Dainichiseika Color & Chemicals Mfg. Co., Ltd.

大日精化工業株式会社

Chemicals

Dainichiseika Color & Chemicals Mfg. Co., Ltd. manufactures and sells powders, pigment dispersions, and functional materials. It offers inorganic, organic, and prepared pigments for applications including paints, printing inks, and information display and recording materials; mass colorants for synthetic fibers, pigment printing agents, and colorants for paper and construction materials; and colorants for thermoplastic resins. The company also provides colorants for PVC, fluoropolymer, and other resins; UV and EB curable coating agents and decorative and functional coating agents, as well as functional products for the electronics and information materials, automotive and interior construction materials fields; and urethane resins and colorants used for synthetic leather and molded products, special coating agents and adhesives. In addition, it offers Chitosan polymer and its derivatives; printing inks for paper media; and inks and peripheral products for gravure printing. The company was founded in 1931 and is headquartered in Tokyo, Japan.

← Companies

Price

¥1,054

Market Cap

¥18.1B

Ent. Value

¥14.7B

Net Cash

¥3.4B

Shares Out.

17.2M

P / E

1.8×

EV / EBIT

2.1×

⚠ TSE Capital Mandate

P / Book

0.14×

P / NCAV

0.41×

Div. Yield

14.80%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥124.8B	¥119.8B	¥122.0B	¥121.9B
Cost of Sales	¥99.5B	¥97.5B	¥100.7B	¥96.3B
Gross Profit	¥25.2B	¥22.4B	¥21.3B	¥25.7B
SG&A	¥18.2B	¥17.8B	¥18.7B	¥18.2B
Operating Income	¥7.0B	¥4.5B	¥2.6B	¥7.4B
Non-Operating Income	¥1.7B	¥1.4B	¥1.3B	¥1.4B
Dividend Income	¥428M	¥420M	¥445M	¥371M
Interest Income	¥456M	¥279M	¥147M	¥88M
Non-Operating Expenses	¥956M	¥955M	¥519M	¥520M
Interest Expense	¥248M	¥278M	¥290M	¥339M
Ordinary Income	¥7.8B	¥5.0B	¥3.4B	¥8.3B
Pre-tax Income	¥14.4B	¥5.3B	¥3.0B	¥8.6B
Income Taxes	¥3.9B	¥1.6B	¥910M	¥2.2B
Current Tax	¥2.0B	¥1.5B	¥819M	¥2.5B
Deferred Tax	¥1.9B	¥35M	¥91M	¥-270M
Net Income (owners)	¥10.3B	¥3.7B	¥2.0B	¥6.2B
Minority Interest	¥200M	¥130M	¥68M	¥190M
Comprehensive Income	¥14.0B	¥9.2B	¥5.3B	¥8.2B
EBITDA	¥11.9B	¥9.7B	¥8.2B	¥12.7B
EPS	¥599.63	¥207.95	¥108.58	¥333.70
Shares Outstanding	17.2M	17.2M	18.5M	18.5M
Shares Issued (total)	18.1M	18.6M	18.6M	18.6M
Treasury Shares	1.0M	1.5M	0.1M	0.1M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥196.8B	¥194.9B	¥192.8B	¥196.7B
Current Assets	¥110.1B	¥109.6B	¥110.2B	¥111.3B
Cash & Deposits	¥24.3B	¥23.6B	¥24.8B	¥26.3B
Trade Receivables	¥40.4B	¥41.5B	¥38.5B	¥41.0B
Non-Current Assets	¥86.6B	¥85.2B	¥82.5B	¥85.4B
PP&E	¥49.0B	¥47.8B	¥49.8B	¥52.3B
Intangible Assets	¥1.2B	¥1.2B	¥1.4B	¥1.9B
Investment Securities	¥18.5B	¥18.8B	¥18.0B	¥18.6B
Deferred Tax Assets	¥309M	¥366M	¥366M	¥359M
Total Liabilities	¥66.3B	¥75.7B	¥78.5B	¥86.2B
Current Liabilities	¥50.1B	¥56.1B	¥53.5B	¥59.5B
Accounts Payable	¥28.4B	¥29.0B	¥28.8B	¥31.9B
ST Debt	¥13.3B	¥15.6B	¥17.9B	¥18.4B
Taxes Payable	¥1.2B	¥954M	¥548M	¥1.5B
Non-Current Liabilities	¥16.2B	¥19.6B	¥24.9B	¥26.8B
Total LT Borrowings	¥7.5B	¥9.3B	¥12.5B	¥13.9B
Pension Obligations	¥3.4B	¥7.0B	¥7.6B	¥8.3B
Deferred Tax Liab.	¥4.7B	¥2.5B	¥963M	¥630M
Total Equity	¥130.5B	¥119.2B	¥114.3B	¥110.5B
Capital Stock	¥10.0B	¥10.0B	¥10.0B	¥10.0B
Capital Surplus	¥9.8B	¥9.8B	¥9.8B	¥9.8B
Retained Earnings	¥90.9B	¥84.0B	¥81.8B	¥81.3B
Treasury Stock	¥-2.0B	¥-3.1B	¥-287M	¥-315M
AOCI	¥19.3B	¥16.0B	¥10.7B	¥7.7B
Equity (owners)	¥108.7B	¥100.7B	¥101.3B	¥100.8B
Minority Interests	¥2.5B	¥2.4B	¥2.2B	¥2.0B

Total Interest-Bearing Debt ⓘ	¥20.8B	¥24.9B	¥30.4B	¥32.3B
Net Cash ⓘ	¥3.4B	¥-1.4B	¥-5.7B	¥-5.9B
NCAV ⓘ	¥43.9B	¥33.9B	¥31.8B	¥25.1B
NCAV/Share	¥2,556	¥1,979	¥1,719	¥1,360
BV/Share	¥6,334	¥5,871	¥5,480	¥5,454

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥4.2B	¥9.0B	¥3.0B	¥7.6B
Interest Paid	¥-262M	¥-283M	¥-301M	¥-345M
Interest Received	¥885M	¥700M	¥592M	¥459M
D&A	¥4.9B	¥5.2B	¥5.6B	¥5.3B
Investing CF	¥1.4B	¥-1.4B	¥-2.2B	¥-6.6B
CapEx	¥5.4B	¥4.5B	¥5.1B	¥7.6B
Purchase Investments	¥-543M	¥-1.3B	¥-29M	¥-42M
Proceeds from Invest.	¥429M	¥3.3B	¥2.0B	¥520M
Financing CF	¥-7.0B	¥-10.2B	¥-3.8B	¥-11.4B
Dividends Paid	¥-2.3B	¥-1.4B	¥-1.5B	¥-1.3B
Share Buybacks	¥-1M	¥-2.9B	¥0M	¥0M
LT Debt Repaid	¥-4.1B	¥-5.5B	¥-7.3B	¥-8.5B
Free Cash Flow	¥-1.3B	¥4.6B	¥-2.1B	¥-27M
Net Change in Cash	¥271M	¥-1.7B	¥-1.8B	¥-9.6B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.4%	3.2%	1.8%	5.9%
ROA	5.3%	1.9%	1.0%	3.1%
EPS	¥599.63	¥207.95	¥108.58	¥333.70
DPS	¥156.00	¥110.00	¥80.00	¥80.00
BPS	¥7,459.16	¥6,804.81	¥6,060.11	¥5,868.51
FCF/Share	¥-74	¥266	¥-114	¥-1
NCAV/Share	¥2,556	¥1,979	¥1,719	¥1,360
Payout Ratio	26.0%	52.9%	73.7%	24.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2025-04-21	Mitsubishi UFJ Financial Group Inc.	5.03% +1.48%	initial_5pct	Passive	—
2024-06-06	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	4.11%	change	Passive	—
2023-08-22	Mizuho Bank, Ltd.	4.23%	change	Passive	—
2023-08-21	Mitsubishi UFJ Financial Group Inc.	3.55%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-15 14:30	Div Increase	¥220.0/sh +41%	Dainichiseika Seika revised upward its FY2026 (ending March 2027) dividend forecast from 208 yen to 220 yen per share, r…
Summary Dainichiseika Seika revised upward its FY2026 (ending March 2027) dividend forecast from 208 yen to 220 yen per share, representing a 41% increase year-over-year from the prior year's 156 yen. The increase is driven by stronger-than-expected earnings and commitment to a 40% minimum dividend payout ratio (excluding special dividends) under the 3-year medium-term plan. Total annual dividend comprises 190 yen ordinary dividend plus 30 yen special dividend (from asset sale proceeds), subject to approval at the June 26, 2026 shareholder meeting. Deadline: 2026-06-26 YoY: +41% Source (JP) 2026年３月期の期末配当金における普通配当について、前回予想より12円増額した118円に修正し、特別配当15円と合わせ合計額を133円に修正いたします。これにより年間配当金は、すでに実施済の中間配当金87円（うち普通配当72円、特別配当15円）と合わせて、１株当たり220円となる予定であります。配当予想の修正（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	2,090	12.17%
2	Employee Stock Ownership Plan 大日精化従業員持株会	608	3.54%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	601	3.50%
4	大樹生命保険株式会社	556	3.24%
5	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	529	3.08%
6	高橋靖	363	2.11%
7	MUFG Bank 株式会社三菱ＵＦＪ銀行	360	2.10%
8	NIHON PARKERIZING CO., LTD. 日本パーカライジング株式会社	359	2.09%
9	STATE STREET BANK AND TRUST COMPANY STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人株式会社みずほ銀行決済営業部）	349	2.03%
10	Sompo Japan Insurance Inc. 損害保険ジャパン株式会社	315	1.83%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

15.7%

+2.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.0%

+0.2% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

18.0%

+0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		10.11%	10.14%	12.17% +2.03%
Employee Stock Ownership Plan 大日精化従業員持株会		3.03%	3.41%	3.54% +0.13%
Japan Custody Bank 日本カストディ銀行		2.75%	3.49%	3.50% +0.01%
大樹生命保険		3.54%	3.24%	3.24%
Sumitomo Mitsui Banking Corporation 三井住友銀行		4.77%	3.08%	3.08%
高橋靖		1.96%	2.11%	2.11%
MUFG Bank 式会社三菱ＵＦＪ銀行		3.25%	2.10%	2.10%
NIHON PARKERIZING CO., LTD. 日本パーカライジング		1.94%	2.09%	2.09%
State Street		—	1.87%	2.03% +0.16%
Sompo Japan Insurance Inc. 損害保険ジャパン		2.00%	1.83%	1.83%
みずほ信託銀行 last seen 2023	Exited Top 10	2.81%	—	—
Concentration (HHI) ⓘ		184	167	214

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

Portfolio Book Value ¥9,767M -2% since 2023

Holdings 56 +6 new 16 exited

Trend 11 unwinding vs 2023

Held Company	FY2025 ¥9,767M total		FY2023 ¥9,924M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
MITSUBISHI PENCIL CO.,LTD. 三菱鉛筆㈱	2,054	+0.5% ↑ 810,469	1,310	806,054	M
TOYO SUISAN KAISHA, LTD. 東洋水産㈱	1,301	148,000	821	148,000
KANSAI PAINT CO.,LTD. 関西ペイント㈱	908	+2.7% ↑ 425,496	740	414,255
Fujikura Ltd. ㈱フジクラ	834	154,573	144	154,573
大成ラミック㈱（注５）	576	NEW New 231,550	—		M
Aica Kogyo Company, Limited アイカ工業㈱	485	+0.7% ↑ 147,267	444	146,297	M
Ultrafabrics Holdings Co.,Ltd. ウルトラファブリックス・ホールディングス㈱	427	+100.0% ↑ 548,280	934	274,140
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ（注６）	334	NEW New 88,200	—		M
Nissha Co., Ltd. ＮＩＳＳＨＡ㈱	289	+0.3% ↑ 212,090	393	211,534	M
NAKAMOTO PACKS CO.,LTD. 中本パックス㈱	213	-26.5% ↓ 124,900	267	169,900	M
OKAMOTO INDUSTRIES,INC. オカモト㈱	197	39,000	155	39,000	M
Riken Technos Co., Ltd. リケンテクノス㈱	175	-20.0% ↓ 168,000	123	210,000	M
PILOT CORPORATION ㈱パイロットコーポレーション	165	40,000	172	40,000
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	152	-43.0% ↓ 37,700	124	66,103	M
NAGASE & CO., LTD. 長瀬産業㈱	132	49,985	101	49,985	M
TOKYO PRINTING INK MFG. CO., LTD. 東京インキ㈱	123	30,030	80	30,030	M
DAICEL CORPORATION ㈱ダイセル	107	82,582	82	82,582
KOMORI CORPORATION ㈱小森コーポレーション	103	84,539	83	84,539	M
TAYCA CORPORATION テイカ㈱	99	74,690	87	74,690	M
SOUGOU SHOUKEN CO.,LTD. 総合商研㈱	97	-27.0% ↓ 103,798	124	142,268
HIRAGA CO., LTD. ㈱平賀	84	80,000	75	80,000
The Chiba Bank, Ltd. ㈱千葉銀行	83	-40.0% ↓ 60,000	85	100,000	M
WellcoHoldings Corporation ㈱ウイルコホールディングス	83	-28.1% ↓ 690,000	127	960,000	M
seiren co.,ltd. セーレン㈱	73	30,000	69	30,000
HAZAMA ANDO CORPORATION ㈱安藤・間	72	53,000	45	53,000	M
ISHIHARA SANGYO KAISHA, LTD. 石原産業㈱	58	32,840	36	32,840	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	58	NEW New 29,000	—		M
Okura Industrial Co.,Ltd. 大倉工業㈱	57	14,808	30	14,808	M
Inabata & Co., Ltd. 稲畑産業㈱	55	17,600	47	17,600	M
FUKUVI CHEMICAL INDUSTRY CO.,LTD. フクビ化学工業㈱	55	67,209	38	67,209
SWCC Corporation ＳＷＣＣ㈱	47	NEW New 7,717	—
Daitoh Chemix Co., Ltd. ダイトーケミックス㈱	46	75,360	52	75,360	M
Achilles Co., Ltd. アキレス㈱	43	-45.0% ↓ 30,500	75	55,500
MEIWA Industry Co.,Ltd 盟和産業㈱	42	37,984	37	37,984
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ㈱	34	NEW New 46,619	—
HAGIHARA INDUSTRIES INC. 萩原工業㈱	31	-50.0% ↓ 20,000	50	40,000
Dai Nippon Toryo Company, Limited 大日本塗料㈱	23	-48.9% ↓ 19,900	33	38,964
SEKI CO.,LTD. セキ㈱	13	10,000	13	10,000
Dai Nippon Printing Co.,Ltd. 大日本印刷㈱（注７）	11	NEW New 5,388	—		M
NATOCO CO.,LTD. ナトコ㈱	10	7,000	11	7,000
KYOWA LEATHER CLOTH CO.,LTD 共和レザー㈱	10	-50.0% ↓ 15,000	15	30,000
Sun A.Kaken Company,Limited ㈱サンエー化研	4	-50.0% ↓ 7,500	7	15,000
KAWAKAMI PAINT MANUFACTURING CO.,LTD. 川上塗料㈱	4	2,400	4	2,400	M
SANKYOKASEI CORPORATION 三京化成㈱	—		—		M
KOMATSU MATERE Co., Ltd. 小松マテーレ㈱	—		—
凸版印刷㈱	—		—
TENMA CORPORATION 天馬㈱	—		—
Sekisui Jushi Corporation 積水樹脂㈱	—		—
Bando Chemical Industries, Ltd. バンドー化学㈱	—		—
日立金属㈱	—		—
Nozaki Printing Paper Co. 野崎印刷紙業㈱	—		—
LIXIL Corporation ㈱LIXIL	—		—
TOYOTA TSUSHO CORPORATION 豊田通商㈱	—		—
Kyodo Printing Co., Ltd. 共同印刷㈱	—		—
Tensho Electric Industries Co., Ltd. 天昇電気工業㈱	—		—
ZEON CORPORATION 日本ゼオン㈱	—		—
SANYO CHEMICAL INDUSTRIES,LTD. 三洋化成工業㈱	—	−100% Exit —	1	242	M
TATSUTA ELECTRIC WIRE AND CABLE CO.,LTD タツタ電線㈱	—	−100% Exit —	20	29,157
Shin-Etsu Polymer Co.,Ltd. 信越ポリマー㈱	—	−100% Exit —	10	7,000
LONSEAL CORPORATION ロンシール工業㈱	—	−100% Exit —	3	2,607
LINTEC Corporation リンテック㈱	—	−100% Exit —	2	1,000
NIPPON PAINT HOLDINGS CO.,LTD. 日本ペイントホールディングス㈱	—	−100% Exit —	990	800,000
大成ラミック㈱	—	−100% Exit —	648	225,789	M
㈱Ｔ＆ＫＴＯＫＡ	—	−100% Exit —	402	374,500	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	312	59,000	M
Nihon Tokushu Toryo Co., Ltd. 日本特殊塗料㈱	—	−100% Exit —	270	287,600	M
㈱三菱ＵＦＪフィナンシャル・グループ	—	−100% Exit —	169	200,000	M
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ㈱（注５）	—	−100% Exit —	36	46,619
昭和電線ホールディングス㈱（注６）	—	−100% Exit —	14	7,717
Dai Nippon Printing Co.,Ltd. 大日本印刷㈱	—	−100% Exit —	9	2,694	M
Japan Chemical Industries Co., Ltd. 日本化学産業㈱	—	−100% Exit —	3	3,300	M
MiyoshiOil&FatCo.,Ltd. ミヨシ油脂㈱	—	−100% Exit —	2	3,000	M
Portfolio total	9,767		9,924

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