Toward Further Increasing Corporate Value
Fulfilling our responsibilities as a company listed on the Tokyo Stock Exchange Prime Market and contributing to the sound development of the fisheries industry
The Group is actively working to increase its corporate value in order to fulfill the responsibilities expected of a company listed on the Tokyo Stock Exchange Prime Market.
With a view towards the fishing industry 100 years from now, we have been promoting commercialization of land-based aquaculture and practical application of biomass fishing nets, which have entered a phase in which results are expected, and measures to improve the cost of capital and ROE are progressing well.
1Business growth
Contributing to realizing a sustainable society through our business
Commercialization of land-based aquaculture
Established Fish Farm Mirai LLC and built the largest land-based salmon aquaculture farm in Kyushu
Environmentally friendly sustainable food production and distribution
Practical application of biomass fishing nets
Practical application of biomass fishing nets that are biodegradable in the natural environment to reduce plastic waste and CO2 emissions
Reduction of environmental problems in the fishing industry
Building a system for the stable supply of marine products
Large-scale investments in labor- and power-saving and production efficiency increase, including the introduction of the latest manufacturing lines at two major manufacturing subsidiaries in Mombetsu City, Hokkaido.
System for the stable supply of high-value-added products
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Regional revitalization
2Cost management
Awareness of improving cost of capital
Pursue the optimal capital structure to improve capital efficiency
Characteristics of the Company’s cash flow
Food Business
The fishing season for marine products is mainly from the early spring to early autumn, and purchases are made in advance.
Funds recovered by sales through to year-end
Marine Business, Machinery Business and Materials Business
Relatively short period from purchase to funds recovery
We are advancing cash flow management, including reduction of recovery periods and inventories in each business,
and are also conscious of enhancing ROA and ROIC with an optimal capital structure, in light of strengthening the financial position of the Company.
3Evaluation by stock market
Utilizing stock market indicators
Latest PBR = ROE × PER
Return on equity (ROE) was 9.0% (FY2023), and the share price was 2,186.1 yen (average closing price from January–March 2024). The price earnings ratio (PER) for FY2023, therefore, was 7.72 times, and the price-to-book ratio (PBR) was 0.64 times, indicating that improvement is still in progress.
Increase in ROE × improvement of PER → Increase in PBR
*We aim to increase PBR and achieve an increase in enterprise value exceeding dissolution value (PBR=1)
Improvement of PER
Promote understanding of the Company’s revenue structure (business model) to enhance recognition of the Company’s sustainable creation and expansion of profit in the market. Improve expected profit margin through promotion of growth strategies such as the medium-term management plan
Increase in ROE
Improve investment efficiency and profitability by promoting efficient management