CENTRAL GENERAL DEVELOPMENT CO.,LTD.

セントラル総合開発株式会社

Real Estate

Central General Development Co., Ltd. engages in the real estate business in Japan. The company sells condominiums, detached houses, buildings, and other real estate under the Claire brand. It is also involved in rental of office buildings, as well as manages buildings and condominiums; and insurance agency business. The company was incorporated in 1959 and is headquartered in Chiyoda, Japan.

← Companies

Price

¥369

Market Cap

¥3.5B

Ent. Value

¥33.7B

Net Debt

−¥30.1B

Shares Out.

9.6M

P / E

24.0×

EV / EBIT

37.5×

⚠ TSE Capital Mandate

P / Book

0.34×

P / NCAV

N/M

Div. Yield

1.36%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥38.5B	¥30.9B	¥31.9B	¥30.4B	¥29.3B
Cost of Sales	¥32.3B	¥25.1B	¥25.8B	¥25.2B	¥24.3B
Gross Profit	¥6.2B	¥5.8B	¥6.1B	¥5.2B	¥5.1B
SG&A	¥5.3B	¥4.5B	¥4.4B	¥3.6B	¥3.9B
Operating Income	¥899M	¥1.2B	¥1.7B	¥1.5B	¥1.2B
Non-Operating Income	¥123M	¥81M	¥10M	¥9M	¥41M
Dividend Income	—	¥8M	¥6M	¥5M	¥4M
Interest Income	—	¥1M	¥0M	¥0M	¥0M
Non-Operating Expenses	—	¥561M	¥360M	¥288M	¥301M
Interest Expense	—	¥504M	¥352M	¥270M	¥276M
Ordinary Income	¥304M	¥765M	¥1.4B	¥1.3B	¥926M
Pre-tax Income	¥302M	¥766M	¥1.4B	¥1.3B	¥926M
Income Taxes	¥154M	¥268M	¥452M	¥415M	¥296M
Current Tax	—	¥262M	¥466M	¥420M	¥324M
Deferred Tax	—	¥6M	¥-14M	¥-5M	¥-28M
Net Income (owners)	¥148M	¥497M	¥905M	¥845M	¥630M
Comprehensive Income	—	¥469M	¥985M	¥870M	¥627M
EBITDA	¥1.1B	¥1.4B	¥1.8B	¥1.6B	¥1.3B
EPS	¥15.36	¥51.90	¥94.70	¥88.67	¥70.62
Shares Outstanding	—	9.6M	9.6M	9.5M	9.6M
Shares Issued (total)	—	9.7M	9.7M	9.7M	9.7M
Treasury Shares	—	0.1M	0.1M	0.1M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥46.1B	¥45.4B	¥36.6B	¥29.0B	¥29.2B
Current Assets	¥34.5B	¥32.6B	¥24.7B	¥18.3B	¥19.3B
Cash & Deposits	¥1.1B	¥978M	¥1.4B	¥2.5B	¥2.0B
Trade Receivables	—	¥189M	¥295M	¥175M	¥187M
Non-Current Assets	¥11.6B	¥12.8B	¥11.9B	¥10.7B	¥9.9B
PP&E	¥10.5B	¥11.6B	¥10.8B	¥9.8B	¥9.1B
Intangible Assets	—	¥159M	¥84M	¥32M	¥9M
Investment Securities	¥241M	¥232M	¥265M	¥153M	¥118M
Deferred Tax Assets	—	¥46M	¥54M	¥70M	¥76M
Total Liabilities	¥35.8B	¥35.2B	¥26.6B	¥19.9B	¥20.9B
Current Liabilities	¥21.3B	¥15.5B	¥8.7B	¥8.7B	¥8.1B
Accounts Payable	—	¥800M	¥654M	¥448M	¥606M
ST Debt	¥18.1B	¥12.3B	¥5.5B	¥5.2B	¥4.8B
Taxes Payable	—	¥62M	¥269M	¥257M	¥217M
Non-Current Liabilities	¥14.5B	¥19.7B	¥18.0B	¥11.1B	¥12.8B
Total LT Borrowings	¥13.1B	¥18.4B	¥16.9B	¥10.0B	¥11.7B
Pension Obligations	—	¥10M	¥4M	¥3M	¥3M
Total Equity	¥10.3B	¥10.3B	¥9.9B	¥9.1B	¥8.4B
Capital Stock	—	¥1.4B	¥1.4B	¥1.4B	¥1.4B
Capital Surplus	—	¥1.0B	¥1.0B	¥1.0B	¥1.0B
Retained Earnings	¥7.1B	¥7.1B	¥6.8B	¥6.0B	¥5.3B
Treasury Stock	—	¥-37M	¥-49M	¥-61M	¥-41M
AOCI	—	¥838M	¥866M	¥785M	¥761M
Equity (owners)	¥9.4B	¥9.4B	¥9.1B	¥8.3B	¥7.6B

Total Interest-Bearing Debt ⓘ	¥31.2B	¥30.7B	¥22.4B	¥15.3B	¥16.5B
Net Cash ⓘ	¥-30.1B	¥-29.7B	¥-21.0B	¥-12.7B	¥-14.5B
NCAV ⓘ	¥-1.3B	¥-2.5B	¥-2.0B	¥-1.6B	¥-1.6B
NCAV/Share	—	¥-264	¥-207	¥-168	¥-165
BV/Share	—	¥982	¥950	¥871	¥792

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥178M	¥-7.6B	¥-6.8B	¥2.7B	¥2.4B
Interest Paid	—	¥-512M	¥-361M	¥-270M	¥-271M
Interest Received	—	¥8M	¥6M	¥5M	¥4M
D&A	¥195M	¥162M	¥129M	¥99M	¥65M
Investing CF	¥-545M	¥-969M	¥-1.2B	¥-790M	¥-1.2B
CapEx	¥559M	¥991M	¥1.2B	¥782M	¥1.2B
Proceeds from Invest.	—	¥70M	—	—	—
Financing CF	¥481M	¥8.1B	¥7.0B	¥-1.4B	¥-371M
Dividends Paid	—	¥-172M	¥-143M	¥-115M	¥-93M
Share Buybacks	—	—	—	¥-25M	¥-33M
LT Debt Repaid	—	¥-6.5B	¥-7.7B	¥-7.6B	¥-6.2B
Free Cash Flow	¥-381M	¥-8.6B	¥-8.0B	¥1.9B	¥1.1B
Net Change in Cash	—	¥-437M	¥-1.1B	¥494M	¥738M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	1.4%	4.9%	9.5%	9.7%	8.1%
ROA	0.3%	1.2%	2.8%	2.9%	2.2%
EPS	¥15.36	¥51.90	¥94.70	¥88.67	¥70.62
DPS	¥0.00	¥14.00	¥18.00	¥15.00	¥12.00
BPS	¥1,071.69	¥1,069.37	¥1,040.10	¥953.29	¥871.71
FCF/Share	—	¥-897	¥-839	¥197	¥116
NCAV/Share	—	¥-264	¥-207	¥-168	¥-165
Payout Ratio	0.0%	27.0%	19.0%	16.9%	17.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2026-04-03	KRAFTIA CORPORATION	30.06%	change	Passive	—
2026-04-03	KRAFTIA CORPORATION	30.06%	change	Passive	—
2025-07-03	TETSU TANAKA (YOICHI TANAKA)	—	exit	Passive	—
2024-02-29	KYUDENKO CORPORATION	30.06%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-19 15:30	Div Cut	¥48M ¥5.0/sh -64%	Central Sogyo Development announced a dividend cut from 14.00 yen per share (prior year) to 5.00 yen per share for the f…
Summary Central Sogyo Development announced a dividend cut from 14.00 yen per share (prior year) to 5.00 yen per share for the fiscal year ending March 31, 2026, representing a 64.3% year-over-year decrease. Total dividend payout is 48.068 million yen sourced from retained earnings. The company emphasizes maintaining financial stability and a target consolidated payout ratio of approximately 30% while balancing shareholder returns with investments in corporate value enhancement. YoY: -64% Source (JP) 2026年３月期の配当につきましては、今回の連結業績実績に基づき、直近の配当予想のとおり、1株当たり５円とさせていただきます。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	㈱九電工	2,910	30.30%
2	田中哲	1,049	10.90%
3	三好俊男	389	4.10%
4	Employee Stock Ownership Plan セントラル総合開発社員持株会	249	2.60%
5	渡部文悟	235	2.50%
6	福本統一	229	2.40%
7	東京海上日動火災保険㈱	226	2.40%
8	㈱広島銀行(常任代理人㈱日本カストディ銀行)	206	2.10%
9	The Shikoku Bank, Ltd. ㈱四国銀行(常任代理人㈱日本カストディ銀行)	170	1.80%
10	損害保険ジャパン㈱(常任代理人㈱日本カストディ銀行)	132	1.40%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

+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

60.5%

-0.3% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
㈱九電工		20.30%	30.40%	30.30% -0.10%
田中哲		11.00%	11.00%	10.90% -0.10%
三好俊男		3.40%	4.00%	4.10% +0.10%
Employee Stock Ownership Plan セントラル総合開発社員持株会		2.80%	2.70%	2.60% -0.10%
渡部文悟		2.50%	2.50%	2.50%
福本統一		2.40%	2.40%	2.40%
東京海上日動火災保険		2.40%	2.40%	2.40%
㈱広島銀行		2.20%	2.20%	2.10% -0.10%
The Shikoku Bank, Ltd. ㈱四国銀行		—	1.80%	1.80%
損害保険ジャパン		—	1.40%	1.40%
みずほ銀行 last seen 2023	Exited Top 10	3.50%	—	—
りそな銀行 last seen 2023	Exited Top 10	2.80%	—	—
Concentration (HHI) ⓘ		595	1096	1088

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

Portfolio Book Value ¥176M +17% since 2023

Holdings 5 5 exited

Trend Stable vs 2023

Held Company	FY2025 ¥176M total		FY2023 ¥150M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
The Chiba Kogyo Bank, Ltd. ㈱千葉興業銀行	74	57,000	31	57,000	M
Tokyo Kiraboshi Financial Group, Inc. ㈱東京きらぼしフィナンシャルグループ	43	7,400	19	7,400
Hirogin Holdings, Inc. ㈱ひろぎんホールディングス	26	21,867	14	21,867
The Ehime Bank, Ltd. ㈱愛媛銀行	22	20,003	17	20,003	M
The Shikoku Bank, Ltd. ㈱四国銀行	11	8,975	8	8,975	M
Senshu Ikeda Holdings,Inc. ㈱池田泉州ホールディングス	—	−100% Exit —	20	85,100
譬ｪ蠑丈ｼ夂､ｾ隘ｿ譌･譛ｬ繝輔ぅ繝翫Φ繧ｷ繝｣繝ｫ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ㈱西日本フィナンシャルホールディングス	—	−100% Exit —	17	15,673
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	—	−100% Exit —	18	9,314
Yamaguchi Finacial Group,Inc. ㈱山口フィナンシャルグループ	—	−100% Exit —	6	7,811
Resona Holdings, Inc. ㈱りそなホールディングス	—	−100% Exit —	1	1,050
Portfolio total	176		150

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