3388
MEIJI ELECTRIC INDUSTRIES CO., LTD.
明治電機工業株式会社
Wholesale Trade
Meiji Electric Industries Co.,Ltd. imports, exports, and sells electrical devices, measuring instruments, electrical equipment, and automation and energy-saving function components and equipment. It also designs, develops, and manufactures electronic products, inspection, mechatronic, FA, and information and distribution systems. In addition, the company offers measurement, control, and information processing consulting services; and maintenance services for industrial instrumentation and electrical measurement devices. The company was incorporated in 1920 and is headquartered in Nagoya, Japan.
Price
¥2,122
Market Cap
¥27.0B
Ent. Value
—
Net Cash
est
—
Shares Out.
12.7M
P / E
11.1×
EV / EBIT
—
P / Book
0.79×
P / NCAV
1.12×
Div. Yield
2.83%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥78.7B | ¥74.6B | ¥70.9B | ¥67.7B |
| Cost of Sales | ¥66.9B | ¥63.6B | ¥60.7B | ¥58.7B |
| Gross Profit | ¥11.8B | ¥11.0B | ¥10.3B | ¥9.0B |
| SG&A | ¥8.5B | ¥8.1B | ¥7.5B | ¥7.0B |
| Operating Income | ¥3.3B | ¥2.9B | ¥2.7B | ¥2.0B |
| Non-Operating Income | ¥314M | ¥438M | ¥339M | ¥453M |
| Dividend Income | ¥114M | ¥98M | ¥83M | ¥64M |
| Interest Income | ¥31M | ¥20M | ¥5M | ¥3M |
| Non-Operating Expenses | ¥12M | ¥20M | ¥13M | ¥22M |
| Interest Expense | ¥7M | ¥13M | ¥11M | ¥7M |
| Ordinary Income | ¥3.6B | ¥3.3B | ¥3.1B | ¥2.4B |
| Pre-tax Income | ¥3.6B | ¥3.5B | ¥3.1B | ¥2.5B |
| Income Taxes | ¥1.1B | ¥1.0B | ¥921M | ¥724M |
| Current Tax | ¥1.1B | ¥1.1B | ¥928M | ¥763M |
| Deferred Tax | ¥-7M | ¥-35M | ¥-7M | ¥-39M |
| Net Income (owners) | ¥2.4B | ¥2.4B | ¥2.2B | ¥1.8B |
| Minority Interest | ¥54M | ¥33M | ¥13M | ¥18M |
| Comprehensive Income | ¥2.5B | ¥4.2B | ¥2.7B | ¥2.3B |
| EBITDA | ¥3.6B | ¥3.1B | ¥2.9B | ¥2.2B |
| EPS | ¥191.34 | ¥191.46 | ¥173.23 | ¥154.08 |
| Shares Outstanding | 12.7M | 12.7M | 12.7M | 12.7M |
| Shares Issued (total) | 12.8M | 12.8M | 12.7M | 12.7M |
| Treasury Shares | 0.0M | 0.0M | 0.1M | 0.1M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥54.2B | ¥52.1B | ¥51.4B | ¥44.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥43.7B | ¥41.4B | ¥43.0B | ¥37.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥7.9B | ¥7.3B | ¥4.9B | ¥7.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥10.5B | ¥10.7B | ¥8.3B | ¥7.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥4.5B | ¥4.2B | ¥4.2B | ¥3.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥522M | ¥699M | ¥591M | ¥241M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥4.0B | ¥4.1B | ¥3.0B | ¥2.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥22M | ¥59M | ¥17M | ¥15M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥19.4B | ¥19.1B | ¥21.9B | ¥17.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥18.4B | ¥18.0B | ¥21.4B | ¥17.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥9.0B | ¥8.9B | ¥10.3B | ¥8.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | — | ¥26M | ¥2.5B | ¥226M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥630M | ¥591M | ¥558M | ¥479M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥1.1B | ¥1.1B | ¥514M | ¥381M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥894M | ¥1.1B | ¥449M | ¥376M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥34.8B | ¥33.1B | ¥29.4B | ¥27.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥1.7B | ¥1.7B | ¥1.6B | ¥1.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥2.0B | ¥2.0B | ¥2.0B | ¥2.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥27.1B | ¥25.6B | ¥23.8B | ¥22.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-15M | ¥-24M | ¥-33M | ¥-33M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥3.6B | ¥3.6B | ¥1.8B | ¥1.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥30.8B | ¥29.2B | ¥27.4B | ¥25.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥378M | ¥285M | ¥231M | ¥196M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | — | ¥26M | ¥2.5B | ¥226M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥7.9B | ¥7.3B | ¥2.4B | ¥7.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥24.2B | ¥22.3B | ¥21.1B | ¥20.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥1,903 | ¥1,756 | ¥1,668 | ¥1,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,420 | ¥2,297 | ¥2,162 | ¥2,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥1.6B | ¥5.7B | ¥-3.8B | ¥1.1B |
| Interest Paid | ¥-8M | ¥-13M | ¥-11M | ¥-5M |
| Interest Received | ¥146M | ¥118M | ¥88M | ¥67M |
| D&A | ¥336M | ¥227M | ¥220M | ¥233M |
| Investing CF | ¥-475M | ¥-326M | ¥-898M | ¥-710M |
| CapEx | ¥265M | ¥251M | ¥688M | ¥711M |
| Proceeds from Invest. | — | ¥104M | — | ¥99M |
| Financing CF | ¥-892M | ¥-3.1B | ¥1.7B | ¥490M |
| Dividends Paid | ¥-865M | ¥-658M | ¥-595M | ¥-688M |
| Free Cash Flow | ¥1.3B | ¥5.5B | ¥-4.5B | ¥426M |
| Net Change in Cash | ¥573M | ¥2.5B | ¥-2.9B | ¥1.1B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 7.2% | 7.8% | 7.8% | 6.9% |
| ROA | 4.6% | 4.7% | 4.6% | 4.0% |
| EPS | ¥191.34 | ¥191.46 | ¥173.23 | ¥154.08 |
| DPS | ¥60.00 | ¥58.00 | ¥52.00 | ¥47.00 |
| BPS | ¥2,700.65 | ¥2,577.33 | ¥2,306.54 | ¥2,144.63 |
| FCF/Share | ¥106 | ¥431 | ¥-356 | ¥34 |
| NCAV/Share | ¥1,903 | ¥1,756 | ¥1,668 | ¥1,593 |
| Payout Ratio | 31.4% | 30.3% | 30.0% | 30.5% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 2
Capital Allocation Signals 2
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-25
15:30
|
Div Increase | ¥586M ¥46.0/sh +53% | Meiji Denki announced a dividend increase for fiscal year ending March 31, 2026. The company resolved to pay ¥46 per sha… | |
|
Summary
Meiji Denki announced a dividend increase for fiscal year ending March 31, 2026. The company resolved to pay ¥46 per share (total ¥586 million) as year-end dividend, up 53.3% from ¥30 per share in the prior year. Combined with an interim dividend of ¥44 per share, the annual dividend totals ¥90 per share, exceeding the stated minimum of ¥88 under the 11th medium-term management plan.
Deadline: 2026-06-05
YoY: +53%
Source (JP)
当社は、株主の皆様に対する利益還元を重要な経営課題と位置づけ、連結配当性向40%を目処として、将来の持続的成長に必要な内部留保の充実を図りながら、配当を行うことを基本方針としております。
剰余金の配当に関するお知らせ
TDnet PDF
|
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|
2026-05-15
15:30
|
Cost of Capital | ¥88.0/sh | Meiji Denki announced a comprehensive capital cost and stock price-conscious management initiative under the 11th Medium… | |
|
Summary
Meiji Denki announced a comprehensive capital cost and stock price-conscious management initiative under the 11th Medium-Term Management Plan (FY2025-2027). The company commits to a consolidated dividend payout ratio target of 40% with a minimum annual dividend of ¥88 per share through FY2027, alongside strategic initiatives for revenue enhancement, profitability improvement, and IR activities. The disclosure addresses the company's persistently low PBR (0.68x as of FY2026) and demonstrates management commitment to improving capital efficiency and shareholder value.
Source (JP)
当社は、本日開催の取締役会において、資本コストや株価を意識した経営の実現に向けた対応について改めて現状分析を行い、今後の取り組みについて決議いたしました。第11次中期経営計画の残り期間(2026年3月期~2027年3月期)においては、1株当たり年間配当金の下限値を年間88円といたします。
資本コストや株価を意識した経営の実現に向けた対応について
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | 合同会社ワイコーポレーション | 1,220,900 | 9.59% |
| 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)
|
1,131,100 | 8.88% |
| 3 |
Employee Stock Ownership Plan
明治電機工業従業員持株会
|
557,000 | 4.37% |
| 4 |
MUFG Bank
株式会社三菱UFJ銀行
|
459,400 | 3.61% |
| 5 | 林 正弘 | 361,000 | 2.83% |
| 6 | 吉田 年章 | 360,000 | 2.83% |
| 7 |
Sumitomo Mitsui Trust Bank
三井住友信託銀行株式会社
|
300,000 | 2.36% |
| 8 | 安井 博子 | 295,000 | 2.32% |
| 9 | 森田 操 | 250,500 | 1.97% |
| 10 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
243,300 | 1.91% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
13.2%
+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
27.5%
-0.3% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 40.7% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 同会社ワイコーポレーション | 9.65% | 9.60% | 9.59% -0.01% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 6.93% | 6.68% | 8.88% +2.20% | |
| Employee Stock Ownership Plan 明治電機工業従業員持株会 | 3.86% | 4.42% | 4.37% -0.05% | |
| MUFG Bank 式会社三菱UFJ銀行 | 3.86% | 3.85% | 3.61% -0.24% | |
| 林 正弘 | 2.85% | 2.84% | 2.83% -0.01% | |
| 吉田 年章 | 2.84% | 2.83% | 2.83% | |
| Sumitomo Mitsui Trust Bank 三井住友信託銀行 | 2.37% | 2.36% | 2.36% | |
| 安井 博子 | 2.33% | 2.32% | 2.32% | |
| 森田 操 | — | 1.97% | 1.97% | |
| Japan Custody Bank 日本カストディ銀行 | 3.71% | 3.29% | 1.91% -1.38% | |
| オムロン last seen 2023 | Exited Top 10 | 2.52% | — | — |
| Concentration (HHI) ⓘ | 218 | 213 | 237 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥3,848M
+32% since 2023
Holdings
23
+2 new
3 exited
Trend
11 building
vs 2023
| Held Company | FY2025 ¥3,848M total | FY2023 ¥2,909M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
JBCC Holdings Inc.
JBCCホールディングス株式会社
|
881 |
+300.0%
↑
800,000
|
434 | 200,000 | M |
|
SENSHU ELECTRIC CO.,LTD.
泉州電業株式会社
|
446 |
103,600
|
339 | 103,600 | M |
|
YOKOGAWA ELECTRIC CORPORATION
横河電機株式会社
|
425 |
+2.8%
↑
146,917
|
307 | 142,981 | M |
|
HIOKI E.E.CORPORATION
日置電機株式会社
|
349 |
49,500
|
428 | 49,500 | M |
|
Niterra Co., Ltd.
日本特殊陶業株式会社
|
313 |
+1.8%
↑
69,221
|
186 | 68,025 | |
|
JEOL Ltd.
日本電子株式会社
|
303 |
+3.6%
↑
66,175
|
271 | 63,883 | |
|
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
|
236 |
117,600
|
100 | 117,600 | M |
|
Mitsubishi HC Capital Inc.
三菱HCキャピタル株式会社
|
161 |
160,000
|
109 | 160,000 | M |
| シーケーディ株式会社 | 158 |
+5.7%
↑
78,369
|
159 | 74,156 | M |
|
TOBA,INC.
株式会社鳥羽洋行
|
134 |
38,000
|
108 | 38,000 | M |
|
DAIFUKU CO.,LTD.
株式会社ダイフク
|
112 |
+3.8%
↑
30,641
|
72 | 29,523 | |
|
NITTO KOGYO CORPORATION
日東工業株式会社
|
66 |
+2.5%
↑
21,259
|
55 | 20,734 | |
|
KIKUSUI HOLDINGS CORPORATION
菊水ホールディングス株式会社
|
54 |
NEW
New
40,372
|
— | ||
|
Noritake Company Limited
ノリタケ株式会社(注)4
|
47 |
NEW
New
13,484
|
— | ||
|
IBIDEN CO.,LTD.
イビデン株式会社
|
46 |
+4.8%
↑
11,597
|
58 | 11,063 | |
|
ONO SOKKI Co.,Ltd.
株式会社小野測器
|
36 |
+11.9%
↑
67,015
|
27 | 59,881 | |
|
Sansha Electric Manufacturing Co.,Ltd.
株式会社三社電機製作所
|
26 |
+3.7%
↑
29,478
|
27 | 28,434 | |
|
Fukuoka Financial Group, Inc.
株式会社ふくおかフィナンシャルグループ
|
13 |
3,200
|
8 | 3,200 | M |
| 株式会社八十二銀行 | 12 |
11,000
|
6 | 11,000 | M |
|
Togami Electric Mfg. Co.,Ltd.
株式会社戸上電機製作所
|
10 |
3,000
|
5 | 3,000 | M |
| 三井住友トラスト・ホールディングス株式会社 | 8 |
+100.0%
↑
2,200
|
5 | 1,100 | M |
|
Misonoza Co.
株式会社御園座
|
7 |
4,000
|
7 | 4,000 | |
|
TERASAKI ELECTRIC CO.,LTD.
寺崎電気産業株式会社
|
4 |
2,000
|
2 | 2,000 | M |
|
OMRON CORPORATION
オムロン株式会社
|
— |
−100%
Exit
—
|
116 | 15,000 | M |
| 菊水電子工業株式会社 | — |
−100%
Exit
—
|
50 | 37,865 | |
| 株式会社ノリタケカンパニーリミテド | — |
−100%
Exit
—
|
29 | 6,292 | |
| Portfolio total | 3,848 | 2,909 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding