1969
Takasago Thermal Engineering Co., Ltd.
高砂熱学工業株式会社
Construction
Takasago Thermal Engineering Co., Ltd. designs, constructs, manufactures, sells, and installs heating, ventilation, and air conditioning (HVAC) systems in Japan and internationally. It also offers cleanrooms and associated equipment and devices; clean booths; MAT, a total system for measurement, analysis, and evaluation; district heating and cooling facilities; and air conditioning, sanitation, co-generation, electrical, instrumentation and communication, equipment and failure diagnosis, and dehumidifying/drying systems. In addition, the company provides datacenter operation measures service; dry room technology; GDoc BA, a smart monitoring and control systems; GDoc DHC, an automatic heat source control systems for large thermal storage tank facilities; GDoc premium, a real-time control system; GODA Cloud, a data collection and analysis tool; and swirling induction type HVAC and clean dry air supply systems. Further, it is involved in the construction works; chemical washer; sells solar power generation systems; produces and supplies hydrogen; business process outsourcing, insurance agency business, product sales business, and green air business; and worker dispatch, security, cleaning, energy supply, power generation, and water treatment businesses. Additionally, the company engages in the purchase and sale, brokerage, lease, and management of real estate; business related to greenhouse gas emission rights trading; and consulting, energy saving, and environmental measures services; converting to environmentally friendly energy, and community development through locally produced energy for local consumption; and manufacture, sale, import, and export of machinery, equipment, and various materials. Takasago Thermal Engineering Co., Ltd. was formerly known as Takasago Heating Works Co., Ltd. and changed its name to Takasago Thermal Engineering Co., Ltd. in 1943. The company was incorporated in 1923 and is headquartered in Tokyo, Japan.
Price
¥4,729
Market Cap
¥316.2B
Ent. Value
¥301.3B
Net Cash
¥14.9B
Shares Out.
66.9M
P / E
11.4×
EV / EBIT
9.3×
P / Book
1.74×
P / NCAV
3.35×
Div. Yield
3.53%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥381.7B | ¥363.4B | ¥338.8B | ¥302.7B |
| Cost of Sales | ¥310.0B | ¥303.4B | ¥292.5B | ¥261.3B |
| Gross Profit | ¥71.6B | ¥59.9B | ¥46.4B | ¥41.4B |
| SG&A | ¥39.2B | ¥35.8B | ¥31.0B | ¥27.0B |
| Operating Income | ¥32.4B | ¥24.2B | ¥15.3B | ¥14.4B |
| Non-Operating Income | ¥3.6B | ¥3.4B | ¥2.7B | ¥2.4B |
| Dividend Income | ¥926M | ¥784M | ¥674M | ¥640M |
| Interest Income | ¥549M | ¥413M | ¥264M | ¥166M |
| Non-Operating Expenses | ¥1.1B | ¥1.5B | ¥1.4B | ¥1.2B |
| Interest Expense | ¥269M | ¥288M | ¥278M | ¥237M |
| Ordinary Income | ¥35.0B | ¥26.1B | ¥16.7B | ¥15.6B |
| Pre-tax Income | ¥37.5B | ¥27.1B | ¥16.9B | ¥16.7B |
| Income Taxes | ¥9.5B | ¥6.9B | ¥4.1B | ¥5.1B |
| Current Tax | ¥10.6B | ¥8.4B | ¥4.9B | ¥5.0B |
| Deferred Tax | ¥-1.1B | ¥-1.4B | ¥-781M | ¥160M |
| Net Income (owners) | ¥27.6B | ¥19.6B | ¥12.2B | ¥11.5B |
| Minority Interest | ¥392M | ¥498M | ¥491M | ¥45M |
| Comprehensive Income | ¥27.6B | ¥29.2B | ¥14.1B | ¥11.0B |
| EBITDA | ¥35.7B | ¥26.9B | ¥17.8B | ¥16.3B |
| Goodwill Amort. (J-GAAP) | ¥218M | ¥227M | ¥203M | ¥202M |
| EPS | ¥416.15 | ¥295.68 | ¥184.69 | ¥169.38 |
| Shares Outstanding | 66.9M | 66.5M | 66.5M | 66.5M |
| Shares Issued (total) | 70.2M | 70.2M | 70.2M | 70.2M |
| Treasury Shares | 3.4M | 3.8M | 3.8M | 3.8M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥334.9B | ¥340.1B | ¥313.4B | ¥300.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥245.1B | ¥248.4B | ¥238.3B | ¥228.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥47.6B | ¥53.3B | ¥72.3B | ¥57.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥89.8B | ¥91.7B | ¥75.1B | ¥72.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥23.9B | ¥23.5B | ¥23.8B | ¥20.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥1.4B | ¥1.7B | ¥1.7B | ¥1.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥9.6B | ¥9.2B | ¥8.1B | ¥8.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥43.2B | ¥46.5B | ¥33.8B | ¥33.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥1.4B | ¥1.2B | ¥1.0B | ¥1.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥150.7B | ¥172.9B | ¥166.2B | ¥163.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥130.0B | ¥146.8B | ¥137.1B | ¥134.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥17.7B | ¥14.1B | ¥4.8B | ¥8.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥7.0B | ¥6.0B | ¥1.9B | ¥3.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥20.6B | ¥26.1B | ¥29.1B | ¥29.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥15.0B | ¥20.0B | ¥25.0B | ¥25.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥1.0B | ¥1.1B | ¥1.1B | ¥1.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥2.2B | ¥3.4B | ¥1.1B | ¥1.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥184.3B | ¥167.2B | ¥147.2B | ¥136.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥13.1B | ¥13.1B | ¥13.1B | ¥13.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥11.6B | ¥10.5B | ¥12.7B | ¥12.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥145.8B | ¥128.7B | ¥113.9B | ¥105.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-8.4B | ¥-7.3B | ¥-7.6B | ¥-7.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥18.5B | ¥19.3B | ¥10.3B | ¥9.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥162.2B | ¥145.0B | ¥132.2B | ¥123.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥3.6B | ¥2.9B | ¥4.7B | ¥4.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥32.7B | ¥34.1B | ¥29.8B | ¥33.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥14.9B | ¥19.2B | ¥42.5B | ¥23.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥94.5B | ¥75.5B | ¥72.1B | ¥64.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥1,413 | ¥1,136 | ¥1,085 | ¥968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,426 | ¥2,182 | ¥1,988 | ¥1,863 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥5.9B | ¥-13.1B | ¥25.8B | ¥1.2B |
| Interest Paid | ¥-286M | ¥-282M | ¥-278M | ¥-237M |
| Interest Received | ¥1.5B | ¥1.2B | ¥983M | ¥835M |
| D&A | ¥3.1B | ¥2.5B | ¥2.3B | ¥1.7B |
| Goodwill Amort. | ¥218M | ¥227M | ¥203M | ¥202M |
| Investing CF | ¥-1.4B | ¥-8.1B | ¥-5.4B | ¥1.0B |
| Purchase Investments | ¥-7M | ¥-5.2B | ¥-59M | ¥-26M |
| Proceeds from Invest. | ¥4.4B | ¥2.3B | ¥1.2B | ¥2.3B |
| Financing CF | ¥-12.7B | ¥-491M | ¥-8.3B | ¥-8.0B |
| Dividends Paid | ¥-10.5B | ¥-4.8B | ¥-4.1B | ¥-4.0B |
| Share Buybacks | ¥-1.9B | ¥-2M | ¥0M | ¥-6.4B |
| LT Debt Repaid | ¥-70M | ¥-127M | ¥-213M | ¥-268M |
| Free Cash Flow | ¥5.9B | ¥-13.1B | ¥25.8B | ¥1.2B |
| Net Change in Cash | ¥-7.7B | ¥-20.9B | ¥13.1B | ¥-5.4B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 16.0% | 12.8% | 8.9% | 8.7% |
| ROA | 8.2% | 6.0% | 4.0% | 3.8% |
| EPS | ¥416.15 | ¥295.68 | ¥184.69 | ¥169.38 |
| DPS | ¥167.00 | ¥129.00 | ¥63.00 | ¥60.00 |
| BPS | ¥2,720.64 | ¥2,476.38 | ¥2,151.02 | ¥2,009.35 |
| FCF/Share | ¥88 | ¥-197 | ¥388 | ¥18 |
| NCAV/Share | ¥1,413 | ¥1,136 | ¥1,085 | ¥968 |
| Payout Ratio | 40.1% | 43.6% | 34.1% | 35.4% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 3
| # | 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)
|
7,172 | 10.60% |
| 2 |
Nippon Life Insurance
日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社)
|
4,560 | 6.74% |
| 3 | STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | 3,875 | 5.73% |
| 4 |
Dai-ichi Life Insurance
第一生命保険株式会社 (常任代理人 株式会社日本カストディ銀行)
|
3,131 | 4.62% |
| 5 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
3,059 | 4.52% |
| 6 |
Employee Stock Ownership Plan
高砂熱学従業員持株会
|
2,842 | 4.20% |
| 7 | 高砂共栄会 | 2,655 | 3.92% |
| 8 | 株式会社京王閣 | 1,016 | 1.50% |
| 9 | MSCO CUSTOMER SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | 918 | 1.35% |
| 10 |
Mizuho Bank
株式会社みずほ銀行 (常任代理人 株式会社日本カストディ銀行)
|
907 | 1.34% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
15.1%
+0.8% 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
29.4%
+0.5% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 44.5% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 9.76% | 10.89% | 10.60% -0.29% | |
| Nippon Life Insurance 日本生命保険 | 6.78% | 6.78% | 6.74% -0.04% | |
| STATE STREET BANK AND TRUST COMPANY 505001 NEW ENTRY | 1.74% | — | 5.73% NEW | |
| Dai-ichi Life Insurance 第一生命保険 | 6.29% | 6.29% | 4.62% -1.67% | |
| Japan Custody Bank 日本カストディ銀行 | 3.68% | 3.44% | 4.52% +1.08% | |
| Employee Stock Ownership Plan 高砂熱学従業員持株会 | 5.18% | 4.90% | 4.20% -0.70% | |
| 高砂共栄会 | 4.38% | 4.30% | 3.92% -0.38% | |
| 式会社京王閣 | — | 1.51% | 1.50% -0.01% | |
| MSCO CUSTOMER SECURITIES NEW ENTRY | — | — | — | 1.35% NEW |
| Mizuho Bank みずほ銀行 | 1.79% | 1.79% | 1.34% -0.45% | |
| MUFG Bank 式会社三菱UFJ銀行 last seen 2024 | Exited Top 10 | 2.14% | 2.14% | — |
| 三和工業 last seen 2024 | Exited Top 10 | — | 1.23% | — |
| GOVERNMENT OF NORWAY last seen 2023 | Exited Top 10 | 1.76% | — | — |
| Concentration (HHI) ⓘ | 254 | 270 | 271 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥29,460M
+15% since 2023
Holdings
44
+1 new
8 exited
Trend
5 unwinding
vs 2023
| Held Company | FY2025 ¥29,460M total | FY2023 ¥25,557M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
KANDENKO CO.,LTD.
㈱関電工
|
3,530 |
1,318,000
|
1,232 | 1,318,000 | M |
|
NITTO DENKO CORPORATION
日東電工㈱
|
2,735 |
+400.0%
↑
1,000,000
|
1,710 | 200,000 | |
|
Mitsubishi Estate Company, Limited
三菱地所㈱
|
2,480 |
1,020,000
|
1,608 | 1,020,000 | |
|
Hulic Co.,Ltd.
ヒューリック㈱
|
1,911 |
1,330,500
|
1,446 | 1,330,500 | |
|
Shochiku Co;Ltd.
松竹㈱
|
1,837 |
149,300
|
1,706 | 149,300 | M |
|
TOHO CO., LTD.
東宝㈱
|
1,510 |
204,100
|
1,034 | 204,100 | |
|
Astellas Pharma Inc.
アステラス製薬㈱
|
1,353 |
936,000
|
1,762 | 936,000 | |
|
SEIBU HOLDINGS INC.
㈱西武ホールディングス
|
1,190 |
360,600
|
490 | 360,600 | |
|
Isetan Mitsukoshi Holdings Ltd.
㈱三越伊勢丹ホールディングス
|
1,069 |
500,000
|
741 | 500,000 | M |
|
SINKO INDUSTRIES LTD.
新晃工業㈱
|
1,047 |
+200.0%
↑
870,000
|
479 | 290,000 | M |
|
Central Japan Railway Company
東海旅客鉄道㈱
|
923 |
+400.0%
↑
323,500
|
1,022 | 64,700 | |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
833 |
-57.5%
↓
414,338
|
826 | 974,338 | M |
|
Hankyu Hanshin Holdings,Inc.
阪急阪神ホールディングス㈱
|
816 |
202,880
|
796 | 202,880 | |
|
TOTECH CORPORATION
東テク㈱
|
804 |
+200.0%
↑
330,000
|
481 | 110,000 | M |
|
TOKYU CONSTRUCTION CO.,LTD.
東急建設㈱
|
766 |
962,000
|
649 | 962,000 | |
|
SEIKO EPSON CORPORATION
セイコーエプソン㈱
|
739 |
310,000
|
583 | 310,000 | |
|
East Japan Railway Company
東日本旅客鉄道㈱
|
566 |
+200.0%
↑
192,000
|
469 | 64,000 | |
|
FUJI MEDIA HOLDINGS, INC.
㈱フジ・メディア・ホールディングス
|
512 |
201,000
|
240 | 201,000 | M |
|
West Japan Railway Company
西日本旅客鉄道㈱
|
466 |
+100.0%
↑
160,000
|
436 | 80,000 | |
|
譬ェ蠑丈シ夂、セ�ス会ス難ス撰ス��ス��ス�
㈱ispace
|
443 |
NEW
New
587,320
|
— | ||
|
Japan Airport Terminal Co.,Ltd.
日本空港ビルデング㈱
|
411 |
100,000
|
660 | 100,000 | |
|
HEIWA REAL ESTATE CO.,LTD.
平和不動産㈱
|
396 |
84,400
|
319 | 84,400 | M |
|
IINO KAIUN KAISHA, LTD.
飯野海運㈱
|
386 |
388,000
|
389 | 388,000 | M |
| 南海電気鉄道㈱ | 376 |
153,760
|
449 | 153,760 | M |
|
MATSUYA CO., LTD.
㈱松屋
|
372 |
350,000
|
386 | 350,000 | |
|
Kyushu Railway Company
九州旅客鉄道㈱
|
365 |
100,000
|
294 | 100,000 | |
| 東京急行電鉄㈱ | 355 |
211,220
|
372 | 211,220 | |
| 第一生命ホールディングス㈱ | 331 |
-25.5%
↓
73,100
|
238 | 98,100 | M |
|
Keio Corporation
京王電鉄㈱
|
293 |
+2.7%
↑
77,038
|
348 | 75,004 | |
|
Kabukiza Co.
㈱歌舞伎座
|
225 |
50,000
|
237 | 50,000 | |
|
Shindengen Electric Manufacturing Co.,Ltd.
新電元工業㈱
|
162 |
80,000
|
267 | 80,000 | |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
158 |
-38.8%
↓
39,206
|
120 | 64,106 | M |
|
OKAYA&CO.,LTD.
岡谷鋼機㈱
|
64 |
-80.7%
↓
9,300
|
500 | 48,300 | M |
|
Keikyu Corporation
京浜急行電鉄㈱
|
36 |
-69.0%
↓
24,144
|
97 | 77,780 | |
|
KONICA MINOLTA, INC.
コニカミノルタ㈱
|
— | — | |||
|
ALPS ALPINE CO., LTD.
アルプスアルパイン㈱
|
— | — | |||
|
Yamaguchi Finacial Group,Inc.
㈱山口フィナンシャルグループ
|
— | — | |||
|
SAPPORO HOLDINGS LIMITED
サッポロホールディングス㈱
|
— | — | |||
|
YAKULT HONSHA CO.,LTD.
㈱ヤクルト本社
|
— | — | |||
|
The Awa Bank,Ltd.
㈱阿波銀行
|
— | — | |||
| エイチ・ツー・オー リテイリング㈱ | — | — | |||
| 凸版印刷㈱ | — | — | |||
|
ANA HOLDINGSINC.
ANAホールディングス㈱
|
— | — | |||
|
Misonoza Co.
㈱御園座
|
— | — | |||
|
YAMATO CORPORATION
㈱ヤマト
|
— |
−100%
Exit
—
|
889 | 1,010,000 | M |
|
T&D Holdings, Inc.
㈱T&Dホールディングス
|
— |
−100%
Exit
—
|
399 | 243,280 | M |
|
Mitsubishi Logistics Corporation
三菱倉庫㈱
|
— |
−100%
Exit
—
|
721 | 232,000 | M |
|
Suruga Bank Ltd.
スルガ銀行㈱
|
— |
−100%
Exit
—
|
102 | 220,000 | M |
|
NIKON CORPORATION
㈱ニコン
|
— |
−100%
Exit
—
|
343 | 253,500 | |
|
KUBOTA CORPORATION
㈱クボタ
|
— |
−100%
Exit
—
|
299 | 150,000 | M |
|
The Chiba Bank, Ltd.
㈱千葉銀行
|
— |
−100%
Exit
—
|
251 | 294,000 | M |
|
TOKYO RAKUTENCHI CO.,LTD.
㈱東京楽天地
|
— |
−100%
Exit
—
|
167 | 40,000 | |
| Portfolio total | 29,460 | 25,557 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding