ASANUMA CORPORATION

株式会社淺沼組

Construction

Asanuma Corporation operates as a general contractor in Japan and internationally. It undertakes a range of projects, such as schools, hospitals, hotels, water and sewer lines, and roads. The company was founded in 1892 and is headquartered in Osaka, Japan.

← Companies

Price

¥810

Market Cap

¥65.3B

Ent. Value

¥55.6B

Net Cash

¥9.7B

Shares Out.

80.6M

P / E

12.6×

EV / EBIT

7.7×

P / Book

1.31×

P / NCAV

2.13×

Div. Yield

1.98%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥175.3B	¥167.0B	¥152.7B	¥144.4B	¥135.5B
Cost of Sales	¥155.7B	¥149.0B	¥138.5B	¥129.3B	¥122.0B
Gross Profit	¥19.6B	¥18.0B	¥14.1B	¥15.1B	¥13.4B
SG&A	¥12.4B	¥11.1B	¥10.1B	¥9.4B	¥8.6B
Operating Income	¥7.2B	¥6.9B	¥4.1B	¥5.7B	¥4.8B
Non-Operating Income	¥421M	¥399M	¥631M	¥488M	¥335M
Dividend Income	—	¥127M	¥106M	¥88M	¥92M
Interest Income	—	¥114M	¥78M	¥25M	¥23M
Non-Operating Expenses	—	¥721M	¥382M	¥262M	¥265M
Interest Expense	—	¥192M	¥131M	¥105M	¥104M
Ordinary Income	¥7.0B	¥6.5B	¥4.3B	¥5.9B	¥4.9B
Pre-tax Income	¥7.1B	¥6.4B	¥7.0B	¥6.5B	¥5.4B
Income Taxes	¥1.9B	¥1.7B	¥2.0B	¥2.1B	¥1.7B
Current Tax	—	¥2.1B	¥2.4B	¥2.1B	¥1.2B
Deferred Tax	—	¥-437M	¥-399M	¥-12M	¥421M
Net Income (owners)	¥5.2B	¥4.7B	¥4.7B	¥4.2B	¥3.7B
Minority Interest	—	¥81M	¥336M	¥206M	¥21M
Comprehensive Income	—	¥4.8B	¥7.1B	¥5.1B	¥2.7B
EBITDA	¥8.1B	¥7.8B	¥4.9B	¥6.5B	¥5.5B
Goodwill Amort. (J-GAAP)	—	—	—	—	¥29M
EPS	¥64.24	¥58.21	¥289.81	¥260.49	¥464.72
Shares Outstanding	—	80.6M	16.1M	16.1M	8.1M
Shares Issued (total)	—	80.8M	16.2M	16.2M	8.1M
Treasury Shares	—	0.2M	0.0M	0.0M	0.0M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥118.2B	¥115.2B	¥101.3B	¥93.0B	¥90.1B
Current Assets	¥98.6B	¥97.7B	¥83.2B	¥76.7B	¥73.5B
Cash & Deposits	¥23.9B	¥16.8B	¥13.0B	¥11.9B	¥13.2B
Non-Current Assets	¥19.6B	¥17.6B	¥18.0B	¥16.3B	¥16.6B
PP&E	¥4.9B	¥4.9B	¥4.9B	¥5.3B	¥5.7B
Goodwill	—	¥853M	¥974M	¥1.1B	¥1.9B
Intangible Assets	—	¥2.7B	¥3.0B	¥3.1B	¥3.0B
Investment Securities	¥7.8B	¥6.3B	¥6.5B	¥4.7B	¥4.6B
Deferred Tax Assets	—	¥1.3B	¥638M	¥970M	¥1.0B
Total Liabilities	¥68.0B	¥69.1B	¥52.5B	¥48.4B	¥47.5B
Current Liabilities	¥51.1B	¥52.9B	¥45.2B	¥35.2B	¥34.6B
ST Debt	¥1.4B	¥9.3B	¥11.1B	¥1.8B	¥2.5B
Taxes Payable	—	¥2.0B	¥2.4B	¥1.6B	¥1.4B
Non-Current Liabilities	¥16.9B	¥16.2B	¥7.4B	¥13.2B	¥12.8B
Total LT Borrowings	¥12.9B	¥11.6B	¥2.9B	¥8.5B	¥8.2B
Pension Obligations	—	¥4.2B	¥4.2B	¥4.3B	¥4.4B
Deferred Tax Liab.	—	¥220M	¥211M	¥213M	¥5M
Total Equity	¥50.2B	¥46.1B	¥48.7B	¥44.7B	¥42.7B
Capital Stock	—	¥9.6B	¥9.6B	¥9.6B	¥9.6B
Capital Surplus	—	¥222M	¥2.2B	¥2.2B	¥2.2B
Retained Earnings	¥34.5B	¥32.7B	¥32.5B	¥30.9B	¥29.6B
Treasury Stock	—	¥-131M	¥-64M	¥-73M	¥-27M
AOCI	—	¥3.3B	¥3.4B	¥1.4B	¥784M
Equity (owners)	¥44.3B	¥42.4B	¥44.3B	¥42.6B	¥41.4B
Minority Interests	—	¥430M	¥1.1B	¥668M	¥473M

Total Interest-Bearing Debt ⓘ	¥14.2B	¥21.0B	¥13.9B	¥10.3B	¥10.7B
Net Cash ⓘ	¥9.7B	¥-4.1B	¥-913M	¥1.6B	¥2.5B
NCAV ⓘ	¥30.6B	¥28.6B	¥30.7B	¥28.4B	¥26.0B
NCAV/Share	—	¥354	¥1,901	¥1,758	¥3,227
BV/Share	—	¥526	¥2,742	¥2,645	¥5,132

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥18.4B	¥5.2B	¥-3.2B	¥1.4B	¥1.6B
Interest Paid	—	¥-191M	¥-131M	¥-104M	¥-104M
Interest Received	—	¥241M	¥232M	¥113M	¥115M
D&A	¥924M	¥883M	¥794M	¥820M	¥646M
Goodwill Amort.	—	—	—	—	¥29M
Investing CF	¥-799M	¥-784M	¥2.6B	¥934M	¥-2.3B
CapEx	¥331M	¥209M	¥134M	¥76M	¥1.0B
Purchase Investments	—	¥-259M	¥-9M	¥-9M	¥-24M
Financing CF	¥-11.0B	¥-913M	¥1.4B	¥-3.7B	¥-2.3B
Dividends Paid	—	¥-4.5B	¥-3.1B	¥-2.9B	¥-1.9B
LT Debt Repaid	—	¥-4.6B	¥-348M	¥-346M	¥-336M
Free Cash Flow	¥18.1B	¥5.0B	¥-3.3B	¥1.3B	¥561M
Net Change in Cash	—	¥3.8B	¥1.2B	¥-1.1B	¥-2.9B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.8%	10.1%	10.2%	9.7%	9.0%
ROA	4.4%	4.3%	4.8%	4.6%	4.2%
EPS	¥64.24	¥58.21	¥289.81	¥260.49	¥464.72
DPS	¥16.00	¥41.00	¥203.00	¥191.00	¥363.00
BPS	¥616.39	¥567.04	¥2,951.17	¥2,728.46	¥5,229.01
FCF/Share	—	¥62	¥-205	¥79	¥70
NCAV/Share	—	¥354	¥1,901	¥1,758	¥3,227
Payout Ratio	24.9%	70.4%	70.0%	73.3%	78.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2024-08-26	Yasuhiro Yoshida Chairman of Asanumagumi Yayoikai Stock Holding Association	5.01%	correction	Passive	—
2024-08-09	Yasuhiro Yoshida Chairman of Asanumagumi Yayoikai Stock Holding Association	5.01%	initial_5pct	Passive	—
2023-10-06	Sumitomo Mitsui Banking Corporation	4.04%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-19 15:30	Div Increase	¥2.3B ¥29.0/sh +12%	Asanuma CORPORATION board resolved to pay a year-end dividend of ¥29 per share (total ¥2,341 million) for fiscal year en…
Summary Asanuma CORPORATION board resolved to pay a year-end dividend of ¥29 per share (total ¥2,341 million) for fiscal year ending March 31, 2026, up 11.5% from ¥26 per share in the prior year. Combined with the interim dividend of ¥16 per share, the total annual dividend is ¥45 per share, achieving the target consolidated payout ratio of 70.0% under the medium-term 3-year plan (FY2024-2026). Deadline: 2026-06-26 YoY: +12% Source (JP) 当期の期末配当金につきましては、１株につき29円とさせていただくこととしました。これにより、中間配当金（１株につき16円）を加えた年間配当金は、１株につき45円（連結配当性向70.0％）となります。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社(信託口)	10,840	13.45%
2	Stock Ownership Plan 淺沼組弥生会持株会	4,140	5.14%
3	平和株式会社	3,200	3.97%
4	Japan Custody Bank 株式会社日本カストディ銀行 (信託口)	2,613	3.24%
5	Sumitomo Realty & Development Co.,Ltd. 住友不動産株式会社	1,830	2.27%
6	浅沼誠	1,433	1.78%
7	Aioi Nissay Dowa Insurance Co. あいおいニッセイ同和損害保険株式会社	1,425	1.77%
8	The Nanto Bank,Ltd. 株式会社南都銀行	1,235	1.53%
9	淺沼組自社株投資会	1,146	1.42%
10	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	943	1.17%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

16.7%

+2.4% 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

19.1%

-2.1% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行	11.95%	11.29%	13.45% +2.16%
Stock Ownership Plan 淺沼組弥生会持株会	4.83%	4.80%	5.14% +0.34%
平和	3.76%	3.78%	3.97% +0.19%
Japan Custody Bank 日本カストディ銀行	3.31%	2.96%	3.24% +0.28%
Sumitomo Realty & Development Co.,Ltd. 住友不動産	2.27%	2.27%	2.27%
浅沼誠	1.75%	1.77%	1.78% +0.01%
Aioi Nissay Dowa Insurance Co. あいおいニッセイ同和損害保険	3.16%	3.15%	1.77% -1.38%
The Nanto Bank,Ltd. 式会社南都銀行	1.53%	1.53%	1.53%
淺沼組自社株投資会	1.49%	1.47%	1.42% -0.05%
Sumitomo Mitsui Banking Corporation 三井住友銀行	4.68%	2.34%	1.17% -1.17%
Concentration (HHI) ⓘ	236	202	251

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

Portfolio Book Value ¥5,516M +41% since 2023

Holdings 14 2 exited

Trend 5 building vs 2023

Held Company	FY2025 ¥5,516M total		FY2023 ¥3,902M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	1,789	+18.5% ↑ 320,000	805	270,000	M
West Japan Railway Company 西日本旅客鉄道㈱	874	+100.0% ↑ 300,000	818	150,000
DMG MORI CO., LTD. ＤＭＧ森精機㈱	769	265,900	592	265,900
Tokyo Tatemono Co., Ltd. 東京建物㈱	694	275,000	444	275,000	M
Keihan Holdings Co.,Ltd. 京阪ホールディングス㈱	465	143,000	494	143,000
AEON Co.,Ltd. イオン㈱	258	+2.6% ↑ 68,937	172	67,172
The Nanto Bank,Ltd. ㈱南都銀行	252	63,800	148	63,800	M
日本電信電話㈱	176	+2400.0% ↑ 1,220,000	193	48,800
FUJITEC CO., LTD. フジテック㈱	59	10,000	32	10,000	M
Keio Corporation 京王電鉄㈱	51	+30.5% ↑ 13,528	48	10,367
COSMOS INITIA Co., Ltd. ㈱コスモスイニシア	50	45,700	22	45,700
Hankyu Hanshin Holdings,Inc. 阪急阪神ホールディングス㈱	45	11,400	44	11,400
Nagoya Railway Co. 名古屋鉄道㈱	34	20,000	40	20,000
MS ADインシュアランスグループホールディングス㈱	—		—		M
KEL CORPORATION ケル㈱	—	−100% Exit —	18	10,000
MS&AD Insurance Group Holdings, Inc. ＭＳ＆ＡＤインシュアランスグループホールディングス㈱	—	−100% Exit —	32	7,980	M
Portfolio total	5,516		3,902

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