8032
Japan Pulp & Paper Co., Ltd.
日本紙パルプ商事株式会社
Basic Materials · Paper & Paper Products
Japan Pulp and Paper Company Limited engages in the manufacture, import, export, distribution, wholesale, and sale of paper, paperboards, pulp, and paper-related products in Japan, Europe, Asia, Oceania, North America, and internationally. The company operates through Japan Wholesaling; Non-Japan Wholesaling; Paper Manufacturing and Processing; Raw Materials and Environment; and Real Estate Leasing. The company offers household paper products and goods, processed papers, container materials, recovered papers, industrial chemicals, building materials, capacitor papers, paper products, and stationery and goods. It is also involved in the information management; sale of computer systems; development of software; internet retailing operations; retail of paper products; wholesale and retail of bookbinding materials; warehousing and transportation; paper converting, shipping, pallet recovery, and recycling; real estate leasing; and cargo handling. In addition, the company engages in the sale of materials to the electronics industry; sign and display media hardware sales and technical services; supply of thermal transfer ribbons and MICR ribbons; business management; sale of digital printers, paper, films and other media, ink and other supplies, graphic paper, and non-woven fabric; and provision of shared services delivering IT and finance services. Further, it is involved in the manufacture and sale of corrugated board and packages, household paper products, and biomass power generation. Additionally, the company engages in the generation and sale of renewable energy. Japan Pulp and Paper Company Limited was founded in 1845 and is headquartered in Tokyo, Japan.
Price
¥1,162
Market Cap
¥145.0B
Ent. Value
¥208.9B
Net Debt
−¥64.0B
Shares Out.
124.8M
P / E
18.9×
EV / EBIT
13.9×
P / Book
1.07×
P / NCAV
N/M
Div. Yield
11.83%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | — | — | — | ¥444.8B |
| Cost of Sales | ¥463.1B | ¥446.8B | ¥459.0B | ¥372.3B |
| Gross Profit | ¥91.5B | ¥87.4B | ¥86.3B | ¥72.5B |
| SG&A | ¥76.4B | ¥70.0B | ¥66.1B | ¥58.4B |
| Operating Income | ¥15.1B | ¥17.4B | ¥20.3B | ¥14.1B |
| Non-Operating Income | ¥3.8B | ¥2.9B | ¥3.2B | ¥2.6B |
| Dividend Income | ¥1.2B | ¥1.1B | ¥809M | ¥662M |
| Interest Income | ¥916M | ¥810M | ¥637M | ¥379M |
| Non-Operating Expenses | ¥3.0B | ¥3.5B | ¥2.2B | ¥1.6B |
| Interest Expense | ¥2.8B | ¥3.1B | ¥2.0B | ¥1.4B |
| Ordinary Income | ¥15.8B | ¥16.8B | ¥21.2B | ¥15.1B |
| Pre-tax Income | ¥14.2B | ¥17.7B | ¥39.6B | ¥19.1B |
| Income Taxes | ¥5.5B | ¥6.0B | ¥12.7B | ¥6.4B |
| Current Tax | ¥5.9B | ¥5.3B | ¥14.1B | ¥4.0B |
| Deferred Tax | ¥-413M | ¥627M | ¥-1.4B | ¥2.4B |
| Net Income (owners) | ¥7.6B | ¥10.4B | ¥25.4B | ¥11.5B |
| Minority Interest | ¥1.1B | ¥1.4B | ¥1.4B | ¥1.2B |
| Comprehensive Income | ¥11.1B | ¥18.8B | ¥28.3B | ¥12.5B |
| EBITDA | ¥24.8B | ¥27.4B | ¥29.5B | ¥24.1B |
| Goodwill Amort. (J-GAAP) | ¥953M | ¥1.2B | ¥1.1B | ¥1.9B |
| EPS | ¥61.44 | ¥788.61 | ¥1,851.04 | ¥839.50 |
| Shares Outstanding | 124.8M | 12.5M | 13.8M | 13.8M |
| Shares Issued (total) | 150.2M | 15.0M | 15.0M | 15.0M |
| Treasury Shares | 25.4M | 2.5M | 1.2M | 1.2M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥392.2B | ¥372.6B | ¥385.1B | ¥338.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥234.0B | ¥223.0B | ¥240.0B | ¥183.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥19.6B | ¥17.8B | ¥31.1B | ¥13.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥103.3B | ¥98.1B | ¥100.8B | ¥88.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥158.2B | ¥149.6B | ¥145.0B | ¥155.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥100.6B | ¥96.8B | ¥99.2B | ¥109.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥6.6B | ¥3.8B | ¥3.2B | ¥1.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥11.4B | ¥6.6B | ¥5.6B | ¥3.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥37.0B | ¥39.9B | ¥32.9B | ¥35.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥4.3B | ¥2.8B | ¥2.7B | ¥2.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥246.7B | ¥234.3B | ¥256.8B | ¥238.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥192.1B | ¥189.3B | ¥192.5B | ¥164.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥99.1B | ¥99.5B | ¥104.7B | ¥96.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥51.6B | ¥40.6B | ¥60.9B | ¥44.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥2.6B | ¥2.9B | ¥10.9B | ¥2.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥54.6B | ¥45.0B | ¥64.4B | ¥74.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥32.0B | ¥24.4B | ¥48.0B | ¥58.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥2.5B | ¥1.9B | ¥1.5B | ¥1.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥4.8B | ¥5.5B | ¥2.7B | ¥3.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥145.6B | ¥138.3B | ¥128.3B | ¥100.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥16.6B | ¥16.6B | ¥16.6B | ¥16.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥6.3B | ¥7.2B | ¥7.0B | ¥7.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥103.6B | ¥98.4B | ¥89.7B | ¥65.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-11.7B | ¥-11.7B | ¥-4.9B | ¥-5.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥19.1B | ¥17.0B | ¥9.9B | ¥8.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥114.9B | ¥110.6B | ¥108.4B | ¥84.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥11.5B | ¥10.7B | ¥9.9B | ¥7.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥83.5B | ¥65.0B | ¥108.9B | ¥102.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-64.0B | ¥-47.2B | ¥-77.7B | ¥-89.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-12.7B | ¥-11.3B | ¥-16.8B | ¥-55.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-102 | ¥-908 | ¥-1,216 | ¥-4,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥921 | ¥8,860 | ¥7,844 | ¥6,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥21.0B | ¥20.9B | ¥304M | ¥14.0B |
| Taxes Paid | ¥-6.7B | ¥-13.4B | ¥-6.2B | ¥-3.0B |
| Interest Paid | ¥-2.6B | ¥-3.1B | ¥-2.0B | ¥-1.5B |
| Interest Received | ¥2.1B | ¥1.9B | ¥1.6B | ¥1.1B |
| D&A | ¥8.7B | ¥8.9B | ¥8.1B | ¥8.1B |
| Goodwill Amort. | ¥953M | ¥1.2B | ¥1.1B | ¥1.9B |
| Investing CF | ¥-11.2B | ¥-2.9B | ¥23.7B | ¥-4.1B |
| CapEx | ¥3.7B | ¥3.7B | ¥8.1B | ¥4.3B |
| Purchase Investments | ¥-1.0B | ¥-665M | ¥-103M | ¥-1.6B |
| Proceeds from Invest. | ¥2.2B | ¥1.1B | ¥1.7B | ¥1.2B |
| Financing CF | ¥-9.3B | ¥-31.7B | ¥-10.1B | ¥-9.8B |
| Dividends Paid | ¥-2.4B | ¥-1.7B | ¥-1.7B | ¥-1.5B |
| Share Buybacks | ¥-3M | ¥-7.0B | ¥-6M | ¥-4M |
| LT Debt Repaid | ¥-8.2B | ¥-12.7B | ¥-5.7B | ¥-5.7B |
| Free Cash Flow | ¥17.3B | ¥17.2B | ¥-7.8B | ¥9.8B |
| Net Change in Cash | ¥1.6B | ¥-13.2B | ¥14.9B | ¥922M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 5.8% | 8.4% | 24.0% | 13.0% |
| ROA | 2.0% | 2.7% | 7.0% | 3.4% |
| EPS | ¥61.44 | ¥788.61 | ¥1,851.04 | ¥839.50 |
| DPS | ¥137.50 | ¥130.00 | ¥120.00 | ¥115.00 |
| BPS | ¥1,087.70 | ¥10,355.60 | ¥8,627.79 | ¥6,774.14 |
| FCF/Share | ¥138 | ¥1,380 | ¥-562 | ¥706 |
| NCAV/Share | ¥-102 | ¥-908 | ¥-1,216 | ¥-4,024 |
| Payout Ratio | 223.8% | 16.5% | 6.5% | 13.7% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 3
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | 王子ホールディングス㈱ | 16,389 | 13.00% |
| 2 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱(信託口)
|
12,180 | 9.70% |
| 3 |
Japan Custody Bank
㈱日本カストディ銀行(信託口)
|
4,911 | 3.90% |
| 4 |
Stock Ownership Plan
日本紙パルプ商事持株会
|
4,621 | 3.60% |
| 5 |
JP Employee Stock Ownership Plan
JP従業員持株会
|
3,515 | 2.80% |
| 6 | 北越コーポレーション㈱ | 3,101 | 2.40% |
| 7 | 中越パルプ工業㈱ | 2,584 | 2.00% |
| 8 |
DFA INTL SMALL CAP VALUE PORTFOLIO
DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店ダイレクト・カストディ・クリアリング業務部)
|
2,204 | 1.70% |
| 9 | 柿本商事㈱ | 1,726 | 1.30% |
| 10 |
Mizuho Bank
㈱みずほ銀行
|
1,303 | 1.00% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
13.6%
-0.1% 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
27.8%
-0.5% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 41.4% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 王子ホールディングス | 11.80% | 13.00% | 13.00% | |
| 日本マスタートラスト信託銀行 | 9.60% | 9.60% | 9.70% +0.10% | |
| Japan Custody Bank 日本カストディ銀行 | 13.40% | 4.10% | 3.90% -0.20% | |
| Stock Ownership Plan 日本紙パルプ商事持株会 | 3.50% | 3.70% | 3.60% -0.10% | |
| JP Employee Stock Ownership Plan JP従業員持株会 | 2.40% | 2.70% | 2.80% +0.10% | |
| 北越コーポレーション | 2.20% | 2.40% | 2.40% | |
| 中越パルプ工業 | 1.80% | 2.00% | 2.00% | |
| DFA INTL SMALL CAP VALUE PORTFOLIO | 1.50% | 1.60% | 1.70% +0.10% | |
| 柿本商事 | 1.70% | 1.80% | 1.30% -0.50% | |
| Mizuho Bank みずほ銀行 | — | 1.10% | 1.00% -0.10% | |
| Concentration (HHI) ⓘ | 442 | 316 | 314 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥23,103M
+11% since 2023
Holdings
54
+4 new
9 exited
Trend
3 unwinding
vs 2023
| Held Company | FY2025 ¥23,103M total | FY2023 ¥20,765M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Oji Holdings Corporation
王子ホールディングス㈱
|
7,303 |
11,643,476
|
6,101 | 11,643,476 | M |
|
TOPPAN Holdings Inc.
TOPPANホールディングス㈱
|
2,713 |
NEW
New
669,111
|
— | M | |
|
Hokuetsu Corporation
北越コーポレーション㈱
|
2,226 |
+46.9%
↑
1,821,365
|
1,100 | 1,240,165 | M |
|
KADOKAWA CORPORATION
㈱KADOKAWA
|
1,862 |
524,000
|
1,477 | 524,000 | M |
|
Rengo Co., Ltd.
レンゴー㈱
|
1,153 |
1,455,736
|
1,250 | 1,455,736 | M |
|
Chuetsu Pulp & Paper Co., Ltd.
中越パルプ工業㈱
|
1,008 |
710,675
|
729 | 710,675 | M |
|
KOKUYO CO.,LTD.
コクヨ㈱
|
944 |
330,744
|
621 | 330,744 | M |
|
NIPPON KODOSHI CORPORATION
ニッポン高度紙工業㈱
|
902 |
518,282
|
1,021 | 518,282 | M |
|
KING JIM CO.,LTD.
㈱キングジム
|
544 |
632,030
|
575 | 632,030 | M |
|
Nissha Co., Ltd.
NISSHA㈱
|
481 |
352,556
|
655 | 352,556 | M |
|
KYODO PAPER HOLDINGS
㈱共同紙販ホールディングス
|
341 |
71,548
|
317 | 71,548 | M |
|
Aica Kogyo Company, Limited
アイカ工業㈱
|
322 |
97,763
|
297 | 97,763 | M |
|
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ
|
293 |
-50.0%
↓
180,333
|
343 | 360,533 | |
|
IMURA & Co., Ltd.
㈱イムラ
|
292 |
300,000
|
299 | 300,000 | M |
|
EZAKI GLICO CO.,LTD.
江崎グリコ㈱
|
278 |
+1.1%
↑
60,075
|
198 | 59,436 | |
|
NAKAMOTO PACKS CO.,LTD.
中本パックス㈱
|
256 |
150,000
|
236 | 150,000 | |
|
Joshin Denki Co., Ltd.
上新電機㈱
|
213 |
100,000
|
195 | 100,000 | M |
|
TOMOKU CO.,LTD.
㈱トーモク
|
207 |
86,184
|
138 | 86,184 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
186 |
-50.0%
↓
45,926
|
172 | 91,826 | |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
154 |
+50.0%
↑
40,500
|
143 | 27,000 | |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
126 |
NEW
New
33,968
|
— | ||
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
123 |
NEW
New
61,310
|
— | ||
|
THE PACK CORPORATION
ザ・パック㈱
|
123 |
36,300
|
107 | 36,300 | M |
|
Morinaga&Co.,Ltd.
森永製菓㈱
|
116 |
+100.0%
↑
46,200
|
87 | 23,100 | |
|
LINTEC Corporation
リンテック㈱
|
85 |
31,000
|
67 | 31,000 | M |
|
ozu corporation
小津産業㈱
|
84 |
46,900
|
83 | 46,900 | M |
|
DYNIC CORPORATION
ダイニック㈱
|
71 |
+2.1%
↑
94,352
|
70 | 92,437 | M |
|
OHISHI SANGYO CO.,LTD.
大石産業㈱
|
66 |
+100.0%
↑
47,100
|
43 | 23,550 | M |
|
Heiwa Paper Industry Co., Ltd.
平和紙業㈱
|
66 |
148,458
|
60 | 148,458 | M |
|
TOYO WHARF & WAREHOUSE CO.,LTD.
東洋埠頭㈱
|
66 |
50,507
|
68 | 50,507 | M |
|
譬ェ蠑丈シ夂、セ�シォ�シケ�シッ�シイ�シゥ�シエ�シウ�シオ
㈱KYORITSU
|
65 |
400,000
|
63 | 400,000 | |
|
ASAHI PRINTING CO.,LTD.
朝日印刷㈱
|
55 |
+8.3%
↑
61,151
|
49 | 56,482 | M |
|
Dynapac Co., Ltd.
ダイナパック㈱
|
50 |
+12.1%
↑
25,944
|
30 | 23,153 | |
|
Nozaki Printing Paper Co.
野崎印刷紙業㈱
|
46 |
277,872
|
38 | 277,872 | |
|
Sun Messe Co.,Ltd.
サンメッセ㈱
|
46 |
122,000
|
44 | 122,000 | M |
|
Superbag Company,Limited
スーパーバッグ㈱
|
38 |
16,718
|
22 | 16,718 | |
|
TAKEDA iP HOLDINGS CO., LTD.
竹田iPホールディングス㈱
|
37 |
NEW
New
40,000
|
— | ||
|
MUSASHI CO.,LTD.
㈱ムサシ
|
34 |
20,000
|
32 | 20,000 | M |
|
NAKABAYASHI CO.,LTD.
ナカバヤシ㈱
|
29 |
+9.3%
↑
56,378
|
25 | 51,578 | M |
|
SHOWA PAXXS CORPORATION
昭和パックス㈱
|
28 |
15,000
|
24 | 15,000 | M |
|
TOIN CORPORATION
トーイン㈱
|
23 |
-0.9%
↓
33,330
|
17 | 33,645 | M |
|
WellcoHoldings Corporation
㈱ウイルコホールディングス
|
13 |
110,000
|
15 | 110,000 | |
|
Maruto Sangyo Co., Ltd
丸東産業㈱
|
9 |
5,000
|
9 | 5,000 | |
|
OHMURA SHIGYO CO.,LTD
大村紙業㈱
|
9 |
11,000
|
6 | 11,000 | |
|
SEKI CO.,LTD.
セキ㈱
|
8 |
6,000
|
8 | 6,000 | M |
|
Okura Industrial Co.,Ltd.
大倉工業㈱
|
6 |
1,464
|
3 | 1,464 | M |
|
FUJICOPIAN CO., LTD.
フジコピアン㈱
|
2 |
1,265
|
2 | 1,265 | M |
|
MATSUMOTO INC.
㈱マツモト
|
1 |
+200.0%
↑
600
|
2 | 200 | |
|
Dai Nippon Printing Co.,Ltd.
大日本印刷㈱
|
— | — | |||
|
KPP GROUP HOLDINGS CO., LTD.
KPPグループホールディングス㈱
|
— | — | |||
|
SENSHUKAI CO.,LTD.
㈱千趣会
|
— | — | |||
| MS ADインシュアランスグループホールディングス㈱ | — | — | |||
| チヨダウーテ㈱ | — | — | |||
|
nichicon corporation
ニチコン㈱
|
— | — | |||
|
RICOH COMPANY,LTD.
㈱リコー
|
— |
−100%
Exit
—
|
500 | 504,697 | |
|
GAKKEN HOLDINGS CO., LTD.
㈱学研ホールディングス
|
— |
−100%
Exit
—
|
281 | 329,700 | M |
|
譌・譛ャ陬ス邏呎ェ蠑丈シ夂、セ
日本製紙㈱
|
— |
−100%
Exit
—
|
807 | 788,416 | M |
|
Kyodo Printing Co., Ltd.
共同印刷㈱
|
— |
−100%
Exit
—
|
61 | 22,000 | |
| 凸版印刷㈱ | — |
−100%
Exit
—
|
1,760 | 660,463 | M |
| MS ADインシュアランス グループ ホールディングス㈱ | — |
−100%
Exit
—
|
229 | 55,810 | |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
154 | 33,884 | |
| ㈱三菱UFJフィナンシャルグループ | — |
−100%
Exit
—
|
104 | 122,510 | |
| 竹田印刷㈱ | — |
−100%
Exit
—
|
28 | 40,000 | M |
| Portfolio total | 23,103 | 20,765 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding