Worth reading
44Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROENot disclosed → Maintained at a high level exceeding the cost of capital of approximately 5–8%.
Only the target level is shown because the current level for comparison was not provided.Total investment plan¥25 billion in growth investment, etc. (the total of shareholder returns and growth investment, including ¥18 billion in shareholder returns, is ¥43 billion)
Investment amount by sectorField Human capital, business expansion and R&D / Amount ¥7 billion, Field Business efficiency and other initiatives, maintenance and replacement investment, etc. / Amount ¥3 billion, Field Business infrastructure investment budget / Amount ¥15 billion
Statements about the use of capital
Payout ratio / DOE policyDuring the period of the Medium-Term Management Plan 2026-2028, dividends will be set at the higher of the amount corresponding to a DOE of at least 7.0% or a payout ratio of at least 50%. An interim dividend will be paid. The Company plans to return approximately ¥18 billion to shareholders over the three years from 2026 to 2028.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 5–8% (cost of shareholders’ equity)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 above the Prime Market average for the past five years, reaching 2.6x in FY2025 and 2.4x at the end of the interim period of FY2026. Meanwhile, the share price has underperformed relative to the overall market’s rise, and the gap with the TOPIX and Nikkei 225 has persisted. PER is below the Prime Market average.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improving human capital
02Business infrastructure investment and research and development
03Shareholder return policy
04Enhancing corporate value through sustainability management
05IR activities (dialogue with investors and shareholders)
Risks identified by the company
Risks related to the situation in the Middle East and raw-material procurement
Impact on project duration and sales timing from larger-scale projects
Response to rising raw-material prices and labor costs
Risks in the supply structure, including human resources and partner companies
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2026–2028 |
| Plan period | 2026-2028 |
| Progress against the plan | Annual update |
| ROE target | Not disclosed → Maintained at a high level exceeding the cost of capital of approximately 5–8%. |
| Payout ratio / DOE policy | During the period of the Medium-Term Management Plan 2026-2028, dividends will be set at the higher of the amount corresponding to a DOE of at least 7.0% or a payout ratio of at least 50%. An interim dividend will be paid. The Company plans to return approximately ¥18 billion to shareholders over the three years from 2026 to 2028. |
| Cost of capital | Approximately 5–8% (cost of shareholders’ equity) |
| Self-assessment of PBR and share price | PBR has remained above the Prime Market average for the past five years, reaching 2.6x in FY2025 and 2.4x at the end of the interim period of FY2026. Meanwhile, the share price has underperformed relative to the overall market’s rise, and the gap with the TOPIX and Nikkei 225 has persisted. PER is below the Prime Market average. |
| Total investment plan | ¥25 billion in growth investment, etc. (the total of shareholder returns and growth investment, including ¥18 billion in shareholder returns, is ¥43 billion) |
| Investment amount by sector | Field Human capital, business expansion and R&D / Amount ¥7 billion, Field Business efficiency and other initiatives, maintenance and replacement investment, etc. / Amount ¥3 billion, Field Business infrastructure investment budget / Amount ¥15 billion |
| Key initiatives | Improving human capital, Business infrastructure investment and research and development, Shareholder return policy, Enhancing corporate value through sustainability management, IR activities (dialogue with investors and shareholders) |
| Risks identified | Risks related to the situation in the Middle East and raw-material procurement, Impact on project duration and sales timing from larger-scale projects, Response to rising raw-material prices and labor costs, Risks in the supply structure, including human resources and partner companies |
| Publication date | 8 October 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policySegment targetNon-financial targetsPlan assumptionsResults under the previous planReason for revision or withdrawalSize 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 update the progress and details of initiatives related to the “response toward achieving management that is conscious of the cost of capital and share price.”
How to read this page
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