SEIKA CORPORATION

西華産業株式会社

Wholesale Trade

Seika Corporation imports, sells, and exports plants, machinery, and environmental, information communication, and electronic equipment in Asia, Europe, the United States, and internationally. The company is involved in power generation and related equipment for thermal and nuclear power plants; hydropower and biomass power generation; inspections and after-sales maintenance; and decarbonization. It also provides security devices and utility devices; plant process automation and labor-saving equipment; automated multi-story warehouses; monitoring equipment utilizing AI, robots, etc.; freezer and air conditioning equipment; development devices; and recycling fiber and other circular economy-related products. In addition, the company offers marine engines; valves centered on diaphragm valves; plant equipment inspection using UT drones; laser gas analyzers, temperature data loggers, and other measurement equipment; submersible pumps; particle image velocimetry systems; and diffuser pipes. Seika Corporation was incorporated in 1947 and is headquartered in Tokyo, Japan.

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Price

¥3,225

Market Cap

¥38.9B

Ent. Value

¥22.1B

Net Cash

¥16.8B

Shares Out.

12.1M

P / E

5.0×

EV / EBIT

3.4×

P / Book

0.82×

P / NCAV

1.62×

Div. Yield

6.82%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥93.7B	¥86.8B	¥93.3B	¥85.3B
Cost of Sales	¥68.5B	¥64.1B	¥73.4B	¥67.3B
Gross Profit	¥25.3B	¥22.7B	¥19.9B	¥18.0B
SG&A	¥18.8B	¥17.1B	¥15.3B	¥14.2B
Operating Income	¥6.5B	¥5.6B	¥4.6B	¥3.8B
Non-Operating Income	¥1.9B	¥749M	¥1.7B	¥460M
Dividend Income	¥287M	¥270M	¥240M	¥259M
Interest Income	¥23M	¥18M	¥17M	¥19M
Non-Operating Expenses	¥46M	¥74M	¥47M	¥405M
Interest Expense	¥6M	¥13M	¥30M	¥62M
Ordinary Income	¥8.3B	¥6.3B	¥6.3B	¥3.9B
Pre-tax Income	¥11.1B	¥6.4B	¥7.0B	¥4.0B
Income Taxes	¥3.2B	¥1.9B	¥1.9B	¥1.7B
Current Tax	¥3.3B	¥1.9B	¥1.7B	¥1.3B
Deferred Tax	¥-96M	¥-55M	¥201M	¥416M
Net Income (owners)	¥7.8B	¥4.5B	¥5.0B	¥2.2B
Minority Interest	¥88M	¥97M	¥68M	¥86M
Comprehensive Income	¥7.2B	¥8.7B	¥5.8B	¥2.3B
EBITDA	¥7.3B	¥6.3B	¥5.2B	¥4.4B
Goodwill Amort. (J-GAAP)	¥105M	¥101M	¥98M	¥146M
EPS	¥649.67	¥372.46	¥415.79	¥186.85
Shares Outstanding	12.1M	12.0M	12.0M	11.9M
Shares Issued (total)	12.3M	12.3M	12.3M	12.3M
Treasury Shares	0.3M	0.3M	0.3M	0.4M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥129.5B	¥118.5B	¥80.0B	¥104.9B
Current Assets	¥105.8B	¥95.6B	¥61.4B	¥89.7B
Cash & Deposits	¥16.8B	¥10.4B	¥10.7B	¥17.3B
Trade Receivables	¥58.7B	¥53.5B	¥35.8B	¥36.0B
Non-Current Assets	¥23.7B	¥22.9B	¥18.6B	¥15.1B
PP&E	¥5.0B	¥4.7B	¥4.6B	¥2.7B
Goodwill	¥63M	¥156M	¥253M	¥346M
Intangible Assets	¥423M	¥642M	¥698M	¥793M
Investment Securities	¥16.9B	¥16.4B	¥12.1B	¥10.4B
Deferred Tax Assets	¥674M	¥586M	¥602M	¥582M
Total Liabilities	¥81.9B	¥75.4B	¥44.3B	¥73.8B
Current Liabilities	¥77.1B	¥70.1B	¥40.5B	¥70.4B
Accounts Payable	¥55.3B	¥44.6B	¥31.4B	¥31.6B
ST Debt	¥11M	¥7M	¥2.0B	¥5.5B
Taxes Payable	¥2.3B	¥788M	¥1.2B	¥660M
Non-Current Liabilities	¥4.7B	¥5.2B	¥3.8B	¥3.4B
Total LT Borrowings	¥21M	¥18M	¥23M	¥27M
Pension Obligations	¥2.6B	¥2.6B	¥2.6B	¥2.6B
Deferred Tax Liab.	¥1.4B	¥2.0B	¥619M	¥249M
Total Equity	¥47.7B	¥43.2B	¥35.7B	¥31.1B
Capital Stock	¥6.7B	¥6.7B	¥6.7B	¥6.7B
Capital Surplus	¥2.1B	¥2.0B	¥2.0B	¥2.1B
Retained Earnings	¥31.6B	¥26.0B	¥22.8B	¥18.7B
Treasury Stock	¥-645M	¥-415M	¥-435M	¥-564M
AOCI	¥7.2B	¥7.9B	¥3.8B	¥3.1B
Equity (owners)	¥39.8B	¥34.3B	¥31.1B	¥27.0B
Minority Interests	¥455M	¥666M	¥524M	¥713M

Total Interest-Bearing Debt ⓘ	¥32M	¥25M	¥2.0B	¥5.5B
Net Cash ⓘ	¥16.8B	¥10.4B	¥8.6B	¥11.8B
NCAV ⓘ	¥24.0B	¥20.2B	¥17.2B	¥16.0B
NCAV/Share	¥1,987	¥1,680	¥1,428	¥1,338
BV/Share	¥3,300	¥2,852	¥2,589	¥2,260

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥8.1B	¥2.5B	¥-731M	¥5.0B
Taxes Paid	¥-2.0B	¥-2.4B	¥-1.4B	¥-696M
Interest Paid	¥-6M	¥-13M	¥-31M	¥-62M
Interest Received	¥301M	¥273M	¥271M	¥260M
D&A	¥724M	¥580M	¥491M	¥437M
Goodwill Amort.	¥105M	¥101M	¥98M	¥146M
Investing CF	¥812M	¥-88M	¥-1.1B	¥1.1B
CapEx	¥610M	¥519M	¥2.4B	¥370M
Purchase Investments	¥-39M	¥-96M	¥-169M	¥-240M
Proceeds from Invest.	¥3.2B	¥465M	¥1.5B	¥131M
Financing CF	¥-2.9B	¥-3.5B	¥-4.8B	¥-3.3B
Dividends Paid	¥-2.2B	¥-1.4B	¥-898M	¥-607M
Share Buybacks	¥-257M	¥-2M	¥0M	¥-568M
LT Debt Repaid	¥-158M	—	—	¥-1.2B
Free Cash Flow	¥7.5B	¥2.0B	¥-3.1B	¥4.6B
Net Change in Cash	¥6.3B	¥-672M	¥-6.3B	¥3.0B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	17.5%	11.6%	15.4%	7.6%
ROA	6.3%	4.5%	5.4%	2.1%
EPS	¥649.67	¥372.46	¥415.79	¥186.85
DPS	¥220.00	¥150.00	¥90.00	¥65.00
BPS	¥3,921.14	¥3,507.42	¥2,907.20	¥2,516.57
FCF/Share	¥619	¥168	¥-257	¥385
NCAV/Share	¥1,987	¥1,680	¥1,428	¥1,338
Payout Ratio	33.9%	40.3%	21.6%	34.8%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 9

Date	Activist	Stake	Event	Flag	Demands
2025-08-07	Hikari Tsushin K.K.	16.46% +1.01%	change	Passive	—
2025-05-09	Hikari Tsushin K.K.	15.45% +1.03%	change	Passive	—
2025-02-21	Hikari Tsushin K.K.	14.42% +1.01%	change	Passive	—
2024-12-16	Mitsubishi UFJ Financial Group Inc.	3.54% -1.59%	change	Passive	—
2024-12-09	Hikari Tsushin K.K.	13.41% +1.01%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	5.13%	change	Passive	—
2023-11-15	Mitsubishi Heavy Industries, Ltd.	4.33% -1.11%	change	Passive	—
2023-11-15	Hikari Tsushin K.K.	12.4%	change	Passive	—
2023-08-30	Mitsubishi Heavy Industries, Ltd.	5.44%	change	Passive	—

Capital Allocation Signals 3

Date	Type	Amount	Summary
2026-05-22 14:00	Div Cut	¥1.6B ¥45.0/sh -65%	SEIKA Sangyo announced a year-end dividend of ¥45.00 per share for FY2026 (ended March 31, 2026), down significantly fro…
Summary SEIKA Sangyo announced a year-end dividend of ¥45.00 per share for FY2026 (ended March 31, 2026), down significantly from ¥130.00 in FY2025, representing a 65.4% year-over-year reduction. The total dividend payout is ¥1,634 million, with an effective date of June 25, 2026. Note: the prior year dividend was not adjusted for the 3-for-1 stock split executed on October 1, 2025. Deadline: 2026-06-25 YoY: -65% Source (JP) 2026年３月期の期末配当金につきましては、従来の配当方針に基づき、通期の業績、財務状況等を踏まえ、株主の皆様への利益還元を総合的に勘案した結果、１株当たり45円とさせていただきたく存じます。剰余金の配当に関するお知らせ TDnet PDF
2026-05-13 14:00	Buyback	¥3.0B 2.9%	SEIKA Sangyo (8061, TSE Prime) board authorized a share buyback program of up to ¥3.0 billion for up to 1,050,000 shares…
Summary SEIKA Sangyo (8061, TSE Prime) board authorized a share buyback program of up to ¥3.0 billion for up to 1,050,000 shares (2.89% of outstanding shares excluding treasury stock) to be executed via open market purchases between May 14, 2026 and August 31, 2026. The buyback is designed to improve capital efficiency and enable flexible capital allocation in response to management environment changes. Deadline: 2026-08-31 % of Shares: 2.9% Shares: 1,050,000 Source (JP) 自己株式取得に係る事項を決議いたしました。取得の方法：市場買付け、取得対象株式の種類：当社普通株式、取得しうる株式の総数：1,050,000株（上限）、株式の取得価額の総額：30億円（上限）、取得期間：2026年５月14日～2026年８月31日自己株式取得に係る事項の決定に関するお知らせ TDnet PDF
2026-05-13 14:00	Capital Policy	—	Seika Sangyo revised its shareholder return policy, shifting from total payout ratio (総還元性向) of 45% to consolidated divi…
Summary Seika Sangyo revised its shareholder return policy, shifting from total payout ratio (総還元性向) of 45% to consolidated dividend payout ratio (連結配当性向) of 45% as the primary metric, effective from the interim dividend in FY2027 ending March 2027. The company emphasizes dividend stability based on business earnings while retaining share buybacks as a discretionary option based on capital efficiency and capital costs. Source (JP) 戦略的事業投資を通じて基礎収益力が向上した現在の状況を踏まえ、今後は事業収益を元とする配当を中心に据えた株主還元方針に変更することといたしました。連結配当性向 45％を目途に配当とすることとしております。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	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社信託口	1,494	12.36%
2	HIKARI TSUSHIN,INC. 光通信株式会社	891	7.37%
3	UH Partners 2 株式会社UH Partners 2	789	6.53%
4	Mitsubishi Heavy Industries,Ltd. 三菱重工業株式会社	413	3.42%
5	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行信託口	400	3.31%
6	NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)（常任代理人野村證券株式会社）	370	3.06%
7	TSURUMI MANUFACTURING CO.,LTD. 株式会社鶴見製作所	267	2.21%
8	TAIHEI DENGYO KAISHA,LTD. 太平電業株式会社	234	1.94%
9	TAKUMA CO., LTD. 株式会社タクマ	206	1.70%
10	日機装株式会社	158	1.31%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

15.7%

+5.2% 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

27.5%

+0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		8.79%	8.03%	12.36% +4.33%
HIKARI TSUSHIN,INC. 光通信		7.39%	7.38%	7.37% -0.01%
UH Partners 2 式会社UH Partners 2		4.23%	5.56%	6.53% +0.97%
Mitsubishi Heavy Industries,Ltd. 三菱重工業		6.85%	3.42%	3.42%
日本カストディ銀行		2.37%	2.46%	3.31% +0.85%
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) NEW ENTRY	—	—	—	3.06% NEW
TSURUMI MANUFACTURING CO.,LTD. 式会社鶴見製作所		2.21%	2.21%	2.21%
TAIHEI DENGYO KAISHA,LTD. 太平電業		—	1.94%	1.94%
TAKUMA CO., LTD. 式会社タクマ		—	1.71%	1.70% -0.01%
日機装 NEW ENTRY	—	—	—	1.31% NEW
MUFG Bank 式会社三菱ＵＦＪ銀行 last seen 2024	Exited Top 10	—	3.31%	—
Sumitomo Mitsui Banking Corporation 三井住友銀行 last seen 2024	Exited Top 10	1.94%	1.94%	—
三菱UFJ銀行 last seen 2023	Exited Top 10	3.32%	—	—
式会社山口銀行 last seen 2023	Exited Top 10	2.93%	—	—
三菱電機 last seen 2023	Exited Top 10	2.37%	—	—
Concentration (HHI) ⓘ		236	194	295

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

Portfolio Book Value ¥9,293M +31% since 2023

Holdings 27 +1 new 8 exited

Trend 5 unwinding vs 2023

Held Company	FY2025 ¥9,293M total		FY2023 ¥7,114M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TAIHEI DENGYO KAISHA,LTD. 太平電業㈱	2,407	503,685	2,042	503,685	M
Mitsubishi Heavy Industries,Ltd. 三菱重工業㈱	1,894	+900.0% ↑ 750,000	365	75,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	1,254	624,000	529	624,000	M
TSURUMI MANUFACTURING CO.,LTD. ㈱鶴見製作所	880	284,100	588	284,100	M
テラドローン㈱	650	NEW New 70,200	—
TAKUMA CO., LTD. ㈱タクマ	385	210,000	278	210,000	M
㈱山口フィナンシャルグループ	383	-50.0% ↓ 218,000	354	436,000	M
Nikkiso Co. 日機装㈱	358	281,053	264	281,053	M
Fukuoka Financial Group, Inc. ㈱ふくおかフィナンシャルグループ	334	85,200	217	85,200	M
野村マイクロ・サイエンス㈱	192	+33.3% ↑ 80,000	249	60,000	M
ORGANO CORPORATION オルガノ㈱	127	-78.4% ↓ 20,000	334	92,800	M
Mitsubishi Kakoki Kaisha, Ltd. 三菱化工機㈱	121	-66.7% ↓ 30,000	201	90,000	M
Aica Kogyo Company, Limited アイカ工業㈱	82	-50.0% ↓ 25,000	151	50,000	M
NTT DATA INTRAMART CORPORATION ㈱エヌ・ティ・ティ・データ・イントラマート	52	-50.0% ↓ 20,000	70	40,000
Nicchitsu Co., Ltd. ㈱ニッチツ	39	23,100	29	23,100	M
㈱宇野沢組鉄工所	30	10,025	25	10,025	M
THE OITA BANK, LTD. ㈱大分銀行	26	7,600	15	7,600	M
OKUMURA ENGINEERING CORP. ㈱オーケーエム	26	20,000	24	20,000
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	21	+200.0% ↑ 5,700	10	1,900	M
Daishowa Paper Manufacturing Co., Ltd. 大王製紙㈱	16	20,000	20	20,000
ZEON CORPORATION 日本ゼオン㈱	14	10,000	13	10,000
TOYOBO CO.,LTD. 東洋紡㈱	2	3,000	3	3,000
UBE Corporation ＵＢＥ㈱	—		—
Kyushu Electric Power Company, Incorporated 九州電力㈱	—		—
Shikoku Electric Power Company, Incorporated 四国電力㈱	—		—
The Chugoku Electric Power Company, Incorporated 中国電力㈱	—		—
TVE Co.,Ltd. ㈱ＴＶＥ	—		—		M
日本フェンオ－ル㈱	—	−100% Exit —	362	250,000	M
Mitsubishi Electric Corporation 三菱電機㈱	—	−100% Exit —	789	500,000	M
MITSUBISHI GAS CHEMICAL COMPANY,INC. 三菱瓦斯化学㈱	—	−100% Exit —	44	22,558
Kawasaki Heavy Industries,Ltd. 川崎重工業㈱	—	−100% Exit —	14	5,000
MiyoshiOil&FatCo.,Ltd. ミヨシ油脂㈱	—	−100% Exit —	2	3,000
The Kansai Electric Power Company, Incorporated 関西電力㈱	—	−100% Exit —	1	1,000
NAKAYAMA STEEL WORKS, LTD. ㈱中山製鋼所	—	−100% Exit —	9	10,000
UBE Corporation ＵＢＥ㈱（注）５	—	−100% Exit —	112	54,832	M
Portfolio total	9,293		7,114

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