Worth reading
51Recurring
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
12.1
¥100 million (increase from fiscal 2025 actual net sales to the fiscal 2028 target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,025Target2,028100 million
ROE+3.0pt
基準 2,025Target2,028%
ROIC+3.0pt
基準 2,025Target2,028%
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).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Total investment plan¥1,000 million (¥500 million in growth investment plus ¥500 million in investment in existing facilities)
Investment amount by sectorField Growth Investment / Amount ¥500 million, Field Investment in existing facilities / Amount ¥500 million
Statements about the use of capital
Payout ratio / DOE policyNumerical targets for the payout ratio and DOE are not disclosed. The Company has set out plans for continuous and stable shareholder returns, continued stable dividends, and consideration of dividend increases while maintaining the current dividend level on a stable basis. 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.
Treasury share acquisition policyThe Company will consider share repurchases in a timely and flexible manner with a focus on capital efficiency. Under its 3-year cumulative free cash flow allocation, it plans to provide additional returns through share repurchases and will also consider increasing dividends. The repurchase amount, timing, and terms are not disclosed.
Key initiatives
01Deepen relationships with existing customers and expand the product range handled (strengthen cross-selling)
02Accelerate the development of new customers (clarify priority industries)
03Large customers: propose comprehensive solutions
04Small and medium-sized customers: expand market share through agile responses
05Strengthen proposals addressing environmental requirements and diversifying needs
06Optimize operations through integrated use of demand, inventory, and delivery data
07Reduce inventory while shortening lead times
08Advance SCM (promote the digitalization of inventory management)
09Improve efficiency through external collaboration, including joint deliveries
10Expand the range of new products and materials handled (shift toward high-value-added areas)
11Develop new markets through collaboration across industries
12Expand into growth markets (high-value-added applications, the fan-engagement market, and other areas)
13Strengthen product development and proposals based on customer needs
14Systematically develop human resources capable of responding to changes in the external environment
15Strengthen expertise and diversity by utilizing mid-career recruitment
16Design an optimal workforce composition (age and skills balance)
17Improve productivity and employee engagement through work-style reforms
18Support career self-reliance and maximize human capital value
19Optimize the allocation of investments emphasizing profitability and enhanced shareholder returns
20Optimize financing and fund management in light of the interest-rate environment
21Secure stable sources of earnings (fully launch the real estate leasing business)
22Strengthen the selection of strategic investments, including investments in human capital
23Implement agile capital policies (share repurchases, dividend increases, and other measures)
24Improve operational efficiency (increase productivity by accelerating digitalization)
25Enhance decision-making through the use of data
26Improve the accuracy of demand forecasts and market analysis
27Optimize inventory levels by utilizing IoT and AI
28Develop a digital platform for customers (improve convenience for both parties)
Plan assumptionsDeclining demand for paper and paperboard, Structural changes in paper demand driven by the advancement of digitalization, Growing environmental awareness and increased emphasis on sustainability, Maturation of the existing paper market, Revisions to selling prices and normalization of economic activity, Recovery in domestic demand, led primarily by inbound demand, Changes in trade flows in Asia triggered by shifts in U.S. tariff policy
Size of the Target MarketNumerical data and sources for market size and growth rates are not disclosed. The Company refers to declining demand for paper and paperboard and the maturation of the existing paper market.
Risks identified by the company
Declining demand for paper and paperboard
Structural changes in paper demand driven by the advancement of digitalization
Growing environmental awareness and increased emphasis on sustainability
Changes in trade flows in Asia triggered by shifts in U.S. tariff policy
The possibility that actual results may differ from the plan due to various factors
Reason for revision or withdrawal
The Company aims to achieve further growth after 80 years in business. In response to declining demand for paper and paperboard and the maturation of the existing paper market, it plans to recover by securing sales and reducing fixed costs through the review and strengthening of operations.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan for Fiscal 2026–Fiscal 2028 |
| Plan period | FY2026-FY2028 (April 2026-March 2029) |
| Progress against the plan | Formulated |
| Sales Target | ¥15.79 billion (fiscal 2025 actual) → ¥17.0 billion (fiscal 2028 plan)（7.7%） |
| ROE target | 0.7% (fiscal 2025 actual) → 2.2% (fiscal 2028 plan)（214.3%） |
| ROIC target | 0.4% (fiscal 2025 actual) → 1.3% (fiscal 2028 plan)（225.0%） |
| Payout ratio / DOE policy | Numerical targets for the payout ratio and DOE are not disclosed. The Company has set out plans for continuous and stable shareholder returns, continued stable dividends, and consideration of dividend increases while maintaining the current dividend level on a stable basis. The applicable period is not disclosed. |
| Treasury share acquisition policy | The Company will consider share repurchases in a timely and flexible manner with a focus on capital efficiency. Under its 3-year cumulative free cash flow allocation, it plans to provide additional returns through share repurchases and will also consider increasing dividends. The repurchase amount, timing, and terms are not disclosed. |
| Total investment plan | ¥1,000 million (¥500 million in growth investment plus ¥500 million in investment in existing facilities) |
| Investment amount by sector | Field Growth Investment / Amount ¥500 million, Field Investment in existing facilities / Amount ¥500 million |
| Plan assumptions | Declining demand for paper and paperboard, Structural changes in paper demand driven by the advancement of digitalization, Growing environmental awareness and increased emphasis on sustainability, Maturation of the existing paper market, Revisions to selling prices and normalization of economic activity, Recovery in domestic demand, led primarily by inbound demand, Changes in trade flows in Asia triggered by shifts in U.S. tariff policy |
| Key initiatives | Deepen relationships with existing customers and expand the product range handled (strengthen cross-selling), Accelerate the development of new customers (clarify priority industries), Large customers: propose comprehensive solutions, Small and medium-sized customers: expand market share through agile responses, Strengthen proposals addressing environmental requirements and diversifying needs, Optimize operations through integrated use of demand, inventory, and delivery data, Reduce inventory while shortening lead times, Advance SCM (promote the digitalization of inventory management), Improve efficiency through external collaboration, including joint deliveries, Expand the range of new products and materials handled (shift toward high-value-added areas), Develop new markets through collaboration across industries, Expand into growth markets (high-value-added applications, the fan-engagement market, and other areas), Strengthen product development and proposals based on customer needs, Systematically develop human resources capable of responding to changes in the external environment, Strengthen expertise and diversity by utilizing mid-career recruitment, Design an optimal workforce composition (age and skills balance), Improve productivity and employee engagement through work-style reforms, Support career self-reliance and maximize human capital value, Optimize the allocation of investments emphasizing profitability and enhanced shareholder returns, Optimize financing and fund management in light of the interest-rate environment, Secure stable sources of earnings (fully launch the real estate leasing business), Strengthen the selection of strategic investments, including investments in human capital, Implement agile capital policies (share repurchases, dividend increases, and other measures), Improve operational efficiency (increase productivity by accelerating digitalization), Enhance decision-making through the use of data, Improve the accuracy of demand forecasts and market analysis, Optimize inventory levels by utilizing IoT and AI, Develop a digital platform for customers (improve convenience for both parties) |
| Reason for revision or withdrawal | The Company aims to achieve further growth after 80 years in business. In response to declining demand for paper and paperboard and the maturation of the existing paper market, it plans to recover by securing sales and reducing fixed costs through the review and strengthening of operations. |
| Size of the Target Market | Numerical data and sources for market size and growth rates are not disclosed. The Company refers to declining demand for paper and paperboard and the maturation of the existing paper market. |
| Risks identified | Declining demand for paper and paperboard, Structural changes in paper demand driven by the advancement of digitalization, Growing environmental awareness and increased emphasis on sustainability, Changes in trade flows in Asia triggered by shifts in U.S. tariff policy, The possibility that actual results may differ from the plan due to various factors |
| Publication date | 15 May 2026 |
Items this document does not state (9)
Operating profit targetOperating profit margin targetNet income targetCost of capitalSelf-assessment of PBR and share priceSegment targetNon-financial targetsResults under the previous planDate 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 plan aims to achieve further growth after 80 years in business. It is also intended to respond to declining demand for paper and paperboard and the maturation of the existing paper market, while recovering through securing sales and reducing fixed costs by reviewing and strengthening operations.
How to read this page
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