KAGA ELECTRONICS CO.,LTD.

加賀電子株式会社

Wholesale Trade

Kaga Electronics Co.,Ltd. sells electronics parts, semiconductors, PCs, and peripherals in Japan, North America, Europe, and Asia. It operates through the Electronic Components Business, Software Business, Information Equipment Business, and Other Businesses segments. The Electronic Components Business segment offers, manufactures, and sells semiconductors, general electronic components, EMS, etc. The Information Equipment Business segment sells personal computers, PC peripherals, various home appliances, photo and video related products, and original branded products; builds LAN systems; offers printers and digital cameras; scanners, HDDs, DVDs, network construction and provides installation services. The Software Business segment engages in the production of CG images and the planning and development of amusement-related products. The Other Businesses segment is engaged in the repair and support of electronics devices; the manufacture and sale of amusement machines; and the sale of sporting goods. It also provides PC recycling services; and installation services. The company was incorporated in 1968 and is headquartered in Tokyo, Japan.

← Companies

Price

¥4,425

Market Cap

¥232.5B

Ent. Value

¥177.7B

Net Cash

¥54.8B

Shares Out.

52.5M

P / E

13.6×

EV / EBIT

7.5×

P / Book

1.40×

P / NCAV

1.97×

Div. Yield

3.73%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥547.8B	¥542.7B	¥608.1B	¥495.8B
Cost of Sales	¥476.1B	¥472.2B	¥529.5B	¥435.3B
Gross Profit	¥71.7B	¥70.5B	¥78.5B	¥60.5B
SG&A	¥48.1B	¥44.6B	¥46.3B	¥39.6B
Operating Income	¥23.6B	¥25.8B	¥32.2B	¥20.9B
Non-Operating Income	¥2.6B	¥2.4B	¥1.5B	¥1.4B
Dividend Income	¥249M	¥253M	¥279M	¥195M
Interest Income	¥1.3B	¥891M	¥211M	¥135M
Non-Operating Expenses	¥3.6B	¥2.3B	¥971M	¥902M
Interest Expense	¥769M	¥890M	¥748M	¥315M
Ordinary Income	¥22.6B	¥26.0B	¥32.7B	¥21.5B
Pre-tax Income	¥23.7B	¥28.1B	¥32.5B	¥21.3B
Income Taxes	¥7.0B	¥7.8B	¥9.4B	¥5.7B
Current Tax	¥6.8B	¥6.3B	¥9.2B	¥5.1B
Deferred Tax	¥209M	¥1.5B	¥167M	¥606M
Net Income (owners)	¥17.1B	¥20.3B	¥23.1B	¥15.4B
Minority Interest	¥-361M	¥-21M	¥23M	¥268M
Comprehensive Income	¥20.7B	¥27.2B	¥28.5B	¥20.7B
EBITDA	¥28.1B	¥30.1B	¥36.3B	¥24.8B
Goodwill Amort. (J-GAAP)	¥16M	¥32M	¥54M	¥110M
EPS	¥325.08	¥774.61	¥878.65	¥576.46
Shares Outstanding	52.5M	26.3M	26.3M	26.3M
Shares Issued (total)	57.4M	28.7M	28.7M	28.7M
Treasury Shares	4.9M	2.4M	2.4M	2.5M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥305.7B	¥286.8B	¥286.2B	¥272.1B
Current Assets	¥257.2B	¥244.6B	¥245.6B	¥234.0B
Cash & Deposits	¥80.2B	¥66.6B	¥52.6B	¥41.1B
Trade Receivables	¥106.1B	¥101.5B	¥117.9B	¥110.2B
Non-Current Assets	¥48.5B	¥42.2B	¥40.6B	¥38.2B
PP&E	¥28.4B	¥25.1B	¥20.2B	¥19.4B
Goodwill	—	¥16M	¥48M	¥98M
Intangible Assets	¥1.7B	¥2.1B	¥2.7B	¥3.2B
Investment Securities	¥12.6B	¥10.5B	¥12.1B	¥10.3B
Deferred Tax Assets	¥1.3B	¥1.2B	¥2.2B	¥2.2B
Total Liabilities	¥139.3B	¥135.6B	¥156.5B	¥166.3B
Current Liabilities	¥117.7B	¥104.8B	¥127.5B	¥132.9B
Accounts Payable	¥73.3B	¥71.4B	¥79.2B	¥86.5B
ST Debt	¥14.9B	¥10.6B	¥19.6B	¥23.9B
Taxes Payable	¥4.0B	¥2.2B	¥6.0B	¥2.8B
Non-Current Liabilities	¥21.6B	¥30.8B	¥28.9B	¥33.4B
Total LT Borrowings	¥10.5B	¥20.5B	¥20.6B	¥25.1B
Pension Obligations	¥2.6B	¥2.3B	¥2.1B	¥2.1B
Deferred Tax Liab.	¥4.1B	¥3.2B	¥2.6B	¥2.0B
Total Equity	¥166.4B	¥151.2B	¥129.7B	¥105.8B
Capital Stock	¥12.1B	¥12.1B	¥12.1B	¥12.1B
Capital Surplus	¥14.9B	¥14.8B	¥14.8B	¥14.8B
Retained Earnings	¥121.6B	¥110.2B	¥95.9B	¥77.4B
Treasury Stock	¥-5.6B	¥-5.6B	¥-5.6B	¥-5.6B
AOCI	¥23.2B	¥19.2B	¥12.3B	¥6.9B
Equity (owners)	¥143.0B	¥131.6B	¥117.3B	¥98.7B
Minority Interests	¥160M	¥396M	¥129M	¥120M

Total Interest-Bearing Debt ⓘ	¥25.4B	¥31.1B	¥40.2B	¥49.0B
Net Cash ⓘ	¥54.8B	¥35.5B	¥12.4B	¥-7.9B
NCAV ⓘ	¥117.9B	¥109.1B	¥89.1B	¥67.6B
NCAV/Share	¥2,243	¥4,153	¥3,392	¥2,577
BV/Share	¥2,722	¥5,013	¥4,466	¥3,761

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥25.0B	¥29.4B	¥30.6B	¥-1.6B
Interest Paid	¥-784M	¥-879M	¥-732M	¥-315M
Interest Received	¥1.6B	¥1.1B	¥491M	¥124M
D&A	¥4.5B	¥4.3B	¥4.0B	¥3.7B
Goodwill Amort.	¥16M	¥32M	¥54M	¥110M
Investing CF	¥-10.0B	¥-3.0B	¥-4.8B	¥-6.8B
CapEx	¥5.2B	¥5.4B	¥3.7B	¥3.3B
Purchase Investments	¥-2.6B	¥-547M	¥-750M	¥-1.1B
Proceeds from Invest.	¥1.4B	¥4.1B	¥1.1B	¥834M
Financing CF	¥-7.3B	¥-17.0B	¥-15.5B	¥1.2B
Dividends Paid	¥-5.8B	¥-6.0B	¥-4.6B	¥-2.6B
Share Buybacks	¥-1M	¥-6M	¥-2M	¥-3.7B
LT Debt Repaid	¥-100M	¥-5.0B	¥-15.0B	¥-668M
Free Cash Flow	¥19.8B	¥24.0B	¥26.9B	¥-4.8B
Net Change in Cash	¥10.3B	¥12.1B	¥11.1B	¥-5.1B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.8%	14.5%	19.6%	15.7%
ROA	5.8%	7.1%	8.3%	5.7%
EPS	¥325.08	¥774.61	¥878.65	¥576.46
DPS	¥165.00	¥220.00	¥220.00	¥120.00
BPS	¥3,162.68	¥5,742.22	¥4,935.36	¥4,026.22
FCF/Share	¥377	¥913	¥1,023	¥-184
NCAV/Share	¥2,243	¥4,153	¥3,392	¥2,577
Payout Ratio	50.8%	28.4%	25.0%	20.8%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 5

Date	Activist	Stake	Event	Flag	Demands
2025-08-22	Mizuho Bank, Ltd.	1.47%	change	Passive	—
2025-08-18	Mitsubishi UFJ Financial Group Inc.	3.12% -4.24%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	7.36% -0.03%	change	Passive	—
2024-01-15	Mitsubishi UFJ Financial Group Inc.	7.39% +1.02%	change	Passive	—
2023-07-03	Mitsubishi UFJ Financial Group Inc.	6.37%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-15 15:35	TOB	¥1580.0/sh 64.9%	Kaga Electronics (8154) announced a tender offer for all ordinary shares of Shinko Shoji (8141) at ¥1,580 per share, wit…
Summary Kaga Electronics (8154) announced a tender offer for all ordinary shares of Shinko Shoji (8141) at ¥1,580 per share, with a minimum purchase target of 19,226,700 shares (64.93% of outstanding). The offer period runs from May 18 to June 26, 2026 (30 business days), with the goal of making Shinko Shoji a wholly-owned subsidiary. Major shareholders representing 30.06% have committed to tendering, and funding will be provided via Mitsubishi UFJ Bank borrowing. Deadline: 2026-06-26 % of Shares: 64.9% Shares: 19,226,700 Source (JP) 新光商事株式会社（証券コード：8141）の普通株式に対する公開買付けの開始に関するお知らせ...買付け等の期間：2026年５月18日（月曜日）から2026年６月26日（金曜日）まで（30営業日）、買付け等の価格：普通株式１株につき金1,580円、買付予定数の下限：19,226,700（株）新光商事株式会社（証券コード：8141）の普通株式に対する公開買付けの開始に関するお知らせ TDnet PDF
2026-05-14 15:30	Div Increase	¥3.8B ¥80.0/sh +27%	Kaga Electronics resolved to increase its FY2026 final dividend to ¥80 per share (from ¥70 forecast), comprising ¥55 ord…
Summary Kaga Electronics resolved to increase its FY2026 final dividend to ¥80 per share (from ¥70 forecast), comprising ¥55 ordinary and ¥25 special dividend, effective June 10, 2026. Full-year dividend rises 27.3% to ¥140 per share (¥60 interim + ¥80 final) versus ¥110 prior year, reflecting strong operational performance and alignment with the mid-term plan's 30-40% dividend payout target. Total dividend outlay of ¥3,813 million demonstrates commitment to shareholder returns while maintaining financial discipline. Deadline: 2026-06-10 YoY: +27% Source (JP) 期末配当金を前回予想の1株当たり70円に特別配当10円を積み増し、1株当たり80円に増配いたします。これにより、中間配当を加えた年間配当金は前期実績から30円増配の1株当たり140円となります。剰余金の配当（増配）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（信託口）	6,112	11.63%
2	OKOZE 株式会社ＯＫＯＺＥ	3,680	7.00%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	3,471	6.60%
4	Employee Stock Ownership Plan 加賀電子従業員持株会	3,140	5.97%
5	MUFG Bank 株式会社三菱ＵＦＪ銀行	2,275	4.33%
6	Mizuho Bank 株式会社みずほ銀行（常任代理人株式会社日本カストディ銀行）	1,900	3.62%
7	塚本勲	1,451	2.76%
8	THE BANK OF NEW YORK MELLON ＴＨＥＢＡＮＫＯＦＮＥＷＹＯＲＫＭＥＬＬＯＮ１４００４４（常任代理人株式会社みずほ銀行決済営業部）	1,046	1.99%
9	ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＡＮＤＴＲＵＳＴＣＯＭＰＡＮＹ５０５１０３（常任代理人株式会社みずほ銀行決済営業部）	984	1.87%
10	Nippon Life Insurance 日本生命保険相互会社（常任代理人日本マスタートラスト信託銀行株式会社）	918	1.75%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

18.2%

+1.4% 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

29.3%

+0.6% 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		10.73%	10.70%	11.63% +0.93%
OKOZE 式会社ＯＫＯＺＥ		7.01%	7.00%	7.00%
Japan Custody Bank 日本カストディ銀行		6.91%	6.11%	6.60% +0.49%
Employee Stock Ownership Plan 加賀電子従業員持株会		5.73%	5.93%	5.97% +0.04%
MUFG Bank 式会社三菱ＵＦＪ銀行		4.33%	4.33%	4.33%
Mizuho Bank みずほ銀行		3.62%	3.62%	3.62%
塚本勲		2.78%	2.77%	2.76% -0.01%
THE BANK OF NEW YORK MELLON ＴＨＥＢＡＮＫＯＦＮＥＷＹＯＲＫＭＥＬＬＯＮ１４００４４		1.97%	1.82%	1.99% +0.17%
ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＡＮＤＴＲＵＳＴＣＯＭＰＡＮＹ５０５１０３ NEW ENTRY	—	—	—	1.87% NEW
Nippon Life Insurance 日本生命保険		1.75%	1.75%	1.75%
BNYM AS AGT／CLTS 10 PERCENT ＢＮＹＭＡＳＡＧＴ／ＣＬＴＳ１０ＰＥＲＣＥＮＴ last seen 2024	Exited Top 10	—	1.43%	—
三菱電機 last seen 2023	Exited Top 10	1.90%	—	—
Concentration (HHI) ⓘ		295	284	313

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

Portfolio Book Value ¥4,846M +38% since 2023

Holdings 27 +7 new 11 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥4,846M total		FY2023 ¥3,509M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
㈱SANKYO	1,086	NEW New 500,000	—		M
Bandai Namco Holdings Inc. ㈱バンダイナムコホールディングス	750	+200.0% ↑ 150,000	427	50,000	M
ASKA Pharmaceutical Holdings CO., Ltd. あすか製薬ホールディングス㈱	552	240,000	285	240,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	445	NEW New 221,520	—		M
譬ｪ蠑丈ｼ夂､ｾ�ｼｧ�ｼ･�ｼｮ�ｼ､�ｼ｡㈱GENDA	422	NEW New 320,000	—
SINFONIA TECHNOLOGY CO., LTD. シンフォニアテクノロジー㈱	356	59,600	93	59,600	M
KING JIM CO.,LTD. ㈱キングジム	336	390,300	354	390,300	M
EIZO Corporation EIZO㈱	146	NEW New 70,200	—		M
KOEI TECMO HOLDINGS CO., LTD. ㈱コーエーテクモホールディングス	129	65,972	157	65,972
nichicon corporation ニチコン㈱	79	-50.0% ↓ 65,200	179	130,300	M
O'will Corporation オーウイル㈱	79	44,000	48	44,000	M
Hosiden Corporation ホシデン㈱	71	36,000	57	36,000
YAMAHA CORPORATION ヤマハ㈱	69	+200.0% ↑ 60,000	101	20,000
AIPHONE CO.,LTD アイホン㈱	60	23,100	47	23,100	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	56	13,849	26	13,849	M
TOEI COMPANY,LTD. 東映㈱	50	+400.0% ↑ 10,000	34	2,000
Teikoku Tsushin Kogyo Co.,Ltd 帝国通信工業㈱	40	17,000	25	17,000	M
Shindengen Electric Manufacturing Co.,Ltd. 新電元工業㈱	36	18,000	60	18,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	34	+200.0% ↑ 9,000	15	3,000	M
Frontier Inc. ㈱フロンティア	19	NEW New 20,000	—
三井住友トラスト・ホールディングス㈱	16	+100.0% ↑ 4,400	9	2,200
Makita Corporation ㈱マキタ	7	+69.0% ↑ 1,433	2	848
Universal Entertainment Corporation ㈱ユニバーサルエンターテインメント	3	+14.4% ↑ 3,140	6	2,745
SMK Corporation SMK㈱	2	NEW New 1,200	—		M
Heiwa Corporation ㈱平和	2	1,000	2	1,000
Hokuhoku Financial Group, Inc. ㈱ほくほくフィナンシャルグループ	1	NEW New 700	—		M
Ai Holdings Corporation あいホールディングス㈱	—		—
㈱Sun Asterisk	—	−100% Exit —	233	210,000
㈱ＳＡＮＫＹＯ	—	−100% Exit —	553	100,000	M
ヘリオステクノホールディング㈱	—	−100% Exit —	307	881,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	—	−100% Exit —	187	221,520	M
EIZO Corporation ＥＩＺＯ㈱	—	−100% Exit —	143	35,100	M
IWATSU ELECTRIC CO., LTD. 岩崎通信機㈱	—	−100% Exit —	125	151,300	M
Frontier Inc. フロンティア	—	−100% Exit —	17	20,000
TOSE CO.,LTD. ㈱トーセ	—	−100% Exit —	10	15,000	M
KONAMI GROUP CORPORATION コナミグループ㈱	—	−100% Exit —	3	600
SMK Corporation ＳＭＫ㈱	—	−100% Exit —	2	1,200	M
YAMADA HOLDINGS CO.,LTD. ㈱ヤマダホールディングス	—	−100% Exit —	2	5,600
Portfolio total	4,846		3,509

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