ROEは2017年3月期に12.0%をピークにその後は右肩下がりとなり、2023年3月期は1.3%まで低下した。ROEを当期純利益率、総資産売上回転率（売上高÷総資産）、財務レバレッジ（総資産÷自己資本）の3つの指標に分解すると、当期純利益率と財務レバレッジの低下がROEの低下要因だったことがわかる。特に当期純利益率が、2017年3月期の4.0%から2023年3月期は0.6%まで低下しており、ROEの低下に大きく影響した。■"Measures to achieve management that is conscious of capital costs and stock prices"
1. Current analysis
Based on the Tokyo Stock Exchange's request to companies with a PBR of less than 1 in March 2023 to disclose and implement improvement measures, KENKO MAYONNAISE <2915> also announced measures to achieve management that is conscious of capital costs and stock prices. The company has been below 1 times the PBR since 2020 due to deteriorating performance, but the performance recovered in the fiscal year ending March 2024 due to efforts focused on profits, resulting in an increase from 0.5 times in the same period of the previous year to 0.8 times at the end of March 2024. However, it remains at about half the weighted average PBR of the food industry (prime companies) of 1.7 times. One factor is believed to be the low level of ROE.
ROE peaked at 12.0% in the fiscal year ending March 2017, but has been declining since then, and was as low as 1.3% in the fiscal year ending March 2023. Breaking down ROE into three indicators: net income ratio, asset turnover ratio (revenue / total assets), and financial leverage (total assets / equity), it can be seen that the decline in net income ratio and financial leverage were factors in the decline in ROE. In particular, the net income ratio has decreased from 4.0% in the fiscal year ending March 2017 to 0.6% in the fiscal year ending March 2023, greatly affecting the decline in ROE.
(Written by FISCO guest analyst, Jo Sato)