YAMAICHI ELECTRONICS CO.,LTD.

山一電機株式会社

Technology · Semiconductor Equipment & Materials

Yamaichi Electronics Co.,Ltd. manufactures and sells test, connector, and optical-related products in Japan and internationally. The company offers IC sockets for burn-in and test, and probe cards, as well as burn-in and board maintenance and repair services. It also provides connectors and production IC sockets, including FPC/FFC, card, coaxial, interface, board, board-to-board, optical transceiver, and board-to-cable connectors for various applications comprising cellular phones and smartphones, game equipment, multi-function and inkjet printer, digital still/digital video cameras, notebook /tablet PCs, semiconductor equipment, measuring instrument, LCD television, network and broadcast equipment, automotive products, industrial, medical equipment, and PV modules. The company offers flexible printed boards; and optical filters, tunable laser light sources, and optical modules. The company was incorporated in 1956 and is headquartered in Tokyo, Japan.

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Price

¥8,720

Market Cap

¥169.2B

Ent. Value

¥159.8B

Net Cash

¥9.4B

Shares Out.

19.4M

P / E

33.6×

EV / EBIT

19.4×

P / Book

4.28×

P / NCAV

9.20×

Div. Yield

1.02%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥45.3B	¥36.4B	¥47.0B	¥39.6B
Cost of Sales	¥27.8B	¥25.3B	¥29.2B	¥23.7B
Gross Profit	¥17.5B	¥11.1B	¥17.8B	¥15.9B
SG&A	¥9.3B	¥8.2B	¥8.6B	¥7.5B
Operating Income	¥8.2B	¥2.9B	¥9.1B	¥8.4B
Non-Operating Income	¥166M	¥349M	¥562M	¥455M
Dividend Income	¥6M	¥12M	¥6M	¥3M
Interest Income	¥42M	¥65M	¥30M	¥10M
Non-Operating Expenses	¥702M	¥368M	¥246M	¥84M
Interest Expense	¥207M	¥234M	¥164M	¥67M
Ordinary Income	¥7.7B	¥2.9B	¥9.5B	¥8.7B
Pre-tax Income	¥7.4B	¥3.1B	¥9.5B	¥8.8B
Income Taxes	¥2.1B	¥971M	¥2.2B	¥2.0B
Current Tax	¥2.3B	¥710M	¥2.3B	¥2.0B
Deferred Tax	¥-132M	¥261M	¥-89M	¥15M
Net Income (owners)	¥5.2B	¥2.1B	¥7.2B	¥6.8B
Minority Interest	¥-28M	¥53M	¥-9M	¥4M
Comprehensive Income	¥4.9B	¥3.9B	¥8.2B	¥7.7B
EBITDA	¥11.5B	¥5.7B	¥11.8B	¥10.9B
EPS	¥259.47	¥100.43	¥346.07	¥319.24
Shares Outstanding	19.4M	20.4M	20.7M	21.1M
Shares Issued (total)	21.8M	21.8M	23.3M	23.3M
Treasury Shares	2.4M	1.4M	2.6M	2.2M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥53.4B	¥51.1B	¥50.4B	¥45.4B
Current Assets	¥32.1B	¥29.7B	¥32.7B	¥30.2B
Cash & Deposits	¥13.0B	¥13.1B	¥17.2B	¥13.6B
Trade Receivables	¥7.0B	¥7.0B	¥6.1B	¥7.9B
Non-Current Assets	¥21.3B	¥21.3B	¥17.7B	¥15.1B
PP&E	¥18.5B	¥19.1B	¥15.8B	¥13.6B
Intangible Assets	¥993M	¥517M	¥229M	¥245M
Investment Securities	¥65M	¥68M	¥58M	¥57M
Deferred Tax Assets	¥323M	¥278M	¥313M	¥202M
Total Liabilities	¥13.7B	¥12.8B	¥13.4B	¥13.4B
Current Liabilities	¥10.4B	¥9.2B	¥10.4B	¥10.7B
Accounts Payable	¥2.2B	¥2.5B	¥2.2B	¥2.4B
ST Debt	¥3.3B	¥2.8B	¥3.1B	¥2.9B
Taxes Payable	¥1.9B	¥909M	¥1.5B	¥1.7B
Non-Current Liabilities	¥3.3B	¥3.6B	¥2.9B	¥2.7B
Total LT Borrowings	¥370M	¥410M	¥450M	¥300M
Pension Obligations	¥94M	¥65M	¥38M	¥24M
Deferred Tax Liab.	¥135M	¥254M	¥20M	—
Total Equity	¥39.7B	¥38.3B	¥37.0B	¥32.0B
Capital Stock	¥10.1B	¥10.1B	¥10.1B	¥10.1B
Capital Surplus	¥1.6B	¥1.6B	¥1.8B	¥1.8B
Retained Earnings	¥29.6B	¥25.3B	¥26.8B	¥22.0B
Treasury Stock	¥-4.6B	¥-2.1B	¥-3.4B	¥-2.7B
AOCI	¥2.8B	¥3.2B	¥1.4B	¥458M
Equity (owners)	¥36.7B	¥34.9B	¥35.3B	¥31.2B
Minority Interests	¥143M	¥190M	¥123M	¥126M

Total Interest-Bearing Debt ⓘ	¥3.6B	¥3.2B	¥3.6B	¥3.2B
Net Cash ⓘ	¥9.4B	¥9.9B	¥13.7B	¥10.4B
NCAV ⓘ	¥18.4B	¥16.9B	¥19.3B	¥16.8B
NCAV/Share	¥948	¥828	¥933	¥797
BV/Share	¥1,892	¥1,708	¥1,703	¥1,477

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥9.0B	¥3.2B	¥10.8B	¥7.6B
Interest Paid	¥-207M	¥-234M	¥-164M	¥-67M
Interest Received	¥48M	¥82M	¥31M	¥20M
D&A	¥3.2B	¥2.8B	¥2.7B	¥2.5B
Investing CF	¥-3.7B	¥-4.2B	¥-4.9B	¥-2.3B
CapEx	¥2.8B	¥4.5B	¥4.2B	¥2.3B
Proceeds from Invest.	—	—	—	¥204M
Financing CF	¥-5.5B	¥-3.4B	¥-3.4B	¥-1.8B
Dividends Paid	¥-973M	¥-1.8B	¥-2.4B	¥-893M
Share Buybacks	¥-2.5B	¥-700M	¥-698M	¥-500M
LT Debt Repaid	¥-40M	¥-40M	¥-20M	¥-240M
Free Cash Flow	¥6.2B	¥-1.3B	¥6.6B	¥5.3B
Net Change in Cash	¥-278M	¥-3.7B	¥3.2B	¥4.1B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	13.5%	5.5%	21.1%	23.7%
ROA	10.0%	4.1%	15.1%	14.9%
EPS	¥259.47	¥100.43	¥346.07	¥319.24
DPS	¥89.00	¥31.00	¥104.00	¥96.00
BPS	¥2,037.62	¥1,862.42	¥1,770.46	¥1,499.07
FCF/Share	¥317	¥-62	¥319	¥251
NCAV/Share	¥948	¥828	¥933	¥797
Payout Ratio	34.3%	30.9%	30.1%	30.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 38

Date	Activist	Stake	Event	Flag	Demands
2026-05-12	Nomura Securities Co.,Ltd.	5.19% +0.69%	initial_5pct	Passive	—
2026-05-11	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.51% +1.18%	initial_5pct	Passive	—
2026-02-17	Nomura Securities Co.,Ltd.	4.5% -0.62%	change	Passive	—
2025-12-05	Goldman Sachs Japan Co.,Ltd.	4.79% -1.5%	change	Passive	—
2025-12-04	Nomura Securities Co.,Ltd.	5.12% +0.52%	initial_5pct	Passive	—
2025-11-18	Nomura Securities Co.,Ltd.	4.6% -0.53%	change	Passive	—
2025-10-06	Nomura Securities Co.,Ltd.	5.13%	change	Passive	—
2025-09-22	Nomura Asset Management Co., Ltd.	5.21%	initial_5pct	Passive	—
2025-06-20	Goldman Sachs Japan Co.,Ltd.	6.29% -0.27%	change	Passive	—
2025-05-22	Sumitomo Mitsui DS Asset Management Company, Limited	3.9% -1.33%	change	Passive	—
2025-04-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	4.33% -0.82%	change	Passive	—
2025-02-07	Goldman Sachs Japan Co.,Ltd.	6.56% +1.18%	change	Passive	—
2025-01-22	Goldman Sachs Japan Co.,Ltd.	5.38%	initial_5pct	Passive	—
2025-01-10	Sumitomo Mitsui DS Asset Management Company, Limited	5.23% +0.94%	initial_5pct	Passive	—
2024-11-22	Asset Management One Co., Ltd.	2.88% -3.03%	change	Passive	—
2024-10-18	JPMorgan Securities Japan Co., Ltd.	4.34% -1.41%	change	Passive	—
2024-09-20	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.15% -1.28%	change	Passive	—
2024-09-19	JPMorgan Securities Japan Co., Ltd.	5.75%	initial_5pct	Passive	—
2024-09-06	Asset Management One Co., Ltd.	5.91% -1.22%	change	Passive	—
2024-08-07	Sumitomo Mitsui DS Asset Management Company, Limited	4.29% -1.48%	change	Passive	—
2024-07-05	NIPPON ACTIVE VALUE FUND PLC	4.26% -1.05%	change	Passive	—
2024-06-24	NIPPON ACTIVE VALUE FUND PLC	5.31% -1.05%	change	Passive	—
2024-06-21	Sumitomo Mitsui DS Asset Management Company, Limited	5.77% -1.07%	change	Passive	—
2024-04-04	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.43% +0.98%	change	Passive	—
2024-03-22	Sumitomo Mitsui DS Asset Management Company, Limited	6.84% +1.32%	change	Passive	—
2024-02-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.45% -0.25%	change	Passive	—
2024-02-07	Asset Management One Co., Ltd.	7.13% +1.01%	change	Passive	—
2024-02-06	Sumitomo Mitsui DS Asset Management Company, Limited	5.52% +1.53%	initial_5pct	Passive	—
2023-12-22	Asset Management One Co., Ltd.	6.12% +0.89%	change	Passive	—
2023-12-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.7% +0.67%	change	Passive	—
2023-12-19	NIPPON ACTIVE VALUE FUND PLC	6.36% +1.28%	change	Passive	—
2023-12-13	NIPPON ACTIVE VALUE FUND PLC	5.08%	initial_5pct	Passive	—
2023-10-05	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.03%	initial_5pct	Passive	—
2023-09-22	Norges Bank	4.46% -0.57%	change	Passive	—
2023-09-07	Sumitomo Mitsui DS Asset Management Company, Limited	3.99%	change	Passive	—
2023-08-22	Asset Management One Co., Ltd.	5.23%	initial_5pct	Passive	—
2023-07-10	Norges Bank	5.03%	initial_5pct	Passive	—
2023-06-02	SPARX Asset Management Co., Ltd.	3.73%	change	Passive	—

Capital Allocation Signals 3

Date	Type	Amount	Summary
2026-05-13 15:30	Cancellation	—	1,300,000 treasury shares to be cancelled on 2026-05-29.
Summary 1,300,000 treasury shares to be cancelled on 2026-05-29. Deadline: 2026-05-29 Shares: 1,300,000 Source (JP) 当社普通株式２. 消却する株式の総数 1,300,000株（消却前の発行済株式総数に対する割合：5.95％）３. 消却後の発行済株式総数 20,529,775株４．消却予定日 2026年５月29日（ご参考自己株式の消却に関するお知らせ TDnet PDF
2026-05-13 15:30	Div Increase	¥2.1B ¥113.0/sh +109%	Yamano Denki announced a dividend of ¥113 per share (¥2,085 million total) for fiscal year ended March 31, 2026, represe…
Summary Yamano Denki announced a dividend of ¥113 per share (¥2,085 million total) for fiscal year ended March 31, 2026, representing a significant 109% increase from ¥54 per share in the prior year. The increase reflects the company's target dividend payout ratio of 30% under its four-year medium-term management plan, with shareholder approval expected at the June 25, 2026 shareholders' meeting. Deadline: 2026-06-26 YoY: +109% Source (JP) 当社グループは、2023年度を初年度とする３ヵ年の山一電機グループ第４次中期経営計画において、配当性向30％を目指すことを公表しております。株主還元向上の一環として、期末配当の金額を決定いたしました。剰余金の配当に関するお知らせ TDnet PDF
2026-05-13 15:30	Capital Policy	—	YAMAICHI revised its shareholder return policy effective FY2027. The company will adopt progressive dividends based on a…
Summary YAMAICHI revised its shareholder return policy effective FY2027. The company will adopt progressive dividends based on a 30% consolidated payout ratio (with no-cut policy on ordinary dividends per share), and will pursue higher total shareholder return ratios (targeting >40%) through opportunistic share buybacks or special dividends using surplus capital after business investments and ordinary dividends. Source (JP) 連結配当性向30％を前提とした累進配当を採用いたします。超過資本の還元の拡充を行う手法として、事業投資・成長投資および普通配当後もなお余剰資金が存在する場合、機動的な自己株式取得または特別配当を実施することにより高総還元性向を目指してまいります。株主還元方針の変更に関するお知らせ TDnet PDF

#	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	2,415	12.45%
2	Japan Custody Bank 株式会社日本カストディ銀行	1,801	9.28%
3	BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人香港上海銀行東京支店）	545	2.80%
4	ＪＰモルガン証券株式会社	487	2.51%
5	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人株式会社みずほ銀行）	459	2.36%
6	Nippon Life Insurance 日本生命保険相互会社	421	2.17%
7	GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券株式会社）	343	1.76%
8	Employee Stock Ownership Plan 山一電機従業員持株会	286	1.47%
9	BNY Mellon (Nominee) THE BANK OF NEW YORK MELLON 140044 （常任代理人株式会社みずほ銀行）	283	1.45%
10	NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人野村證券株式会社）	244	1.25%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

21.7%

-7.6% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

3.8%

-0.7% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

12.0%

-4.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		13.92%	13.70%	12.45% -1.25%
Japan Custody Bank 日本カストディ銀行		13.35%	15.65%	9.28% -6.37%
BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS ↑		—	1.95%	2.80% +0.85%
ＪＰモルガン証券 NEW ENTRY		1.23%	—	2.51% NEW
State Street		—	2.81%	2.36% -0.45%
Nippon Life Insurance 日本生命保険		2.03%	2.05%	2.17% +0.12%
Goldman Sachs NEW ENTRY	—	—	—	1.76% NEW
Employee Stock Ownership Plan 山一電機従業員持株会		1.71%	1.61%	1.47% -0.14%
BNY Mellon NEW ENTRY		2.07%	—	1.45% NEW
NOMURA INTERNATIONAL PLC A/C JAPAN FLOW NEW ENTRY	—	—	—	1.25% NEW
NIPPON ACTIVE VALUE FUND PLC last seen 2024	Exited Top 10	—	4.82%	—
RE FUND 107-CLIENT AC last seen 2024	Exited Top 10	3.85%	3.91%	—
MICHAEL 1925 LLC last seen 2024	Exited Top 10	—	2.08%	—
Northern Trust last seen 2024	Exited Top 10	—	1.66%	—
GOVERNMENT OF NORWAY last seen 2023	Exited Top 10	3.56%	—	—
RBC ISB LUX NON RES/DOM RATE-UCITS CLIENTS ACCOUNT-MIG last seen 2023	Exited Top 10	1.38%	—	—
Concentration (HHI) ⓘ		414	497	274

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