DAIICHI KENSETSU CORPORATION

第一建設工業株式会社

Construction

Daiichi Kensetsu Corporation engages civil engineering and construction contracting businesses in Japan. It undertakes civil engineering works related to railways and surrounding areas; public works; construction works; construction of new railway tracks and railroad crossings for conventional lines; and maintenance of railway tracks. Daiichi Kensetsu Corporation was incorporated in 1942 and is headquartered in Niigata, Japan.

← Companies

Price

¥3,275

Market Cap

¥68.3B

Ent. Value

¥54.5B

Net Cash est

¥13.8B

Shares Out.

20.9M

P / E

11.2×

EV / EBIT

7.9×

P / Book

0.78×

P / NCAV

1.91×

Div. Yield

0.46%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥60.0B	¥58.0B	¥54.0B	¥47.4B	¥42.7B
Cost of Sales	¥49.1B	¥47.0B	¥46.9B	¥40.6B	¥36.9B
Gross Profit	¥10.9B	¥11.0B	¥7.1B	¥6.8B	¥5.8B
SG&A	¥4.0B	¥3.8B	¥3.3B	¥3.2B	¥3.0B
Operating Income	¥6.9B	¥7.2B	¥3.8B	¥3.6B	¥2.8B
Non-Operating Income	¥599M	¥460M	¥327M	¥313M	¥535M
Dividend Income	—	¥345M	¥284M	¥180M	¥405M
Interest Income	—	¥2M	¥0M	¥0M	¥0M
Non-Operating Expenses	—	¥50M	¥3M	—	¥0M
Ordinary Income	¥7.5B	¥7.6B	¥4.1B	¥3.9B	¥3.3B
Pre-tax Income	¥7.5B	¥7.5B	¥4.0B	¥3.9B	¥3.7B
Income Taxes	¥2.3B	¥2.3B	¥1.2B	¥1.2B	¥1.1B
Current Tax	—	¥2.3B	¥1.5B	¥1.4B	¥1.2B
Deferred Tax	—	¥13M	¥-299M	¥-140M	¥-42M
Net Income (owners)	¥5.2B	¥5.2B	¥2.8B	¥2.6B	¥2.6B
EBITDA	¥9.1B	¥9.2B	¥6.0B	¥5.6B	¥4.9B
EPS	¥293.11	¥278.00	¥143.20	¥132.54	¥127.76
Shares Outstanding	—	20.9M	20.9M	20.9M	20.9M
Shares Issued (total)	—	20.9M	20.9M	20.9M	20.9M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥86.3B	¥83.9B	¥80.9B	¥75.5B	¥73.1B
Current Assets	¥47.5B	¥48.9B	¥46.8B	¥43.6B	¥46.2B
Cash & Deposits	¥13.8B	¥16.4B	¥15.0B	¥13.1B	¥15.5B
Non-Current Assets	¥38.9B	¥35.0B	¥34.1B	¥32.0B	¥26.9B
PP&E	¥21.3B	¥21.3B	¥20.3B	¥20.4B	¥17.7B
Intangible Assets	—	¥478M	¥257M	¥157M	¥166M
Investment Securities	¥10.5B	¥7.5B	¥7.9B	¥6.8B	¥8.6B
Deferred Tax Assets	—	—	—	¥84M	¥86M
Total Liabilities	¥11.6B	¥12.3B	¥11.6B	¥9.0B	¥7.7B
Current Liabilities	¥8.7B	¥10.6B	¥10.1B	¥7.8B	¥6.7B
Taxes Payable	—	¥1.6B	¥920M	¥864M	¥279M
Non-Current Liabilities	¥3.0B	¥1.7B	¥1.5B	¥1.2B	¥1.0B
Deferred Tax Liab.	—	¥199M	¥146M	—	—
Total Equity	¥74.7B	¥71.7B	¥69.3B	¥66.5B	¥65.4B
Capital Stock	—	¥3.3B	¥3.3B	¥3.3B	¥3.3B
Capital Surplus	—	¥3.3B	¥3.3B	¥3.3B	¥3.3B
Retained Earnings	¥67.0B	¥64.3B	¥60.6B	¥58.8B	¥57.0B
Treasury Stock	—	¥-3.2B	¥-1.9B	¥-1.7B	¥-694M
AOCI	—	¥4.0B	¥4.1B	¥2.8B	¥2.4B
Equity (owners)	¥67.7B	¥67.7B	¥65.3B	¥63.7B	¥63.0B

Net Cash ⓘ	¥13.8B	¥16.4B	¥15.0B	¥13.1B	¥15.5B
NCAV ⓘ	¥35.8B	¥36.6B	¥35.2B	¥34.5B	¥38.5B
NCAV/Share	—	¥1,755	¥1,688	¥1,655	¥1,844
BV/Share	—	¥3,245	¥3,130	¥3,052	¥3,019

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥4.3B	¥6.0B	¥5.4B	¥-400M	¥10.5B
Interest Received	—	¥355M	¥288M	¥185M	¥410M
D&A	¥2.2B	¥2.0B	¥2.2B	¥2.1B	¥2.1B
Investing CF	¥-1.5B	¥-3.8B	¥-2.3B	¥-6.1B	¥-2.3B
CapEx	¥1.9B	¥3.6B	¥2.0B	¥4.3B	¥2.7B
Purchase Investments	—	¥-207M	¥-301M	¥-101M	¥-503M
Financing CF	¥-5.3B	¥-2.8B	¥-1.2B	¥-1.9B	¥-955M
Dividends Paid	—	¥-1.6B	¥-975M	¥-909M	¥-752M
Share Buybacks	—	¥-1.3B	¥-200M	¥-1.0B	¥-200M
Free Cash Flow	¥2.4B	¥2.4B	¥3.4B	¥-4.7B	¥7.8B
Net Change in Cash	—	¥-660M	¥1.9B	¥-8.5B	¥7.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.1%	7.4%	4.1%	4.0%	4.0%
ROA	6.1%	6.4%	3.6%	3.6%	3.6%
EPS	¥293.11	¥278.00	¥143.20	¥132.54	¥127.76
DPS	¥0.00	¥130.00	¥80.00	¥50.00	¥45.00
BPS	¥4,220.14	¥3,818.44	¥3,562.65	¥3,395.62	¥3,220.03
FCF/Share	—	¥116	¥161	¥-225	¥374
NCAV/Share	—	¥1,755	¥1,688	¥1,655	¥1,844
Payout Ratio	0.0%	46.8%	55.9%	37.7%	35.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 1

Date	Activist	Stake	Event	Flag	Demands	Source
2025-05-22	FMR LLC	3.07%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-13 15:30	Div Increase	¥2.8B ¥160.0/sh +23%	Daiichi Construction (Code: 1799) announced a dividend increase to ¥160 per share (from ¥130 previously) for FY2026 (bas…
Summary Daiichi Construction (Code: 1799) announced a dividend increase to ¥160 per share (from ¥130 previously) for FY2026 (base date March 31, 2026), representing a 23.1% year-over-year increase. Total dividend payout is ¥2,832 million from retained earnings, effective June 26, 2026, subject to approval at the 84th Annual General Meeting on June 25, 2026. Deadline: 2026-06-26 YoY: +23% Source (JP) 当期の期末配当は、増収減益ながら前期と同水準の利益を確保したことに加え、株主還元の充実の観点から、2025年５月13日公表の１株当たり130円から30円増配し、160円とさせていただく予定であります。剰余金の配当に関するお知らせ TDnet PDF
2026-05-13 15:30	Cost of Capital	—	Daiichikensetsu updated its capital cost and shareholder value management policy on May 13, 2026. The company disclosed …
Summary Daiichikensetsu updated its capital cost and shareholder value management policy on May 13, 2026. The company disclosed that ROE of 7.1% remains below the cost of equity of 7.5%, and PBR of 0.92x is below the 1.0x target. The company commits to achieve ROE≥9% and PBR≥1.0x through human capital investment, cost management, M&A, and operational efficiency improvements, while maintaining cumulative dividend growth with target payout ratio ≥50% and DOE≥3.5%. Source (JP) 当社は、2026年５月13日開催の取締役会において、資本コストや株価を意識した経営の実現に向けて、現状を分析・評価し、改善に向けた今後の取り組み方針についてアップデートいたしました資本コストや株価を意識した経営の実現に向けた対応について TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	東日本旅客鉄道株式会社	3,632	19.35%
2	旭調査設計株式会社	1,434	7.64%
3	第一建設工業社員持株会	1,391	7.41%
4	ビービーエイチフォーフィデリティロープライスストックファンド（常任代理人株式会社三菱ＵＦＪ銀行）	879	4.68%
5	東鉄工業株式会社	511	2.72%
6	株式会社第四北越銀行	467	2.49%
7	第一建設工業互助会	463	2.46%
8	株式会社北陸銀行	449	2.39%
9	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 （常任代理人香港上海銀行東京支店カストディ業務部）	441	2.35%
10	名工建設株式会社	437	2.32%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

+0.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

53.8%

-1.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
東日本旅客鉄道		18.54%	18.66%	19.35% +0.69%
旭調査設計		7.32%	7.37%	7.64% +0.27%
第一建設工業社員持株会		6.83%	7.02%	7.41% +0.39%
Fidelity		5.08%	5.04%	4.68% -0.36%
東鉄工業		2.61%	2.62%	2.72% +0.10%
式会社第四北越銀行		3.82%	3.85%	2.49% -1.36%
第一建設工業互助会		2.36%	2.38%	2.46% +0.08%
式会社北陸銀行		3.73%	3.76%	2.39% -1.37%
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 NEW ENTRY	—	—	—	2.35% NEW
名工建設		2.23%	2.24%	2.32% +0.08%
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENT A/C 8221-563114 last seen 2024	Exited Top 10	2.32%	2.34%	—
Concentration (HHI) ⓘ		521	529	546

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥3,890M -45% since 2023

Holdings 14 +1 new 2 exited

Trend 3 building vs 2023

Held Company	FY2025 ¥3,890M total		FY2023 ¥7,049M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TOTETSU KOGYO CO.,LTD. 東鉄工業㈱	1,672	547,360	1,483	547,360	M
MEIKO CONSTRUCTION CO.,LTD. 名工建設㈱	638	492,155	561	492,155	M
NIPPON DENSETSU KOGYO CO.,LTD 日本電設工業㈱	410	195,000	309	195,000	M
RAITO KOGYO CO., LTD. ライト工業㈱	278	113,000	220	113,000	M
Tenryu Saw Mfg. Co., Ltd. 天龍製鋸㈱	245	+100.0% ↑ 130,000	205	65,000	M
Daishi Hokuetsu Financial Group,Inc. ㈱第四北越フィナンシャルグループ	226	+100.0% ↑ 71,516	103	35,758
BSN MEDIA HOLDINGS,INC. ㈱ＢＳＮメディアホールディングス	139	NEW New 75,800	—		M
Hokuhoku Financial Group, Inc. ㈱ほくほくフィナンシャルグループ	78	30,527	28	30,527
アクシアルリテイリング㈱	73	+300.0% ↑ 76,000	65	19,000
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	35	8,700	16	8,700
THE AKITA BANK,LTD. ㈱秋田銀行	32	12,682	22	12,682
Tokyo Kiraboshi Financial Group, Inc. ㈱東京きらぼしフィナンシャルグループ	30	5,220	14	5,220
MORIYA CORPORATION ㈱守谷商会	25	7,000	16	7,000	M
Keikyu Corporation 京浜急行電鉄㈱	8	5,000	6	5,000
East Japan Railway Company 東日本旅客鉄道㈱	—	−100% Exit —	3,887	529,900	M
㈱新潟放送（注）	—	−100% Exit —	113	75,800	M
Portfolio total	3,890		7,049

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding