�シ。�シイ�シ・繝帙�シ繝ォ繝�繧」繝ウ繧ー繧ケ譬ェ蠑丈シ夂、セ

5857 アサヒホールディングス株式会社

Waste Management · Prime · TSE: Disclosed

PRICE: ¥3,065 · MKT CAP: ¥237.3B · P/E: 9.7x · P/B: 1.14x · DIV YIELD: 2.6%

PRICE — 5Y

Characteristics & Business Summary

ARE Holdings, Inc. engages in refining, manufacturing, and trading of precious metals and rare metals in Japan, Asia, and North America. The company operates in two segments, Precious Metals and Environmental Preservation. It recycles and sells various...

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

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Net Sales	164,776	192,442	292,449	322,253	506,211	569,992	330,000
Operating Profit	25,126	26,446	19,263	12,367	19,984	37,088	20,000
Ordinary Profit	—	—	—	—	—	34,706	—
Net Profit	25,725	18,735	10,929	24,490	14,319	24,441	14,000
EPS	¥646	¥235	¥141	¥314	¥185	¥316	¥337
DPS	¥170	¥90	¥90	¥90	¥80	¥60	¥135

Balance Sheet & Valuation Highlights

Total Assets ¥615B

Net Assets (Equity) ¥231B

Equity Ratio 37.5%

ROE (Return on Equity) 10.6%

Cash & Equivalents ¥10B

Interest-Bearing Debt ¥183B

Capital Expenditure (CapEx) ¥8B

Depreciation & Amort. ¥3B

Major Shareholders

1. The Master Trust Bank of Japan, Ltd. (Trust Account) 16.1%
2. Japan Custody Bank 6.9%
3. 寺山満春 2.3%
4. 寺山正道 1.8%
5. STATE STREET BANK WEST CLIENT - TREATY 1.5%
6. CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS) 1.4%
7. Mizuho Bank, Ltd. 1.3%
8. JP MORGAN CHASE BANK 1.3%
9. MUFG Bank 1.2%
10. Mizuho Bank, Ltd. 1.1%

Activist Activity

JPMorgan Asset Management (Japan) Limited 6.37%

2026-05-20 · change

Mitsubishi UFJ Financial Group Inc. 4.5%

2026-05-08 · change

JPMorgan Asset Management (Japan) Limited 6.15%

2026-05-08 · change

BlackRock Japan Co., Ltd. 5.2%

2026-04-22 · correction

JPMorgan Asset Management (Japan) Limited 7.14%

2026-04-20 · change

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues per share	¥4,138	¥2,416	¥3,767	¥4,136	¥6,539	¥7,363	—
FCF/Share	¥-967	¥34	¥417	¥65	¥94	¥-1,391	—
EPS	¥646	¥235	¥141	¥314	¥185	¥316	¥337
DPS	¥170	¥90	¥90	¥90	¥80	¥60	¥135
Capital Spending per share	¥129	¥106	¥57	¥97	¥96	¥108	—
Book Value per share	¥2,459	¥1,320	¥1,378	¥1,623	¥1,632	¥2,978	—
Common Shares Outstanding	40M	80M	78M	78M	77M	—	—

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues (Net Sales)	¥165B	¥192B	¥292B	¥322B	¥506B	¥570B	¥330B
Operating Margin (%)	15.2%	13.7%	6.6%	3.8%	3.9%	6.5%	6.1%
Net Profit (owners)	¥26B	¥19B	¥11B	¥24B	¥14B	¥24B	¥14B
Net Profit Margin (%)	15.6%	9.7%	3.7%	7.6%	2.8%	4.3%	4.2%
Working Capital	¥45B	¥49B	¥58B	¥62B	¥56B	¥152B	—
Total Debt (Interest-bearing)	¥105B	¥151B	¥144B	¥141B	¥290B	¥183B	—
Net Worth (Common Equity)	¥98B	¥105B	¥107B	¥126B	¥126B	¥231B	—
Return on Total Assets (ROA)	10.5%	6.3%	3.8%	7.7%	2.9%	4.0%	—
Return on Common Equity (ROE)	26.3%	17.8%	10.2%	19.4%	11.3%	10.6%	—

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.