3877
Chuetsu Pulp & Paper Co., Ltd.
中越パルプ工業株式会社
Pulp & Paper
Chuetsu Pulp & Paper Co., Ltd. produces, processes, and sells paper, pulp, and related by-products in Japan and internationally. It operates through two segments: Paper and Pulp Manufacturing Business and Power Generation Business segments. The company offers printing, information, wrapping, processing, base, specialty, and bamboo papers, as well as newspapers and paper bags, paper tubes, cardboards, and paperboards. The company is also involved in the forestry, lumbering, and timber processing activities; manufacture, processing, and trading of chemicals; selling, management, brokerage, and rental of real estate properties; management of sports facilities; and mining, warehousing, and transportation activities, as well as electricity supply activities. In addition, the company engages in the trading and greening business construction; supply of raw materials; designs mechanical equipment; paper cutting, sorting, and packaging products; manufactures and sells cellulose and nanofiber related products, wood chips, pulp, and Mapuka related products; construction repair; insurance agency; and afforestation and greening businesses. Chuetsu Pulp & Paper Co., Ltd. was incorporated in 1947 and is headquartered in Tokyo, Japan.
Price
¥2,035
Market Cap
¥25.5B
Ent. Value
¥53.6B
Net Debt
−¥28.1B
Shares Out.
12.5M
P / E
14.9×
EV / EBIT
11.1×
⚠ TSE Capital Mandate
P / Book
0.45×
P / NCAV
N/M
Div. Yield
3.44%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥111.0B | ¥107.8B | ¥105.7B | ¥90.1B |
| Cost of Sales | ¥93.9B | ¥90.2B | ¥91.1B | ¥76.2B |
| Gross Profit | ¥17.1B | ¥17.6B | ¥14.6B | ¥13.9B |
| SG&A | ¥12.3B | ¥11.4B | ¥12.0B | ¥11.5B |
| Operating Income | ¥4.8B | ¥6.2B | ¥2.6B | ¥2.4B |
| Non-Operating Income | ¥729M | ¥963M | ¥1.1B | ¥1.1B |
| Dividend Income | ¥214M | ¥170M | ¥189M | ¥138M |
| Interest Income | ¥56M | ¥58M | ¥66M | ¥75M |
| Non-Operating Expenses | ¥457M | ¥314M | ¥344M | ¥328M |
| Interest Expense | ¥287M | ¥239M | ¥248M | ¥277M |
| Ordinary Income | ¥5.1B | ¥6.8B | ¥3.4B | ¥3.1B |
| Pre-tax Income | ¥1.8B | ¥5.0B | ¥3.1B | ¥1.7B |
| Income Taxes | ¥1.0B | ¥1.3B | ¥85M | ¥461M |
| Current Tax | ¥992M | ¥1.1B | ¥472M | ¥390M |
| Deferred Tax | ¥31M | ¥263M | ¥-386M | ¥71M |
| Net Income (owners) | ¥1.8B | ¥3.7B | ¥3.0B | ¥1.3B |
| Minority Interest | ¥-944M | ¥-19M | ¥-16M | ¥-11M |
| Comprehensive Income | ¥1.8B | ¥4.7B | ¥3.9B | ¥1.5B |
| EBITDA | ¥11.0B | ¥12.1B | ¥8.4B | ¥8.6B |
| EPS | ¥136.66 | ¥285.85 | ¥229.06 | ¥95.02 |
| Shares Outstanding | 12.5M | 12.9M | 13.0M | 13.4M |
| Shares Issued (total) | 13.4M | 13.4M | 13.4M | 13.4M |
| Treasury Shares | 0.8M | 0.4M | 0.4M | 0.0M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥121.9B | ¥128.9B | ¥122.8B | ¥122.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥54.6B | ¥57.9B | ¥53.9B | ¥53.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥9.0B | ¥10.7B | ¥8.1B | ¥14.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥26.1B | ¥28.5B | ¥27.3B | ¥22.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥67.3B | ¥70.9B | ¥68.8B | ¥68.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥50.9B | ¥54.2B | ¥52.1B | ¥52.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥192M | ¥274M | ¥291M | ¥386M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥11.7B | ¥10.8B | ¥9.4B | ¥8.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥1.8B | ¥2.2B | ¥2.8B | ¥2.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥65.9B | ¥73.3B | ¥71.1B | ¥73.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥52.1B | ¥50.4B | ¥47.2B | ¥46.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥16.9B | ¥17.6B | ¥15.5B | ¥13.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥28.6B | ¥24.8B | ¥26.2B | ¥27.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥569M | ¥1.1B | ¥482M | ¥493M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥13.8B | ¥22.9B | ¥23.9B | ¥26.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥8.5B | ¥16.9B | ¥17.8B | ¥20.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥5.1B | ¥5.7B | ¥5.7B | ¥5.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥55.9B | ¥55.6B | ¥51.6B | ¥48.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥18.9B | ¥18.9B | ¥18.9B | ¥18.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥16.3B | ¥16.3B | ¥16.3B | ¥16.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥19.3B | ¥18.3B | ¥15.4B | ¥12.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-1.0B | ¥-409M | ¥-408M | ¥-7M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥3.5B | ¥2.5B | ¥1.5B | ¥568M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥53.4B | ¥53.1B | ¥50.1B | ¥48.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥-945M | ¥0M | ¥18M | ¥35M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥37.1B | ¥41.6B | ¥43.9B | ¥47.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-28.1B | ¥-31.0B | ¥-35.8B | ¥-32.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-11.3B | ¥-15.4B | ¥-17.2B | ¥-20.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-903 | ¥-1,188 | ¥-1,326 | ¥-1,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥4,253 | ¥4,097 | ¥3,871 | ¥3,597 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥10.4B | ¥13.6B | ¥2.7B | ¥8.3B |
| Interest Paid | ¥-292M | ¥-237M | ¥-254M | ¥-270M |
| Interest Received | ¥270M | ¥229M | ¥256M | ¥214M |
| D&A | ¥6.2B | ¥5.9B | ¥5.8B | ¥6.3B |
| Investing CF | ¥-6.0B | ¥-7.9B | ¥-5.1B | ¥-3.1B |
| CapEx | ¥6.4B | ¥8.0B | ¥6.0B | ¥3.8B |
| Purchase Investments | ¥-2M | ¥-1M | ¥-3M | ¥-6M |
| Proceeds from Invest. | ¥0M | ¥27M | ¥0M | ¥11M |
| Financing CF | ¥-6.0B | ¥-3.1B | ¥-4.8B | ¥-5.9B |
| Dividends Paid | ¥-838M | ¥-773M | ¥-532M | ¥-265M |
| Share Buybacks | ¥-604M | ¥0M | ¥-400M | ¥0M |
| LT Debt Repaid | ¥-6.1B | ¥-7.9B | ¥-6.5B | ¥-8.4B |
| Free Cash Flow | ¥4.0B | ¥5.5B | ¥-3.3B | ¥4.4B |
| Net Change in Cash | ¥-1.7B | ¥2.6B | ¥-6.8B | ¥-713M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 3.1% | 6.9% | 6.1% | 2.6% |
| ROA | 1.4% | 2.9% | 2.5% | 1.0% |
| EPS | ¥136.66 | ¥285.85 | ¥229.06 | ¥95.02 |
| DPS | ¥70.00 | ¥60.00 | ¥50.00 | ¥40.00 |
| BPS | ¥4,533.15 | ¥4,293.67 | ¥3,985.64 | ¥3,639.20 |
| FCF/Share | ¥319 | ¥427 | ¥-256 | ¥332 |
| NCAV/Share | ¥-903 | ¥-1,188 | ¥-1,326 | ¥-1,506 |
| Payout Ratio | 51.2% | 21.0% | 21.8% | 42.1% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 1
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Oji Holdings Corporation
王子ホールディングス株式会社
|
2,753 | 21.94% |
| 2 |
Japan Pulp & Paper Co., Ltd.
日本紙パルプ商事株式会社
|
710 | 5.66% |
| 3 |
SHINSEI PULP&PAPER COMPANY LIMITED
新生紙パルプ商事株式会社
|
564 | 4.50% |
| 4 |
KPP GROUP HOLDINGS CO., LTD.
KPPグループホールディングス株式会社
|
534 | 4.25% |
| 5 |
INTERACTIVE BROKERS LLC
INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社)
|
500 | 3.98% |
| 6 | 株式会社北陸銀行 | 459 | 3.65% |
| 7 |
Norinchukin Bank
農林中央金庫
|
301 | 2.40% |
| 8 |
Employee Stock Ownership Plan
中越パルプ工業従業員持株会
|
249 | 1.99% |
| 9 | 株式会社みずほ銀行 | 201 | 1.60% |
| 10 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
|
148 | 1.18% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
1.2%
-4.9% 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
50.0%
+2.7% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 51.1% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Oji Holdings Corporation 王子ホールディングス | 21.26% | 21.26% | 21.94% +0.68% | |
| Japan Pulp & Paper Co., Ltd. 日本紙パルプ商事 | 5.48% | 5.48% | 5.66% +0.18% | |
| SHINSEI PULP&PAPER COMPANY LIMITED 新生紙パルプ商事 | 4.36% | 4.36% | 4.50% +0.14% | |
| KPP GROUP HOLDINGS CO., LTD. KPPグループホールディングス | 4.12% | 4.12% | 4.25% +0.13% | |
| Interactive Brokers ↑ | — | 2.75% | 3.98% +1.23% | |
| 式会社北陸銀行 | 4.42% | 4.42% | 3.65% -0.77% | |
| Norinchukin Bank 農林中央金庫 | 3.09% | 3.09% | 2.40% -0.69% | |
| Employee Stock Ownership Plan 中越パルプ工業従業員持株会 | 1.76% | 1.80% | 1.99% +0.19% | |
| みずほ銀行 NEW ENTRY | — | — | — | 1.60% NEW |
| 日本カストディ銀行 | 5.23% | 3.14% | 1.18% -1.96% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 last seen 2024 | Exited Top 10 | 5.09% | 2.94% | — |
| Concentration (HHI) ⓘ | 603 | 576 | 595 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥5,665M
+39% since 2023
Holdings
31
+6 new
6 exited
Trend
6 building
vs 2023
| Held Company | FY2025 ¥5,665M total | FY2023 ¥4,076M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Japan Pulp & Paper Co., Ltd.
日本紙パルプ商事㈱
|
1,558 |
+900.0%
↑
2,584,390
|
1,330 | 258,439 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
890 |
219,793
|
412 | 219,793 | M |
|
Hokuhoku Financial Group, Inc.
㈱ほくほくフィナンシャルグループ
|
652 |
254,282
|
235 | 254,282 | M |
|
KPP GROUP HOLDINGS CO., LTD.
KPPグループホールディングス㈱
|
544 |
NEW
New
832,000
|
— | M | |
|
Dai Nippon Printing Co.,Ltd.
大日本印刷㈱
|
430 |
+100.0%
↑
203,244
|
376 | 101,622 | |
|
TOPPAN Holdings Inc.
TOPPANホールディングス㈱
|
345 |
NEW
New
85,140
|
— | ||
|
Oji Holdings Corporation
王子ホールディングス㈱
|
313 |
500,000
|
262 | 500,000 | M |
|
Mitsui O.S.K. Lines, Ltd.
㈱商船三井
|
307 |
59,265
|
196 | 59,265 | M |
|
OHISHI SANGYO CO.,LTD.
大石産業㈱
|
146 |
+100.0%
↑
104,300
|
94 | 52,150 | |
|
SHOWA PAXXS CORPORATION
昭和パックス㈱
|
92 |
50,000
|
79 | 50,000 | M |
| ㈱三菱UFJフィナンシャルグループ | 80 |
40,000
|
33 | 40,000 | |
|
IMURA & Co., Ltd.
㈱イムラ
|
77 |
NEW
New
80,000
|
— | M | |
|
The Bank of Toyama,Ltd.
㈱富山銀行
|
40 |
26,672
|
45 | 26,672 | M |
|
IINO KAIUN KAISHA, LTD.
飯野海運㈱
|
32 |
+3.1%
↑
33,000
|
32 | 32,000 | M |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱ (注)4
|
26 |
NEW
New
7,040
|
— | ||
| 東亜合成㈱ | 19 |
13,756
|
16 | 13,756 | M |
|
Kanadevia Corporation
カナデビア㈱(注)5
|
14 |
NEW
New
16,110
|
— | ||
|
THE BANK OF SAGA LTD.
㈱佐賀銀行
|
13 |
5,706
|
9 | 5,706 | M |
|
KYODO PAPER HOLDINGS
㈱共同紙販ホールディングス
|
13 |
+3.8%
↑
2,762
|
11 | 2,662 | M |
|
ICHIKAWA CO., LTD.
イチカワ㈱
|
12 |
6,487
|
8 | 6,487 | M |
|
KOKUYO CO.,LTD.
コクヨ㈱
|
11 |
4,001
|
7 | 4,001 | |
|
Achilles Co., Ltd.
アキレス㈱
|
9 |
7,059
|
9 | 7,059 | |
|
TAKEDA iP HOLDINGS CO., LTD.
竹田iPホールディングス㈱
|
9 |
NEW
New
10,000
|
— | ||
|
ENEOS Holdings,Inc.
ENEOSホールディングス㈱
|
9 |
11,770
|
5 | 11,770 | |
|
THE PACK CORPORATION
ザ・パック㈱
|
7 |
2,200
|
6 | 2,200 | |
|
NIPPON FILCON CO.,LTD.
日本フイルコン㈱
|
5 |
10,000
|
4 | 10,000 | M |
|
Fushiki Kairiku Unso Co.,Ltd.
伏木海陸運送㈱
|
5 |
3,000
|
5 | 3,000 | M |
|
Hodogaya Chemical Co., Ltd.
保土谷化学工業㈱
|
4 |
+100.0%
↑
2,822
|
4 | 1,411 | M |
|
DYNIC CORPORATION
ダイニック㈱
|
3 |
4,000
|
3 | 4,000 | M |
|
NAKABAYASHI CO.,LTD.
ナカバヤシ㈱
|
— | — | |||
|
譌・譛ャ陬ス邏呎ェ蠑丈シ夂、セ
日本製紙㈱ (注)7
|
— | — | |||
|
KPP GROUP HOLDINGS CO., LTD.
KPPグループホールディングス㈱ (注)2
|
— |
−100%
Exit
—
|
557 | 832,000 | M |
| 凸版印刷㈱ | — |
−100%
Exit
—
|
224 | 84,084 | |
|
IMURA & Co., Ltd.
㈱イムラ (注)5
|
— |
−100%
Exit
—
|
79 | 80,000 | M |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
15 | 3,520 | M |
| 日立造船㈱ | — |
−100%
Exit
—
|
13 | 16,110 | |
| 竹田印刷㈱ | — |
−100%
Exit
—
|
7 | 10,000 | |
| Portfolio total | 5,665 | 4,076 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding