Capital Policy


We believe it is essential to contribute to shareholder value by achieving sustainable growth and increasing our corporate value over the long term. We aim to achieve continuous growth in net income, maintaining higher ROE than our cost of equity by efficiently using our limited management resources. As huge business opportunities emerge in the market related to an aging society where we operate, we will use the profits earned to make the necessary investments for sustainable growth and long-term enhancement of corporate value. Therefore, our basic policy for the dividend is to prioritize growth investments while considering the financial conditions when determining dividend payouts to our shareholders.

■Total Shareholder Return

  • *This total Shareholder Return means the profit generated from all capital gains and dividends from the SMS’s shares during a holding period.
  • *The closing price as of March 31, 2014, is set at 100, and the value at the end of each fiscal year is shown if you continue to hold the stock.


Historical Dividend per Share and Payout Ratio

  • *Past stock splits are taken into account for the DPS calculation.

■Share Repurchase

Acquisition period Acquisition method Number of shares acquired Total amount
February 5 – March 31, 2015 Market purchase 176,600 116,379,900
November 21 – December 31, 2014 Market purchase 470,800 296,464,400
September 19 – September 22, 2014 Market purchase 172,800 120,714,400
April 30 – June 11, 2013 Market purchase 1,275,600 421,009,300
May 1 – May 31, 2012 Market purchase 564,000 81,446,800
Total - 2,659,800 1,036,110,800
  • *Past stock splits are taken into account for the calculation.