DAISUI CO.,LTD.

株式会社大水

Wholesale Trade

Daisui Co.,Ltd., together with its subsidiaries, engages in the wholesale of marine products in Japan. It also offers fresh and salted fish, and refrigeration warehousing services. The company supplies its products to supermarkets and restaurants. It also exports its products. Daisui Co.,Ltd. was incorporated in 1939 and is based in Osaka, Japan.

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Price

¥380

Market Cap

¥5.2B

Ent. Value

¥5.1B

Net Cash

¥1M

Shares Out.

13.6M

P / E

4.3×

EV / EBIT

7.6×

⚠ TSE Capital Mandate

P / Book

0.45×

P / NCAV

1.14×

Div. Yield

1.58%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥99.3B	¥98.5B	¥98.5B	¥88.8B
Cost of Sales	¥92.7B	¥91.8B	¥91.7B	¥82.9B
Gross Profit	¥6.6B	¥6.7B	¥6.8B	¥5.9B
SG&A	¥5.9B	¥5.8B	¥6.3B	¥6.1B
Operating Income	¥680M	¥830M	¥432M	¥-190M
Non-Operating Income	¥306M	¥342M	¥359M	¥279M
Dividend Income	¥97M	¥83M	¥73M	¥65M
Interest Income	¥2M	¥1M	¥3M	¥6M
Non-Operating Expenses	¥162M	¥173M	¥193M	¥208M
Interest Expense	¥23M	¥21M	¥30M	¥20M
Ordinary Income	¥824M	¥998M	¥598M	¥-119M
Pre-tax Income	¥826M	¥1.0B	¥588M	¥40M
Income Taxes	¥-362M	¥34M	¥-113M	¥59M
Current Tax	¥77M	¥45M	¥46M	¥24M
Deferred Tax	¥-440M	¥-10M	¥-160M	¥35M
Net Income (owners)	¥1.2B	¥1.0B	¥701M	¥-18M
Comprehensive Income	¥1.5B	¥1.9B	¥709M	¥-77M
EBITDA	¥807M	¥950M	¥547M	¥-56M
Goodwill Amort. (J-GAAP)	¥3M	¥3M	¥3M	¥3M
EPS	¥87.92	¥75.00	¥52.46	¥-1.38
Shares Outstanding	13.6M	13.5M	13.4M	13.3M
Shares Issued (total)	13.8M	13.8M	13.8M	13.8M
Treasury Shares	0.2M	0.3M	0.4M	0.5M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥24.8B	¥24.7B	¥22.5B	¥21.1B
Current Assets	¥17.9B	¥18.4B	¥17.1B	¥15.7B
Cash & Deposits	¥3.0B	¥4.3B	¥2.9B	¥2.3B
Trade Receivables	¥8.7B	¥9.0B	¥8.3B	¥7.6B
Non-Current Assets	¥6.9B	¥6.4B	¥5.4B	¥5.4B
PP&E	¥2.8B	¥2.6B	¥2.7B	¥2.7B
Intangible Assets	¥65M	¥87M	¥69M	¥89M
Investment Securities	¥3.7B	¥3.4B	¥2.4B	¥2.3B
Deferred Tax Assets	¥14M	¥4M	—	¥6M
Total Liabilities	¥13.4B	¥14.7B	¥14.3B	¥13.5B
Current Liabilities	¥9.6B	¥11.4B	¥10.5B	¥9.7B
Accounts Payable	¥6.8B	¥7.9B	¥6.6B	¥6.9B
ST Debt	¥1.6B	¥1.8B	¥2.9B	¥2.0B
Taxes Payable	¥60M	¥43M	¥35M	¥34M
Non-Current Liabilities	¥3.8B	¥3.3B	¥3.8B	¥3.8B
Total LT Borrowings	¥1.4B	¥500M	¥1.2B	¥1.2B
Pension Obligations	¥1.1B	¥1.3B	¥1.5B	¥1.5B
Deferred Tax Liab.	¥398M	¥645M	¥239M	¥337M
Total Equity	¥11.5B	¥10.0B	¥8.2B	¥7.6B
Capital Stock	¥100M	¥100M	¥100M	¥2.4B
Capital Surplus	¥2.8B	¥2.8B	¥2.7B	¥497M
Retained Earnings	¥6.3B	¥5.2B	¥4.3B	¥3.6B
Treasury Stock	¥-56M	¥-72M	¥-91M	¥-114M
AOCI	¥2.3B	¥2.0B	¥1.2B	¥1.2B
Equity (owners)	¥9.1B	¥8.0B	¥7.0B	¥6.4B

Total Interest-Bearing Debt ⓘ	¥3.0B	¥2.3B	¥4.1B	¥3.2B
Net Cash ⓘ	¥1M	¥2.0B	¥-1.2B	¥-917M
NCAV ⓘ	¥4.5B	¥3.7B	¥2.9B	¥2.2B
NCAV/Share	¥334	¥272	¥213	¥165
BV/Share	¥675	¥594	¥526	¥479

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-1.1B	¥2.7B	¥-349M	¥-2.0B
Taxes Paid	¥-37M	¥-3M	¥-49M	¥-64M
Interest Paid	¥-25M	¥-22M	¥-30M	¥-21M
Interest Received	¥99M	¥84M	¥76M	¥73M
D&A	¥124M	¥117M	¥112M	¥131M
Goodwill Amort.	¥3M	¥3M	¥3M	¥3M
Investing CF	¥-296M	¥227M	¥123M	¥280M
CapEx	¥275M	¥41M	¥52M	¥77M
Purchase Investments	¥-15M	¥-8M	¥-8M	¥-7M
Proceeds from Invest.	¥6M	¥93M	¥5M	¥240M
Financing CF	¥12M	¥-1.3B	¥841M	¥428M
Dividends Paid	¥-80M	¥-66M	¥-53M	¥-65M
Share Buybacks	¥0M	¥0M	¥0M	¥0M
LT Debt Repaid	¥-350M	¥-250M	¥-250M	¥-250M
Free Cash Flow	¥-1.3B	¥2.6B	¥-401M	¥-2.1B
Net Change in Cash	¥-1.3B	¥1.6B	¥623M	¥-1.3B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	11.1%	11.1%	8.9%	-0.2%
ROA	4.8%	4.3%	3.2%	-0.1%
EPS	¥87.92	¥75.00	¥52.46	¥-1.38
DPS	¥6.00	¥6.00	¥5.00	¥4.00
BPS	¥845.39	¥744.46	¥613.68	¥567.01
FCF/Share	¥-99	¥193	¥-30	¥-156
NCAV/Share	¥334	¥272	¥213	¥165
Payout Ratio	6.8%	8.0%	9.5%	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-12 15:00	Div Increase	¥95M ¥7.0/sh +17%	Daizu Co., Ltd. (7538, TSE Standard) announced a dividend increase for FY2026 (ended March 31, 2026) of ¥7.00 per share,…
Summary Daizu Co., Ltd. (7538, TSE Standard) announced a dividend increase for FY2026 (ended March 31, 2026) of ¥7.00 per share, up ¥1.00 (+16.7%) from the previous year's ¥6.00 DPS. Total dividend payout is ¥95 million, sourced from retained earnings. The increase reflects better-than-expected FY2026 earnings performance while maintaining the company's core policy of stable, continuous dividends and adequate internal reserves. YoY: +17% Source (JP) 1株当たり７円増配し年間配当金を７円といたしました。2026年３月期決算は、売上高および各利益項目において、前回公表の業績予想を上回る結果となりました。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Nissui Corporation 株式会社ニッスイ	4,303	31.75%
2	株式会社極洋	1,180	8.70%
3	Norinchukin Bank 農林中央金庫	694	5.12%
4	Employee Stock Ownership Plan 大水従業員持株会	492	3.63%
5	Nichimo Co., Ltd. ニチモウ株式会社	450	3.32%
6	CHUBU SUISAN CO.,LTD. 中部水産株式会社	259	1.91%
7	寳船冷蔵株式会社	225	1.66%
8	利州株式会社	215	1.58%
9	大起産業株式会社	196	1.44%
10	水野直明	160	1.18%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

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

60.3%

-0.5% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Nissui Corporation 式会社ニッスイ	32.07%	31.90%	31.75% -0.15%
式会社極洋	8.79%	8.75%	8.70% -0.05%
Norinchukin Bank 農林中央金庫	5.17%	5.14%	5.12% -0.02%
Employee Stock Ownership Plan 大水従業員持株会	3.69%	3.84%	3.63% -0.21%
Nichimo Co., Ltd. ニチモウ	3.35%	3.33%	3.32% -0.01%
CHUBU SUISAN CO.,LTD. 中部水産	1.93%	1.91%	1.91%
寳船冷蔵	1.68%	1.67%	1.66% -0.01%
利州	1.60%	1.59%	1.58% -0.01%
大起産業	1.46%	1.45%	1.44% -0.01%
水野直明	1.19%	1.18%	1.18%
Concentration (HHI) ⓘ	1170	1159	1147

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

Portfolio Book Value ¥1,069M +32% since 2023

Holdings 9 +1 new 1 exited

Trend 7 building vs 2023

Held Company	FY2025 ¥1,069M total		FY2023 ¥809M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
KYOKUYO CO., LTD. ㈱極洋	367	+1.0% ↑ 88,630	300	87,770	M
LIFE CORPORATION ㈱ライフコーポレーション	201	+104.7% ↑ 104,470	131	51,046
Nichimo Co., Ltd. ニチモウ㈱	172	+100.0% ↑ 90,000	142	45,000	M
AEON Co.,Ltd. イオン㈱	154	+2.6% ↑ 41,095	102	40,039
CHUBU SUISAN CO.,LTD. 中部水産㈱	70	25,720	62	25,720	M
HEIWADO CO.,LTD. ㈱平和堂	63	+6.3% ↑ 24,871	47	23,407
エイチ・ツー・オーリテイリング㈱	24	+161.2% ↑ 10,695	6	4,095
OKUWA CO., LTD. ㈱オークワ	13	+26.9% ↑ 15,985	10	12,601
yokohama gyorui co.,ltd. 横浜魚類㈱	5	NEW New 10,000	—		M
KANSAI FOOD MARKET LTD. ㈱関西フードマーケット	—	−100% Exit —	9	6,600
Portfolio total	1,069		809

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