NIPPON KODOSHI CORPORATION

ニッポン高度紙工業株式会社

Pulp & Paper

Nippon Kodoshi Corporation manufactures and sells separators in Japan and internationally. It offers separators for low, medium, and high voltage aluminum electrolytic capacitors; conductive polymer solid capacitors; hybrid capacitors; cellulion separators for lithium-ion batteries; and electric double-layer capacitors and post-lithium-ion batteries. The company was incorporated in 1941 and is headquartered in Kochi, Japan.

← Companies

Price

¥7,230

Market Cap

¥76.2B

Ent. Value

¥80.3B

Net Debt

−¥4.2B

Shares Out.

10.5M

P / E

43.2×

EV / EBIT

32.6×

P / Book

3.19×

P / NCAV

12.40×

Div. Yield

0.83%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥16.0B	¥14.8B	¥17.6B	¥18.1B
Cost of Sales	¥11.6B	¥11.2B	¥12.1B	¥11.9B
Gross Profit	¥4.5B	¥3.7B	¥5.5B	¥6.2B
SG&A	¥2.0B	¥1.9B	¥2.2B	¥2.1B
Operating Income	¥2.5B	¥1.7B	¥3.3B	¥4.1B
Non-Operating Income	¥95M	¥366M	¥278M	¥238M
Dividend Income	¥10M	¥7M	¥7M	¥6M
Interest Income	¥28M	¥18M	¥9M	¥6M
Non-Operating Expenses	¥110M	¥64M	¥72M	¥72M
Interest Expense	¥41M	¥13M	¥6M	¥4M
Ordinary Income	¥2.4B	¥2.0B	¥3.5B	¥4.2B
Pre-tax Income	¥2.4B	¥2.0B	¥3.5B	¥4.2B
Income Taxes	¥656M	¥542M	¥1.1B	¥1.3B
Current Tax	¥689M	¥453M	¥977M	¥1.3B
Deferred Tax	¥-33M	¥89M	¥88M	¥-21M
Net Income (owners)	¥1.8B	¥1.5B	¥2.5B	¥2.9B
Comprehensive Income	¥2.2B	¥1.7B	¥2.5B	¥3.0B
EBITDA	¥3.5B	¥3.1B	¥4.7B	¥5.4B
EPS	¥167.55	¥138.96	¥229.20	¥271.26
Shares Outstanding	10.5M	10.6M	10.8M	10.8M
Shares Issued (total)	10.7M	10.8M	11.0M	11.0M
Treasury Shares	0.2M	0.2M	0.2M	0.2M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥35.3B	¥34.0B	¥30.6B	¥26.2B
Current Assets	¥17.5B	¥18.2B	¥17.5B	¥15.4B
Cash & Deposits	¥4.1B	¥4.3B	¥4.2B	¥4.4B
Trade Receivables	¥4.1B	¥4.9B	¥4.3B	¥4.7B
Non-Current Assets	¥17.8B	¥15.8B	¥13.1B	¥10.8B
PP&E	¥16.2B	¥14.7B	¥11.9B	¥9.5B
Intangible Assets	¥109M	¥79M	¥92M	¥113M
Investment Securities	¥303M	¥301M	¥269M	¥245M
Deferred Tax Assets	¥437M	¥537M	¥716M	¥791M
Total Liabilities	¥11.4B	¥11.6B	¥9.1B	¥6.8B
Current Liabilities	¥6.8B	¥5.5B	¥4.5B	¥4.9B
Accounts Payable	¥394M	¥481M	¥439M	¥499M
ST Debt	¥3.8B	¥2.2B	¥1.7B	¥1.4B
Taxes Payable	¥509M	¥36M	¥392M	¥963M
Non-Current Liabilities	¥4.6B	¥6.1B	¥4.5B	¥1.9B
Total LT Borrowings	¥4.5B	¥5.9B	¥4.1B	¥1.4B
Pension Obligations	—	¥69M	¥390M	¥489M
Deferred Tax Liab.	¥47M	¥38M	¥34M	¥27M
Total Equity	¥23.9B	¥22.4B	¥21.6B	¥19.3B
Capital Stock	¥2.2B	¥2.2B	¥2.2B	¥2.2B
Capital Surplus	¥3.9B	¥3.9B	¥4.0B	¥4.0B
Retained Earnings	¥17.3B	¥16.2B	¥15.5B	¥13.4B
Treasury Stock	¥-257M	¥-236M	¥-154M	¥-163M
AOCI	¥702M	¥236M	¥-3M	¥-79M
Equity (owners)	¥23.2B	¥22.1B	¥21.6B	¥19.4B

Total Interest-Bearing Debt ⓘ	¥8.3B	¥8.2B	¥5.8B	¥2.9B
Net Cash ⓘ	¥-4.2B	¥-3.9B	¥-1.5B	¥1.6B
NCAV ⓘ	¥6.1B	¥6.6B	¥8.4B	¥8.5B
NCAV/Share	¥583	¥617	¥784	¥792
BV/Share	¥2,202	¥2,081	¥2,003	¥1,804

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.8B	¥1.9B	¥685M	¥2.9B
Interest Paid	¥-41M	¥-13M	¥-5M	¥-4M
Interest Received	¥38M	¥26M	¥16M	¥13M
D&A	¥1.0B	¥1.4B	¥1.4B	¥1.4B
Investing CF	¥-3.4B	¥-3.4B	¥-3.6B	¥-1.8B
CapEx	¥5.9B	¥3.4B	¥3.5B	¥1.8B
Purchase Investments	¥-1M	¥-1M	¥-1M	¥-1M
Financing CF	¥-637M	¥1.5B	¥2.6B	¥-1.3B
Dividends Paid	¥-532M	¥-643M	¥-323M	¥-291M
Share Buybacks	¥-199M	¥-302M	—	¥-0M
LT Debt Repaid	¥-2.4B	¥-1.9B	¥-1.2B	¥-965M
Free Cash Flow	¥-2.1B	¥-1.5B	¥-2.9B	¥1.1B
Net Change in Cash	¥-180M	¥83M	¥-212M	¥-105M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.7%	6.7%	12.0%	16.2%
ROA	5.1%	4.6%	8.7%	11.2%
EPS	¥167.55	¥138.96	¥229.20	¥271.26
DPS	¥60.00	¥50.00	¥50.00	¥30.00
BPS	¥2,269.04	¥2,103.68	¥2,002.65	¥1,796.35
FCF/Share	¥-203	¥-139	¥-265	¥101
NCAV/Share	¥583	¥617	¥784	¥792
Payout Ratio	35.8%	36.0%	21.8%	11.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 8

Date	Activist	Stake	Event	Flag	Demands
2026-05-12	Sumitomo Mitsui DS Asset Management Company, Limited	5.21%	initial_5pct	Passive	—
2026-04-06	Nomura Securities Co.,Ltd.	5.47% +0.23%	initial_5pct	Passive	—
2026-03-05	Nomura Asset Management Co., Ltd.	4.86%	change	Passive	—
2026-02-10	Oji Management Office Inc.	10.12%	change	Passive	—
2026-02-04	Nomura Securities Co.,Ltd.	5.24% +0.04%	change	Passive	—
2026-01-21	Nomura Securities Co.,Ltd.	5.2%	initial_5pct	Passive	—
2025-12-05	SBI Asset Management Co., Ltd.	3.41% -1.78%	change	Passive	—
2025-01-10	SBI Asset Management Co., Ltd.	5.19%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-14 14:00	Div Increase	¥527M ¥50.0/sh +43%	Nippon Kodo Paper (3891) announced a final dividend of ¥50 per share for fiscal year ending March 31, 2026, totaling ¥52…
Summary Nippon Kodo Paper (3891) announced a final dividend of ¥50 per share for fiscal year ending March 31, 2026, totaling ¥527 million, representing a 42.9% increase from ¥35 per share in the prior year. Combined with the interim dividend of ¥40, the full-year dividend reaches ¥90 per share (up 50% YoY), reflecting the company's capital efficiency-focused management strategy targeting 40% consolidated payout ratio and minimum 3% DOE. Deadline: 2026-06-25 YoY: +43% Source (JP) 2026年3月期の期末配当につきましては、1株当たり50円の期末配当を実施することといたしました。これにより、1株当たり年間配当金は90円となります。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	東京産業洋紙株式会社	1,000	9.49%
2	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）	626	5.94%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	569	5.41%
4	Japan Pulp & Paper Co., Ltd. 日本紙パルプ商事株式会社	518	4.92%
5	The Shikoku Bank, Ltd. 株式会社四国銀行	506	4.80%
6	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（三井住友信託銀行再信託分・王子マネジメントオフィス株式会社退職給付信託口）	493	4.68%
7	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（三井住友信託銀行再信託分・王子製紙株式会社退職給付信託口）	422	4.01%
8	関日野出株式会社	390	3.70%
9	TMY ＴＭＹ株式会社	370	3.52%
10	山岡節子	177	1.68%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

20.0%

+7.4% 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

28.1%

-2.0% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Custody Bank 日本カストディ銀行		11.75%	12.60%	14.10% +1.50%
東京産業洋紙		9.28%	9.41%	9.49% +0.08%
日本マスタートラスト信託銀行 NEW ENTRY	—	—	—	5.94% NEW
Japan Pulp & Paper Co., Ltd. 日本紙パルプ商事		4.81%	4.87%	4.92% +0.05%
The Shikoku Bank, Ltd. 式会社四国銀行		4.70%	4.76%	4.80% +0.04%
関日野出 NEW ENTRY	—	—	—	3.70% NEW
TMY ＴＭＹ		3.44%	3.49%	3.52% +0.03%
山岡節子 NEW ENTRY		1.87%	—	1.68% NEW
関 last seen 2024	Exited Top 10	3.62%	3.67%	—
岩崎泰次 last seen 2024	Exited Top 10	2.04%	2.06%	—
本州電材 last seen 2024	Exited Top 10	—	1.85%	—
Concentration (HHI) ⓘ		302	327	400

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

Portfolio Book Value ¥299M +13% since 2023

Holdings 9

Trend 2 building vs 2023

Held Company	FY2025 ¥299M total		FY2023 ¥266M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Oji Holdings Corporation 王子ホールディングス㈱	76	121,666	64	121,666	M
The Shikoku Bank, Ltd. ㈱四国銀行	73	60,501	53	60,501	M
nichicon corporation ニチコン㈱	66	+2.9% ↑ 54,209	73	52,665
Japan Pulp & Paper Co., Ltd. 日本紙パルプ商事㈱	60	+900.0% ↑ 100,000	52	10,000	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	10	2,500	5	2,500
NIPPON CHEMI-CON CORPORATION 日本ケミコン㈱	7	7,585	16	7,585
Nomura Holdings Inc. 野村ホールディングス㈱	5	5,160	3	5,160
Shikoku Electric Power Company, Incorporated 四国電力㈱	2	1,500	1	1,500
TAIYO YUDEN CO., LTD. 太陽誘電㈱	0	125	1	125
Portfolio total	299		266

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