Ensuiko Sugar Refining Co.,Ltd.

塩水港精糖株式会社

Consumer Defensive · Confectioners

Ensuiko Sugar Refining Co., Ltd. manufactures and sells sugar products in Japan. The company offers refined, granular, white, brown, and liquid sugar, as well as other sweeteners; lactose fructose oligosaccharide; sugarcane oligo; red beet; cyclodextrin; and Salacia. Ensuiko Sugar Refining Co., Ltd. was founded in 1904 and is headquartered in Tokyo, Japan.

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Price

¥439

Market Cap

¥12.0B

Ent. Value

¥15.9B

Net Debt

−¥3.8B

Shares Out.

27.4M

P / E

4.4×

EV / EBIT

5.2×

⚠ TSE Capital Mandate

P / Book

0.59×

P / NCAV

N/M

Div. Yield

4.56%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥33.0B	¥32.5B	¥31.6B	¥27.9B	¥25.1B
Cost of Sales	¥26.5B	¥26.3B	¥26.9B	¥24.4B	¥21.3B
Gross Profit	¥6.5B	¥6.2B	¥4.6B	¥3.6B	¥3.8B
SG&A	¥3.5B	¥3.3B	¥3.2B	¥3.0B	¥3.0B
Operating Income	¥3.0B	¥2.9B	¥1.5B	¥622M	¥807M
Non-Operating Income	¥398M	¥273M	¥840M	¥234M	¥232M
Dividend Income	—	¥178M	¥791M	¥126M	¥113M
Interest Income	—	¥34M	¥32M	¥28M	¥26M
Non-Operating Expenses	—	¥101M	¥208M	¥126M	¥133M
Interest Expense	—	¥92M	¥93M	¥89M	¥100M
Ordinary Income	¥3.3B	¥3.1B	¥2.1B	¥731M	¥906M
Pre-tax Income	¥3.9B	¥3.1B	¥2.1B	¥731M	¥906M
Income Taxes	¥1.2B	¥956M	¥590M	¥233M	¥296M
Current Tax	—	¥969M	¥602M	¥227M	¥264M
Deferred Tax	—	¥-12M	¥-12M	¥6M	¥32M
Net Income (owners)	¥2.8B	¥2.1B	¥1.5B	¥498M	¥609M
Comprehensive Income	—	¥3.1B	¥2.8B	¥769M	¥576M
EBITDA	¥3.6B	¥3.4B	¥2.1B	¥1.3B	¥1.5B
EPS	¥100.58	¥77.91	¥53.95	¥18.28	¥22.43
Shares Outstanding	—	27.4M	27.4M	27.3M	27.2M
Shares Issued (total)	—	35.0M	35.0M	35.0M	35.0M
Treasury Shares	—	7.6M	7.6M	7.7M	7.8M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥31.8B	¥29.4B	¥27.5B	¥25.9B	¥26.1B
Current Assets	¥8.8B	¥9.8B	¥9.3B	¥8.7B	¥9.0B
Cash & Deposits	¥2.9B	¥3.3B	¥2.3B	¥2.2B	¥3.5B
Trade Receivables	—	¥2.1B	¥2.5B	¥2.0B	¥1.7B
Non-Current Assets	¥23.0B	¥19.6B	¥18.2B	¥17.2B	¥17.1B
PP&E	¥9.6B	¥9.4B	¥9.4B	¥9.7B	¥10.0B
Intangible Assets	—	¥18M	¥16M	¥25M	¥38M
Investment Securities	¥11.2B	¥8.4B	¥6.8B	¥5.2B	¥4.8B
Deferred Tax Assets	—	¥275M	¥276M	¥648M	¥772M
Total Liabilities	¥11.2B	¥12.8B	¥13.8B	¥14.8B	¥15.7B
Current Liabilities	¥7.1B	¥7.9B	¥9.3B	¥9.2B	¥9.6B
Accounts Payable	—	¥1.4B	¥1.1B	¥1.2B	¥883M
ST Debt	¥4.2B	¥4.4B	¥6.3B	¥6.7B	¥7.5B
Taxes Payable	—	¥768M	¥356M	¥107M	¥128M
Non-Current Liabilities	¥4.1B	¥4.8B	¥4.5B	¥5.7B	¥6.1B
Total LT Borrowings	¥2.5B	¥3.9B	¥3.9B	¥5.2B	¥5.5B
Pension Obligations	—	¥108M	¥185M	¥300M	¥372M
Deferred Tax Liab.	—	¥656M	¥191M	—	—
Total Equity	¥20.6B	¥16.6B	¥13.7B	¥11.0B	¥10.4B
Capital Stock	—	¥1.8B	¥1.8B	¥1.8B	¥1.8B
Capital Surplus	—	¥241M	¥241M	¥241M	¥241M
Retained Earnings	¥18.0B	¥15.7B	¥13.8B	¥12.4B	¥12.1B
Treasury Stock	—	¥-2.9B	¥-2.9B	¥-2.9B	¥-3.0B
AOCI	—	¥1.9B	¥862M	¥-464M	¥-736M
Equity (owners)	¥17.1B	¥14.8B	¥12.8B	¥11.5B	¥11.1B

Total Interest-Bearing Debt ⓘ	¥6.7B	¥8.2B	¥10.2B	¥11.8B	¥13.1B
Net Cash ⓘ	¥-3.8B	¥-4.9B	¥-7.9B	¥-9.6B	¥-9.5B
NCAV ⓘ	¥-2.4B	¥-3.0B	¥-4.5B	¥-6.2B	¥-6.8B
NCAV/Share	—	¥-110	¥-163	¥-226	¥-248
BV/Share	—	¥538	¥469	¥421	¥408

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥2.7B	¥3.7B	¥2.1B	¥447M	¥1.1B
Interest Paid	—	¥-92M	¥-94M	¥-88M	¥-98M
Interest Received	—	¥214M	¥835M	¥155M	¥164M
D&A	¥602M	¥558M	¥578M	¥630M	¥655M
Investing CF	¥-1.1B	¥-520M	¥-227M	¥-374M	¥-711M
CapEx	¥845M	¥553M	¥273M	¥297M	¥491M
Purchase Investments	—	¥-1M	¥-1M	¥-1M	¥-122M
Financing CF	¥-1.9B	¥-2.2B	¥-1.8B	¥-1.4B	¥-1.7B
Dividends Paid	—	¥-246M	¥-136M	¥-136M	¥-135M
Share Buybacks	—	—	¥0M	¥0M	—
LT Debt Repaid	—	¥-2.1B	¥-2.0B	¥-2.7B	¥-2.1B
Free Cash Flow	¥1.8B	¥3.1B	¥1.8B	¥150M	¥591M
Net Change in Cash	—	¥1.0B	¥92M	¥-1.3B	¥-1.4B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	14.9%	14.1%	11.9%	4.7%	6.0%
ROA	9.0%	7.5%	5.5%	1.9%	2.3%
EPS	¥100.58	¥77.91	¥53.95	¥18.28	¥22.43
DPS	¥0.00	¥15.00	¥9.00	¥5.00	¥5.00
BPS	¥748.70	¥605.50	¥500.79	¥403.93	¥381.21
FCF/Share	—	¥115	¥67	¥5	¥22
NCAV/Share	—	¥-110	¥-163	¥-226	¥-248
Payout Ratio	0.0%	19.3%	16.7%	27.4%	22.3%

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-08 16:00	Div New	¥550M ¥20.0/sh +33%	Shiomizu Kō Seitō (塩水港精糖) announced implementation of interim dividends starting fiscal year ending March 2027, shifting…
Summary Shiomizu Kō Seitō (塩水港精糖) announced implementation of interim dividends starting fiscal year ending March 2027, shifting from annual to semi-annual dividend distributions. The interim dividend policy includes a minimum payout of ¥10 per share, with FY2027 forecast at ¥8 interim + ¥8 final = ¥16 total DPS (vs ¥20 in FY2026), representing a strategic policy change to enhance shareholder returns through increased frequency while adjusting per-period amounts. YoY: +33% Source (JP) 2027年３月期より、株主の皆様への利益還元の機会を充実させるため、中間配当、期末配当の年２回の剰余金の配当を行うことといたします。１株あたり配当金10円を下限とし、安定した株主還元を目指してまいります。剰余金の配当及び配当政策の変更(中間配当の実施)に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	大東製糖株式会社	4,060	14.79%
2	株式会社みずほ銀行	1,353	4.93%
3	ＩＮＴＥＲＡＣＴＩＶＥＢＲＯＫＥＲＳＬＬＣ（常任代理人インタラクティブ・ブローカーズ証券株式会社）	637	2.32%
4	三菱ＵＦＪ信託銀行株式会社	603	2.20%
5	株式会社榎本武平商店	550	2.00%
6	大東通商株式会社	500	1.82%
7	ＢＮＹＭＳＡ／ＮＶＦＯＲＢＮＹＭＦＯＲＢＮＹＭＧＣＭＣＬＩＥＮＴＡＣＣＴＳＭＩＬＭＦＥ（常任代理人株式会社三菱ＵＦＪ銀行）	360	1.32%
8	山本知宏	341	1.24%
9	東京海上日動火災保険株式会社	340	1.24%
10	野村證券株式会社	322	1.18%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

-4.0% 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

33.0%

+4.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
大東製糖		14.87%	14.83%	14.79% -0.04%
みずほ銀行		4.96%	4.94%	4.93% -0.01%
ＩＮＴＥＲＡＣＴＩＶＥＢＲＯＫＥＲＳＬＬＣ NEW ENTRY	—	—	—	2.32% NEW
三菱ＵＦＪ信託銀行		2.21%	2.20%	2.20%
式会社榎本武平商店		2.01%	2.01%	2.00% -0.01%
大東通商		1.83%	1.83%	1.82% -0.01%
ＢＮＹＭＳＡ／ＮＶＦＯＲＢＮＹＭＦＯＲＢＮＹＭＧＣＭＣＬＩＥＮＴＡＣＣＴＳＭＩＬＭＦＥ NEW ENTRY	—	—	—	1.32% NEW
東京海上日動火災保険		1.25%	1.24%	1.24%
山本知宏 NEW ENTRY	—	—	—	1.24% NEW
野村證券 NEW ENTRY	—	—	—	1.18% NEW
日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	4.77%	3.14%	—
ＪＰＪＰＭＳＥＬＵＸＲＥＵＢＳＡＧＬＯＮＤＯＮＢＲＡＮＣＨＥＱＣＯ last seen 2024	Exited Top 10	—	1.05%	—
日本カストディ銀行 last seen 2024	Exited Top 10	0.50%	0.81%	—
農林中央金庫 last seen 2024	Exited Top 10	0.73%	0.73%	—
ＳＭＢＣ日興証券 last seen 2023	Exited Top 10	0.61%	—	—
Concentration (HHI) ⓘ		283	270	267

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