3863
譌・譛ャ陬ス邏呎ェ蠑丈シ夂、セ
日本製紙株式会社
Pulp & Paper
Nippon Paper Industries Co., Ltd. engages in the production and sale of pulp and paper products in Japan, Oceania, Asia, North America, and internationally. The company offers paper products, including printing and writing, business communication, wrapping, functional specialty, and converting papers; newsprints; household paper and professional products, which comprise facial and bath tissue, paper towels, pre-moistened and industrial-use wipes, and personal-care products; health care products; paper-based materials under the SHIELDPLUS brand; and paper straws. It also provides kitchen products; kraft and dissolving pulps; cellulose nanofiber; agriculture products, such as seedlings; plywood and laminated lumber products; and other products comprising Cu-TOP copper ion-loaded cellulose and wet non-woven fabric, as well as a shelf-life-extending agent under the Wasa Green brand. In addition, the company offers chemicals, including sulfite dissolving pulp, functional chemicals, lignin products, ribonucleic acid/yeast products, functional coating resin, and optical films for display devices. Further, it is involved in the energy business and construction-related business. The company was incorporated in 1949 and is headquartered in Tokyo, Japan.
Price
¥1,259
Market Cap
¥145.6B
Ent. Value
¥806.6B
Net Debt
−¥661.1B
Shares Out.
115.6M
P / E
32.0×
EV / EBIT
40.9×
⚠ TSE Capital Mandate
P / Book
0.30×
P / NCAV
N/M
Div. Yield
0.79%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥1,182.4B | ¥1,167.3B | ¥1,152.6B | ¥1,045.1B |
| Cost of Sales | ¥991.4B | ¥985.9B | ¥1,008.2B | ¥872.0B |
| Gross Profit | ¥191.1B | ¥181.4B | ¥144.4B | ¥173.1B |
| SG&A | ¥171.4B | ¥164.1B | ¥171.3B | ¥161.0B |
| Operating Income | ¥19.7B | ¥17.3B | ¥-26.9B | ¥12.1B |
| Non-Operating Income | ¥16.1B | ¥15.3B | ¥15.1B | ¥15.1B |
| Dividend Income | ¥1.8B | ¥1.6B | ¥1.9B | ¥1.7B |
| Interest Income | ¥1.4B | ¥681M | ¥502M | ¥208M |
| Non-Operating Expenses | ¥20.3B | ¥18.0B | ¥12.8B | ¥12.7B |
| Interest Expense | ¥9.2B | ¥10.2B | ¥7.8B | ¥7.4B |
| Ordinary Income | ¥15.5B | ¥14.6B | ¥-24.5B | ¥14.5B |
| Pre-tax Income | ¥12.7B | ¥31.2B | ¥-41.4B | ¥7.8B |
| Income Taxes | ¥5.5B | ¥4.2B | ¥7.3B | ¥4.5B |
| Current Tax | ¥4.9B | ¥7.5B | ¥3.8B | ¥3.5B |
| Deferred Tax | ¥601M | ¥-3.3B | ¥3.5B | ¥1.1B |
| Net Income (owners) | ¥4.5B | ¥22.7B | ¥-50.4B | ¥2.0B |
| Minority Interest | ¥2.6B | ¥4.3B | ¥1.8B | ¥1.3B |
| Comprehensive Income | ¥17.3B | ¥82.1B | ¥-28.6B | ¥22.1B |
| EBITDA | ¥87.5B | ¥82.5B | ¥40.5B | ¥79.7B |
| Goodwill Amort. (J-GAAP) | ¥1.2B | ¥1.1B | ¥1.0B | ¥1.0B |
| EPS | ¥39.33 | ¥197.09 | ¥-436.28 | ¥17.23 |
| Shares Outstanding | 115.6M | 115.6M | 115.6M | 115.6M |
| Shares Issued (total) | 116.3M | 116.3M | 116.3M | 116.3M |
| Treasury Shares | 0.6M | 0.7M | 0.7M | 0.7M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥1,703.3B | ¥1,731.2B | ¥1,666.5B | ¥1,639.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥638.3B | ¥638.6B | ¥627.7B | ¥617.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥185.9B | ¥164.9B | ¥144.3B | ¥136.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥152.1B | ¥173.5B | ¥160.6B | ¥218.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥1,065.0B | ¥1,092.6B | ¥1,038.8B | ¥1,021.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥784.0B | ¥805.3B | ¥796.8B | ¥775.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥7.8B | ¥8.3B | ¥8.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥13.2B | ¥22.6B | ¥22.5B | ¥23.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥173.0B | ¥174.7B | ¥166.6B | ¥180.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥11.7B | ¥10.8B | ¥9.6B | ¥7.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥1,192.9B | ¥1,235.6B | ¥1,251.3B | ¥1,200.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥479.2B | ¥494.8B | ¥504.6B | ¥469.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥142.2B | ¥157.8B | ¥154.2B | ¥141.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥231.3B | ¥207.2B | ¥214.4B | ¥185.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥2.8B | ¥7.2B | ¥3.3B | ¥2.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥713.7B | ¥740.8B | ¥746.8B | ¥731.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥615.7B | ¥642.1B | ¥657.9B | ¥647.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥9.0B | ¥11.0B | ¥11.7B | ¥12.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥55.9B | ¥52.7B | ¥41.3B | ¥34.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥510.4B | ¥495.6B | ¥415.2B | ¥438.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥104.9B | ¥104.9B | ¥104.9B | ¥104.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥216.4B | ¥216.4B | ¥216.4B | ¥216.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥11.5B | ¥7.1B | ¥-15.8B | ¥38.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-1.8B | ¥-1.9B | ¥-1.8B | ¥-1.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥151.1B | ¥142.3B | ¥90.9B | ¥69.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥331.0B | ¥326.5B | ¥303.8B | ¥357.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥28.4B | ¥26.9B | ¥20.5B | ¥11.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥847.0B | ¥849.3B | ¥872.2B | ¥833.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-661.1B | ¥-684.4B | ¥-727.9B | ¥-696.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-554.6B | ¥-597.0B | ¥-623.6B | ¥-582.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-4,796 | ¥-5,164 | ¥-5,395 | ¥-5,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,862 | ¥2,824 | ¥2,628 | ¥3,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥72.8B | ¥90.3B | ¥65.8B | ¥72.4B |
| Interest Paid | ¥-9.1B | ¥-10.2B | ¥-7.8B | ¥-7.4B |
| Interest Received | ¥6.9B | ¥6.6B | ¥6.6B | ¥4.1B |
| D&A | ¥66.6B | ¥64.2B | ¥66.3B | ¥66.5B |
| Goodwill Amort. | ¥1.2B | ¥1.1B | ¥1.0B | ¥1.0B |
| Investing CF | ¥-33.4B | ¥-22.0B | ¥-68.0B | ¥-61.2B |
| Purchase Investments | ¥-509M | ¥-534M | ¥-2.3B | ¥-16.2B |
| Proceeds from Invest. | ¥7.9B | ¥10.9B | ¥21.2B | ¥7.7B |
| Financing CF | ¥-18.3B | ¥-46.6B | ¥7.0B | ¥54.3B |
| Dividends Paid | ¥-1.2B | — | ¥-3.5B | ¥-4.6B |
| Share Buybacks | ¥-6M | ¥-206M | ¥-5M | ¥-7M |
| LT Debt Repaid | ¥-90.2B | ¥-67.1B | ¥-41.7B | ¥-60.3B |
| Free Cash Flow | ¥72.8B | ¥90.3B | ¥65.8B | ¥72.4B |
| Net Change in Cash | ¥21.1B | ¥20.5B | ¥5.9B | ¥66.5B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 1.0% | 5.3% | -12.3% | 0.5% |
| ROA | 0.3% | 1.3% | -3.0% | 0.1% |
| EPS | ¥39.33 | ¥197.09 | ¥-436.28 | ¥17.23 |
| DPS | ¥10.00 | ¥10.00 | — | ¥40.00 |
| BPS | ¥4,175.77 | ¥4,062.19 | ¥3,415.75 | ¥3,695.31 |
| FCF/Share | ¥630 | ¥781 | ¥569 | ¥626 |
| NCAV/Share | ¥-4,796 | ¥-5,164 | ¥-5,395 | ¥-5,041 |
| Payout Ratio | 25.4% | 5.1% | — | 232.2% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 14
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行株式会社(信託口) (注)1
|
15,982,100 | 13.79% |
| 2 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口) (注)1
|
8,365,300 | 7.22% |
| 3 | 日本製紙従業員持株会 | 3,121,029 | 2.69% |
| 4 | 日本製紙取引先持株会 | 2,601,700 | 2.25% |
| 5 | 日本生命保険相互会社 | 2,473,165 | 2.13% |
| 6 | 大樹生命保険株式会社 | 2,258,900 | 1.95% |
| 7 | 株式会社みずほ銀行 | 2,000,000 | 1.73% |
| 8 |
State Street Bank and Trust Company
ステート ストリート バンク ウェスト クライアント トリーティー 505234(常任代理人 株式会社みずほ銀行)
|
1,703,800 | 1.47% |
| 9 |
State Street Bank and Trust Company
ステート ストリート バンク アンド トラスト カンパニー 505223(常任代理人 株式会社みずほ銀行)
|
1,384,668 | 1.19% |
| 10 |
JPMorgan Chase Bank, N.A.
ジェーピー モルガン チェース バンク 385781 (常任代理人 株式会社みずほ銀行)
|
1,355,989 | 1.17% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
21.0%
-3.3% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.8%
+2.6% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
10.8%
-2.3% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 35.6% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 日本マスタートラスト信託銀行 | 13.77% | 16.92% | 13.79% -3.13% | |
| 日本カストディ銀行 | 7.65% | 7.40% | 7.22% -0.18% | |
| 日本製紙従業員持株会 | 2.79% | 2.65% | 2.69% +0.04% | |
| State Street | 1.34% | 1.20% | 2.66% +1.46% | |
| 日本製紙取引先持株会 | 2.07% | 2.15% | 2.25% +0.10% | |
| 日本生命保険 | 2.13% | 2.13% | 2.13% | |
| 大樹生命保険 | 1.95% | 1.95% | 1.95% | |
| みずほ銀行 | 1.73% | 1.73% | 1.73% | |
| JP Morgan NEW ENTRY | — | — | — | 1.17% NEW |
| 農林中央金庫 last seen 2024 | Exited Top 10 | 1.47% | 1.47% | — |
| デイエフエイ インターナショナル スモールキャップ バリュー ポートフォリオ last seen 2024 | Exited Top 10 | 1.59% | 1.00% | — |
| Concentration (HHI) ⓘ | 278 | 369 | 274 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥25,269M
-4% since 2023
Holdings
53
+4 new
18 exited
Trend
7 unwinding
vs 2023
| Held Company | FY2025 ¥25,269M total | FY2023 ¥26,336M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
| Elopak ASA | 7,505 |
+1.0%
↑
13,590,950
|
3,759 | 13,460,950 | |
|
ASAHI GROUP HOLDINGS,LTD.
アサヒグループホールディングス㈱
|
1,918 |
+200.0%
↑
1,003,200
|
1,646 | 334,400 | |
|
TOMOKU CO.,LTD.
㈱トーモク
|
1,727 |
719,127
|
1,149 | 719,127 | M |
|
Sompo Holdings, Inc.
SOMPOホールディングス㈱
|
1,539 |
+200.0%
↑
340,560
|
596 | 113,520 | M |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
1,177 |
NEW
New
316,400
|
— | M | |
|
KPP GROUP HOLDINGS CO., LTD.
KPPグループホールディングス㈱
|
1,157 |
-66.4%
↓
1,770,603
|
3,531 | 5,270,603 | M |
|
KOKUYO CO.,LTD.
コクヨ㈱
|
1,087 |
+0.5%
↑
381,208
|
712 | 379,233 | M |
|
Morinaga&Co.,Ltd.
森永製菓㈱
|
1,078 |
+100.0%
↑
430,730
|
808 | 215,365 | |
|
kuribayashi steamship co.,ltd.
栗林商船㈱
|
1,011 |
829,458
|
464 | 829,458 | M |
|
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ
|
974 |
NEW
New
600,600
|
— | M | |
|
MORINAGA MILK INDUSTRY CO.,LTD
森永乳業㈱
|
824 |
+100.0%
↑
264,800
|
631 | 132,400 | |
|
NIPPON FILCON CO.,LTD.
日本フイルコン㈱
|
575 |
-21.1%
↓
1,106,570
|
664 | 1,402,370 | M |
|
Hirogin Holdings, Inc.
㈱ひろぎんホールディングス
|
570 |
471,300
|
295 | 471,300 | M |
|
ICHIKAWA CO., LTD.
イチカワ㈱
|
569 |
-25.0%
↓
299,784
|
532 | 399,684 | M |
|
Japan Felt Co., Ltd.
日本フエルト㈱
|
550 |
-25.0%
↓
1,143,980
|
629 | 1,525,280 | M |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス㈱
|
499 |
87,075
|
221 | 87,075 | M |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
346 |
+200.0%
↑
91,416
|
161 | 30,472 | M |
|
EZAKI GLICO CO.,LTD.
江崎グリコ㈱
|
337 |
+4.3%
↑
72,962
|
233 | 69,947 | |
|
House Foods Group Headquarters Co., Ltd.
ハウス食品グループ本社㈱
|
254 |
+4.4%
↑
93,267
|
251 | 89,340 | |
| MS ADインシュアランスグループホールディングス㈱ | 219 |
+200.0%
↑
67,995
|
93 | 22,665 | M |
|
The Shikoku Bank, Ltd.
㈱四国銀行
|
209 |
-49.9%
↓
173,898
|
302 | 346,898 | M |
|
The San-in Godo Bank,Ltd.
㈱山陰合同銀行
|
163 |
126,000
|
93 | 126,000 | M |
|
IMURA & Co., Ltd.
㈱イムラ
|
145 |
150,000
|
149 | 150,000 | |
|
Heiwa Paper Industry Co., Ltd.
平和紙業㈱
|
139 |
313,500
|
126 | 313,500 | M |
|
The Awa Bank,Ltd.
㈱阿波銀行
|
115 |
-49.9%
↓
40,400
|
157 | 80,702 | M |
|
Dynapac Co., Ltd.
ダイナパック㈱
|
89 |
46,143
|
59 | 46,143 | |
|
NICHIREI CORPORATION
㈱ニチレイ
|
88 |
25,000
|
67 | 25,000 | |
|
譬ェ蠑丈シ夂、セ繧√�カ縺阪ヵ繧」繝翫Φ繧キ繝」繝ォ繧ー繝ォ繝シ繝�
㈱めぶきフィナンシャルグループ
|
75 |
103,700
|
33 | 103,700 | M |
|
YAKULT HONSHA CO.,LTD.
㈱ヤクルト本社
|
74 |
+116.3%
↑
26,044
|
115 | 12,042 | |
|
Tokyo Tatemono Co., Ltd.
東京建物㈱
|
63 |
25,000
|
40 | 25,000 | M |
|
ASAHI PRINTING CO.,LTD.
朝日印刷㈱
|
43 |
48,510
|
42 | 48,510 | |
|
THE SHIMIZU BANK,LTD.
㈱清水銀行
|
40 |
-19.2%
↓
26,960
|
48 | 33,360 | M |
|
Fujiya Co.,Ltd
㈱不二家
|
31 |
13,000
|
32 | 13,000 | |
|
North Pacific Bank,Ltd.
㈱北洋銀行
|
29 |
56,300
|
15 | 56,300 | M |
|
SHOWA PAXXS CORPORATION
昭和パックス㈱
|
27 |
15,000
|
23 | 15,000 | |
|
HIKARI BUSINESS FORM CO., LTD.
光ビジネスフォーム㈱
|
11 |
13,200
|
9 | 13,200 | |
|
THE PACK CORPORATION
ザ・パック㈱
|
7 |
NEW
New
2,200
|
— | ||
|
Sun A.Kaken Company,Limited
㈱サンエー化研
|
5 |
NEW
New
10,000
|
— | ||
|
Recruit Holdings Co., Ltd.
㈱リクルートホールディングス
|
— | — | |||
|
FUJIFILM Holdings Corporation
富士フイルムホールディングス㈱
|
— | — | |||
|
RICOH COMPANY,LTD.
㈱リコー
|
— | — | |||
|
TKC Co., Ltd.
㈱TKC
|
— | — | |||
|
Meiji Holdings Co., Ltd.
明治ホールディングス㈱
|
— | — | |||
|
GAKKEN HOLDINGS CO., LTD.
㈱学研ホールディングス
|
— | — | M | ||
|
Kyodo Printing Co., Ltd.
共同印刷㈱
|
— | — | M | ||
|
FUJI MEDIA HOLDINGS, INC.
㈱フジ・メディア・ホールディングス
|
— | — | M | ||
|
NITTO DENKO CORPORATION
日東電工㈱
|
— | — | |||
| チヨダウーテ㈱ | — | — | |||
|
ASAHI BROADCASTING GROUP HOLDINGS CORPORATION
朝日放送グループホールディングス㈱
|
— | — | |||
|
HARIMA CHEMICALS GROUP, INC.
ハリマ化成グループ㈱
|
— | — | |||
|
譬ェ蠑丈シ夂、セ�シォ�シケ�シッ�シイ�シゥ�シエ�シウ�シオ
㈱KYORITSU
|
— | — | M | ||
|
譬ェ蠑丈シ夂、セ繝吶Ν繝�繧ッ繧ケ繧ウ繝シ繝昴Ξ繝シ繧キ繝ァ繝ウ
㈱ベルテクスコーポレーション
|
— | — | |||
|
NAKABAYASHI CO.,LTD.
ナカバヤシ㈱
|
— | — | M | ||
|
Dai Nippon Printing Co.,Ltd.
大日本印刷㈱
|
— |
−100%
Exit
—
|
2,886 | 779,100 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
532 | 283,317 | M |
|
RISO KAGAKU CORPORATION
理想科学工業㈱
|
— |
−100%
Exit
—
|
350 | 151,800 | M |
|
MEGMILK SNOW BRAND Co.,Ltd.
雪印メグミルク㈱
|
— |
−100%
Exit
—
|
74 | 42,500 | |
|
KANSAI PAINT CO.,LTD.
関西ペイント㈱
|
— |
−100%
Exit
—
|
76 | 42,636 | |
|
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
—
|
40 | 37,100 | M |
|
NIPPON PAINT HOLDINGS CO.,LTD.
日本ペイントホールディングス㈱
|
— |
−100%
Exit
—
|
53 | 43,048 | |
| ㈱コーセー | — |
−100%
Exit
—
|
75 | 4,786 | |
|
ARATA CORPORATION
㈱あらた
|
— |
−100%
Exit
—
|
22 | 5,500 | |
| 凸版印刷㈱ | — |
−100%
Exit
—
|
1,679 | 630,376 | |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
845 | 186,100 | M |
|
Daiwabo Holdings Co.,Ltd.
ダイワボウホールディングス㈱
|
— |
−100%
Exit
—
|
744 | 341,095 | M |
|
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ (注)3
|
— |
−100%
Exit
—
|
571 | 600,600 | M |
|
SEIKO PMC CORPORATION
星光PMC㈱
|
— |
−100%
Exit
—
|
342 | 630,740 | M |
|
Bandai Namco Holdings Inc.
㈱バンダイナムコホールディングス
|
— |
−100%
Exit
—
|
243 | 28,512 | |
|
SEKI CO.,LTD.
セキ㈱
|
— |
−100%
Exit
—
|
69 | 50,000 | |
|
Japan Pulp & Paper Co., Ltd.
日本紙パルプ商事㈱
|
— |
−100%
Exit
—
|
40 | 7,881 | M |
| 東洋インキSCホールディングス㈱ | — |
−100%
Exit
—
|
10 | 5,093 | M |
| Portfolio total | 25,269 | 26,336 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding