2212
YAMAZAKI BAKING CO., LTD.
山崎製パン株式会社
Foods
Yamazaki Baking Co., Ltd. engages in the food business in Japan. The company operates through Food Business, Distribution Business, and Other Business segments. The company offers loaf bread, sweet buns, donuts, hard rolls, and pastries; skewered rice dumplings, sweet bean filled rice cakes, pancake style sweets, steamed cakes, castella, and yokan; swiss rolls, cream puffs, snack cakes and pound cakes; and processed bread and noodles, and prepared rice. It also provides strawberry and blueberry jams, marmalade, jelly and sweet bean, ready-to-eat curry in retort pouches, and other kinds of preserves; biscuits, cookies, chocolates, and rice-derived confectionery; and coffee and juice under the Yamazaki brand, as well as fillings of various confectionary products; and cream, curry fillings, stuffing for Chinese filled buns, croquettes, meat patty, and mayonnaise. In addition, the company is involved in logistics business; designing equipment for food manufacturing; supervision; construction contracting; office work; non-life insurance agency; cleaning of food manufacturing machinery; manufacturing and sale of cleaning agents; operation of instore baking and the convenience store business. The company was incorporated in 1948 and is headquartered in Tokyo, Japan.
Price
¥3,132
Market Cap
¥618.7B
Ent. Value
¥550.4B
Net Cash
¥68.4B
Shares Out.
197.6M
P / E
15.1×
EV / EBIT
9.0×
P / Book
1.35×
P / NCAV
N/M
Div. Yield
1.92%
Financials
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥1,311.4B | ¥1,244.5B | ¥1,175.6B | ¥1,077.0B | ¥1,053.0B |
| Cost of Sales | ¥883.0B | ¥839.2B | ¥796.5B | ¥733.4B | ¥685.1B |
| Gross Profit | ¥428.4B | ¥405.3B | ¥379.0B | ¥343.6B | ¥367.9B |
| SG&A | ¥367.3B | ¥353.4B | ¥337.1B | ¥321.6B | ¥349.5B |
| Operating Income | ¥61.1B | ¥51.9B | ¥42.0B | ¥22.0B | ¥18.4B |
| Non-Operating Income | ¥5.7B | ¥6.1B | ¥5.1B | ¥5.6B | ¥4.6B |
| Dividend Income | ¥2.1B | ¥1.8B | ¥1.5B | ¥1.4B | ¥1.3B |
| Interest Income | ¥527M | ¥399M | ¥272M | ¥122M | ¥149M |
| Non-Operating Expenses | ¥2.5B | ¥1.7B | ¥1.6B | ¥1.5B | ¥1.6B |
| Interest Expense | ¥1.5B | ¥861M | ¥740M | ¥752M | ¥787M |
| Ordinary Income | ¥64.3B | ¥56.3B | ¥45.5B | ¥26.1B | ¥21.4B |
| Pre-tax Income | ¥61.6B | ¥55.6B | ¥45.8B | ¥23.2B | ¥20.0B |
| Income Taxes | ¥18.1B | ¥17.5B | ¥14.2B | ¥8.7B | ¥7.5B |
| Current Tax | ¥18.3B | ¥16.9B | ¥13.9B | ¥9.3B | ¥8.8B |
| Deferred Tax | ¥-158M | ¥567M | ¥293M | ¥-546M | ¥-1.3B |
| Net Income (owners) | ¥40.9B | ¥36.0B | ¥30.2B | ¥12.4B | ¥10.4B |
| Minority Interest | ¥2.6B | ¥2.1B | ¥1.5B | ¥2.1B | ¥2.1B |
| Comprehensive Income | ¥63.9B | ¥45.5B | ¥47.7B | ¥36.6B | ¥24.0B |
| EBITDA | ¥106.4B | ¥95.4B | ¥83.9B | ¥63.1B | ¥59.0B |
| Goodwill Amort. (J-GAAP) | ¥1.7B | ¥1.6B | ¥1.7B | ¥1.6B | ¥1.6B |
| EPS | ¥206.78 | ¥178.58 | ¥146.19 | ¥59.10 | ¥48.60 |
| Shares Outstanding | 197.6M | 198.9M | 206.0M | 208.6M | 212.8M |
| Shares Issued (total) | 220.3M | 220.3M | 220.3M | 220.3M | 220.3M |
| Treasury Shares | 22.7M | 21.4M | 14.3M | 11.6M | 7.4M |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥931.9B | ¥865.1B | ¥802.0B | ¥758.0B | ¥757.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥365.5B | ¥341.4B | ¥314.8B | ¥291.3B | ¥290.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥163.8B | ¥152.4B | ¥134.9B | ¥125.2B | ¥138.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥149.7B | ¥140.9B | ¥135.0B | ¥123.5B | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥566.4B | ¥523.7B | ¥487.2B | ¥466.7B | ¥467.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥371.6B | ¥358.6B | ¥347.6B | ¥332.4B | ¥328.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥5.7B | ¥7.2B | ¥9.1B | ¥10.5B | ¥10.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥18.1B | ¥19.2B | ¥21.4B | ¥23.4B | ¥22.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥85.9B | ¥76.7B | ¥80.6B | ¥65.9B | ¥65.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥9.2B | ¥9.1B | ¥9.6B | ¥16.1B | ¥22.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥421.1B | ¥404.6B | ¥355.9B | ¥350.1B | ¥375.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥274.2B | ¥270.0B | ¥257.9B | ¥237.3B | ¥235.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥94.4B | ¥91.4B | ¥89.2B | ¥83.5B | ¥76.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥56.1B | ¥60.3B | ¥55.6B | ¥55.8B | ¥60.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥11.9B | ¥11.7B | ¥11.6B | ¥6.3B | ¥5.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥146.9B | ¥134.7B | ¥98.0B | ¥112.8B | ¥139.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥39.3B | ¥32.4B | ¥16.7B | ¥22.8B | ¥29.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥69.3B | ¥74.3B | ¥58.3B | ¥68.6B | ¥89.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥510.8B | ¥460.5B | ¥446.1B | ¥407.9B | ¥382.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥11.0B | ¥11.0B | ¥11.0B | ¥11.0B | ¥11.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥9.7B | ¥9.6B | ¥9.6B | ¥9.6B | ¥9.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥406.6B | ¥374.6B | ¥343.4B | ¥317.8B | ¥310.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-55.5B | ¥-51.9B | ¥-26.2B | ¥-21.9B | ¥-14.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥88.1B | ¥68.7B | ¥62.3B | ¥47.2B | ¥26.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥371.8B | ¥343.4B | ¥337.9B | ¥316.6B | ¥315.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥50.9B | ¥48.3B | ¥46.0B | ¥44.2B | ¥39.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥95.4B | ¥92.7B | ¥72.3B | ¥78.6B | ¥90.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥68.4B | ¥59.8B | ¥62.6B | ¥46.6B | ¥48.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-55.6B | ¥-63.2B | ¥-41.1B | ¥-58.8B | ¥-85.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-281 | ¥-318 | ¥-200 | ¥-282 | ¥-400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,882 | ¥1,727 | ¥1,640 | ¥1,517 | ¥1,484 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥78.9B | ¥74.0B | ¥73.7B | ¥52.8B | ¥57.1B |
| Interest Paid | ¥-1.5B | ¥-845M | ¥-520M | ¥-765M | ¥-774M |
| Interest Received | ¥2.6B | ¥2.2B | ¥1.8B | ¥1.5B | ¥1.4B |
| D&A | ¥43.6B | ¥41.9B | ¥40.3B | ¥39.4B | ¥39.0B |
| Goodwill Amort. | ¥1.7B | ¥1.6B | ¥1.7B | ¥1.6B | ¥1.6B |
| Investing CF | ¥-55.9B | ¥-43.5B | ¥-45.7B | ¥-42.0B | ¥-37.8B |
| CapEx | ¥50.8B | ¥43.1B | ¥38.2B | ¥36.7B | ¥36.6B |
| Purchase Investments | ¥-102M | ¥-150M | ¥-146M | ¥-33M | ¥-30M |
| Proceeds from Invest. | ¥2.4B | ¥4.6B | ¥598M | ¥18M | ¥0M |
| Financing CF | ¥-14.1B | ¥-15.0B | ¥-18.8B | ¥-26.7B | ¥2.1B |
| Dividends Paid | ¥-8.9B | ¥-5.1B | ¥-4.6B | ¥-4.7B | ¥-4.8B |
| Share Buybacks | ¥-3.7B | ¥-25.7B | ¥-4.3B | ¥-7.1B | ¥-9.6B |
| LT Debt Repaid | ¥-12.1B | ¥-9.6B | ¥-10.8B | ¥-16.8B | ¥-11.2B |
| Free Cash Flow | ¥28.1B | ¥30.9B | ¥35.5B | ¥16.0B | ¥20.5B |
| Net Change in Cash | ¥9.5B | ¥15.8B | ¥10.0B | ¥-13.9B | ¥22.3B |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 9.4% | 8.9% | 7.9% | 3.5% | 3.1% |
| ROA | 4.6% | 4.3% | 3.9% | 1.6% | 1.4% |
| EPS | ¥206.78 | ¥178.58 | ¥146.19 | ¥59.10 | ¥48.60 |
| DPS | ¥60.00 | ¥45.00 | ¥25.00 | ¥22.00 | ¥22.00 |
| BPS | ¥2,327.87 | ¥2,072.34 | ¥1,942.85 | ¥1,743.42 | ¥1,609.57 |
| FCF/Share | ¥142 | ¥155 | ¥172 | ¥77 | ¥96 |
| NCAV/Share | ¥-281 | ¥-318 | ¥-200 | ¥-282 | ¥-400 |
| Payout Ratio | 29.0% | 25.2% | 17.1% | 37.2% | 45.3% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 2
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | 飯島興産株式会社 | 18,777 | 9.50% |
| 2 |
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)
|
17,401 | 8.80% |
| 3 | 公益財団法人飯島藤十郎記念食品科学振興財団 | 12,500 | 6.32% |
| 4 |
NISSHIN SEIFUN GROUP INC.
株式会社日清製粉グループ本社
|
11,062 | 5.59% |
| 5 |
Mitsubishi Corporation
三菱商事株式会社
|
9,849 | 4.98% |
| 6 | 丸紅株式会社 | 8,165 | 4.13% |
| 7 |
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
|
6,501 | 3.29% |
| 8 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
5,830 | 2.95% |
| 9 |
STATE STREET BANK AND TRUST COMPANY
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)
|
3,984 | 2.01% |
| 10 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
3,946 | 1.99% |
as of 2025-12-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
11.8%
-0.3% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
2.0%
-0.1% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
35.8%
+0.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 49.6% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 飯島興産 | 9.11% | 9.44% | 9.50% +0.06% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 8.72% | 8.83% | 8.80% -0.03% | |
| 公益財団法人飯島藤十郎記念食品科学振興財団 | 6.06% | 6.28% | 6.32% +0.04% | |
| NISSHIN SEIFUN GROUP INC. 式会社日清製粉グループ本社 | 5.37% | 5.56% | 5.59% +0.03% | |
| Mitsubishi Corporation 三菱商事 | 4.78% | 4.95% | 4.98% +0.03% | |
| 丸紅 | 3.96% | 4.10% | 4.13% +0.03% | |
| Meiji Yasuda Life Insurance 明治安田生命保険 | 3.15% | 3.26% | 3.29% +0.03% | |
| Japan Custody Bank 日本カストディ銀行 | 4.77% | 3.19% | 2.95% -0.24% | |
| State Street | — | 2.11% | 2.01% -0.10% | |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 1.91% | 1.98% | 1.99% +0.01% | |
| 飯島延浩 last seen 2023 | Exited Top 10 | 1.77% | — | — |
| Concentration (HHI) ⓘ | 303 | 308 | 308 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥68,668M
+7% since 2023
Holdings
45
+5 new
10 exited
Trend
1 unwinding
vs 2023
| Held Company | FY2025 ¥68,668M total | FY2023 ¥64,140M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
NISSHIN SEIFUN GROUP INC.
㈱日清製粉グループ本社
|
32,652 |
16,988,986
|
32,253 | 16,988,986 | M |
|
Sumitomo Corporation
住友商事㈱
|
5,504 |
-30.0%
↓
1,017,100
|
4,471 | 1,453,514 | M |
|
Mitsubishi Corporation
三菱商事㈱
|
4,841 |
+200.0%
↑
1,350,183
|
3,042 | 450,061 | M |
| ㈱オリエンタエルランド | 4,318 |
NEW
New
1,490,000
|
— | M | |
|
MOS FOOD SERVICES,INC.
㈱モスフードサービス
|
3,053 |
718,382
|
2,359 | 718,382 | M |
|
MiyoshiOil&FatCo.,Ltd.
ミヨシ油脂㈱
|
2,384 |
1,030,700
|
1,301 | 1,030,700 | M |
|
The Chiba Bank, Ltd.
㈱千葉銀行
|
2,289 |
1,309,802
|
1,334 | 1,309,802 | M |
|
AEON Co.,Ltd.
イオン㈱
|
2,147 |
+201.9%
↑
866,960
|
905 | 287,210 | |
|
Marubeni Corporation
丸紅㈱
|
1,746 |
401,116
|
893 | 401,116 | M |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
1,620 |
+200.0%
↑
321,489
|
737 | 107,163 | M |
|
Seven & i Holdings Co., Ltd.
㈱セブン&アイ・ホールディングス
|
1,199 |
+200.0%
↑
533,055
|
994 | 177,685 | |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
1,084 |
190,207
|
458 | 190,207 | M |
|
Sompo Holdings, Inc.
SOMPOホールディングス㈱
|
1,042 |
+200.0%
↑
195,300
|
448 | 65,100 | M |
|
NITTO FUJI FLOUR MILLING CO.,LTD.
日東富士製粉㈱
|
875 |
123,876
|
597 | 123,876 | M |
|
Oenon Holdings, Inc.
オエノンホールディングス㈱
|
509 |
1,000,000
|
354 | 1,000,000 | M |
|
izumico.,ltd
㈱イズミ
|
323 |
+0.7%
↑
107,985
|
388 | 107,221 | |
|
LIFE CORPORATION
㈱ライフコーポレーション
|
268 |
+100.0%
↑
105,210
|
173 | 52,605 | |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
259 |
103,930
|
125 | 103,930 | M |
|
East Japan Railway Company
東日本旅客鉄道㈱
|
247 |
+200.0%
↑
60,000
|
162 | 20,000 | |
|
OKUWA CO., LTD.
㈱オークワ
|
217 |
+3.3%
↑
257,626
|
206 | 249,468 | |
|
Ifuji Sangyo Co., Ltd.
イフジ産業㈱
|
190 |
90,750
|
123 | 90,750 | M |
|
YAMAE GROUP HOLDINGS CO.,LTD.
ヤマエグループホールディングス㈱
|
170 |
67,365
|
257 | 67,365 | M |
|
Belc CO., LTD.
㈱ベルク
|
165 |
22,000
|
137 | 22,000 | |
|
ARCS COMPANY,LIMITED
㈱アークス
|
156 |
46,102
|
128 | 46,102 | |
|
Torigoe Flour Milling Co.
㈱鳥越製粉
|
152 |
NEW
New
143,400
|
— | ||
|
FUJI CO., LTD.
㈱フジ
|
134 |
+1.0%
↑
62,869
|
119 | 62,266 | |
|
United Super Markets Holdings Inc.
ユナイテッド・スーパーマーケット・ホールディングス㈱
|
130 |
+577.2%
↑
143,909
|
21 | 21,252 | |
|
ALBIS Co.,Ltd.
アルビス㈱
|
125 |
+3.9%
↑
46,897
|
118 | 45,141 | |
|
RETAIL PARTNERS CO., LTD.
リテールパートナーズ㈱
|
121 |
NEW
New
90,694
|
— | ||
| 第一生命ホールディングス㈱ | 105 |
+300.0%
↑
80,800
|
60 | 20,200 | M |
|
West Japan Railway Company
西日本旅客鉄道㈱
|
93 |
+100.0%
↑
30,000
|
88 | 15,000 | |
|
TSURUHA HOLDINGS INC.
㈱ツルハホールディングス
|
89 |
NEW
New
31,050
|
— | ||
|
HEIWADO CO.,LTD.
㈱平和堂
|
86 |
30,000
|
63 | 30,000 | |
| エイチ・ツー・オー リテイリング㈱ | 85 |
+31.7%
↑
41,500
|
48 | 31,500 | |
|
DAIICHI CO.,LTD.
㈱ダイイチ
|
75 |
44,400
|
39 | 44,400 | |
|
Sojitz Corporation
双日㈱
|
50 |
10,358
|
32 | 10,358 | M |
|
YAMANAKA CO.,LTD.
㈱ヤマナカ
|
37 |
72,100
|
50 | 72,100 | |
|
BLUE ZONES HOLDINGS CO.,LTD.
㈱ブルーゾーンホールディングス
|
37 |
NEW
New
4,400
|
— | ||
|
Aeon Hokkaido Corporation
イオン北海道㈱
|
29 |
32,600
|
30 | 32,600 | |
|
HALOWS CO.,LTD.
㈱ハローズ
|
27 |
6,000
|
25 | 6,000 | |
|
YAMAZAWA CO.,LTD.
㈱ヤマザワ
|
17 |
14,520
|
18 | 14,520 | |
|
POPLAR Co., Ltd.
㈱ポプラ
|
9 |
56,217
|
10 | 56,217 | |
|
AEON KYUSHU CO., LTD.
イオン九州㈱
|
5 |
2,000
|
4 | 2,000 | |
|
Maruyoshi Center Inc.
㈱マルヨシセンター
|
4 |
1,000
|
3 | 1,000 | |
| ウェルシアホールディングス㈱ | — | — | |||
|
Daiwa Securities Group Inc.
㈱大和証券グループ本社
|
— |
−100%
Exit
—
|
1,044 | 1,100,000 | M |
|
YAOKO CO., LTD.
㈱ヤオコー
|
— |
−100%
Exit
—
|
35 | 4,400 | |
|
ORIENTAL LAND CO.,LTD.
㈱オリエンタルランド
|
— |
−100%
Exit
—
|
7,823 | 1,490,000 | M |
|
TAISHO PHARMACEUTICAL HOLDINGS CO., LTD.
大正製薬ホールディングス㈱
|
— |
−100%
Exit
—
|
2,204 | 255,000 | M |
|
RETAIL PARTNERS CO., LTD.
㈱リテールパートナーズ
|
— |
−100%
Exit
—
|
148 | 88,965 | |
|
inageya co.,ltd.
㈱いなげや
|
— |
−100%
Exit
—
|
106 | 83,650 | |
|
Torigoe Flour Milling Co.
鳥越製粉㈱
|
— |
−100%
Exit
—
|
93 | 143,400 | |
|
WELCIA HOLDINGS CO., LTD.
ウエルシアホールディングス㈱
|
— |
−100%
Exit
—
|
61 | 25,079 | |
|
WELLNEO SUGAR Co., Ltd.
ウェルネオシュガー㈱
|
— |
−100%
Exit
—
|
39 | 18,678 | M |
|
KANSAI FOOD MARKET LTD.
㈱関西フードマーケット
|
— |
−100%
Exit
—
|
14 | 10,000 | |
| Portfolio total | 68,668 | 64,140 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding