SANYO CHEMICAL INDUSTRIES,LTD.

三洋化成工業株式会社

Chemicals

Sanyo Chemical Industries, Ltd. manufactures and sells chemical products in Japan. It offers industrial agents for pulp and paper, paints, latex, ceramics, and electronics; raw materials for polyurethane foams and polyethylene glycols; super base compounds, urethane catalysts, curing accelerators for epoxy resins, photo-acid generators, and water soluble rust inhibitors; lubricating additives; diagnostic agents and related ancillary products; ethylidene norbornene; textile chemicals, surfactants, papermaking chemicals, paint and ink resins, and resin additives; and thermoplastic polyurethane beads. The company is also involved in warehousing, forwarding, and cargo work in the factories and trucking businesses, as well as import and export activities. It serves car, housing, cosmetics, electronic, medical care, and life style, as well as electrics, semiconductors, and optical components industries. The company was formerly known as Sanyo Chemical Industry Co. and changed its name to Sanyo Chemical Industries, Ltd. in 1966. Sanyo Chemical Industries, Ltd. was incorporated in 1949 and is headquartered in Kyoto, Japan.

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Price

¥5,240

Market Cap

¥116.7B

Ent. Value

¥95.6B

Net Cash

¥21.1B

Shares Out.

22.3M

P / E

27.9×

EV / EBIT

11.3×

P / Book

0.86×

P / NCAV

2.49×

Div. Yield

3.24%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥142.3B	¥159.5B	¥175.0B	¥162.5B
Cost of Sales	¥110.2B	¥130.2B	¥142.4B	¥127.7B
Gross Profit	¥32.1B	¥29.3B	¥32.5B	¥34.8B
SG&A	¥23.6B	¥24.4B	¥24.1B	¥22.9B
Operating Income	¥8.4B	¥4.9B	¥8.4B	¥11.9B
Non-Operating Income	¥2.4B	¥3.8B	¥2.9B	¥2.9B
Dividend Income	¥1.2B	¥1.0B	¥821M	¥760M
Interest Income	¥178M	¥167M	¥169M	¥148M
Non-Operating Expenses	¥1.1B	¥510M	¥1.4B	¥2.0B
Interest Expense	¥128M	¥139M	¥118M	¥48M
Ordinary Income	¥9.7B	¥8.2B	¥9.9B	¥12.8B
Pre-tax Income	¥6.5B	¥-7.3B	¥9.4B	¥10.7B
Income Taxes	¥1.6B	¥1.3B	¥3.2B	¥3.6B
Current Tax	¥1.9B	¥2.8B	¥3.2B	¥3.4B
Deferred Tax	¥-296M	¥-1.5B	¥-53M	¥138M
Net Income (owners)	¥4.2B	¥-8.5B	¥5.7B	¥6.7B
Minority Interest	¥754M	¥-135M	¥544M	¥458M
Comprehensive Income	¥728M	¥-3.4B	¥5.7B	¥8.1B
EBITDA	¥18.1B	¥15.7B	¥18.6B	¥21.5B
EPS	¥187.79	¥-384.99	¥257.57	¥303.76
Shares Outstanding	22.3M	22.2M	22.2M	22.1M
Shares Issued (total)	23.5M	23.5M	23.5M	23.5M
Treasury Shares	1.3M	1.3M	1.3M	1.4M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥176.4B	¥205.8B	¥202.2B	¥200.2B
Current Assets	¥84.9B	¥105.9B	¥97.3B	¥93.8B
Cash & Deposits	¥24.5B	¥27.2B	¥17.1B	¥18.2B
Trade Receivables	¥35.0B	¥44.9B	¥45.3B	¥44.8B
Non-Current Assets	¥91.4B	¥99.9B	¥104.9B	¥106.4B
PP&E	¥46.1B	¥51.5B	¥59.8B	¥61.4B
Intangible Assets	¥6.3B	¥7.6B	¥7.9B	¥5.2B
Investment Securities	¥30.7B	¥30.7B	¥27.6B	¥29.3B
Deferred Tax Assets	¥258M	¥417M	¥350M	¥378M
Total Liabilities	¥38.1B	¥64.2B	¥53.2B	¥53.2B
Current Liabilities	¥30.3B	¥53.5B	¥46.9B	¥47.9B
ST Debt	¥1.2B	¥9.2B	¥8.3B	¥7.7B
Taxes Payable	¥669M	¥1.4B	¥1.3B	¥1.9B
Non-Current Liabilities	¥7.7B	¥10.7B	¥6.2B	¥5.3B
Total LT Borrowings	¥2.2B	¥1.5B	¥1.9B	¥150M
Pension Obligations	¥91M	¥102M	¥53M	¥38M
Deferred Tax Liab.	¥2.8B	¥2.9B	¥2.8B	¥3.4B
Total Equity	¥138.3B	¥141.6B	¥149.0B	¥147.0B
Capital Stock	¥13.1B	¥13.1B	¥13.1B	¥13.1B
Capital Surplus	¥13.3B	¥13.3B	¥13.3B	¥13.2B
Retained Earnings	¥99.9B	¥99.5B	¥111.8B	¥109.7B
Treasury Stock	¥-5.5B	¥-5.7B	¥-5.7B	¥-5.8B
AOCI	¥14.7B	¥18.9B	¥13.7B	¥14.3B
Equity (owners)	¥120.7B	¥120.1B	¥132.4B	¥130.2B
Minority Interests	¥2.9B	¥2.5B	¥2.9B	¥2.6B

Total Interest-Bearing Debt ⓘ	¥3.4B	¥10.7B	¥10.2B	¥7.9B
Net Cash ⓘ	¥21.1B	¥16.5B	¥6.9B	¥10.3B
NCAV ⓘ	¥46.9B	¥41.7B	¥44.1B	¥40.6B
NCAV/Share	¥2,104	¥1,879	¥1,989	¥1,836
BV/Share	¥5,418	¥5,414	¥5,964	¥5,888

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥13.9B	¥19.8B	¥10.9B	¥11.3B
Interest Paid	¥-124M	¥-148M	¥-118M	¥-48M
Interest Received	¥1.8B	¥2.1B	¥2.3B	¥909M
D&A	¥9.6B	¥10.8B	¥10.2B	¥9.7B
Investing CF	¥-5.1B	¥-6.3B	¥-10.2B	¥-11.7B
Purchase Investments	—	—	¥-151M	¥-1.1B
Proceeds from Invest.	¥89M	¥2.1B	¥2.9B	¥28M
Financing CF	¥-11.9B	¥-4.0B	¥-2.3B	¥-6.0B
Dividends Paid	¥-3.8B	¥-3.8B	¥-3.7B	¥-3.6B
LT Debt Repaid	¥-533M	¥-490M	¥-850M	¥-1.4B
Free Cash Flow	¥13.9B	¥19.8B	¥10.9B	¥11.3B
Net Change in Cash	¥-3.2B	¥10.1B	¥-1.5B	¥-5.5B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	3.0%	-6.0%	3.9%	4.7%
ROA	2.2%	-4.2%	2.8%	3.3%
EPS	¥187.79	¥-384.99	¥257.57	¥303.76
DPS	¥170.00	¥170.00	¥170.00	¥170.00
BPS	¥6,119.90	¥6,295.31	¥6,617.11	¥6,549.60
FCF/Share	¥625	¥893	¥489	¥512
NCAV/Share	¥2,104	¥1,879	¥1,989	¥1,836
Payout Ratio	90.5%	—	66.0%	56.0%

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-20 15:00	Div Increase	¥1.9B ¥85.0/sh +0%	Sanyo Chemical INDUSTRIES,LTD. resolved on 2026-05-20 to pay a year-end dividend of ¥85 per share (totaling ¥1,893 milli…
Summary Sanyo Chemical INDUSTRIES,LTD. resolved on 2026-05-20 to pay a year-end dividend of ¥85 per share (totaling ¥1,893 million) with record date 2026-03-31, matching the prior forecast and prior year payout. Combined with the interim dividend of ¥85, the full-year dividend stands at ¥170 per share, unchanged from FY2025, reflecting the company's commitment to enhanced shareholder returns while strengthening its corporate foundation. YoY: +0% Source (JP) 当期末の１株当たり配当金を、直近の配当予想のとおり８５円とさせていただきます。年間配当の内訳は中間配当８５円、期末配当８５円で年間配当１７０円です。剰余金の配当に関するお知らせ TDnet PDF
2026-05-13 15:00	Capital Policy	¥170.0/sh	Sanyo Chemical INDUSTRIES,LTD. announced a revision to its shareholder return policy effective FY2026 (March 2027), shif…
Summary Sanyo Chemical INDUSTRIES,LTD. announced a revision to its shareholder return policy effective FY2026 (March 2027), shifting from a dividend payout ratio target of 30%+ to a total return ratio (dividend + buyback) target of 40%+. The company commits to progressive dividends with a baseline of 170 yen per share (FY2026 forecast) to be maintained or increased, supplemented by flexible share repurchases to enhance shareholder value. Source (JP) 連結総還元性向 40％以上を目標に、原則として累進配当を実施する。1株当たりの配当金（特別配当を除く）を減配せず、維持または増配を行うこと。株主還元方針の変更に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	豊田通商株式会社	4,286	19.24%
2	東レ株式会社	3,826	17.18%
3	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）	1,932	8.67%
4	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	1,310	5.88%
5	ENEOSホールディングス株式会社	1,061	4.76%
6	株式会社日本触媒	755	3.39%
7	三洋化成従業員持株会	581	2.61%
8	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)	313	1.41%
9	MSIP CLIENT SECURITIES （常任代理人モルガン・スタンレーMUFG証券株式会社)	291	1.31%
10	BNY Mellon (Nominee) THE BANK OF NEW YORK MELLON 140042 （常任代理人株式会社みずほ銀行決済営業部）	166	0.75%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

14.6%

+0.9% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.2%

+2.2% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

48.5%

-1.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
豊田通商		19.32%	19.32%	19.24% -0.08%
東レ		17.24%	17.24%	17.18% -0.06%
日本マスタートラスト信託銀行		8.85%	8.16%	8.67% +0.51%
日本カストディ銀行		5.25%	5.52%	5.88% +0.36%
ENEOSホールディングス		4.78%	4.78%	4.76% -0.02%
式会社日本触媒		4.98%	3.41%	3.39% -0.02%
三洋化成従業員持株会		2.57%	2.57%	2.61% +0.04%
State Street NEW ENTRY		0.66%	—	1.41% NEW
MSIP CLIENT SECURITIES NEW ENTRY	—	—	—	1.31% NEW
BNY Mellon NEW ENTRY	—	—	—	0.75% NEW
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) last seen 2024	Exited Top 10	—	0.92%	—
DFA INTL SMALL CAP VALUE PORTFOLIO last seen 2024	Exited Top 10	1.01%	0.84%	—
ＪＰモルガン証券 last seen 2024	Exited Top 10	—	0.76%	—
日本生命保険 last seen 2023	Exited Top 10	0.69%	—	—
Concentration (HHI) ⓘ		833	811	820

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

Portfolio Book Value ¥14,140M +7% since 2023

Holdings 12 4 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥14,140M total		FY2023 ¥13,174M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NIPPON SHOKUBAI CO., LTD. 株式会社日本触媒	8,833	+300.0% ↑ 5,070,400	6,693	1,267,600	M
ENEOS Holdings,Inc. ENEOSホールディングス株式会社	1,938	2,477,050	1,152	2,477,050	M
TOKYO OHKA KOGYO CO., LTD. 東京応化工業株式会社	1,255	+200.0% ↑ 405,300	1,039	135,100	M
ＫＰＸＣｈｅｍｉｃａｌ	691	158,621	774	158,621
KOATSU GAS KOGYO CO., LTD. 高圧ガス工業株式会社	377	424,000	298	424,000	M
ＫＰＸＨｏｌｄｉｎｇｓ	328	58,990	320	58,990
ROHTO PHARMACEUTICAL CO.,LTD. ロート製薬株式会社	276	123,400	342	123,400	M
Dainichiseika Color & Chemicals Mfg. Co., Ltd. 大日精化工業株式会社	237	-24.8% ↓ 78,800	187	104,800	M
Pharma Foods International Co., Ltd. 株式会社ファーマフーズ	119	133,000	188	133,000	M
Delta-Fly Pharma株式会社	86	150,000	155	150,000
TOKYO TEKKO CO., LTD. 東京鐵鋼株式会社	—		—
KANSAI PAINT CO.,LTD. 関西ペイント株式会社	—		—		M
SHOEI YAKUHIN CO.,LTD. 昭栄薬品株式会社	—	−100% Exit —	7	7,500	M
Kikusui Chemical Industry Co., Ltd. 菊水化学工業株式会社	—	−100% Exit —	4	10,000
UNICHARM CORPORATION ユニ・チャーム株式会社	—	−100% Exit —	1,952	358,700	M
NAGASE & CO., LTD. 長瀬産業株式会社	—	−100% Exit —	63	31,000	M
Portfolio total	14,140		13,174

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