4203
Sumitomo Bakelite Company Limited
住友ベークライト株式会社
Chemicals
Sumitomo Bakelite Company Limited, together with its subsidiaries, engages in the research and development, manufacture, and sale of semiconductor materials, plastic products, and life products in Japan and internationally. The company offers epoxy resin molding materials for semiconductor encapsulation, liquid resin for photosensitive wafer coating, liquid resin for semiconductors, and semiconductor substrate materials. It also provides medical equipment and pharmaceuticals, melamine resin decorative panels and sheets, vinyl resin sheets and composite sheets, freshness-preserving films, polycarbonate resin panels, and polyvinyl chloride resin panels, as well as waterproofing design and construction contracting, and bio-related products. In addition, the company offers phenolic molding compounds, phenolic resins for industrial use, molded parts, synthetic resin adhesives, phenolic resin copper-clad laminates, epoxy resin copper-clad laminates, and aircraft interior components. It serves automotive/railways/aircraft, electrical and electronic equipment, construction/residence, industrial material, medical institution/laboratory, bio, agriculture, and functional packaging sectors, as well as interior decoration for stores. Sumitomo Bakelite Company Limited was incorporated in 1932 and is headquartered in Tokyo, Japan.
Price
¥6,900
Market Cap
¥604.7B
Ent. Value
¥507.3B
Net Cash
¥97.4B
Shares Out.
87.6M
P / E
21.6×
EV / EBIT
14.3×
P / Book
1.74×
P / NCAV
4.53×
Div. Yield
0.72%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥319.9B | ¥319.9B | ¥287.3B | ¥284.9B | ¥263.1B |
| Cost of Sales | ¥219.8B | ¥219.8B | ¥201.6B | ¥203.6B | ¥182.7B |
| Gross Profit | ¥100.1B | ¥100.1B | ¥85.7B | ¥81.4B | ¥80.4B |
| SG&A | ¥65.6B | ¥65.6B | ¥58.3B | ¥55.9B | ¥53.9B |
| Operating Income | ¥35.5B | ¥35.5B | ¥27.2B | ¥24.8B | ¥24.9B |
| Non-Operating Income | — | ¥4.2B | ¥4.6B | ¥2.4B | ¥1.3B |
| Non-Operating Expenses | — | ¥333M | ¥322M | ¥475M | ¥298M |
| Ordinary Income | ¥35.5B | ¥24.8B | — | — | — |
| Pre-tax Income | ¥38.8B | ¥38.8B | ¥31.5B | ¥26.7B | ¥25.9B |
| Net Income (owners) | ¥28.0B | ¥28.0B | ¥21.8B | ¥20.3B | ¥18.3B |
| Minority Interest | — | ¥251M | ¥109M | ¥305M | ¥361M |
| Comprehensive Income | — | ¥17.5B | ¥55.6B | ¥31.6B | ¥34.6B |
| EBITDA | ¥49.7B | ¥49.7B | ¥40.8B | ¥38.6B | ¥38.1B |
| EPS | ¥319.52 | ¥319.52 | ¥233.66 | ¥431.19 | ¥388.86 |
| Shares Outstanding | — | 87.6M | 46.6M | 47.1M | 47.1M |
| Shares Issued (total) | — | 93.8M | 46.9M | 49.6M | 49.6M |
| Treasury Shares | — | 6.1M | 0.3M | 2.5M | 2.5M |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥484.2B | ¥484.2B | ¥441.2B | ¥378.5B | ¥370.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥267.0B | ¥267.0B | ¥250.7B | ¥223.2B | ¥223.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥124.8B | ¥124.8B | ¥121.6B | ¥99.6B | ¥109.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥217.2B | ¥217.2B | ¥190.4B | ¥155.2B | ¥147.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥132.6B | ¥132.6B | ¥122.7B | ¥107.5B | ¥101.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥1.5B | ¥1.5B | ¥1.3B | ¥1.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥2.2B | ¥2.6B | ¥2.5B | ¥2.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥2.4B | ¥2.2B | ¥2.1B | ¥2.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥133.5B | ¥133.5B | ¥137.4B | ¥120.8B | ¥138.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥91.0B | ¥91.0B | ¥94.3B | ¥79.8B | ¥97.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥20.1B | ¥20.1B | ¥33.0B | ¥21.8B | ¥35.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥42.5B | ¥42.5B | ¥43.2B | ¥41.0B | ¥41.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥7.3B | ¥7.3B | ¥15.5B | ¥21.4B | ¥23.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥18.8B | ¥18.2B | ¥9.8B | ¥8.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥350.6B | ¥350.6B | ¥303.7B | ¥257.7B | ¥232.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥35.2B | ¥35.1B | ¥35.1B | ¥35.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥188.1B | ¥188.1B | ¥166.5B | ¥155.4B | ¥139.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-21.0B | ¥-1.0B | ¥-6.8B | ¥-6.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥59.9B | ¥63.4B | ¥34.5B | ¥24.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥347.2B | ¥347.2B | ¥301.2B | ¥255.4B | ¥229.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥2.9B | ¥2.6B | ¥2.3B | ¥2.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥27.4B | ¥27.4B | ¥48.5B | ¥43.2B | ¥58.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥97.4B | ¥97.4B | ¥73.1B | ¥56.4B | ¥50.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥133.4B | ¥133.4B | ¥113.3B | ¥102.5B | ¥84.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥1,523 | ¥2,433 | ¥2,177 | ¥1,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥3,962 | ¥6,468 | ¥5,427 | ¥4,883 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥35.0B | ¥35.0B | ¥40.2B | ¥23.6B | ¥27.9B |
| D&A | ¥14.3B | ¥14.3B | ¥13.6B | ¥13.8B | ¥13.2B |
| Investing CF | ¥-7.9B | ¥-7.9B | ¥-21.1B | ¥-15.6B | ¥-10.5B |
| CapEx | ¥15.4B | ¥15.4B | ¥21.9B | ¥15.0B | ¥12.4B |
| Purchase Investments | — | ¥-357M | ¥-45M | ¥-17M | ¥-16M |
| Financing CF | ¥-13.6B | ¥-13.6B | ¥-6.3B | ¥-23.0B | ¥-19.3B |
| Free Cash Flow | ¥19.6B | ¥19.6B | ¥18.3B | ¥8.6B | ¥15.5B |
| Net Change in Cash | — | ¥-18.1B | ¥22.0B | ¥-9.6B | ¥6.0B |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 8.0% | 8.6% | 7.8% | 8.3% | 7.9% |
| ROA | 5.8% | 6.1% | 5.3% | 5.4% | 4.9% |
| EPS | ¥319.52 | ¥319.52 | ¥233.66 | ¥431.19 | ¥388.86 |
| DPS | ¥50.00 | ¥50.00 | ¥150.00 | ¥130.00 | ¥110.00 |
| BPS | ¥3,957.19 | ¥3,957.19 | — | — | — |
| FCF/Share | — | ¥223 | ¥392 | ¥184 | ¥330 |
| NCAV/Share | — | ¥1,523 | ¥2,433 | ¥2,177 | ¥1,798 |
| Payout Ratio | 15.6% | 15.6% | 64.2% | 30.1% | 28.3% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 20
| # | 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)
|
11,966 | 13.65% |
| 2 |
SUMITOMO CHEMICAL COMPANY, LIMITED
住友化学株式会社
|
9,251 | 10.56% |
| 3 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
8,107 | 9.25% |
| 4 | GIC PRIVATE LIMITED - C(常任代理人 株式会社三菱UFJ銀行) | 6,893 | 7.87% |
| 5 |
STATE STREET BANK AND TRUST COMPANY
STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部)
|
5,979 | 6.82% |
| 6 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口4)
|
2,328 | 2.66% |
| 7 | MSIP CLIENT SECURITIES(モルガン・スタンレーMUFG証券株式会社) | 1,761 | 2.01% |
| 8 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行・三井住友信託退給口
|
1,309 | 1.49% |
| 9 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
1,308 | 1.49% |
| 10 |
Sumitomo Life Insurance
住友生命保険相互会社
|
1,046 | 1.19% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
27.1%
+3.8% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
6.8%
-1.8% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
23.1%
-5.0% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 57.0% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 16.59% | 13.49% | 13.65% +0.16% | |
| Japan Custody Bank 日本カストディ銀行 | 9.00% | 9.81% | 13.40% +3.59% | |
| SUMITOMO CHEMICAL COMPANY, LIMITED 住友化学 | 22.34% | 22.57% | 10.56% -12.01% | |
| GIC PRIVATE LIMITED - C NEW ENTRY | — | — | — | 7.87% NEW |
| State Street | 1.99% | 8.61% | 6.82% -1.79% | |
| Morgan Stanley NEW ENTRY | — | — | — | 2.01% NEW |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 1.85% | 1.40% | 1.49% +0.09% | |
| Sumitomo Life Insurance 住友生命保険 | 1.11% | 1.12% | 1.19% +0.07% | |
| Japan Post Insurance 式会社かんぽ生命保険 last seen 2024 | Exited Top 10 | 1.90% | 2.05% | — |
| Mitsui Sumitomo Insurance Company, Limited 三井住友海上火災保険 last seen 2024 | Exited Top 10 | — | 1.02% | — |
| HSBC-FUND SERVICES CLIENTS A/C 500 HKMPF 10PCT POOL last seen 2023 | Exited Top 10 | 1.28% | — | — |
| GOVERNMENT OF NORWAY last seen 2023 | Exited Top 10 | 1.32% | — | — |
| Concentration (HHI) ⓘ | 871 | 870 | 594 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥35,270M
+106% since 2023
Holdings
21
+5 new
12 exited
Trend
1 unwinding
vs 2023
| Held Company | FY2025 ¥35,270M total | FY2023 ¥17,083M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Sumitomo Corporation
住友商事㈱ (注)5
|
6,612 |
NEW
New
1,961,000
|
— | M | |
|
Sumitomo Realty & Development Co.,Ltd.
住友不動産㈱
|
5,576 |
997,000
|
2,973 | 997,000 | M |
| MS ADインシュアランスグループホールディングス㈱ | 5,564 |
+200.0%
↑
1,725,357
|
2,361 | 575,119 | |
|
Sumitomo Forestry Co., Ltd.
住友林業㈱
|
3,621 |
803,180
|
2,104 | 803,180 | M |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ (注)4
|
3,570 |
NEW
New
940,800
|
— | ||
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱ (注)5
|
2,900 |
NEW
New
779,616
|
— | ||
|
NITTO BOSEKI CO.,LTD.
日東紡績㈱
|
1,942 |
-33.3%
↓
467,000
|
1,410 | 700,000 | M |
|
NEC Corporation
日本電気㈱
|
1,905 |
121,200
|
618 | 121,200 | M |
|
SUMITOMO CHEMICAL COMPANY, LIMITED
住友化学㈱
|
1,089 |
NEW
New
3,013,363
|
— | M | |
|
Sumitomo Seika Chemicals Company,Limited.
住友精化㈱
|
608 |
121,600
|
525 | 121,600 | M |
|
Sumitomo Osaka Cement Co., Ltd.
住友大阪セメント㈱
|
454 |
126,300
|
471 | 126,300 | M |
|
Sumitomo Metal Mining Co., Ltd.
住友金属鉱山㈱
|
423 |
130,500
|
658 | 130,500 | M |
|
CMK CORPORATION
日本シイエムケイ㈱(注)5
|
403 |
NEW
New
998,000
|
— | M | |
|
Sumitomo Electric Industries, Ltd.
住友電気工業㈱
|
298 |
121,000
|
205 | 121,000 | M |
|
The Sumitomo Warehouse Co.,Ltd.
㈱住友倉庫
|
266 |
96,500
|
209 | 96,500 | M |
|
MARUDAI FOOD CO.,LTD.
丸大食品㈱
|
17 |
10,000
|
14 | 10,000 | |
|
Sumitomo Mitsui Construction Co.,Ltd.
三井住友建設㈱
|
12 |
30,984
|
11 | 30,984 | M |
|
Nippon Sheet Glass Company,Limited
日本板硝子㈱
|
10 |
25,900
|
16 | 25,900 | |
|
ROHM COMPANY LIMITED
ローム㈱(注)6
|
— | — | |||
|
Inabata & Co., Ltd.
稲畑産業㈱
|
— | — | |||
| 森六ホールディングス㈱ | — | — | M | ||
|
Murata Manufacturing Co.
㈱村田製作所
|
— |
−100%
Exit
—
|
653 | 81,249 | |
|
Shirai Electronics Indutrial Co.,Ltd
シライ電子工業㈱
|
— |
−100%
Exit
—
|
161 | 192,000 | |
|
KANEKA CORPORATION
㈱カネカ
|
— |
−100%
Exit
—
|
69 | 20,000 | M |
|
Okura Industrial Co.,Ltd.
大倉工業㈱
|
— |
−100%
Exit
—
|
26 | 13,000 | M |
|
TOKYO OHKA KOGYO CO., LTD.
東京応化工業㈱
|
— |
−100%
Exit
—
|
15 | 2,000 | |
| 品川リフラクトリーズ㈱ | — |
−100%
Exit
—
|
1 | 300 | |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
— |
−100%
Exit
—
|
1,661 | 313,600 | |
|
Sumitomo Corporation
住友商事㈱
|
— |
−100%
Exit
—
|
1,392 | 595,000 | M |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
676 | 148,908 | |
|
CMK CORPORATION
日本シイエムケイ㈱
|
— |
−100%
Exit
—
|
549 | 1,205,000 | M |
|
ROHM COMPANY LIMITED
ローム㈱
|
— |
−100%
Exit
—
|
231 | 21,063 | |
|
DENSO CORPORATION
㈱デンソー
|
— |
−100%
Exit
—
|
74 | 10,000 | |
| Portfolio total | 35,270 | 17,083 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding