4914
TAKASAGO INTERNATIONAL CORPORATION
高砂香料工業株式会社
Chemicals
Takasago International Corporation, together with its subsidiaries, manufactures and sells flavors, fragrances, aroma ingredients, and fine chemicals in Japan, the Americas, Europe, and Asia. The company offers flavors for various beverages, including fruit juices, carbonated drinks, flavored water, sports and energy drinks, coffee and tea drinks, dairy drinks, plant-based milk, alcoholic/non-alcoholic beverages, jelly drinks, powder mixes, and liquid food; dairy products, such as ice creams and sweets, custard pudding, jelly, yogurt, fruit preparations, syrups, and dessert sauces; savory products comprising curries, stews, instant noodles, soups, pouch-packed and frozen food, dressings, seasonings, seasoning powders, potato chips and snacks, crab sticks and paste products, ham and sausages, liquid and nutritional food, and spice products; confectioneries, which include candies, chewing gums, compressed mints and tablets, and chocolates; bakery products, such as baked confections, bread, fillings, and coatings; and oral care comprising toothpaste, liquid toothpaste, and mouthwash. It also provides fine fragrances; and consumer fragrances for personal care, including personal wash, body and hair care, skin care, baby care, and men's grooming products, as well as for home care, which consists of air and laundry care, surface and dish care, toilet care, and pest control products. In addition, the company offers aroma ingredients to create fragrances and cosmetics; and fine chemicals comprising active pharmaceutical intermediates, catalysts and ligands, functional materials, and chiral building blocks. Further, it is involved in research; and real estate rental businesses. The company exports its products. Takasago International Corporation was founded in 1920 and is headquartered in Ota, Japan.
Price
¥1,124
Market Cap
¥21.9B
Ent. Value
¥62.3B
Net Debt
−¥40.4B
Shares Out.
19.5M
P / E
11.5×
EV / EBIT
7.7×
P / Book
0.71×
P / NCAV
0.66×
Div. Yield
10.68%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥225.1B | ¥229.2B | ¥195.9B | ¥186.8B | ¥162.4B |
| Cost of Sales | ¥152.2B | ¥151.8B | ¥139.5B | ¥132.4B | ¥111.3B |
| Gross Profit | ¥72.9B | ¥77.4B | ¥56.5B | ¥54.4B | ¥51.1B |
| SG&A | ¥64.8B | ¥62.1B | ¥54.2B | ¥48.5B | ¥42.3B |
| Operating Income | ¥8.1B | ¥15.3B | ¥2.3B | ¥5.9B | ¥8.8B |
| Non-Operating Income | ¥2.6B | ¥1.9B | ¥3.2B | ¥2.6B | ¥2.1B |
| Dividend Income | — | ¥559M | ¥557M | ¥507M | ¥425M |
| Interest Income | — | ¥103M | ¥127M | ¥99M | ¥75M |
| Non-Operating Expenses | — | ¥1.9B | ¥799M | ¥621M | ¥731M |
| Interest Expense | — | ¥714M | ¥565M | ¥470M | ¥480M |
| Ordinary Income | ¥9.5B | ¥15.3B | ¥4.7B | ¥8.0B | ¥10.2B |
| Pre-tax Income | ¥13.7B | ¥17.7B | ¥4.9B | ¥8.6B | ¥11.0B |
| Income Taxes | ¥3.6B | ¥4.0B | ¥2.1B | ¥1.0B | ¥1.9B |
| Current Tax | — | ¥3.8B | ¥1.7B | ¥2.0B | ¥2.1B |
| Deferred Tax | — | ¥239M | ¥381M | ¥-990M | ¥-199M |
| Net Income (owners) | ¥9.5B | ¥13.3B | ¥2.7B | ¥7.4B | ¥8.9B |
| Minority Interest | — | ¥326M | ¥124M | ¥151M | ¥201M |
| Comprehensive Income | — | ¥17.8B | ¥10.5B | ¥13.7B | ¥10.0B |
| EBITDA | ¥16.9B | ¥23.5B | ¥10.2B | ¥13.3B | ¥15.7B |
| EPS | ¥97.72 | ¥683.89 | ¥138.61 | ¥376.59 | ¥453.94 |
| Shares Outstanding | — | 19.5M | 19.5M | 19.5M | 19.6M |
| Shares Issued (total) | — | 20.2M | 20.2M | 20.2M | 20.2M |
| Treasury Shares | — | 0.7M | 0.7M | 0.7M | 0.5M |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥271.1B | ¥262.2B | ¥228.4B | ¥212.1B | ¥196.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥148.3B | ¥155.0B | ¥126.0B | ¥117.1B | ¥106.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥19.6B | ¥35.6B | ¥18.3B | ¥15.0B | ¥16.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | — | ¥50.3B | ¥45.0B | ¥39.0B | ¥35.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥122.8B | ¥107.2B | ¥102.4B | ¥95.0B | ¥90.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥84.5B | ¥71.1B | ¥65.1B | ¥61.0B | ¥59.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥4.9B | ¥4.7B | ¥4.0B | ¥2.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥23.8B | ¥23.2B | ¥24.4B | ¥23.4B | ¥22.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥3.3B | ¥3.1B | ¥3.2B | ¥2.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥115.1B | ¥115.8B | ¥97.5B | ¥90.1B | ¥86.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥79.0B | ¥80.4B | ¥69.1B | ¥61.2B | ¥57.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | — | ¥21.9B | ¥18.9B | ¥17.9B | ¥17.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥40.3B | ¥38.5B | ¥33.4B | ¥29.8B | ¥26.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | — | ¥2.9B | ¥815M | ¥1.0B | ¥1.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥36.1B | ¥35.4B | ¥28.5B | ¥28.9B | ¥29.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥19.6B | ¥19.6B | ¥13.3B | ¥15.0B | ¥16.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | — | ¥9.9B | ¥9.6B | ¥9.9B | ¥9.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥1.8B | ¥2.2B | ¥1.2B | ¥1.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥156.1B | ¥146.4B | ¥130.9B | ¥122.0B | ¥110.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | — | ¥9.2B | ¥9.2B | ¥9.2B | ¥9.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥8.4B | ¥8.4B | ¥8.4B | ¥8.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥105.1B | ¥101.0B | ¥89.9B | ¥88.8B | ¥82.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-1.6B | ¥-1.7B | ¥-1.7B | ¥-1.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥27.1B | ¥23.1B | ¥15.5B | ¥9.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥121.2B | ¥117.1B | ¥105.9B | ¥104.7B | ¥99.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥2.2B | ¥1.8B | ¥1.7B | ¥1.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥59.9B | ¥58.1B | ¥46.7B | ¥44.8B | ¥43.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-40.4B | ¥-22.5B | ¥-28.4B | ¥-29.8B | ¥-27.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥33.2B | ¥39.2B | ¥28.5B | ¥27.0B | ¥20.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥2,013 | ¥1,463 | ¥1,387 | ¥1,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥6,006 | ¥5,438 | ¥5,381 | ¥5,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥4.3B | ¥18.9B | ¥10.0B | ¥5.8B | ¥11.6B |
| Taxes Paid | — | ¥-1.8B | ¥-1.5B | ¥-2.7B | ¥-1.7B |
| Interest Paid | — | ¥-691M | ¥-609M | ¥-444M | ¥-468M |
| Interest Received | — | ¥724M | ¥684M | ¥701M | ¥579M |
| D&A | ¥8.8B | ¥8.1B | ¥7.9B | ¥7.4B | ¥6.9B |
| Investing CF | ¥-16.2B | ¥-9.1B | ¥-6.8B | ¥-3.3B | ¥-7.3B |
| CapEx | ¥19.3B | ¥11.3B | ¥6.0B | ¥5.0B | ¥6.8B |
| Purchase Investments | — | ¥-19M | ¥-20M | ¥-21M | ¥-21M |
| Proceeds from Invest. | — | ¥3.1B | ¥1.0B | ¥725M | ¥1.3B |
| Financing CF | ¥-4.6B | ¥6.9B | ¥-453M | ¥-2.0B | ¥-2.4B |
| Dividends Paid | — | ¥-2.2B | ¥-1.6B | ¥-1.4B | ¥-1.1B |
| Share Buybacks | — | ¥-7M | ¥-3M | ¥-533M | ¥-2M |
| LT Debt Repaid | — | ¥-9.8B | ¥-7.9B | ¥-8.1B | ¥-5.8B |
| Free Cash Flow | ¥-15.0B | ¥7.6B | ¥4.0B | ¥807M | ¥4.8B |
| Net Change in Cash | — | ¥17.3B | ¥3.4B | ¥1.4B | ¥2.7B |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 6.3% | 9.8% | 2.2% | 6.5% | 8.5% |
| ROA | 3.6% | 5.4% | 1.2% | 3.6% | 4.5% |
| EPS | ¥97.72 | ¥683.89 | ¥138.61 | ¥376.59 | ¥453.94 |
| DPS | ¥120.00 | ¥240.00 | ¥70.00 | ¥70.00 | ¥70.00 |
| BPS | ¥1,573.55 | ¥7,398.65 | ¥6,627.13 | ¥6,178.67 | ¥5,531.65 |
| FCF/Share | — | ¥391 | ¥204 | ¥41 | ¥245 |
| NCAV/Share | — | ¥2,013 | ¥1,463 | ¥1,387 | ¥1,036 |
| Payout Ratio | 122.8% | 35.1% | 50.5% | 18.6% | 15.4% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 1
| # | 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)
|
1,890 | 9.70% |
| 2 |
Nippon Life Insurance
日本生命保険相互会社
|
1,468 | 7.50% |
| 3 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
998 | 5.10% |
| 4 |
BNP PARIBAS PARIS/2S/JASDEC FRENCH RESIDENTS
BNP PARIBAS PARIS/2S/JASDEC FRENCH RESIDENTS(常任代理人 香港上海銀行)
|
994 | 5.10% |
| 5 |
MUFG Bank
株式会社三菱UFJ銀行
|
947 | 4.90% |
| 6 |
The Kyoei Fire and Marine Insurance Company,Limited
共栄火災海上保険株式会社
|
780 | 4.00% |
| 7 | 中江産業株式会社 | 720 | 3.70% |
| 8 |
Employee Stock Ownership Plan
高砂香料従業員持株会
|
473 | 2.40% |
| 9 |
The Kiyo Bank, Ltd.
株式会社紀陽銀行
|
471 | 2.40% |
| 10 |
JPMorgan Chase Bank, N.A.
J.P. MORGAN SE - LUXEMBOURG BRANCH 381639(常任代理人 株式会社みずほ銀行)
|
440 | 2.30% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
14.8%
-0.4% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
2.3%
+2.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
30.0%
-3.1% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 47.1% · 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 | 9.40% | 10.00% | 9.70% -0.30% | |
| Nippon Life Insurance 日本生命保険 | 7.50% | 7.50% | 7.50% | |
| Japan Custody Bank 日本カストディ銀行 | 5.80% | 5.20% | 5.10% -0.10% | |
| BNP PARIBAS PARIS/2S/JASDEC FRENCH RESIDENTS | — | 5.10% | 5.10% | |
| MUFG Bank 式会社三菱UFJ銀行 | 4.90% | 4.90% | 4.90% | |
| The Kyoei Fire and Marine Insurance Company,Limited 共栄火災海上保険 | 4.00% | 4.00% | 4.00% | |
| 中江産業 | 3.70% | 3.70% | 3.70% | |
| Employee Stock Ownership Plan 高砂香料従業員持株会 | 2.90% | 2.90% | 2.40% -0.50% | |
| The Kiyo Bank, Ltd. 式会社紀陽銀行 | 2.40% | 2.40% | 2.40% | |
| JP Morgan NEW ENTRY | — | — | — | 2.30% NEW |
| Goldman Sachs last seen 2024 | Exited Top 10 | — | 2.60% | — |
| HSBC PRIVATE BANK (SUISSE) SA GENEVA - SEGREG UK IND1 CLT ASSET last seen 2023 | Exited Top 10 | 2.30% | — | — |
| BNP PARIBAS PARIS/2S/JASDEC/BNPP SA RETAIL FRANCE last seen 2023 | Exited Top 10 | 5.10% | — | — |
| Concentration (HHI) ⓘ | 277 | 284 | 273 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥18,648M
-4% since 2023
Holdings
44
10 exited
Trend
1 unwinding
vs 2023
| Held Company | FY2025 ¥18,648M total | FY2023 ¥19,406M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
|
6,096 |
3,031,650
|
2,570 | 3,031,650 | |
|
Lion Corporation
ライオン株式会社
|
2,321 |
1,309,485
|
1,873 | 1,309,485 | M |
|
HISAMITSU PHARMACEUTICAL CO.,INC.
久光製薬株式会社
|
1,793 |
+0.4%
↑
443,093
|
1,667 | 441,181 | M |
| 名糖産業株式会社 | 1,502 |
753,096
|
1,243 | 753,096 | M |
|
Iyogin Holdings,Inc.
株式会社いよぎんホールディングス
|
791 |
450,000
|
338 | 450,000 | |
|
ADEKA CORPORATION
株式会社ADEKA
|
766 |
285,200
|
643 | 285,200 | M |
|
YAKULT HONSHA CO.,LTD.
株式会社ヤクルト本社
|
471 |
+104.2%
↑
165,313
|
779 | 80,968 | M |
|
ASAHI GROUP HOLDINGS,LTD.
アサヒグループホールディングス株式会社
|
454 |
+200.0%
↑
237,600
|
389 | 79,200 | |
|
Morinaga&Co.,Ltd.
森永製菓株式会社
|
441 |
+100.0%
↑
176,126
|
330 | 88,063 | |
|
House Foods Group Headquarters Co., Ltd.
ハウス食品グループ本社株式会社
|
424 |
155,800
|
437 | 155,800 | M |
|
譬ェ蠑丈シ夂、セ繧√�カ縺阪ヵ繧」繝翫Φ繧キ繝」繝ォ繧ー繝ォ繝シ繝�
株式会社めぶきフィナンシャルグループ
|
409 |
563,940
|
182 | 563,940 | |
|
TAKARA HOLDINGS INC.
宝ホールディングス株式会社
|
337 |
295,000
|
301 | 295,000 | M |
|
The Kiyo Bank, Ltd.
株式会社紀陽銀行
|
301 |
130,934
|
194 | 130,934 | M |
|
Shizuoka Financial Group, Inc.
株式会社しずおかフィナンシャルグループ
|
300 |
185,000
|
175 | 185,000 | |
|
Ajinomoto Co., Inc.
味の素株式会社
|
281 |
47,500
|
218 | 47,500 | |
|
MORINAGA MILK INDUSTRY CO.,LTD
森永乳業株式会社
|
230 |
+100.0%
↑
74,156
|
176 | 37,078 | |
| 不二製油グループ本社株式会社 | 206 |
67,404
|
129 | 67,404 | |
|
HARIMA CHEMICALS GROUP, INC.
ハリマ化成グループ株式会社
|
191 |
225,000
|
197 | 225,000 | M |
| 株式会社コンコルディア・フィナンシャルグループ | 182 |
185,752
|
90 | 185,752 | |
|
KAGOME CO.,LTD.
カゴメ株式会社
|
172 |
+4.9%
↑
58,640
|
172 | 55,890 | |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス株式会社
|
172 |
30,000
|
76 | 30,000 | |
|
Marusan Securities Co.,Ltd.
丸三証券株式会社
|
128 |
142,368
|
60 | 142,368 | M |
|
Earth Corporation
アース製薬株式会社
|
103 |
20,000
|
94 | 20,000 | |
|
ROHTO PHARMACEUTICAL CO.,LTD.
ロート製薬株式会社
|
98 |
44,000
|
121 | 44,000 | |
|
FUMAKILLALIMITED
フマキラー株式会社
|
95 |
88,202
|
93 | 88,202 | M |
|
SAPPORO HOLDINGS LIMITED
サッポロホールディングス株式会社
|
78 |
10,257
|
34 | 10,257 | |
|
MEGMILK SNOW BRAND Co.,Ltd.
雪印メグミルク株式会社
|
69 |
27,007
|
47 | 27,007 | |
|
BOURBON CORPORATION
株式会社ブルボン
|
50 |
+7.7%
↑
19,967
|
39 | 18,533 | |
|
MiyoshiOil&FatCo.,Ltd.
ミヨシ油脂株式会社
|
31 |
18,700
|
18 | 18,700 | M |
|
Fujiya Co.,Ltd
株式会社不二家
|
30 |
12,796
|
31 | 12,796 | |
|
Nisshin Oillio Group Co., Ltd.
日清オイリオグループ株式会社
|
30 |
6,300
|
20 | 6,300 | |
|
Kanro Inc.
カンロ株式会社
|
27 |
8,128
|
9 | 8,128 | |
|
Riken Vitamin Co., Ltd.
理研ビタミン株式会社
|
15 |
+9.0%
↑
6,505
|
11 | 5,966 | |
|
T.HASEGAWA CO.,LTD.
長谷川香料株式会社
|
14 |
5,200
|
15 | 5,200 | M |
|
EZAKI GLICO CO.,LTD.
江崎グリコ株式会社
|
10 |
-75.4%
↓
2,286
|
30 | 9,286 | |
|
IMURAYA GROUP CO., LTD.
井村屋グループ株式会社
|
9 |
4,125
|
9 | 4,125 | |
| International Flavors Fragrances, Inc. | 7 |
618
|
7 | 618 | |
|
DAISHO CO.,LTD.
株式会社ダイショー
|
6 |
4,320
|
5 | 4,320 | |
|
S.T.CORPORATION
エステー株式会社
|
4 |
3,194
|
4 | 3,194 | |
|
Astena Holdings Co., Ltd.
アステナホールディングス株式会社
|
2 |
6,292
|
2 | 6,292 | |
|
DKS Co. Ltd.
第一工業製薬株式会社
|
2 |
1,000
|
1 | 1,000 | |
|
ITO EN,LTD.
株式会社伊藤園
|
— | — | |||
| 株式会社伊藤園第1種優先株式 | — | — | |||
|
KOBAYASHI PHARMACEUTICAL CO.,LTD.
小林製薬株式会社
|
— | — | |||
|
Shiseido Company, Limited
株式会社資生堂
|
— |
−100%
Exit
—
|
5,131 | 830,151 | |
|
Meiji Holdings Co., Ltd.
明治ホールディングス株式会社
|
— |
−100%
Exit
—
|
338 | 53,626 | |
|
Mizuho Financial Group, Inc.
株式会社みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
51 | 27,292 | |
|
MS&AD Insurance Group Holdings, Inc.
MS&ADインシュアランスグループホールディングス株式会社
|
— |
−100%
Exit
—
|
33 | 8,241 | |
|
MANDOM CORPORATION
株式会社マンダム
|
— |
−100%
Exit
—
|
41 | 28,058 | |
|
Nippon Fine Chemical Co., Ltd.
日本精化株式会社
|
— |
−100%
Exit
—
|
370 | 141,500 | M |
|
Kao Corporation
花王株式会社
|
— |
−100%
Exit
—
|
251 | 48,584 | |
|
Eisai Co., Ltd.
エーザイ株式会社
|
— |
−100%
Exit
—
|
169 | 22,576 | |
|
Kirin Holdings Company, Limited
キリンホールディングス株式会社
|
— |
−100%
Exit
—
|
149 | 71,371 | |
|
YAIZU SUISANKAGAKU INDUSTRY CO.,LTD.
焼津水産化学工業株式会社
|
— |
−100%
Exit
—
|
44 | 52,000 | M |
| Portfolio total | 18,648 | 19,406 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding