3865
Hokuetsu Corporation
北越コーポレーション株式会社
Pulp & Paper
Hokuetsu Corporation manufactures and sells paper products in Japan, the rest of Asia, North America, and internationally. It operates through Pulp and Paper Business, Packaging and Paper Processing Business, and Other segments. The company is also involved in the manufacture and sale of paper containers and liquid containers, as well as manufacture, processing, and sale of processed paper products; and wood material, construction, logistics, and used paper wholesale businesses. In addition, it acts as sales and distribution agent; manufacturing and sale of vulcanized fiber products and paper, glass fiber sheets, liquid package cartons and packaging, laminated paper and related materials; cutting, selecting, packing and loading/unloading of the company's products; industrial wastewater purification processing and waste disposal; and supply of steam and electric power, and computer-related components. Further, the company engages in mailing business; processing and sale of carrier tape for precision electronic parts; manufacturing and sale of industrial machinery and electric instrumentation construction; design and construction of civil engineering and buildings; provision of transportation and warehousing services; and import and sales of vulcanized fiber and AGM battery separator. The company was formerly known as Hokuetsu Kishu Paper Co., Ltd. and changed its name to Hokuetsu Corporation in July 2018. Hokuetsu Corporation was incorporated in 1907 and is headquartered in Tokyo, Japan.
Price
¥914
Market Cap
¥154.2B
Ent. Value
¥214.0B
Net Debt
−¥59.7B
Shares Out.
168.7M
P / E
9.9×
EV / EBIT
10.8×
⚠ TSE Capital Mandate
P / Book
0.58×
P / NCAV
5.83×
Div. Yield
2.41%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥305.7B | ¥297.1B | ¥301.2B | ¥261.6B |
| Cost of Sales | ¥236.9B | ¥236.9B | ¥237.2B | ¥200.5B |
| Gross Profit | ¥68.8B | ¥60.1B | ¥64.0B | ¥61.1B |
| SG&A | ¥49.1B | ¥44.9B | ¥46.7B | ¥40.7B |
| Operating Income | ¥19.7B | ¥15.3B | ¥17.3B | ¥20.5B |
| Non-Operating Income | ¥3.2B | ¥4.1B | ¥4.8B | ¥10.2B |
| Dividend Income | ¥983M | ¥825M | ¥1.4B | ¥776M |
| Interest Income | ¥826M | ¥788M | ¥128M | ¥27M |
| Non-Operating Expenses | ¥4.2B | ¥1.6B | ¥10.6B | ¥1.2B |
| Interest Expense | ¥766M | ¥841M | ¥796M | ¥393M |
| Ordinary Income | ¥18.8B | ¥17.8B | ¥11.5B | ¥29.5B |
| Pre-tax Income | ¥21.5B | ¥5.9B | ¥13.8B | ¥27.4B |
| Income Taxes | ¥5.9B | ¥-2.6B | ¥5.4B | ¥6.1B |
| Current Tax | ¥5.6B | ¥1.7B | ¥6.4B | ¥4.5B |
| Deferred Tax | ¥244M | ¥-4.3B | ¥-1.0B | ¥1.6B |
| Net Income (owners) | ¥15.5B | ¥8.4B | ¥8.3B | ¥21.2B |
| Minority Interest | ¥147M | ¥113M | ¥78M | ¥66M |
| Comprehensive Income | ¥17.7B | ¥30.3B | ¥13.5B | ¥24.1B |
| EBITDA | ¥33.0B | ¥28.3B | ¥29.3B | ¥33.8B |
| Goodwill Amort. (J-GAAP) | ¥167M | ¥155M | ¥141M | ¥133M |
| EPS | ¥92.34 | ¥49.94 | ¥49.54 | ¥126.22 |
| Shares Outstanding | 168.7M | 168.7M | 168.6M | 168.6M |
| Shares Issued (total) | 188.1M | 188.1M | 188.1M | 188.1M |
| Treasury Shares | 19.3M | 19.3M | 19.4M | 19.4M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥418.9B | ¥415.6B | ¥388.4B | ¥377.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥179.5B | ¥179.9B | ¥170.8B | ¥160.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥27.6B | ¥22.1B | ¥18.1B | ¥30.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥67.7B | ¥77.0B | ¥75.8B | ¥60.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥239.4B | ¥235.8B | ¥217.7B | ¥216.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥122.0B | ¥116.5B | ¥117.1B | ¥115.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥3.2B | ¥2.5B | ¥2.5B | ¥2.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥30.6B | ¥31.9B | ¥22.3B | ¥22.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥1.6B | ¥1.5B | ¥1.8B | ¥1.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥153.0B | ¥163.2B | ¥162.5B | ¥160.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥82.0B | ¥82.2B | ¥85.9B | ¥91.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥24.2B | ¥22.9B | ¥21.3B | ¥20.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥27.2B | ¥25.9B | ¥17.1B | ¥40.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥4.5B | ¥845M | ¥2.9B | ¥4.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥71.0B | ¥81.0B | ¥76.6B | ¥68.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥60.2B | ¥69.7B | ¥64.9B | ¥53.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥3.5B | ¥3.8B | ¥3.8B | ¥5.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥1.8B | ¥2.0B | ¥2.2B | ¥2.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥265.9B | ¥252.4B | ¥225.9B | ¥217.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥42.0B | ¥42.0B | ¥42.0B | ¥42.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥45.0B | ¥45.0B | ¥45.3B | ¥45.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥151.8B | ¥140.4B | ¥135.5B | ¥131.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-9.6B | ¥-9.6B | ¥-9.6B | ¥-9.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥35.8B | ¥33.8B | ¥12.0B | ¥6.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥229.2B | ¥217.8B | ¥213.2B | ¥209.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥741M | ¥676M | ¥649M | ¥644M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥87.4B | ¥95.6B | ¥82.0B | ¥94.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-59.7B | ¥-73.5B | ¥-63.9B | ¥-64.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥26.5B | ¥16.7B | ¥8.3B | ¥327M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥157 | ¥99 | ¥49 | ¥2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,358 | ¥1,291 | ¥1,264 | ¥1,242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥40.9B | ¥22.3B | ¥1.7B | ¥20.2B |
| Taxes Paid | ¥-590M | ¥-5.3B | ¥-7.5B | ¥1.8B |
| Interest Paid | ¥-772M | ¥-868M | ¥-730M | ¥-396M |
| Interest Received | ¥2.5B | ¥2.3B | ¥2.3B | ¥1.6B |
| D&A | ¥13.1B | ¥12.9B | ¥11.9B | ¥13.2B |
| Goodwill Amort. | ¥167M | ¥155M | ¥141M | ¥133M |
| Investing CF | ¥-18.8B | ¥-15.5B | ¥-12.8B | ¥-1.6B |
| CapEx | ¥17.7B | ¥13.5B | ¥12.5B | ¥12.9B |
| Purchase Investments | ¥-3.6B | ¥-1.1B | ¥-432M | ¥-775M |
| Proceeds from Invest. | ¥7.1B | ¥51M | ¥415M | ¥31M |
| Financing CF | ¥-19.1B | ¥-3.8B | ¥-2.1B | ¥-19.2B |
| Dividends Paid | ¥-3.4B | ¥-3.0B | ¥-4.4B | ¥-2.4B |
| LT Debt Repaid | ¥-17.0B | ¥-8.7B | ¥-27.3B | ¥-5.4B |
| Free Cash Flow | ¥23.3B | ¥8.8B | ¥-10.8B | ¥7.3B |
| Net Change in Cash | ¥3.0B | ¥4.1B | ¥-12.2B | ¥428M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 6.0% | 3.5% | 3.8% | 10.3% |
| ROA | 3.7% | 2.1% | 2.2% | 5.6% |
| EPS | ¥92.34 | ¥49.94 | ¥49.54 | ¥126.22 |
| DPS | ¥22.00 | ¥18.00 | ¥18.00 | ¥24.00 |
| BPS | ¥1,575.90 | ¥1,496.55 | ¥1,339.89 | ¥1,286.82 |
| FCF/Share | ¥138 | ¥52 | ¥-64 | ¥43 |
| NCAV/Share | ¥157 | ¥99 | ¥49 | ¥2 |
| Payout Ratio | 23.8% | 36.0% | 36.3% | 19.0% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 35
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | 美須賀海運㈱ | 18,806 | 11.14% |
| 2 | 大王海運㈱ | 16,820 | 9.97% |
| 3 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱(信託口)
|
10,666 | 6.32% |
| 4 |
Daishi Hokuetsu Bank,Ltd.
㈱第四北越銀行
|
8,332 | 4.94% |
| 5 |
Stock Ownership Plan
北越コーポレーション持株会
|
6,994 | 4.14% |
| 6 | 住友不動産㈱ | 6,066 | 3.59% |
| 7 |
OASIS JAPAN STRATEGIC FUND LTD.
OASIS JAPAN STRATEGIC FUND LTD.(常任代理人 シティバンク、エヌ・エイ東京支店)
|
5,615 | 3.33% |
| 8 | 損害保険ジャパン㈱ | 4,499 | 2.67% |
| 9 | 農林中央金庫 | 3,554 | 2.11% |
| 10 | OASIS INVESTMENTS Ⅱ MASTER FUND LTD.(常任代理人 シティバンク、エヌ・エイ東京支店) | 3,330 | 1.97% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
6.3%
+0.4% 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
43.9%
-2.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 50.2% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 美須賀海運 | 11.15% | 11.15% | 11.14% -0.01% | |
| 大王海運 | — | 9.97% | 9.97% | |
| 日本マスタートラスト信託銀行 | 7.87% | 5.97% | 6.32% +0.35% | |
| Daishi Hokuetsu Bank,Ltd. ㈱第四北越銀行 | 4.94% | 4.94% | 4.94% | |
| Stock Ownership Plan 北越コーポレーション持株会 | 4.08% | 4.11% | 4.14% +0.03% | |
| 住友不動産 | 3.60% | 3.60% | 3.59% -0.01% | |
| OASIS JAPAN STRATEGIC FUND LTD. | — | 3.33% | 3.33% | |
| 損害保険ジャパン | — | 2.67% | 2.67% | |
| 農林中央金庫 NEW ENTRY | — | — | — | 2.11% NEW |
| OASIS INVESTMENTS Ⅱ MASTER FUND LTD. NEW ENTRY | — | — | — | 1.97% NEW |
| CGML PB CLIENT ACCOUNT/COLLATERAL last seen 2024 | Exited Top 10 | 3.56% | 3.49% | — |
| MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB last seen 2024 | Exited Top 10 | 7.09% | 2.82% | — |
| OASIS JAPAN STRATEGIC FUND LTD.-CLIENT ACCOUNT last seen 2023 | Exited Top 10 | 3.33% | — | — |
| NOMURA CUSTODY NOMINEES LIMITED OMNIBUS-FULLYPAID(CASHPB) last seen 2023 | Exited Top 10 | 3.84% | — | — |
| 日本カストディ銀行 last seen 2023 | Exited Top 10 | 2.91% | — | — |
| Concentration (HHI) ⓘ | 338 | 352 | 344 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥14,394M
+22% since 2023
Holdings
33
+5 new
8 exited
Trend
5 building
vs 2023
| Held Company | FY2025 ¥14,394M total | FY2023 ¥11,800M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Daishi Hokuetsu Financial Group,Inc.
㈱第四北越フィナンシャルグループ
|
2,756 |
+100.0%
↑
873,830
|
1,262 | 436,915 | |
|
Japan Pulp & Paper Co., Ltd.
日本紙パルプ商事㈱
|
1,870 |
+900.0%
↑
3,101,600
|
1,597 | 310,160 | M |
|
Dai Nippon Printing Co.,Ltd.
大日本印刷㈱
|
1,674 |
+100.0%
↑
790,034
|
1,463 | 395,017 | M |
|
Sumitomo Realty & Development Co.,Ltd.
住友不動産㈱
|
1,398 |
250,000
|
745 | 250,000 | M |
|
TOPPAN Holdings Inc.
TOPPANホールディングス㈱
|
1,077 |
NEW
New
265,761
|
— | M | |
|
Sompo Holdings, Inc.
SOMPOホールディングス㈱
|
976 |
+200.0%
↑
216,000
|
378 | 72,000 | |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
809 |
NEW
New
217,644
|
— | ||
|
The Kiyo Bank, Ltd.
㈱紀陽銀行
|
794 |
345,337
|
512 | 345,337 | M |
|
The Chiba Bank, Ltd.
㈱千葉銀行
|
552 |
395,199
|
337 | 395,199 | M |
|
JAPAN TOBACCO INC.
日本たばこ産業㈱
|
411 |
100,000
|
279 | 100,000 | |
|
Daiichi Jitsugyo Co., Ltd.
第一実業㈱
|
392 |
+200.0%
↑
180,000
|
334 | 60,000 | M |
|
KOKUYO CO.,LTD.
コクヨ㈱
|
354 |
124,230
|
233 | 124,230 | M |
|
MITSUBISHI PAPER MILLS LIMITED
三菱製紙㈱
|
228 |
350,000
|
122 | 350,000 | M |
|
NYK Line Co.
日本郵船㈱
|
147 |
30,000
|
92 | 30,000 | M |
|
KPP GROUP HOLDINGS CO., LTD.
KPPグループホールディングス㈱
|
144 |
221,000
|
148 | 221,000 | M |
|
Heiwa Paper Industry Co., Ltd.
平和紙業㈱
|
136 |
306,000
|
123 | 306,000 | M |
|
Kyodo Printing Co., Ltd.
共同印刷㈱
|
134 |
32,750
|
90 | 32,750 | M |
|
Resona Holdings, Inc.
㈱りそなホールディングス
|
134 |
104,500
|
66 | 104,500 | |
|
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
|
114 |
157,950
|
51 | 157,950 | |
|
Lion Corporation
ライオン㈱
|
64 |
36,418
|
52 | 36,418 | |
|
TOYO WHARF & WAREHOUSE CO.,LTD.
東洋埠頭㈱
|
51 |
39,500
|
53 | 39,500 | M |
|
Japan Felt Co., Ltd.
日本フエルト㈱
|
38 |
NEW
New
80,000
|
— | M | |
|
San ju San Financial Group,Inc
㈱三十三フィナンシャルグループ
|
27 |
11,480
|
18 | 11,480 | |
|
ICHIKAWA CO., LTD.
イチカワ㈱
|
20 |
10,812
|
14 | 10,812 | M |
|
SEKI CO.,LTD.
セキ㈱
|
17 |
13,000
|
17 | 13,000 | M |
|
MUSASHI CO.,LTD.
㈱ムサシ
|
16 |
10,000
|
15 | 10,000 | M |
|
Sojitz Corporation
双日㈱
|
15 |
4,768
|
13 | 4,768 | M |
|
BUNKEIDO CO.,LTD.
㈱文溪堂
|
12 |
11,000
|
12 | 11,000 | M |
|
ASAHI PRINTING CO.,LTD.
朝日印刷㈱
|
11 |
12,474
|
10 | 12,474 | M |
|
Carlit Co.,Ltd.
㈱カーリット
|
7 |
NEW
New
7,000
|
— | M | |
|
NAKABAYASHI CO.,LTD.
ナカバヤシ㈱
|
7 |
14,423
|
6 | 14,423 | |
|
KYODO PAPER HOLDINGS
㈱共同紙販ホールディングス
|
5 |
1,100
|
4 | 1,100 | M |
|
Shobunsha Holdings, Inc.
㈱昭文社ホールディングス
|
4 |
NEW
New
10,000
|
— | ||
|
T&D Holdings, Inc.
㈱T&Dホールディングス
|
— |
−100%
Exit
—
|
1,056 | 644,050 | |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
755 | 402,362 | |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
1,178 | 259,522 | |
| 凸版印刷㈱ | — |
−100%
Exit
—
|
702 | 263,758 | M |
| 日本フェルト㈱ | — |
−100%
Exit
—
|
33 | 80,000 | M |
|
RINKO CORPORATION
㈱リンコーコーポレーション
|
— |
−100%
Exit
—
|
23 | 15,000 | M |
| カーリットホールディングス㈱ | — |
−100%
Exit
—
|
4 | 7,000 | M |
| ㈱昭文社 | — |
−100%
Exit
—
|
3 | 10,000 | |
| Portfolio total | 14,394 | 11,800 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding