in dormant sales and promotional capabilities and digital and AI
03Thoroughly automate operations by digitizing 40 years of travel materials
04Outbound business × use of travel materials
05Strengthen the inbound business × asset allocation
06Investment in Human Capital
07Further shift toward an “interlinked organization” that leverages its professional group in which everyone is a tour escort
08Monetize 40 years of tacit knowledge (knowledge spanning 170 countries) by converting it into intellectual assets
09Build a next-generation travel platform
10Update outbound marketing
11Bring forward business expansion in response to the rapid increase in inbound demand
Plan assumptionsGeopolitical risks in the Middle East, prolonged yen depreciation, and higher costs due to fuel surcharges and airport taxes, among other factors. The inbound business attracts customers from 22 or more countries (as of July 2026).
Segment targetSegment Inbound Business / Target Expected to achieve 250% or more year on year in 2026. The period from 2027 through 2029 will be positioned as the growth stage.
Non-financial targetsIndicator Operational Efficiency / Target Increase by 20% / Timing During the plan period, Indicator Percentage of skill-based pay among managers and above / Target 65% / Timing 2029
Risks identified by the company
Geopolitical Risks in the Middle East
Prolonged yen depreciation
Higher costs due to fuel surcharges and airport taxes, among other factors
Dependence on the outbound business
Buried intangible assets resulting from paper-based processes and dependence on individuals
Reason for revision or withdrawal
The direct impact of geopolitical risks in the Middle East and prolonged yen depreciation. The company has squarely acknowledged the reality that the outbound business plan was temporarily pressured and began structural reform in July 2026. It has moved quickly to confirm the reallocation of management resources, including ¥200 million in cash and deposits, to bring forward the inbound business and overhaul marketing.
| Item | Details |
|---|---|
| Plan name | Supplementary Update to the Medium-Term Management Plan “Vision 2029” |
| Plan period | 2025～2029 |
| Progress against the plan | Partially revised |
| Net income target | Not disclosed → ¥230 million (fiscal year ending September 2029) |
| ROE target | Not disclosed → 10% or more (planned figure of 12.64% for the fiscal year ending September 2029) |
| Payout ratio / DOE policy | Maintain DOE (dividend on equity) of 10% or more. Applicable to the medium-term management plan period (2025–2029). |
| Cost of capital | Approximately 5.5% based on the company’s calculations. The company recognizes market expectations as 8–10%. On a separate page, the company estimates its cost of shareholders’ equity at approximately 5–6%. |
| Self-assessment of PBR and share price | The company states that it is committed to achieving stock price formation that meets market expectations and improving PBR at an early stage by achieving capital efficiency of ROE of 10% or more. The current PBR is not disclosed. |
| Total investment plan | ¥200 million (over 3 years) |
| Investment amount by sector | Field DX and AI investment / Amount ¥200 million |
| Segment target | Segment Inbound Business / Target Expected to achieve 250% or more year on year in 2026. The period from 2027 through 2029 will be positioned as the growth stage. |
| Non-financial targets | Indicator Operational Efficiency / Target Increase by 20% / Timing During the plan period, Indicator Percentage of skill-based pay among managers and above / Target 65% / Timing 2029 |
| Plan assumptions | Geopolitical risks in the Middle East, prolonged yen depreciation, and higher costs due to fuel surcharges and airport taxes, among other factors. The inbound business attracts customers from 22 or more countries (as of July 2026). |
| Key initiatives | Evolve toward two-way management of the inbound and outbound businesses, Concentrate investment of management resources in dormant sales and promotional capabilities and digital and AI, Thoroughly automate operations by digitizing 40 years of travel materials, Outbound business × use of travel materials, Strengthen the inbound business × asset allocation, Investment in Human Capital, Further shift toward an “interlinked organization” that leverages its professional group in which everyone is a tour escort, Monetize 40 years of tacit knowledge (knowledge spanning 170 countries) by converting it into intellectual assets, Build a next-generation travel platform, Update outbound marketing, Bring forward business expansion in response to the rapid increase in inbound demand |
| Reason for revision or withdrawal | The direct impact of geopolitical risks in the Middle East and prolonged yen depreciation. The company has squarely acknowledged the reality that the outbound business plan was temporarily pressured and began structural reform in July 2026. It has moved quickly to confirm the reallocation of management resources, including ¥200 million in cash and deposits, to bring forward the inbound business and overhaul marketing. |
| Risks identified | Geopolitical Risks in the Middle East, Prolonged yen depreciation, Higher costs due to fuel surcharges and airport taxes, among other factors, Dependence on the outbound business, Buried intangible assets resulting from paper-based processes and dependence on individuals |
| Publication date | 4 August 2026 |
Items this document does not state (8)
Sales TargetOperating profit targetOperating profit margin targetROIC targetTreasury share acquisition policyResults 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 outbound business plan was temporarily pressured by geopolitical risks in the Middle East and prolonged yen depreciation. The company will also reallocate management resources, including ¥200 million in cash and deposits, to bring forward the expansion of the inbound business, overhaul marketing, and invest in DX and AI.
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.