ASAHI PRINTING CO.,LTD.

朝日印刷株式会社

Pulp & Paper

Asahi Printing Co.,Ltd. engages in the manufacturing and sale of printed packaging materials and systems in Japan. It offers printed packing for the pharmaceutical and cosmetics sectors, such as packaging, labels and seals, instruction leaflets and related materials, and systems solutions; PTP packaging and liquid filling, bundling, pillow packaging, cartoning, inspections, case packing, and palletizing. The company was founded in 1872 and is headquartered in Toyama, Japan.

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Price

¥852

Market Cap

¥18.1B

Ent. Value

¥24.3B

Net Debt

−¥6.2B

Shares Out.

21.3M

P / E

11.2×

EV / EBIT

15.0×

⚠ TSE Capital Mandate

P / Book

0.49×

P / NCAV

N/M

Div. Yield

2.11%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥44.6B	¥43.9B	¥41.9B	¥40.3B	¥38.8B
Cost of Sales	¥34.9B	¥34.1B	¥32.4B	¥31.0B	¥29.6B
Gross Profit	¥9.7B	¥9.9B	¥9.5B	¥9.3B	¥9.2B
SG&A	¥8.1B	¥7.8B	¥7.5B	¥7.1B	¥6.9B
Operating Income	¥1.6B	¥2.1B	¥2.0B	¥2.3B	¥2.3B
Non-Operating Income	¥651M	¥514M	¥579M	¥516M	¥500M
Dividend Income	—	¥119M	¥111M	¥100M	¥95M
Interest Income	—	¥42M	¥1M	¥4M	¥4M
Non-Operating Expenses	—	¥425M	¥287M	¥240M	¥273M
Interest Expense	—	¥164M	¥112M	¥86M	¥82M
Ordinary Income	¥1.9B	¥2.2B	¥2.3B	¥2.5B	¥2.5B
Pre-tax Income	¥2.2B	¥2.5B	¥2.4B	¥2.6B	¥2.7B
Income Taxes	¥576M	¥778M	¥765M	¥861M	¥882M
Current Tax	—	¥822M	¥870M	¥878M	¥902M
Deferred Tax	—	¥-44M	¥-105M	¥-17M	¥-20M
Net Income (owners)	¥1.6B	¥1.7B	¥1.6B	¥1.7B	¥1.8B
Minority Interest	—	¥57M	¥3M	¥18M	¥25M
Comprehensive Income	—	¥2.3B	¥1.8B	¥1.8B	¥1.3B
EBITDA	¥4.7B	¥5.2B	¥4.8B	¥5.0B	¥5.2B
Goodwill Amort. (J-GAAP)	—	¥145M	¥52M	¥50M	¥54M
EPS	¥75.76	¥80.23	¥75.33	¥78.38	¥81.24
Shares Outstanding	—	21.3M	21.4M	21.9M	21.8M
Shares Issued (total)	—	22.9M	23.3M	23.3M	23.3M
Treasury Shares	—	1.6M	1.9M	1.4M	1.5M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥69.2B	¥70.5B	¥68.7B	¥65.1B	¥69.2B
Current Assets	¥26.3B	¥29.6B	¥29.0B	¥28.9B	¥32.7B
Cash & Deposits	¥6.9B	¥10.3B	¥8.9B	¥10.9B	¥14.7B
Trade Receivables	—	¥9.8B	¥9.5B	¥9.0B	¥8.9B
Non-Current Assets	¥42.9B	¥40.9B	¥39.7B	¥36.2B	¥36.5B
PP&E	¥33.5B	¥32.4B	¥30.5B	¥29.1B	¥29.4B
Goodwill	—	¥1.3B	¥1.3B	¥392M	¥405M
Intangible Assets	—	¥2.4B	¥2.4B	¥984M	¥918M
Investment Securities	¥5.1B	¥4.6B	¥5.2B	¥4.7B	¥4.8B
Deferred Tax Assets	—	¥301M	¥227M	¥334M	¥336M
Total Liabilities	¥32.4B	¥34.9B	¥34.5B	¥32.3B	¥37.6B
Current Liabilities	¥14.2B	¥14.4B	¥15.5B	¥16.7B	¥19.6B
ST Debt	¥332M	¥3.4B	¥3.3B	¥4.6B	¥6.4B
Taxes Payable	—	¥384M	¥407M	¥469M	¥576M
Non-Current Liabilities	¥18.2B	¥20.5B	¥19.0B	¥15.6B	¥18.0B
Total LT Borrowings	¥12.8B	¥15.3B	¥14.1B	¥11.4B	¥14.4B
Pension Obligations	—	¥1.3B	¥1.4B	¥1.5B	¥1.4B
Deferred Tax Liab.	—	¥500M	¥522M	¥340M	¥347M
Total Equity	¥36.7B	¥35.6B	¥34.2B	¥32.8B	¥31.6B
Capital Stock	—	¥2.2B	¥2.2B	¥2.2B	¥2.2B
Capital Surplus	—	¥2.3B	¥2.4B	¥2.4B	¥2.4B
Retained Earnings	¥30.1B	¥29.3B	¥28.7B	¥27.9B	¥26.9B
Treasury Stock	—	¥-1.6B	¥-1.9B	¥-1.4B	¥-1.5B
AOCI	—	¥2.0B	¥1.6B	¥1.4B	¥1.3B
Equity (owners)	¥32.6B	¥32.3B	¥31.5B	¥31.1B	¥30.0B
Minority Interests	—	¥1.3B	¥1.1B	¥331M	¥314M

Total Interest-Bearing Debt ⓘ	¥13.2B	¥18.7B	¥17.4B	¥16.0B	¥20.8B
Net Cash ⓘ	¥-6.2B	¥-8.4B	¥-8.4B	¥-5.2B	¥-6.1B
NCAV ⓘ	¥-6.1B	¥-5.3B	¥-5.6B	¥-3.4B	¥-4.8B
NCAV/Share	—	¥-250	¥-260	¥-154	¥-223
BV/Share	—	¥1,519	¥1,474	¥1,420	¥1,380

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.2B	¥4.5B	¥3.5B	¥4.6B	¥4.6B
Interest Paid	—	¥-170M	¥-123M	¥-87M	¥-82M
Interest Received	—	¥155M	¥112M	¥95M	¥98M
D&A	¥3.0B	¥3.0B	¥2.7B	¥2.7B	¥2.9B
Goodwill Amort.	—	¥145M	¥52M	¥50M	¥54M
Investing CF	¥-2.9B	¥-3.5B	¥-5.0B	¥-2.4B	¥-840M
Purchase Investments	—	¥-11M	¥-14M	¥-60M	¥-102M
Financing CF	¥-3.8B	¥-47M	¥-475M	¥-6.1B	¥3.5B
Dividends Paid	—	¥-809M	¥-762M	¥-761M	¥-769M
Share Buybacks	—	¥-96M	¥-481M	—	¥-175M
LT Debt Repaid	—	¥-3.3B	¥-4.7B	¥-6.4B	¥-506M
Free Cash Flow	¥3.2B	¥4.5B	¥3.5B	¥4.6B	¥4.6B
Net Change in Cash	—	¥1.0B	¥-1.9B	¥-3.9B	¥7.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	4.4%	5.1%	5.0%	5.4%	5.7%
ROA	2.3%	2.5%	2.4%	2.5%	2.6%
EPS	¥75.76	¥80.23	¥75.33	¥78.38	¥81.24
DPS	¥18.00	¥38.00	¥35.00	¥35.00	¥35.00
BPS	¥1,723.29	¥1,613.86	¥1,548.49	¥1,485.76	¥1,441.82
FCF/Share	—	¥213	¥166	¥209	¥210
NCAV/Share	—	¥-250	¥-260	¥-154	¥-223
Payout Ratio	23.8%	47.4%	46.5%	44.7%	43.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 8

Date	Activist	Stake	Event	Flag	Demands
2025-12-23	ASAHI PRINTING CLIENT STOCK OWNERSHIP CHAIRMAN YOSIHARU KOMORI	7.02%	correction	Passive	—
2025-11-25	ASAHI PRINTING CLIENT STOCK OWNERSHIP CHAIRMAN YOSIHARU KOMORI	7.02% +1.0%	change	Passive	—
2025-08-22	RHEOS CAPITAL WORKS Inc.	4.87% -1.0%	change	Passive	—
2024-06-24	Jugo Asahi	3.06%	change	Passive	—
2024-06-24	Shigenori Asahi	11.87%	change	Passive	—
2024-06-24	Shigenori Asahi	11.87%	change	Passive	—
2023-12-22	ASAHI PRINTING CLIENT STOCK OWNERSHIP CHAIRMAN YOSIHARU KOMORI	6.02%	change	Passive	—
2023-08-22	RHEOS CAPITAL WORKS Inc.	5.87%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-11 15:00	Div Cut	¥413M ¥20.0/sh +0%	Asahi Printing announced a dividend of ¥20 per share (ordinary dividend) for fiscal year ending March 31, 2026, based on…
Summary Asahi Printing announced a dividend of ¥20 per share (ordinary dividend) for fiscal year ending March 31, 2026, based on a record date of March 31, 2026, with an effective date of June 26, 2026. Total dividend payout is ¥413 million. While the per-share dividend is maintained at ¥20 (unchanged from prior year), total dividend amount decreased from ¥425 million, indicating a reduction in absolute payout due to lower share count or earnings. YoY: +0% Source (JP) 2026年３月31日を基準日とする剰余金の配当を行うことを決議。1株当たり配当金20円00銭（普通配当20円00銭）、配当金総額413百万円剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	株式会社サンワールド	2,105	9.91%
2	Stock Ownership Plan 朝日印刷持株会	1,546	7.27%
3	KOMORI CORPORATION 株式会社小森コーポレーション	1,219	5.74%
4	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	1,217	5.73%
5	公益財団法人朝日国際教育財団	660	3.11%
6	朝日重剛	624	2.94%
7	Employee Stock Ownership Plan 朝日印刷従業員持株会	610	2.87%
8	株式会社北陸銀行	576	2.71%
9	Dai-ichi Life Insurance 第一生命保険株式会社	482	2.27%
10	合同会社サンパラソル	400	1.88%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

5.7%

-0.1% 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

38.7%

-1.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
式会社サンワールド		9.62%	9.86%	9.91% +0.05%
Stock Ownership Plan 朝日印刷持株会		6.02%	6.72%	7.27% +0.55%
KOMORI CORPORATION 式会社小森コーポレーション		5.57%	5.71%	5.74% +0.03%
Japan Custody Bank 日本カストディ銀行		5.72%	5.84%	5.73% -0.11%
公益財団法人朝日国際教育財団		3.02%	3.09%	3.11% +0.02%
朝日重剛		5.69%	4.80%	2.94% -1.86%
Employee Stock Ownership Plan 朝日印刷従業員持株会		2.79%	2.70%	2.87% +0.17%
式会社北陸銀行		3.70%	2.90%	2.71% -0.19%
Dai-ichi Life Insurance 第一生命保険		2.20%	2.26%	2.27% +0.01%
同会社サンパラソル NEW ENTRY	—	—	—	1.88% NEW
SHINSEI PULP&PAPER COMPANY LIMITED 新生紙パルプ商事 last seen 2024	Exited Top 10	1.79%	1.83%	—
Concentration (HHI) ⓘ		264	266	259

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

Portfolio Book Value ¥3,678M +10% since 2023

Holdings 42 +3 new 4 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥3,678M total		FY2023 ¥3,356M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TERUMO CORPORATION テルモ株式会社	448	+100.0% ↑ 160,000	286	80,000
SANTEN PHARMACEUTICAL CO.,LTD. 参天製薬株式会社	425	300,000	339	300,000
HISAMITSU PHARMACEUTICAL CO.,INC. 久光製薬株式会社	306	+0.9% ↑ 75,551	283	74,843	M
サワイグループホールディングス株式会社	296	+200.0% ↑ 149,400	182	49,800	M
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ株式会社	257	NEW New 348,495	—
KISSEI PHARMACEUTICAL CO.,LTD. キッセイ薬品工業株式会社	248	64,500	170	64,500	M
CHUGAI PHARMACEUTICAL CO., LTD. 中外製薬株式会社	200	-14.6% ↓ 29,350	112	34,350
YAKULT HONSHA CO.,LTD. 株式会社ヤクルト本社	174	+100.0% ↑ 61,000	294	30,500	M
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業株式会社	160	100,000	276	100,000
YAMATO CORPORATION 株式会社ヤマト	148	100,000	88	100,000	M
Wakamoto Pharmaceutical Co., Ltd. わかもと製薬株式会社	127	+6.1% ↑ 401,223	93	377,984	M
ZERIA PHARMCEUTICAL CO., LTD. ゼリア新薬工業株式会社	124	55,000	124	55,000
Nippon Shinyaku Co.,Ltd. 日本新薬株式会社	114	30,000	175	30,000
Hokuhoku Financial Group, Inc. 株式会社ほくほくフィナンシャルグループ	103	40,000	37	40,000	M
Kyowa Kirin Co.,Ltd. 協和キリン株式会社	102	-13.0% ↓ 47,000	156	54,000
THE FIRST BANK OF TOYAMA, LTD. 株式会社富山第一銀行	80	70,000	41	70,000	M
COSEL CO.,LTD. コーセル株式会社	70	66,400	76	66,400	M
株式会社ＳＣＲＥＥＮホールディングス	64	+116.8% ↑ 6,616	36	3,051	M
KOMORI CORPORATION 株式会社小森コーポレーション	52	42,300	42	42,300	M
The Bank of Toyama,Ltd. 株式会社富山銀行	33	21,300	36	21,300	M
Mochida Pharmaceutical Co.,Ltd. 持田製薬株式会社	18	5,600	19	5,600
Fuso Pharmaceutical Industries,Ltd. 扶桑薬品工業株式会社	16	6,500	13	6,500
Daito Pharmaceutical Co., Ltd. ダイト株式会社	15	+10.0% ↑ 7,007	16	6,370	M
TSUMURA & CO. 株式会社ツムラ	14	+17.1% ↑ 3,320	8	2,834
Fuji Pharma Co.,Ltd. 富士製薬工業株式会社	13	10,000	11	10,000
Milbon Co., Ltd. 株式会社ミルボン	12	+0.8% ↑ 4,000	22	3,968
株式会社コーセー	10	1,600	25	1,600
TAKEDA iP HOLDINGS CO., LTD. 竹田iPホールディングス株式会社	9	NEW New 10,000	—
Shiseido Company, Limited 株式会社資生堂	8	3,000	18	3,000
FUJI LATEX CO.,LTD. 不二ラテックス株式会社	7	+9.7% ↑ 4,168	8	3,799
TORII PHARMACEUTICAL CO., LTD. 鳥居薬品株式会社	5	1,000	3	1,000
Hokuetsu Corporation 北越コーポレーション株式会社	4	3,000	3	3,000	M
MTG Co., Ltd. 株式会社ＭＴＧ	3	1,200	2	1,200
The Sailor Pen Co.,Ltd. セーラー万年筆株式会社	3	+26.3% ↑ 26,091	3	20,655
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	2	540	1	540
譬ｪ蠑丈ｼ夂､ｾ繝｡繝九さ繝ｳ株式会社メニコン	2	+37.8% ↑ 1,596	3	1,158
第一生命ホールディングス株式会社	2	NEW New 1,600	—
Japan Pulp & Paper Co., Ltd. 日本紙パルプ商事株式会社	1	+900.0% ↑ 2,000	1	200	M
CHUKYOIYAKUHIN CO.,LTD. 株式会社中京医薬品	1	5,590	1	5,590
Marusan Securities Co.,Ltd. 丸三証券株式会社	1	1,000	0	1,000	M
Heiwa Paper Industry Co., Ltd. 平和紙業株式会社	0	1,000	0	1,000	M
Nichi-Iko Pharmaceutical Co. 日医工株式会社	—		—		M
DAIICHI SANKYO COMPANY, LIMITED 第一三共株式会社	—	−100% Exit —	72	15,000
株式会社三菱ケミカルホールディングス	—	−100% Exit —	274	348,495
竹田印刷株式会社	—	−100% Exit —	7	10,000	M
第一生命株式会社	—	−100% Exit —	1	400	M
Portfolio total	3,678		3,356

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