Shindengen Electric Manufacturing Co.,Ltd.

新電元工業株式会社

Electric Appliances

Shindengen Electric Manufacturing Co.,Ltd. manufactures and sells semiconductors, electrical equipment, and power supply products in Japan. It operates in three segments: Device Business, Electrical equipment business, and Energy systems business. The company offers DC quick charger, AC charger, wireless charging system, engine and motor control, battery power supply, damper, power steering, and lighting control products; and energy storage systems ad inverters, inverter units, PV inverters, monitoring systems, and other products. It also provides industrial equipment, LED lighting, AC/DC power supplies, internet infrastructure, data centers, and telecommunication power supplies, semiconductor power. It serves the mobility, energy, industrial equipment, telecommunication, and home appliance markets. Shindengen Electric Manufacturing Co.,Ltd. was incorporated in 1949 and is headquartered in Tokyo, Japan.

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Price

¥3,580

Market Cap

¥36.9B

Ent. Value

¥55.4B

Net Debt

−¥18.5B

Shares Out.

10.3M

P / E

—

EV / EBIT

433.0×

⚠ TSE Capital Mandate

P / Book

0.56×

P / NCAV

2.67×

Div. Yield

1.82%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥105.8B	¥102.3B	¥101.0B	¥92.2B
Cost of Sales	¥91.5B	¥87.2B	¥83.2B	¥73.5B
Gross Profit	¥14.4B	¥15.0B	¥17.8B	¥18.6B
SG&A	¥14.2B	¥13.8B	¥14.2B	¥13.1B
Operating Income	¥128M	¥1.3B	¥3.6B	¥5.6B
Non-Operating Income	¥1.3B	¥1.1B	¥1.4B	¥893M
Dividend Income	¥639M	¥465M	¥404M	¥363M
Interest Income	¥380M	¥275M	¥198M	¥62M
Non-Operating Expenses	¥1.9B	¥670M	¥715M	¥627M
Interest Expense	¥369M	¥290M	¥253M	¥245M
Ordinary Income	¥-523M	¥1.7B	¥4.3B	¥5.8B
Pre-tax Income	¥-1.8B	¥1.5B	¥4.1B	¥6.8B
Income Taxes	¥681M	¥2.2B	¥2.4B	¥918M
Current Tax	¥1.2B	¥1.6B	¥1.1B	¥1.4B
Deferred Tax	¥-535M	¥472M	¥1.3B	¥-458M
Net Income (owners)	¥-2.4B	¥-712M	¥1.6B	¥5.9B
Comprehensive Income	¥-3.4B	¥9.7B	¥6.3B	¥7.8B
EBITDA	¥5.5B	¥6.8B	¥9.3B	¥11.1B
EPS	¥-236.15	¥-69.08	¥159.56	¥572.70
Shares Outstanding	10.3M	10.3M	10.3M	10.3M
Shares Issued (total)	10.3M	10.3M	10.3M	10.3M
Treasury Shares	0.0M	0.0M	0.0M	0.0M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥136.5B	¥144.7B	¥138.1B	¥135.0B
Current Assets	¥84.2B	¥89.1B	¥85.4B	¥82.0B
Cash & Deposits	¥20.4B	¥26.3B	¥25.1B	¥29.6B
Trade Receivables	¥17.1B	¥16.3B	¥17.5B	¥16.6B
Non-Current Assets	¥52.3B	¥55.6B	¥52.7B	¥53.1B
PP&E	¥35.1B	¥35.1B	¥35.6B	¥36.1B
Intangible Assets	¥548M	¥614M	¥684M	¥747M
Investment Securities	¥14.9B	¥18.5B	¥14.9B	¥14.8B
Deferred Tax Assets	¥268M	¥324M	¥659M	¥703M
Total Liabilities	¥70.4B	¥73.8B	¥75.6B	¥77.8B
Current Liabilities	¥30.9B	¥31.1B	¥32.5B	¥29.8B
Accounts Payable	¥13.8B	¥16.4B	¥17.7B	¥16.7B
ST Debt	¥9.3B	¥6.4B	¥5.9B	¥5.1B
Taxes Payable	¥215M	¥472M	¥239M	¥414M
Non-Current Liabilities	¥39.4B	¥42.6B	¥43.1B	¥48.0B
Total LT Borrowings	¥29.6B	¥30.6B	¥29.1B	¥32.1B
Pension Obligations	¥5.2B	¥5.7B	¥8.6B	¥12.2B
Deferred Tax Liab.	¥2.8B	¥3.8B	¥2.7B	¥334M
Total Equity	¥66.1B	¥70.9B	¥62.5B	¥57.2B
Capital Stock	¥17.8B	¥17.8B	¥17.8B	¥17.8B
Capital Surplus	¥7.7B	¥7.7B	¥7.7B	¥7.7B
Retained Earnings	¥24.7B	¥28.5B	¥30.6B	¥29.9B
Treasury Stock	¥-80M	¥-95M	¥-109M	¥-117M
AOCI	¥15.9B	¥16.9B	¥6.5B	¥1.8B
Equity (owners)	¥50.2B	¥54.0B	¥56.0B	¥55.4B

Total Interest-Bearing Debt ⓘ	¥38.9B	¥36.9B	¥35.0B	¥37.2B
Net Cash ⓘ	¥-18.5B	¥-10.6B	¥-9.9B	¥-7.6B
NCAV ⓘ	¥13.8B	¥15.3B	¥9.9B	¥4.1B
NCAV/Share	¥1,341	¥1,488	¥959	¥402
BV/Share	¥4,866	¥5,233	¥5,433	¥5,374

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-2.2B	¥2.2B	¥2.7B	¥8.3B
Interest Paid	¥-370M	¥-288M	¥-253M	¥-245M
Interest Received	¥1.0B	¥747M	¥611M	¥463M
D&A	¥5.4B	¥5.5B	¥5.7B	¥5.5B
Investing CF	¥-4.5B	¥-1.8B	¥-4.1B	¥-7.9B
CapEx	¥4.6B	¥4.3B	¥4.7B	¥8.9B
Proceeds from Invest.	¥184M	¥2.7B	¥123M	¥1.1B
Financing CF	¥-186M	¥-252M	¥-3.5B	¥1.3B
Dividends Paid	¥-1.3B	¥-1.3B	¥-1.0B	—
Share Buybacks	¥0M	¥0M	¥-1M	¥-1M
LT Debt Repaid	¥-7.5B	¥-5.9B	¥-5.1B	¥-5.1B
Free Cash Flow	¥-6.8B	¥-2.1B	¥-2.0B	¥-641M
Net Change in Cash	¥-5.9B	¥1.2B	¥-4.0B	¥2.5B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	-3.6%	-1.1%	2.7%	11.1%
ROA	-1.7%	-0.5%	1.2%	4.4%
EPS	¥-236.15	¥-69.08	¥159.56	¥572.70
DPS	¥65.00	¥130.00	¥130.00	¥100.00
BPS	¥6,411.20	¥6,876.60	¥6,066.34	¥5,552.41
FCF/Share	¥-659	¥-202	¥-194	¥-62
NCAV/Share	¥1,341	¥1,488	¥959	¥402
Payout Ratio	—	—	81.5%	17.5%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2026-02-17	HONDA MOTOR CO., LTD.	11.47% -1.46%	change	Passive	—
2025-11-27	HONDA MOTOR CO., LTD.	12.93%	correction	Passive	—
2025-06-20	HONDA MOTOR CO., LTD.	12.93%	change	Passive	—
2024-07-05	Mizuho Bank, Ltd.	5.02% +0.4%	initial_5pct	Passive	—
2024-05-22	Mizuho Bank, Ltd.	4.62%	change	Passive	—
2024-01-10	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	4.64%	change	Passive	—
2023-06-06	LSV Asset Management	4.59%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	HONDA MOTOR CO., LTD. 本田技研工業株式会社	1,336	12.95%
2	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）	876	8.50%
3	Chuo-Nittochi Co., Ltd. 中央日本土地建物株式会社	502	4.87%
4	Custody Bank of Japan, Ltd. (Trust Account) みずほ信託銀行株式会社退職給付信託みずほ銀行口再信託受託者株式会社日本カストディ銀行	356	3.46%
5	Asahi Mutual Life Insurance 朝日生命保険相互会社（常任代理人株式会社日本カストディ銀行）	325	3.16%
6	Stock Ownership Plan 新電元工業協力会社持株会	301	2.92%
7	Employee Stock Ownership Plan 新電元工業従業員持株会	228	2.22%
8	損害保険ジャパン株式会社（常任代理人株式会社日本カストディ銀行）	200	1.94%
9	株式会社埼玉りそな銀行	185	1.80%
10	株式会社三井住友銀行	138	1.34%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

12.0%

-4.1% 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

31.2%

+3.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
HONDA MOTOR CO., LTD. 本田技研工業		12.96%	12.96%	12.95% -0.01%
Japan Master Trust Bank 日本マスタートラスト信託銀行		9.92%	8.48%	8.50% +0.02%
Chuo-Nittochi Co., Ltd. 中央日本土地建物		4.88%	4.87%	4.87%
Japan Custody Bank 日本カストディ銀行		10.13%	7.61%	3.46% -4.15%
Asahi Mutual Life Insurance 朝日生命保険相互会社		3.16%	3.16%	3.16%
Stock Ownership Plan 新電元工業協力会社持株会		2.59%	2.70%	2.92% +0.22%
Employee Stock Ownership Plan 新電元工業従業員持株会		1.87%	2.04%	2.22% +0.18%
Sompo Japan Insurance Inc. 損害保険ジャパン		1.94%	1.94%	1.94%
りそな銀行 NEW ENTRY	—	—	—	1.80% NEW
三井住友銀行 NEW ENTRY	—	—	—	1.34% NEW
Concentration (HHI) ⓘ		417	347	308

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

Portfolio Book Value ¥13,199M +17% since 2023

Holdings 14 +3 new 6 exited

Trend 2 building vs 2023

Held Company	FY2025 ¥13,199M total		FY2023 ¥11,268M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
HONDA MOTOR CO., LTD. 本田技研工業㈱	9,021	+200.0% ↑ 6,720,000	7,862	2,240,000	M
HAZAMA ANDO CORPORATION ㈱安藤・間	723	530,000	453	530,000	M
Denyo Co.,Ltd. デンヨー㈱	683	280,000	476	280,000	M
日本電信電話㈱	651	+2400.0% ↑ 4,500,000	713	180,000
The Shibusawa Warehouse Co.,Ltd. 澁澤倉庫㈱	550	170,000	377	170,000	M
Sompo Holdings, Inc. SOMPOホールディングス㈱（注）６	325	NEW New 72,000	—
SIIX Corp. シークス㈱	293	268,800	379	268,800	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	229	114,000	96	114,000
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	223	55,200	103	55,200	M
KAGA ELECTRONICS CO.,LTD. 加賀電子㈱（注）７	190	NEW New 70,600	—		M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ（注）８	179	NEW New 47,400	—
The Yamagata Bank, Ltd. ㈱山形銀行	57	40,800	41	40,800	M
Resona Holdings, Inc. ㈱りそなホールディングス	45	35,700	22	35,700
CMK CORPORATION 日本シイエムケイ㈱	30	75,700	34	75,700	M
Glosel Co., Ltd. ㈱グローセル	—	−100% Exit —	315	748,400	M
KAGA ELECTRONICS CO.,LTD. 加賀電子㈱	—	−100% Exit —	176	35,300	M
Sompo Holdings, Inc. SOMPOホールディングス㈱	—	−100% Exit —	126	24,000
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	83	15,800
The Musashino Bank, Ltd. ㈱武蔵野銀行	—	−100% Exit —	8	3,700	M
Ryosan Co., Ltd. ㈱リョーサン	—	−100% Exit —	4	1,300	M
Portfolio total	13,199		11,268

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