5471
Daido Special Steel Co., Ltd.
大同特殊鋼株式会社
Basic Materials · Steel
Daido Steel Co., Ltd. engages in the manufacture and sale of steel products in Japan and internationally. The Specialty Steel segment is involved in automotive parts, industrial machinery parts, electrical machinery parts, construction, and tool steel business; and products and materials manufacturing, distribution, raw materials sales, transportation and logistics business. The High Performance Materials and Magnetic Materials segment offers stainless steel products, nickel-based alloys, electrical and electronics parts, magnetic material products, alloy powders, titanium products, and welding wires. The Parts For Automobile and Industrial Equipment segment provides die forgings, precise hot forgings, and welded parts, including automotive parts and bearing races; open die forgings parts for boats and ships, industrial machines, heavy electric machines, steel making equipment, chemical equipment, oil drilling rigs, and spacecraft and aircraft; and castings comprising manganese railway rails, components for automobiles, industrial machines, electric machines and furnaces, cast steel products, etc. This segment also offers precision castings for automotive, industrial machines, electric machines, telecommunications equipment, etc.; and lumber industry band saws, engine valves, compressors, hydraulic equipment, and machine tool parts. The Engineering segment provides steel making equipment; industrial furnaces and facilities; environmental equipment for drainage, exhaust, waste disposal, and treatment facilities; machine tools; and machine maintenance services. The Trading and Service segment engages in the provision of welfare services; real estate and insurance business; and golf course management and analysis businesses. Daido Steel Co., Ltd. was founded in 1916 and is headquartered in Nagoya, Japan.
Price
¥2,078
Market Cap
¥428.3B
Ent. Value
¥537.9B
Net Debt
−¥109.6B
Shares Out.
206.1M
P / E
15.4×
EV / EBIT
13.7×
P / Book
—
P / NCAV
4.15×
Div. Yield
2.26%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥574.9B | ¥578.6B | ¥578.6B | ¥529.7B |
| Cost of Sales | ¥470.8B | ¥480.6B | ¥476.2B | ¥437.6B |
| Gross Profit | ¥104.2B | ¥97.9B | ¥102.3B | ¥92.1B |
| SG&A | ¥61.3B | ¥59.1B | ¥55.4B | ¥55.1B |
| Operating Income | ¥39.4B | ¥42.2B | ¥47.0B | ¥37.0B |
| Non-Operating Income | ¥3.1B | ¥3.1B | ¥4.7B | ¥4.8B |
| Dividend Income | — | — | ¥2.3B | ¥2.0B |
| Interest Income | — | — | ¥227M | ¥141M |
| Non-Operating Expenses | ¥1.1B | ¥1.1B | ¥3.5B | ¥2.5B |
| Interest Expense | — | — | ¥938M | ¥823M |
| Ordinary Income | — | — | ¥48.1B | ¥39.2B |
| Pre-tax Income | ¥42.7B | ¥45.1B | ¥49.4B | ¥40.7B |
| Income Taxes | — | — | ¥10.9B | ¥11.1B |
| Current Tax | — | — | ¥12.6B | ¥12.5B |
| Deferred Tax | — | — | ¥-1.7B | ¥-1.4B |
| Net Income (owners) | ¥28.3B | ¥30.6B | ¥36.4B | ¥26.9B |
| Minority Interest | ¥2.2B | ¥2.0B | ¥2.1B | ¥2.7B |
| Comprehensive Income | ¥31.5B | ¥73.1B | ¥49.9B | ¥34.2B |
| EBITDA | ¥69.7B | ¥72.0B | ¥73.0B | ¥63.8B |
| EPS | ¥134.57 | ¥233.47 | ¥854.83 | ¥630.94 |
| Shares Outstanding | 206.1M | 213.5M | 42.6M | 42.6M |
| Shares Issued (total) | 217.2M | 217.2M | 43.4M | 43.4M |
| Treasury Shares | 11.1M | 3.7M | 0.8M | 0.8M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥783.0B | ¥788.7B | ¥773.9B | ¥728.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥417.0B | ¥415.4B | ¥428.1B | ¥391.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥61.2B | ¥46.0B | ¥58.2B | ¥58.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | — | — | ¥128.0B | ¥125.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥366.0B | ¥373.3B | ¥345.7B | ¥336.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥234.5B | ¥220.0B | ¥220.2B | ¥223.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥6.6B | ¥5.0B | ¥4.5B | ¥3.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | — | — | ¥90.3B | ¥86.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥3.2B | ¥3.6B | ¥1.9B | ¥3.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥313.8B | ¥331.4B | ¥368.4B | ¥363.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥182.3B | ¥170.7B | ¥215.2B | ¥230.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | — | — | ¥48.7B | ¥53.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥72.2B | ¥49.7B | ¥93.3B | ¥84.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | — | — | ¥6.4B | ¥10.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥131.6B | ¥160.8B | ¥153.1B | ¥133.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥98.6B | ¥121.4B | ¥115.0B | ¥94.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | — | — | ¥12.9B | ¥13.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥11.4B | ¥17.1B | ¥15.7B | ¥14.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥469.1B | ¥457.3B | ¥405.5B | ¥365.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | — | — | ¥37.2B | ¥37.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥31.4B | ¥31.4B | ¥31.2B | ¥31.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥332.9B | ¥312.2B | ¥266.4B | ¥238.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-12.1B | ¥-3.7B | ¥-3.7B | ¥-3.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥39.9B | ¥41.4B | ¥37.6B | ¥26.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥429.3B | ¥418.6B | ¥331.1B | ¥303.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥39.9B | ¥38.8B | ¥36.8B | ¥35.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥170.8B | ¥171.1B | ¥208.3B | ¥179.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-109.6B | ¥-125.1B | ¥-150.1B | ¥-121.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥103.2B | ¥84.0B | ¥59.7B | ¥28.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥501 | ¥393 | ¥1,402 | ¥669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,083 | ¥1,960 | ¥7,771 | ¥7,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥53.5B | ¥50.2B | ¥22.6B | ¥-16.7B |
| Interest Paid | — | — | ¥-920M | ¥-818M |
| Interest Received | — | — | ¥2.6B | ¥2.3B |
| D&A | ¥30.3B | ¥29.8B | ¥26.1B | ¥26.8B |
| Investing CF | ¥-15.6B | ¥13.6B | ¥-20.1B | ¥-14.6B |
| CapEx | — | — | ¥21.4B | ¥19.1B |
| Purchase Investments | — | — | ¥-521M | ¥-19M |
| Proceeds from Invest. | — | — | ¥1.6B | ¥7.7B |
| Financing CF | ¥-22.7B | ¥-76.5B | ¥-2.7B | ¥19.4B |
| Dividends Paid | — | — | ¥-8.5B | ¥-4.5B |
| Share Buybacks | — | — | ¥-4M | ¥-3M |
| LT Debt Repaid | — | — | ¥-20.0B | ¥-10.4B |
| Free Cash Flow | ¥53.5B | ¥50.2B | ¥1.2B | ¥-35.8B |
| Net Change in Cash | ¥15.2B | ¥-10.5B | ¥844M | ¥-9.9B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 6.1% | 12.5% | 10.4% | 8.5% |
| ROA | 3.6% | 3.9% | 4.9% | 3.7% |
| EPS | ¥134.57 | ¥233.47 | ¥854.83 | ¥630.94 |
| DPS | ¥47.00 | ¥126.00 | ¥230.00 | ¥180.00 |
| BPS | — | ¥2,009.91 | ¥8,650.15 | ¥7,734.92 |
| FCF/Share | ¥260 | ¥235 | ¥28 | ¥-839 |
| NCAV/Share | ¥501 | ¥393 | ¥1,402 | ¥669 |
| Payout Ratio | 34.9% | 54.0% | 26.9% | 28.5% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 10
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-15
19:00
|
TOB | ¥4491.0/sh | Daido Tokushugou (Code: 5471) initiated a tender offer for all outstanding shares of Tohoku Tokushugou (Code: 5484) at ¥… | |
|
Summary
Daido Tokushugou (Code: 5471) initiated a tender offer for all outstanding shares of Tohoku Tokushugou (Code: 5484) at ¥4,491 per share, with the intention to make it a wholly-owned subsidiary. The TOB period runs from May 18, 2026 to June 29, 2026 (31 business days). Major shareholders including Okaya Steel (10.12%), Tokyo Ceramic (8.50%), and Hikari Communications Group (20.99% combined) have committed to not tender their shares and to support squeeze-out procedures.
Deadline: 2026-06-29
Source (JP)
東北特殊鋼株式会社(証券コード:5484)の普通株式を金融商品取引法に基づく公開買付けにより取得することを決議いたしました。買付け等の期間:2026年5月18日(月曜日)から2026年6月29日(月曜日)まで(31営業日)。買付け等の価格:普通株式1株につき、金4,491円。公開買付けの目的:完全子会社化。
東北特殊鋼株式会社(証券コード:5484)に対する公開買付けの開始に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱(信託口)
|
20,284 | 9.83% |
| 2 |
Japan Custody Bank
㈱日本カストディ銀行(信託口)
|
13,572 | 6.57% |
| 3 | 日本製鉄㈱ | 10,862 | 5.26% |
| 4 | 明治安田生命保険(相) | 10,379 | 5.03% |
| 5 |
Mizuho Bank
㈱みずほ銀行
|
7,886 | 3.82% |
| 6 | 日本発條㈱ | 7,248 | 3.51% |
| 7 |
MUFG Bank
㈱三菱UFJ銀行
|
6,071 | 2.94% |
| 8 | 本田技研工業㈱ | 4,568 | 2.21% |
| 9 | トヨタ自動車㈱ | 4,345 | 2.10% |
| 10 | 日鉄興和不動産㈱ | 3,747 | 1.81% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
16.4%
-1.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
26.7%
-2.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 43.1% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 日本マスタートラスト信託銀行 | — | 10.28% | 9.83% -0.45% | |
| Japan Custody Bank 日本カストディ銀行 | 5.67% | 7.28% | 6.57% -0.71% | |
| 日本製鉄 | 7.27% | 7.25% | 5.26% -1.99% | |
| 明治安田生命保険 | 4.86% | 4.85% | 5.03% +0.18% | |
| Mizuho Bank みずほ銀行 | 3.69% | 3.69% | 3.82% +0.13% | |
| 日本発條 | 3.40% | 3.39% | 3.51% +0.12% | |
| MUFG Bank 三菱UFJ銀行 | — | 2.84% | 2.94% +0.10% | |
| 本田技研工業 | 3.06% | 3.05% | 2.21% -0.84% | |
| トヨタ自動車 | 2.03% | 2.03% | 2.10% +0.07% | |
| 日鉄興和不動産 | 1.75% | 1.75% | 1.81% +0.06% | |
| ㈱三菱UFJ銀行 last seen 2023 | Exited Top 10 | 2.84% | — | — |
| 日本マスタートラスト信託 銀行 last seen 2023 | Exited Top 10 | 9.67% | — | — |
| Concentration (HHI) ⓘ | 252 | 284 | 241 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥38,235M
-46% since 2023
Holdings
28
+4 new
10 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥38,235M total | FY2023 ¥70,273M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
HONDA MOTOR CO., LTD.
本田技研工業㈱
|
10,106 |
+98.6%
↑
7,528,300
|
13,305 | 3,790,600 | M |
| Sunflag Iron and Steel Co., Ltd. | 7,428 |
18,021,945
|
4,369 | 18,021,945 | |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
3,324 |
NEW
New
1,653,100
|
— | ||
|
TYK CORPORATION
東京窯業㈱
|
2,534 |
5,225,140
|
1,724 | 5,225,140 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
2,531 |
-16.3%
↓
624,917
|
1,402 | 746,717 | |
|
TOYOTA MOTOR CORPORATION
トヨタ自動車㈱
|
2,189 |
837,000
|
1,573 | 837,000 | M |
|
OKAYA&CO.,LTD.
岡谷鋼機㈱
|
1,848 |
+100.0%
↑
264,800
|
1,372 | 132,400 | M |
|
Sumitomo Metal Mining Co., Ltd.
住友金属鉱山㈱
|
1,773 |
546,500
|
2,759 | 546,500 | M |
|
Central Japan Railway Company
東海旅客鉄道㈱
|
1,044 |
+400.0%
↑
366,000
|
1,157 | 73,200 | |
|
TOKAI CARBON CO., LTD.
東海カーボン㈱
|
771 |
811,100
|
1,021 | 811,100 | M |
|
TOHO GAS CO.,LTD.
東邦瓦斯㈱
|
752 |
182,000
|
448 | 182,000 | M |
|
UNIVANCE CORPORATION
㈱ユニバンス
|
723 |
1,900,000
|
729 | 1,900,000 | M |
|
NACHI-FUJIKOSHI CORP.
㈱不二越
|
658 |
192,800
|
761 | 192,800 | M |
|
Noritake Company Limited
ノリタケ㈱
|
579 |
NEW
New
165,600
|
— | M | |
|
NIPPON STEEL CORPORATION
日本製鉄㈱
|
495 |
-74.3%
↓
155,000
|
1,884 | 604,000 | M |
|
NPR-RIKEN CORPORATION
リケンNPR㈱
|
361 |
NEW
New
144,900
|
— | ||
|
Sintokogio,Ltd.
新東工業㈱
|
257 |
310,000
|
258 | 310,000 | M |
|
UEX, LTD.
㈱UEX
|
249 |
NEW
New
316,000
|
— | M | |
|
Japan Metallurgical & Chemical Co., Ltd.
日本冶金工業㈱
|
232 |
55,900
|
237 | 55,900 | M |
|
MORY INDUSTRIES INC.
モリ工業㈱
|
199 |
40,000
|
138 | 40,000 | M |
|
East Japan Railway Company
東日本旅客鉄道㈱
|
162 |
+200.0%
↑
54,900
|
134 | 18,300 | M |
|
Misonoza Co.
㈱御園座
|
20 |
12,000
|
21 | 12,000 | |
|
Kobe Steel, Ltd.
㈱神戸製鋼所 (注)3
|
— | — | |||
|
Nikkiso Co.
日機装㈱ (注)3
|
— | — | |||
|
JTEKT Corporation
㈱ジェイテクト (注)3
|
— | — | |||
|
West Japan Railway Company
西日本旅客鉄道㈱ (注)3
|
— | — | |||
| 東洋刃物㈱ (注)3 | — | — | M | ||
|
SATO SHO-JI CORPORATION
佐藤商事㈱ (注)3
|
— | — | M | ||
| 日本発条㈱ | — |
−100%
Exit
—
|
8,056 | 8,507,360 | M |
|
HINO MORTORS,LTD.
日野自動車㈱
|
— |
−100%
Exit
—
|
411 | 745,000 | M |
|
DENSO CORPORATION
㈱デンソー
|
— |
−100%
Exit
—
|
16,660 | 2,238,400 | M |
|
suzuki motor corporation
スズキ㈱
|
— |
−100%
Exit
—
|
7,745 | 1,612,400 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
— |
−100%
Exit
—
|
1,744 | 2,057,300 | |
|
NTN CORPORATION
NTN㈱
|
— |
−100%
Exit
—
|
1,097 | 3,256,000 | |
|
UEX, LTD.
㈱UEX
|
— |
−100%
Exit
—
|
398 | 316,000 | M |
| ㈱ノリタケカンパニーリミテド | — |
−100%
Exit
—
|
380 | 82,800 | M |
|
OBAYASHI CORPORATION
㈱大林組
|
— |
−100%
Exit
—
|
303 | 300,000 | M |
|
RIKEN CORPORATION
㈱リケン
|
— |
−100%
Exit
—
|
187 | 72,450 | M |
| Portfolio total | 38,235 | 70,273 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding