7444
Harima-Kyowa Co.,LTD.
ハリマ共和物産株式会社
Wholesale Trade
Harima-Kyowa Co.,LTD. engages in the wholesale of daily necessities, cosmetics, and toiletries in Japan. The company offers detergent-related, home product, household paper, stone testing, sanitary products, nursing care products, cosmetics, oil processing, paper and processed paper, packaging materials and hygiene products. It also provides logistics services and warehousing services. The company distributes its products to stores, including drug stores, supermarkets, and home improvement stores. In addition, it is involved in the leasing of real estate properties. Harima-Kyowa Co.,LTD. was founded in 1907 and is headquartered in Himeji, Japan.
Read more
← Companies
⚠ TSE Capital Mandate
P / Book
0.43×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥61.8B
¥61.6B
¥60.2B
¥57.8B
Cost of Sales
¥54.6B
¥54.5B
¥53.2B
¥51.4B
Gross Profit
¥7.2B
¥7.1B
¥7.0B
¥6.4B
SG&A
¥5.3B
¥5.3B
¥5.2B
¥4.8B
Operating Income
¥1.9B
¥1.8B
¥1.8B
¥1.7B
Non-Operating Income
¥183M
¥230M
¥238M
¥172M
Non-Operating Expenses
¥165M
¥2M
¥1M
¥4M
Interest Expense
¥8M
¥1M
¥1M
¥1M
Ordinary Income
¥1.9B
¥2.1B
¥2.0B
¥1.8B
Pre-tax Income
¥1.9B
¥2.1B
¥2.0B
¥1.8B
Income Taxes
¥643M
¥645M
¥619M
¥567M
Current Tax
¥662M
¥652M
¥640M
¥576M
Deferred Tax
¥-20M
¥-7M
¥-22M
¥-9M
Net Income (owners)
¥1.3B
¥1.4B
¥1.4B
¥1.2B
Minority Interest
¥1M
¥-0M
¥4M
¥5M
Comprehensive Income
¥868M
¥2.2B
¥1.4B
¥1.1B
EBITDA
¥2.4B
¥2.4B
¥2.4B
¥2.2B
EPS
¥239.59
¥261.74
¥258.89
¥223.70
Shares Outstanding
5.4M
5.4M
5.4M
5.4M
Shares Issued (total)
5.4M
5.4M
5.4M
5.4M
Treasury Shares
0.1M
0.1M
0.1M
0.1M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥36.3B
¥33.1B
¥31.4B
¥30.1B
Current Assets
¥17.7B
¥18.4B
¥18.6B
¥17.4B
Cash & Deposits
¥3.6B
¥2.8B
¥4.2B
¥3.0B
Trade Receivables
¥8.2B
¥10.4B
¥9.5B
¥9.7B
Inventories
¥2.5B
¥2.1B
¥2.4B
¥2.3B
Non-Current Assets
¥18.6B
¥14.7B
¥12.7B
¥12.7B
PP&E
¥13.9B
¥9.5B
¥8.6B
¥8.7B
Intangible Assets
¥89M
¥95M
¥107M
¥82M
Investment Securities
¥3.0B
¥3.6B
¥2.5B
¥2.4B
Deferred Tax Assets
¥15M
¥12M
¥31M
¥20M
Total Liabilities
¥11.5B
¥9.0B
¥9.1B
¥9.1B
Current Liabilities
¥8.7B
¥7.3B
¥7.8B
¥7.9B
Accounts Payable
¥4.2B
¥4.9B
¥5.5B
¥5.6B
ST Debt
¥1.1B
¥320M
¥190M
¥360M
Taxes Payable
¥381M
¥359M
¥373M
¥317M
Non-Current Liabilities
¥2.8B
¥1.7B
¥1.3B
¥1.2B
Total LT Borrowings
¥1.3B
—
—
—
Pension Obligations
¥445M
¥452M
¥457M
¥455M
Deferred Tax Liab.
¥207M
¥385M
¥81M
¥78M
Total Equity
¥24.8B
¥24.2B
¥22.2B
¥21.0B
Capital Stock
¥720M
¥720M
¥720M
¥720M
Capital Surplus
¥763M
¥751M
¥751M
¥751M
Retained Earnings
¥22.2B
¥21.2B
¥20.0B
¥18.8B
Treasury Stock
¥-50M
¥-58M
¥-58M
¥-58M
AOCI
¥1.1B
¥1.5B
¥793M
¥762M
Equity (owners)
¥23.7B
¥22.6B
¥21.4B
¥20.2B
Minority Interests
¥29M
¥28M
¥28M
¥24M
Total Interest-Bearing Debt ⓘ
¥2.5B
¥320M
¥190M
¥360M
Net Cash ⓘ
¥1.1B
¥2.4B
¥4.0B
¥2.6B
NCAV ⓘ
¥6.2B
¥9.4B
¥9.5B
¥8.3B
NCAV/Share
¥1,160
¥1,754
¥1,765
¥1,545
BV/Share
¥4,394
¥4,203
¥3,982
¥3,763
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥2.5B
¥120M
¥1.9B
¥747M
Interest Paid
¥-9M
¥-1M
¥-1M
¥-1M
Interest Received
¥64M
¥56M
¥56M
¥51M
D&A
¥537M
¥570M
¥605M
¥582M
Investing CF
¥-3.5B
¥-1.5B
¥-387M
¥-818M
CapEx
¥3.5B
¥1.5B
¥366M
¥838M
Purchase Investments
¥-7M
¥-7M
¥-7M
¥-7M
Financing CF
¥1.9B
¥-90M
¥-386M
¥-137M
Dividends Paid
¥-242M
¥-220M
¥-216M
¥-207M
Share Buybacks
¥-0M
¥-0M
—
—
LT Debt Repaid
¥-208M
—
—
—
Free Cash Flow
¥-1.1B
¥-1.4B
¥1.6B
¥-91M
Net Change in Cash
¥833M
¥-1.4B
¥1.2B
¥-208M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
5.3%
6.1%
6.4%
5.8%
ROA
3.7%
4.4%
4.5%
4.0%
EPS
¥239.59
¥261.74
¥258.89
¥223.70
DPS
¥50.00
¥45.00
¥41.00
¥40.00
BPS
¥4,602.40
¥4,490.23
¥4,129.85
¥3,905.25
FCF/Share
¥-196
¥-251
¥294
¥-17
NCAV/Share
¥1,160
¥1,754
¥1,765
¥1,545
Payout Ratio
20.9%
17.2%
15.8%
17.9%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 6
Date Activist Stake Event Flag Demands Source
2026-05-13
TSUDA BUSSAN CO., LTD.
42.08%
+0.79%
change
Passive
—
2024-01-25
NISHIMATSUYA CHAIN Co.,Ltd
10.05%
+1.01%
change
Passive
—
2023-11-07
NISHIMATSUYA CHAIN Co.,Ltd
9.04%
+1.01%
change
Passive
—
2023-10-25
TSUDA BUSSAN CO., LTD.
41.29%
+0.01%
correction
Passive
—
2023-08-21
TSUDA BUSSAN CO., LTD.
41.28%
change
Passive
—
2023-06-07
NISHIMATSUYA CHAIN Co.,Ltd
8.03%
change
Passive
—
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-05-14
14:00
Cost of Capital
—
Harima Kyowa Bussan announced a capital cost and stock price-conscious management strategy following board resolution on…
Summary
Harima Kyowa Bussan announced a capital cost and stock price-conscious management strategy following board resolution on May 14, 2026. The company acknowledged underperformance with ROE of 5.9% (5-year average) below its 8% cost of equity and persistently low PBR below 1.0x. Management commits to sustained ROE improvement through regional expansion, stable dividend policy with increased payout ratios (21.3% for FY2026), and introduction of a shareholder privilege program.
Source (JP)
現状、ROEの直近5期平均は5.9%となっており、当社の株主資本コスト(8%程度)を下回る水準で推移しております。また、PBRは直近5期継続して1倍を下回っている状況となっております。
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 12
#
Shareholder
Shares (thou.)
% of Total
1
津田物産株式会社
2,246
41.74%
2
Nishi Matsushiya Chain Co., Ltd.
株式会社西松屋チェーン
591
10.98%
3
Stock Ownership Plan
ハリマ持株会
174
3.24%
4
HIKARI TSUSHIN,INC.
光通信株式会社
158
2.94%
5
株式会社みなと銀行
150
2.79%
6
津田 侑紀
68
1.27%
7
山本 真耶
62
1.17%
8
茂理 佳弘
62
1.15%
9
土屋 匡輝
60
1.11%
10
株式会社三井住友銀行
49
0.92%
Domestic Nominees
0.0%
+0.0% 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
67.3%
+0.2% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
津田物産
33.83%
41.81%
41.74%
-0.07%
Nishi Matsushiya Chain Co., Ltd.
式会社西松屋チェーン
7.43%
10.99%
10.98%
-0.01%
Stock Ownership Plan
ハリマ持株会
3.59%
3.52%
3.24%
-0.28%
HIKARI TSUSHIN,INC.
光通信
—
2.19%
2.94%
+0.75%
式会社みなと銀行
2.79%
2.79%
2.79%
津田 侑紀
1.27%
1.27%
1.27%
山本 真耶
NEW ENTRY
—
—
—
1.17%
NEW
茂理 佳弘
—
1.16%
1.15%
-0.01%
土屋 匡輝
—
1.12%
1.11%
-0.01%
三井住友銀行
NEW ENTRY
—
—
—
0.92%
NEW
津田 真耶
last seen 2024
Exited Top 10
—
1.17%
—
Interactive Brokers
last seen 2024
Exited Top 10
—
1.09%
—
津田 信也
last seen 2023
Exited Top 10
2.96%
—
—
津田 隆雄
last seen 2023
Exited Top 10
1.53%
—
—
式会社広島銀行
last seen 2023
Exited Top 10
3.37%
—
—
津田 則子
last seen 2023
Exited Top 10
1.40%
—
—
Fidelity
last seen 2023
Exited Top 10
1.70%
—
—
Concentration (HHI)
ⓘ
1249
1901
1896
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥2,930M
+22% since 2023
Holdings
12
Trend
7 building
vs 2023
Held Company
FY2025
¥2,930M total
FY2023
¥2,411M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Nishi Matsushiya Chain Co., Ltd.
㈱西松屋チェーン
2,394
1,200,000
1,961
1,200,000
M
AEON Co.,Ltd.
イオン㈱
268
+1.5%
↑
71,422
181
70,390
LIFE CORPORATION
㈱ライフコーポレーション
76
+112.1%
↑
39,399
48
18,577
KOBAYASHI PHARMACEUTICAL CO.,LTD.
小林製薬㈱
69
+4.7%
↑
12,131
94
11,585
M
GLORY LTD.
グローリー㈱
26
10,000
29
10,000
M
FUJI CO., LTD.
㈱フジ
25
11,690
20
11,690
MatsukiyoCocokara & Co
㈱マツキヨココカラ&カンパニー
25
+200.0%
↑
10,608
25
3,536
HEIWADO CO.,LTD.
㈱平和堂
17
+11.2%
↑
6,544
12
5,886
Shiseido Company, Limited
㈱資生堂
11
3,993
25
3,993
PLANET,INC.
㈱プラネット
10
8,000
10
8,000
WELCIA HOLDINGS CO., LTD.
ウエルシアホールディングス㈱
4
+36.8%
↑
2,059
4
1,505
OKUWA CO., LTD.
㈱オークワ
4
+25.7%
↑
5,008
3
3,985
Portfolio total
2,930
2,411
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding