1964

Chugai Ro Co.,Ltd.

中外炉工業株式会社

Construction

Chugai Ro Co., Ltd., together with its subsidiaries, engages in the development of technologies in the thermal technology field in Japan and internationally. It offers steel and nonferrous-metal heating furnaces, and heat treat furnaces; metal process and paint coating line products; heat treatment furnaces; multi-retort rotary kilns, atmosphere gas generators, and remote maintenance systems; and burner and combustion control equipment, such as gas burners, oil burners, oil/gas burners, oxy burners, heating systems, control and auxiliary equipment, and other systems. The company also film coating and drying equipment, and FPD heat treatment equipment. In addition, it offers air pollution control systems, and kiln and environmental equipment. The company was incorporated in 1945 and is headquartered in Osaka, Japan.

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Price

¥4,300

Market Cap

¥31.6B

Ent. Value

¥25.2B

Net Cash

¥6.4B

Shares Out.

7.3M

P / E

6.7×

EV / EBIT

8.7×

P / Book

1.00×

P / NCAV

1.68×

Div. Yield

3.86%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥37.3B	¥36.2B	¥29.3B	¥28.0B	¥26.3B
Cost of Sales	¥29.2B	—	—	—	—
Gross Profit	¥8.1B	¥7.6B	¥6.1B	¥5.7B	¥5.6B
SG&A	¥5.2B	¥4.9B	¥4.6B	¥4.4B	¥4.3B
Operating Income	¥2.9B	¥2.7B	¥1.5B	¥1.3B	¥1.3B
Non-Operating Income	¥317M	¥348M	¥321M	¥320M	¥276M
Dividend Income	—	¥243M	¥228M	¥195M	¥169M
Interest Income	—	¥2M	¥2M	¥1M	¥2M
Non-Operating Expenses	—	¥80M	¥84M	¥55M	¥46M
Interest Expense	—	¥58M	¥56M	¥38M	¥42M
Ordinary Income	¥3.1B	¥3.0B	¥1.7B	¥1.6B	¥1.5B
Pre-tax Income	¥6.4B	¥4.2B	¥3.1B	¥1.7B	¥1.6B
Income Taxes	¥1.8B	¥1.1B	¥912M	¥403M	¥164M
Current Tax	—	¥1.1B	¥918M	¥369M	¥323M
Deferred Tax	—	¥12M	¥-5M	¥34M	¥-159M
Net Income (owners)	¥4.7B	¥3.0B	¥2.2B	¥1.2B	¥1.4B
Minority Interest	—	¥74M	¥19M	¥64M	¥69M
Comprehensive Income	—	¥1.8B	¥4.6B	¥1.6B	¥1.9B
EBITDA	¥3.4B	¥3.3B	¥2.0B	¥1.7B	¥1.7B
EPS	¥643.70	¥407.61	¥293.78	¥162.04	¥177.18
Shares Outstanding	—	7.3M	7.4M	7.6M	7.7M
Shares Issued (total)	—	7.8M	7.8M	7.8M	7.8M
Treasury Shares	—	0.5M	0.4M	0.2M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥51.3B	¥48.7B	¥48.9B	¥41.2B	¥38.1B
Current Assets	¥38.6B	¥36.0B	¥34.3B	¥30.2B	¥27.3B
Cash & Deposits	¥10.8B	¥4.4B	¥10.1B	¥7.9B	¥11.1B
Trade Receivables	—	¥29.7B	¥22.0B	¥20.7B	¥14.9B
Non-Current Assets	¥12.7B	¥12.8B	¥14.6B	¥11.0B	¥10.9B
PP&E	¥5.8B	¥5.1B	¥4.8B	¥4.1B	¥4.2B
Intangible Assets	—	¥208M	¥256M	¥291M	¥363M
Investment Securities	¥5.3B	¥6.5B	¥8.6B	¥6.1B	¥5.8B
Deferred Tax Assets	—	¥17M	¥21M	¥1M	¥2M
Total Liabilities	¥19.8B	¥20.1B	¥21.1B	¥17.1B	¥14.9B
Current Liabilities	¥15.4B	¥15.2B	¥17.5B	¥14.5B	¥12.4B
ST Debt	¥1.9B	¥2.6B	¥6.1B	¥2.8B	¥2.8B
Taxes Payable	—	¥750M	¥810M	¥295M	¥310M
Non-Current Liabilities	¥4.4B	¥4.9B	¥3.6B	¥2.6B	¥2.5B
Total LT Borrowings	¥2.5B	¥2.9B	¥1.2B	¥1.2B	¥1.2B
Pension Obligations	—	¥141M	¥154M	¥127M	¥122M
Deferred Tax Liab.	—	¥1.6B	¥2.1B	¥1.1B	¥1.1B
Total Equity	¥31.5B	¥28.6B	¥27.8B	¥24.0B	¥23.2B
Capital Stock	—	¥6.2B	¥6.2B	¥6.2B	¥6.2B
Capital Surplus	—	¥1.5B	¥1.5B	¥1.5B	¥1.5B
Retained Earnings	¥21.4B	¥17.8B	¥15.4B	¥13.8B	¥13.1B
Treasury Stock	—	¥-1.0B	¥-711M	¥-408M	¥-256M
AOCI	—	¥3.8B	¥5.1B	¥2.8B	¥2.5B
Equity (owners)	¥27.7B	¥24.5B	¥22.5B	¥21.1B	¥20.5B
Minority Interests	—	¥280M	¥198M	¥181M	¥143M

Total Interest-Bearing Debt ⓘ	¥4.4B	¥5.5B	¥7.3B	¥4.0B	¥4.0B
Net Cash ⓘ	¥6.4B	¥-1.1B	¥2.8B	¥3.9B	¥7.1B
NCAV ⓘ	¥18.8B	¥15.9B	¥13.2B	¥13.1B	¥12.3B
NCAV/Share	—	¥2,160	¥1,770	¥1,725	¥1,608
BV/Share	—	¥3,343	¥3,020	¥2,781	¥2,677

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥6.3B	¥-3.7B	¥-891M	¥-2.5B	¥6.1B
Interest Paid	—	¥-59M	¥-52M	¥-34M	¥-41M
Interest Received	—	¥245M	¥231M	¥196M	¥172M
D&A	¥543M	¥552M	¥474M	¥400M	¥412M
Investing CF	¥2.7B	¥654M	¥550M	¥-63M	¥510M
CapEx	¥846M	¥723M	¥1.3B	¥188M	¥127M
Purchase Investments	—	¥-6M	¥-5M	¥-5M	¥-4M
Proceeds from Invest.	—	¥1.5B	¥1.5B	¥70M	¥486M
Financing CF	¥-2.6B	¥-2.7B	¥2.5B	¥-727M	¥-2.5B
Dividends Paid	—	¥-594M	¥-530M	¥-537M	¥-460M
Share Buybacks	—	¥-312M	¥-302M	¥-151M	¥-2M
LT Debt Repaid	—	¥-400M	¥-400M	¥-400M	¥-400M
Free Cash Flow	¥5.4B	¥-4.4B	¥-2.2B	¥-2.7B	¥6.0B
Net Change in Cash	—	¥-5.7B	¥2.2B	¥-3.2B	¥4.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	15.5%	10.7%	8.5%	5.2%	6.1%
ROA	9.3%	6.1%	4.9%	3.1%	3.6%
EPS	¥643.70	¥407.61	¥293.78	¥162.04	¥177.18
DPS	¥166.00	¥150.00	¥80.00	¥70.00	¥70.00
BPS	¥4,311.16	¥3,858.93	¥3,709.15	¥3,146.80	¥3,005.31
FCF/Share	—	¥-602	¥-291	¥-355	¥777
NCAV/Share	—	¥2,160	¥1,770	¥1,725	¥1,608
Payout Ratio	25.8%	36.8%	27.2%	43.2%	39.5%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 12

Date	Activist	Stake	Event	Flag	Demands
2026-05-22	Resona Bank, Limited.	7.75% +1.27%	change	Passive	—
2026-05-21	Sumitomo Mitsui DS Asset Management Company, Limited	6.57% -1.42%	change	Passive	—
2026-05-12	Resona Bank, Limited.	6.48% -0.28%	change	Passive	—
2025-09-19	Sumitomo Mitsui DS Asset Management Company, Limited	7.99% +1.64%	change	Passive	—
2025-05-21	Resona Bank, Limited.	6.76% -0.18%	change	Passive	—
2025-05-09	Resona Bank, Limited.	6.94% +0.08%	change	Passive	—
2025-04-04	Sumitomo Mitsui DS Asset Management Company, Limited	6.35% +1.03%	change	Passive	—
2025-02-06	Sumitomo Mitsui DS Asset Management Company, Limited	5.32%	initial_5pct	Passive	—
2024-12-05	Sumitomo Mitsui Trust Bank,Limited	3.71%	change	Passive	—
2023-09-06	Resona Bank, Limited.	6.86% -1.21%	change	Passive	—
2023-08-21	Resona Bank, Limited.	8.07% +1.25%	change	Passive	—
2023-06-06	Resona Bank, Limited.	6.82%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-04-28 14:00	Buyback	¥1.1B ¥3800.0/sh 4.2%	Chuo Furnace Industrial (Code 1964, TSE Prime) announced a share buyback program on April 28, 2026, authorizing acquisit…
Summary Chuo Furnace Industrial (Code 1964, TSE Prime) announced a share buyback program on April 28, 2026, authorizing acquisition of up to 300,000 shares (4.15% of outstanding) for a maximum of ¥1,140 million through open market purchases via a trust arrangement. The buyback program will run from April 30 through August 31, 2026, aimed at enhancing capital efficiency and enabling flexible capital allocation in response to changing business conditions. Deadline: 2026-08-31 % of Shares: 4.2% Shares: 300,000 Source (JP) 自己株式の取得を行う理由：資本効率の一層の向上と経営環境の変化に対応した機動的な資本政策の遂行を可能とするため、自己株式の取得を行います。自己株式取得に係る事項の決定に関するお知らせ TDnet PDF
2026-04-28 14:00	Div Increase	¥1.2B ¥166.0/sh +11%	Chugai Ro Industrial Co., Ltd. announced a year-end dividend increase of ¥166.00 per share for the fiscal year ending Ma…
Summary Chugai Ro Industrial Co., Ltd. announced a year-end dividend increase of ¥166.00 per share for the fiscal year ending March 31, 2026, up ¥16.00 from the prior forecast and ¥16.00 from the prior year, representing an 10.67% increase. Total dividend payout is ¥1,201 million, with an effective date of June 19, 2026. The increase aligns with the company's capital policy targeting NOPAT-based dividend payout ratio of 60% or more. Deadline: 2026-06-19 YoY: +11% Source (JP) 1株当たりの配当金を直近の配当予想から16.00円増配し、166.00円といたします。なお、当社は中間配当を実施しておりません。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)	959	13.07%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	540	7.36%
3	第一生命株式会社	381	5.19%
4	Resona Bank 株式会社りそな銀行	363	4.95%
5	Stock Ownership Plan 中外炉工業関連企業持株会	221	3.01%
6	THE ZENITAKA CORPORATION 株式会社錢高組	175	2.38%
7	Nippon Life Insurance 日本生命保険相互会社	142	1.93%
8	ＪＰモルガン証券株式会社	141	1.92%
9	Mizuho Bank 株式会社みずほ銀行	129	1.76%
10	Employee Stock Ownership Plan 中外炉工業従業員持株会	110	1.50%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

20.4%

+6.0% 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

22.6%

-0.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		10.01%	10.60%	13.07% +2.47%
Japan Custody Bank 日本カストディ銀行		2.86%	3.86%	7.36% +3.50%
第一生命 NEW ENTRY	—	—	—	5.19% NEW
Resona Bank りそな銀行		4.96%	4.96%	4.95% -0.01%
Stock Ownership Plan 中外炉工業関連企業持株会		3.20%	3.15%	3.01% -0.14%
THE ZENITAKA CORPORATION 式会社錢高組		2.31%	2.35%	2.38% +0.03%
Nippon Life Insurance 日本生命保険		1.87%	1.91%	1.93% +0.02%
ＪＰモルガン証券 NEW ENTRY	—	—	—	1.92% NEW
Mizuho Bank みずほ銀行		1.71%	1.74%	1.76% +0.02%
Employee Stock Ownership Plan 中外炉工業従業員持株会		1.66%	1.57%	1.50% -0.07%
Dai-ichi Life Insurance 第一生命保険 last seen 2024	Exited Top 10	5.02%	5.12%	—
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) last seen 2024	Exited Top 10	—	2.06%	—
式会社山電器 last seen 2023	Exited Top 10	1.71%	—	—
Concentration (HHI) ⓘ		186	207	304

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

Portfolio Book Value ¥6,494M +7% since 2023

Holdings 43 10 exited

Trend 5 building vs 2023

Held Company	FY2025 ¥6,494M total		FY2023 ¥6,078M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Mitsubishi Corporation 三菱商事㈱	2,390	+67.0% ↑ 910,000	2,589	545,000
Resona Holdings, Inc. ㈱りそなホールディングス	525	408,062	260	408,062	M
Iyogin Holdings,Inc. ㈱いよぎんホールディングス	305	173,611	130	173,611	M
Kamigumi Co., Ltd. ㈱上組	288	82,500	229	82,500	M
㈱淀川製鋼所	276	49,700	135	49,700	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	259	64,111	120	64,111	M
KYOEI STEEL LTD. 共英製鋼㈱	252	134,500	216	134,500	M
Kurimoto,Ltd. ㈱栗本鐵工所	206	45,215	91	45,215
YOKOGAWA ELECTRIC CORPORATION 横河電機㈱	204	70,600	151	70,600	M
THE ZENITAKA CORPORATION ㈱錢高組	193	50,000	148	50,000	M
Godo Steel,Ltd. 合同製鐵㈱	182	47,200	160	47,200	M
THE SHIGA BANK,LTD. ㈱滋賀銀行	157	30,000	80	30,000	M
SANKYU INC. 山九㈱	143	23,400	114	23,400	M
KIMURA CHEMICAL PLANTS CO., LTD. 木村化工機㈱	141	194,000	131	194,000	M
SATO SHO-JI CORPORATION 佐藤商事㈱	123	83,000	118	83,000	M
TACHIBANA ELETECH CO.,LTD. ㈱立花エレテック	115	48,133	95	48,133	M
ONEX Corporation ㈱オーネックス	107	50,030	43	50,030	M
NSK Ltd. 日本精工㈱	102	161,300	121	161,300
KYOKUTO KAIHATSU KOGYO CO.,LTD. 極東開発工業㈱	87	36,800	59	36,800	M
NIPPON STEEL CORPORATION 日本製鉄㈱	76	+7.3% ↑ 23,875	69	22,245
toyo tec co ., ltd 東洋テック㈱	73	54,500	52	54,500	M
Kobe Steel, Ltd. ㈱神戸製鋼所	51	30,000	31	30,000
IBIDEN CO.,LTD. イビデン㈱	40	+5.4% ↑ 10,102	50	9,584
KOGI CORPORATION 虹技㈱	34	26,600	27	26,600	M
Aichi Clock Electric Co. 愛知時計電機㈱	32	16,500	24	16,500	M
Nippon Electric Glass Co., Ltd. 日本電気硝子㈱	25	+19.5% ↑ 7,420	15	6,208
Nichia Steel Industry Co., Ltd. 日亜鋼業㈱	24	79,000	23	79,000	M
TOMATO BANK,LTD. ㈱トマト銀行	22	18,860	19	18,860	M
Torishima Pump Mfg.Co.,Ltd. ㈱酉島製作所	20	10,000	15	10,000	M
TSUBAKIMOTO KOGYO CO.,LTD. 椿本興業㈱	13	+200.0% ↑ 6,600	9	2,200	M
NTN CORPORATION ＮＴＮ㈱	11	48,000	16	48,000	M
NIRECO CORPORATION ㈱ニレコ	8	5,200	5	5,200	M
Nittetsu Mining CO.,Ltd. 日鉄鉱業㈱	7	1,200	4	1,200	M
A&A Material Corporation ㈱エーアンドエーマテリアル	3	3,400	3	3,400	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	—		—		M
Azbil Corporation アズビル㈱	—		—
UACJ Corporation ㈱ＵＡＣＪ	—		—
KONICA MINOLTA, INC. コニカミノルタ㈱	—		—
Maruichi Steel Pipe Co., Ltd. 丸一鋼管㈱	—		—
TOYOTA TSUSHO CORPORATION 豊田通商㈱	—		—
AGC Inc. ＡＧＣ㈱	—		—
Daido Special Steel Co., Ltd. 大同特殊鋼㈱	—		—
JFE Holdings,Inc. ＪＦＥホールディングス㈱	—		—
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	—	−100% Exit —	266	314,270	M
Sanyo Special Steel Co.,Ltd. 山陽特殊製鋼㈱	—	−100% Exit —	87	35,536
NICHIAS CORPORATION ニチアス㈱	—	−100% Exit —	40	15,250	M
KYOWA ELECTRONIC INSTRUMENTS CO.,LTD. ㈱共和電業	—	−100% Exit —	35	103,000	M
Chino Corporation ㈱チノー	—	−100% Exit —	5	2,600	M
第一生命ホールディングス㈱	—	−100% Exit —	107	44,300	M
japan foundation engineering co.,ltd. 日本基礎技術㈱	—	−100% Exit —	72	141,100	M
Hankyu Hanshin Holdings,Inc. 阪急阪神ホールディングス㈱	—	−100% Exit —	54	14,000	M
New Japan Chemical Co., Ltd. 新日本理化㈱	—	−100% Exit —	54	258,700	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	6	1,400	M
Portfolio total	6,494		6,078

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