1976
MEISEI INDUSTRIAL Co.,Ltd.
明星工業株式会社
Construction
MEISEI INDUSTRIAL Co.,Ltd. operates as a construction works company in Japan and internationally. The company operates through two segments, Construction Work Business and Boiler Business. It offers hot and cold insulation systems, including the Keical-Ace Super-Silica, which is used in various fields as a primary hot insulation material; the Keical-Ace Win for rust prevention of heat-insulated objects; and the Recycal, a recycled calcium silicate insulation material. The company also undertakes liquefied natural (LNG) gas and petroleum gas-related insulation works comprising on-site liquefaction equipment, low-temperature liquefaction carriers, and domestic storage facilities; furnace and refractory insulation works for industrial furnaces, incinerators, and boiler ducts; and insulation works for nuclear power plants. In addition, it provides fireproofing products, such as Pyrocrete 241, a cement-based fireproofing material; Thermolag 3000, an epoxy-type fireproofing material; Mandoseal; and Fendolite M II Marine Mandolite 25/40. Further, the company is involved in the repair and reinforcement of concrete structures; construction of incinerator facilities; repair of stack linings; and provision of acoustic insulation products. Additionally, it offers various materials used in insulation-related work, such as processed polyurethane foams, insulation panels for LNG carriers, molded polyurethane foams, metal insulation products, light anti-corrosion coatings, and calcium silicate insulation materials; Grapple Zinc Primer, a heavy-duty anticorrosion coating for steel structures; and ULVA Shield, a polymeric rubber sheet for the thermal insulation of piping, vessels, and equipment. MEISEI INDUSTRIAL Co.,Ltd. was founded in 1944 and is headquartered in Osaka, Japan.
Price
¥1,738
Market Cap
¥83.0B
Ent. Value
¥50.5B
Net Cash
¥32.5B
Shares Out.
47.7M
P / E
9.9×
EV / EBIT
4.8×
P / Book
1.21×
P / NCAV
1.98×
Div. Yield
3.45%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥66.3B | ¥60.4B | ¥55.9B | ¥48.4B |
| SG&A | ¥5.1B | ¥4.8B | ¥4.8B | ¥4.6B |
| Operating Income | ¥10.6B | ¥8.1B | ¥6.8B | ¥5.3B |
| Non-Operating Income | ¥839M | ¥686M | ¥613M | ¥554M |
| Dividend Income | ¥206M | ¥133M | ¥110M | ¥99M |
| Interest Income | ¥111M | ¥98M | ¥34M | ¥15M |
| Non-Operating Expenses | ¥217M | ¥199M | ¥185M | ¥252M |
| Interest Expense | ¥5M | ¥4M | ¥4M | ¥4M |
| Ordinary Income | ¥11.2B | ¥8.5B | ¥7.3B | ¥5.6B |
| Pre-tax Income | ¥11.9B | ¥8.5B | ¥6.9B | ¥5.6B |
| Income Taxes | ¥3.2B | ¥2.2B | ¥2.2B | ¥1.8B |
| Current Tax | ¥2.9B | ¥2.3B | ¥2.3B | ¥1.8B |
| Deferred Tax | ¥283M | ¥-62M | ¥-110M | ¥14M |
| Net Income (owners) | ¥8.5B | ¥6.2B | ¥4.7B | ¥3.8B |
| Minority Interest | ¥205M | ¥92M | ¥16M | ¥1M |
| Comprehensive Income | ¥10.0B | ¥7.5B | ¥5.1B | ¥4.1B |
| EBITDA | ¥11.4B | ¥8.7B | ¥7.4B | ¥6.1B |
| Goodwill Amort. (J-GAAP) | ¥25M | — | — | — |
| EPS | ¥174.68 | ¥126.06 | ¥94.00 | ¥74.63 |
| Shares Outstanding | 47.7M | 49.0M | 50.0M | 50.0M |
| Shares Issued (total) | 55.1M | 56.4M | 56.4M | 56.4M |
| Treasury Shares | 7.4M | 7.4M | 6.4M | 6.4M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥88.6B | ¥84.4B | ¥77.5B | ¥71.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥61.2B | ¥60.1B | ¥55.7B | ¥49.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥33.3B | ¥31.4B | ¥29.0B | ¥27.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥27.3B | ¥24.3B | ¥21.8B | ¥21.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥18.2B | ¥16.8B | ¥15.4B | ¥15.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥188M | ¥92M | ¥62M | ¥74M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥6.3B | ¥4.8B | ¥3.8B | ¥3.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥41M | ¥79M | ¥92M | ¥15M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥19.4B | ¥20.6B | ¥18.1B | ¥15.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥14.6B | ¥17.0B | ¥14.1B | ¥11.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥100M | ¥700M | — | ¥960M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥1.9B | ¥1.2B | ¥1.4B | ¥847M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥4.7B | ¥3.6B | ¥4.0B | ¥3.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥700M | ¥100M | ¥800M | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥157M | ¥133M | ¥116M | ¥175M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥3.0B | ¥2.3B | ¥1.9B | ¥1.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥69.2B | ¥63.9B | ¥59.4B | ¥55.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥6.9B | ¥6.9B | ¥6.9B | ¥6.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥999M | ¥1.0B | ¥1.0B | ¥999M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥60.4B | ¥55.7B | ¥51.4B | ¥48.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-5.0B | ¥-4.2B | ¥-3.1B | ¥-3.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥5.3B | ¥4.0B | ¥2.8B | ¥2.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥63.3B | ¥59.4B | ¥56.2B | ¥53.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥636M | ¥480M | ¥394M | ¥362M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥800M | ¥800M | ¥800M | ¥960M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥32.5B | ¥30.6B | ¥28.2B | ¥26.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥41.9B | ¥39.5B | ¥37.6B | ¥34.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥877 | ¥807 | ¥752 | ¥692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,325 | ¥1,214 | ¥1,124 | ¥1,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥6.9B | ¥7.1B | ¥4.1B | ¥7.2B |
| Interest Paid | ¥-5M | ¥-4M | ¥-4M | ¥-4M |
| Interest Received | ¥319M | ¥230M | ¥144M | ¥116M |
| D&A | ¥732M | ¥618M | ¥568M | ¥761M |
| Goodwill Amort. | ¥25M | — | — | — |
| Investing CF | ¥-500M | ¥-1.9B | ¥-827M | ¥-9M |
| CapEx | ¥2.0B | ¥1.9B | ¥935M | ¥251M |
| Purchase Investments | ¥-40M | ¥-140M | ¥-142M | ¥-307M |
| Financing CF | ¥-4.7B | ¥-3.1B | ¥-1.7B | ¥-2.7B |
| Dividends Paid | ¥-3.0B | ¥-1.9B | ¥-1.6B | ¥-1.5B |
| Share Buybacks | ¥-1.7B | ¥-1.2B | ¥0M | ¥-1.1B |
| LT Debt Repaid | ¥-700M | — | ¥-960M | ¥-60M |
| Free Cash Flow | ¥4.9B | ¥5.2B | ¥3.1B | ¥6.9B |
| Net Change in Cash | ¥2.1B | ¥2.4B | ¥1.8B | ¥4.7B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 12.8% | 10.2% | 8.2% | 6.9% |
| ROA | 9.8% | 7.7% | 6.3% | 5.3% |
| EPS | ¥174.68 | ¥126.06 | ¥94.00 | ¥74.63 |
| DPS | ¥60.00 | ¥55.00 | ¥36.00 | ¥30.00 |
| BPS | ¥1,440.69 | ¥1,299.12 | ¥1,185.84 | ¥1,116.33 |
| FCF/Share | ¥103 | ¥107 | ¥63 | ¥138 |
| NCAV/Share | ¥877 | ¥807 | ¥752 | ¥692 |
| Payout Ratio | 34.3% | 43.6% | 38.3% | 40.2% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 17
| # | 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)
|
4,507 | 9.44% |
| 2 |
NIPPON ACTIVE VALUE FUND PLC
NIPPON ACTIVE VALUE FUND PLC (常任代理人 香港上海銀行東京支店)
|
3,771 | 7.90% |
| 3 | 公益財団法人富本奨学会 | 2,695 | 5.64% |
| 4 |
Daido Life Insurance Co.
大同生命保険株式会社
|
2,632 | 5.51% |
| 5 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
2,000 | 4.18% |
| 6 |
Business Partner Stock Ownership Plan
明星工業取引先持株会
|
1,996 | 4.18% |
| 7 |
Nippon Life Insurance
日本生命保険相互会社
|
1,960 | 4.10% |
| 8 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
1,556 | 3.26% |
| 9 |
MUFG Bank
株式会社三菱UFJ銀行
|
1,400 | 2.93% |
| 10 |
Dai-ichi Life Insurance
第一生命保険株式会社
|
1,351 | 2.83% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
12.7%
+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
37.3%
+0.4% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 50.0% · 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 | 7.19% | 8.53% | 9.44% +0.91% | |
| NIPPON ACTIVE VALUE FUND PLC | 2.85% | 6.12% | 7.90% +1.78% | |
| 公益財団法人富本奨学会 | 5.38% | 5.50% | 5.64% +0.14% | |
| Daido Life Insurance Co. 大同生命保険 | 5.26% | 5.37% | 5.51% +0.14% | |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 4.99% | 5.10% | 4.18% -0.92% | |
| Business Partner Stock Ownership Plan 明星工業取引先持株会 | 3.75% | 3.95% | 4.18% +0.23% | |
| Nippon Life Insurance 日本生命保険 | 3.91% | 4.00% | 4.10% +0.10% | |
| Japan Custody Bank 日本カストディ銀行 | 4.34% | 4.17% | 3.26% -0.91% | |
| MUFG Bank 三菱UFJ銀行 | — | 2.85% | 2.93% +0.08% | |
| Dai-ichi Life Insurance 第一生命保険 | 3.85% | 3.94% | 2.83% -1.11% | |
| みずほ銀行 last seen 2023 | Exited Top 10 | 2.81% | — | — |
| Concentration (HHI) ⓘ | 212 | 268 | 293 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥5,032M
+108% since 2023
Holdings
35
+5 new
3 exited
Trend
6 building
vs 2023
| Held Company | FY2025 ¥5,032M total | FY2023 ¥2,422M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
KONISHI CO.,LTD.
コニシ(株)
|
1,702 |
NEW
New
1,453,480
|
— | ||
|
Wakita & Co.,LTD.
(株)ワキタ
|
355 |
205,700
|
250 | 205,700 | M |
|
JGC HOLDINGS CORPORATION
日揮ホールディングス(株)
|
313 |
+1.1%
↑
266,185
|
431 | 263,200 | |
|
SENSHU ELECTRIC CO.,LTD.
泉州電業(株)
|
287 |
66,600
|
217 | 66,600 | M |
|
Mizuho Financial Group, Inc.
(株)みずほフィナンシャルグループ
|
269 |
66,646
|
125 | 66,646 | M |
|
T&D Holdings, Inc.
(株)T&Dホールディングス
|
252 |
79,400
|
130 | 79,400 | M |
|
TAKUMA CO., LTD.
(株)タクマ
|
218 |
119,000
|
157 | 119,000 | M |
|
Raise Next Co., Ltd.
レイズネクスト(株)
|
190 |
+1.3%
↑
125,880
|
180 | 124,269 | M |
|
Sumitomo Mitsui Financial Group, Inc.
(株)三井住友フィナンシャルグループ
|
178 |
+200.0%
↑
47,043
|
83 | 15,681 | M |
|
Idemitsu Kosan Co.,Ltd.
出光興産(株)
|
149 |
+400.0%
↑
142,000
|
82 | 28,400 | |
|
Toyo Kanetsu Co., Ltd.
トーヨーカネツ(株)
|
140 |
38,400
|
100 | 38,400 | |
|
Mitsubishi UFJ Financial Group, Inc.
(株)三菱UFJフィナンシャル・グループ
|
125 |
62,340
|
52 | 62,340 | M |
|
NAKANISHI MFG.CO.,LTD.
(株)中西製作所
|
117 |
NEW
New
46,500
|
— | M | |
|
YOTAI REFRACTORIES CO.,LTD.
(株)ヨータイ
|
116 |
68,700
|
104 | 68,700 | M |
|
japan foundation engineering co.,ltd.
日本基礎技術(株)
|
102 |
155,500
|
80 | 155,500 | M |
|
SUMITOMO CHEMICAL COMPANY, LIMITED
住友化学(株)
|
74 |
206,234
|
91 | 206,234 | |
|
繧ウ繧ケ繝「繧ィ繝阪Ν繧ョ繝シ繝帙�シ繝ォ繝�繧」繝ウ繧ー繧ケ譬ェ蠑丈シ夂、セ
コスモエネルギーホールディングス(株)
|
64 |
10,000
|
42 | 10,000 | |
|
Iyogin Holdings,Inc.
(株)いよぎんホールディングス
|
62 |
NEW
New
35,833
|
— | M | |
|
Nisshinbo Holdings Inc.
日清紡ホールディングス(株)
|
58 |
64,000
|
64 | 64,000 | M |
|
Resona Holdings, Inc.
(株)りそなホールディングス
|
48 |
37,500
|
23 | 37,500 | M |
|
TEIJIN LIMITED
帝人(株)
|
31 |
23,923
|
33 | 23,923 | |
|
West Japan Railway Company
西日本旅客鉄道(株)
|
29 |
+100.0%
↑
10,000
|
27 | 5,000 | |
| 第一生命ホールディングス(株) | 29 |
6,400
|
15 | 6,400 | M |
|
NICHIAS CORPORATION
ニチアス(株)
|
23 |
5,000
|
13 | 5,000 | |
|
ZEON CORPORATION
日本ゼオン(株)
|
23 |
+19.6%
↑
15,434
|
18 | 12,904 | |
|
Mitsui Chemicals, Inc.
三井化学(株)
|
22 |
6,600
|
22 | 6,600 | |
|
Kobe Steel, Ltd.
(株)神戸製鋼所
|
16 |
9,700
|
10 | 9,700 | |
|
CHIYODA CORPORATION
千代田化工建設(株)
|
13 |
41,472
|
16 | 41,472 | |
|
NIPPON STEEL CORPORATION
日本製鉄(株)
|
12 |
4,015
|
12 | 4,015 | |
|
Kanadevia Corporation
カナデビア(株) (注)3
|
7 |
NEW
New
8,026
|
— | ||
|
Mitsubishi Kakoki Kaisha, Ltd.
三菱化工機(株)
|
4 |
1,000
|
2 | 1,000 | |
|
SANKYU INC.
山九(株)
|
3 |
NEW
New
489
|
— | ||
|
TOYOBO CO.,LTD.
東洋紡(株)
|
1 |
1,082
|
1 | 1,082 | |
|
AIR WATER INC.
エア・ウォーター(株)
|
— | — | |||
|
UACJ Corporation
(株)UACJ
|
— | — | |||
|
Ishii Iron Works Co.,Ltd.
(株)石井鐵工所
|
— |
−100%
Exit
—
|
10 | 4,462 | M |
|
Iyogin Holdings,Inc.
(株)いよぎんホールディングス(注)3
|
— |
−100%
Exit
—
|
26 | 35,833 | M |
| 日立造船(株) | — |
−100%
Exit
—
|
6 | 8,026 | |
| Portfolio total | 5,032 | 2,422 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding