SHINAGAWA REFRACTORIES CO., LTD.

5351 品川リフラクトリーズ株式会社

Building Products & Equipment · Prime · TSE: Disclosed

PRICE: ¥1,880 · MKT CAP: ¥85.7B · P/E: 8.8x · P/B: 0.96x · DIV YIELD: 4.8%

PRICE — 5Y

Characteristics & Business Summary

Shinagawa Refra Co., Ltd. engages in the manufacture and sale of refractory products in Japan and internationally. The company offers shaped refractory bricks, including basic, carbon-containing, fire clay and high alumina, silicon carbide, and silica bricks...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Net Sales	99,969	110,784	124,963	144,175	144,072
Operating Profit	7,285	10,107	10,844	13,887	13,278
Ordinary Profit	8,220	10,716	11,457	14,903	13,655
Net Profit	2,114	5,308	8,307	15,280	9,778
EPS	¥226	¥568	¥888	¥335	¥214
DPS	¥110	¥190	¥200	¥39	¥90

Balance Sheet & Valuation Highlights

Total Assets ¥195B

Net Assets (Equity) ¥94B

Equity Ratio 45.6%

ROE (Return on Equity) 12.0%

Cash & Equivalents ¥27B

Interest-Bearing Debt ¥57B

Capital Expenditure (CapEx) ¥6B

Depreciation & Amort. ¥4B

Major Shareholders

1. JFE Steel Corporation 34.9%
2. Japan Master Trust Bank 6.9%
3. Kobe Steel, Ltd. 3.9%
4. Sumitomo Mitsui Trust Bank 2.7%
5. Japan Custody Bank 2.3%
6. Fukoku Mutual Life Insurance 2.2%
7. 岡山エスエス会 2.1%
8. Mizuho Bank 1.9%
9. Employee Stock Ownership Plan 1.7%
10. Nippon Life Insurance 1.6%

Activist Activity

Sumitomo Mitsui Trust Bank,Limited 4.1%

2025-08-21 · change

Sumitomo Mitsui Trust Bank,Limited 5.12%

2024-02-06 · change

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenues per share	¥10,696	¥11,847	¥13,355	¥3,164	¥3,159
FCF/Share	¥561	¥672	¥588	¥138	¥160
EPS	¥226	¥568	¥888	¥335	¥214
DPS	¥110	¥190	¥200	¥39	¥90
Capital Spending per share	¥437	¥343	¥511	¥120	¥127
Book Value per share	¥6,341	¥6,235	¥6,930	¥1,656	¥1,789
Common Shares Outstanding	9M	9M	9M	46M	46M

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenues (Net Sales)	¥100B	¥111B	¥125B	¥144B	¥144B
Operating Margin (%)	7.3%	9.1%	8.7%	9.6%	9.2%
Net Profit (owners)	¥2B	¥5B	¥8B	¥15B	¥10B
Net Profit Margin (%)	2.1%	4.8%	6.6%	10.6%	6.8%
Working Capital	¥32B	¥22B	¥19B	¥29B	¥6B
Total Debt (Interest-bearing)	¥14B	¥23B	¥34B	¥28B	¥57B
Net Worth (Common Equity)	¥59B	¥58B	¥65B	¥75B	¥82B
Return on Total Assets (ROA)	1.9%	4.4%	5.8%	9.8%	5.0%
Return on Common Equity (ROE)	3.6%	9.1%	12.8%	20.3%	12.0%

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.