8835
TAIHEIYO KOUHATSU INCORPORATED
太平洋興発株式会社
Wholesale Trade
← Companies
⚠ TSE Capital Mandate
P / Book
0.38×
Financials
| Metric |
FY 2025
TDnet
|
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Net Sales |
¥42.8B
|
¥42.1B
|
¥41.1B
|
¥51.0B
|
¥32.9B
|
| Cost of Sales |
¥38.3B
|
¥37.7B
|
¥36.3B
|
¥46.2B
|
¥28.9B
|
| Gross Profit |
¥4.5B
|
¥4.4B
|
¥4.8B
|
¥4.9B
|
¥4.0B
|
| SG&A |
¥3.7B
|
¥3.5B
|
¥3.6B
|
¥3.5B
|
¥3.3B
|
| Operating Income |
¥855M
|
¥857M
|
¥1.2B
|
¥1.4B
|
¥631M
|
| Non-Operating Income |
¥212M
|
¥186M
|
¥276M
|
¥328M
|
¥163M
|
| Dividend Income |
—
|
¥75M
|
¥110M
|
¥132M
|
¥32M
|
| Interest Income |
—
|
¥0M
|
¥0M
|
¥0M
|
¥0M
|
| Non-Operating Expenses |
—
|
¥476M
|
¥470M
|
¥409M
|
¥404M
|
| Interest Expense |
—
|
¥333M
|
¥292M
|
¥285M
|
¥286M
|
| Ordinary Income |
¥546M
|
¥566M
|
¥1.0B
|
¥1.3B
|
¥390M
|
| Pre-tax Income |
¥617M
|
¥578M
|
¥975M
|
¥1.1B
|
¥567M
|
| Income Taxes |
¥278M
|
¥189M
|
¥340M
|
¥375M
|
¥180M
|
| Current Tax |
—
|
¥246M
|
¥312M
|
¥361M
|
¥122M
|
| Deferred Tax |
—
|
¥-56M
|
¥28M
|
¥13M
|
¥57M
|
| Net Income (owners) |
¥343M
|
¥382M
|
¥626M
|
¥694M
|
¥367M
|
| Minority Interest |
—
|
¥6M
|
¥8M
|
¥21M
|
¥20M
|
| Comprehensive Income |
—
|
¥191M
|
¥767M
|
¥914M
|
¥514M
|
| EBITDA |
¥1.8B
|
¥1.7B
|
¥2.0B
|
¥2.2B
|
¥1.4B
|
| EPS |
¥44.13
|
¥49.16
|
¥80.57
|
¥89.24
|
¥47.18
|
| Shares Outstanding |
—
|
7.8M
|
7.8M
|
7.8M
|
7.8M
|
| Shares Issued (total) |
—
|
7.8M
|
7.8M
|
7.8M
|
7.8M
|
| Treasury Shares |
—
|
0.0M
|
0.0M
|
0.0M
|
0.0M
|
| Metric |
FY 2025
TDnet
|
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Total Assets |
¥45.7B
|
¥47.7B
|
¥44.9B
|
¥45.7B
|
¥44.6B
|
| Current Assets |
¥16.9B
|
¥19.5B
|
¥16.7B
|
¥17.7B
|
¥16.5B
|
| Cash & Deposits |
¥5.1B
|
¥5.3B
|
¥5.2B
|
¥5.9B
|
¥5.7B
|
| Trade Receivables |
—
|
¥3.8B
|
¥3.7B
|
¥4.1B
|
¥3.7B
|
| Non-Current Assets |
¥28.8B
|
¥28.3B
|
¥28.2B
|
¥28.0B
|
¥28.2B
|
| PP&E |
¥24.3B
|
¥24.2B
|
¥24.0B
|
¥23.9B
|
¥24.3B
|
| Intangible Assets |
—
|
¥69M
|
¥85M
|
¥94M
|
¥78M
|
| Investment Securities |
¥1.6B
|
¥1.1B
|
¥1.4B
|
¥1.2B
|
¥917M
|
| Deferred Tax Assets |
—
|
¥365M
|
¥292M
|
¥325M
|
¥435M
|
| Total Liabilities |
¥29.2B
|
¥31.6B
|
¥28.6B
|
¥29.9B
|
¥29.5B
|
| Current Liabilities |
¥17.0B
|
¥18.9B
|
¥16.2B
|
¥15.9B
|
¥14.9B
|
| Accounts Payable |
—
|
¥4.8B
|
¥3.2B
|
¥4.0B
|
¥3.3B
|
| ST Debt |
¥10.7B
|
¥10.2B
|
¥9.7B
|
¥8.8B
|
¥9.0B
|
| Taxes Payable |
—
|
¥156M
|
¥139M
|
¥317M
|
¥54M
|
| Non-Current Liabilities |
¥12.1B
|
¥12.8B
|
¥12.4B
|
¥14.0B
|
¥14.6B
|
| Total LT Borrowings |
¥5.7B
|
¥6.1B
|
¥6.0B
|
¥7.0B
|
¥7.7B
|
| Pension Obligations |
—
|
¥558M
|
¥590M
|
¥597M
|
¥650M
|
| Deferred Tax Liab. |
—
|
¥23M
|
¥69M
|
¥17M
|
¥30M
|
| Total Equity |
¥16.5B
|
¥16.1B
|
¥16.2B
|
¥15.8B
|
¥15.1B
|
| Capital Stock |
—
|
¥4.2B
|
¥4.2B
|
¥4.2B
|
¥4.2B
|
| Capital Surplus |
—
|
¥3.4B
|
¥3.4B
|
¥3.4B
|
¥3.4B
|
| Retained Earnings |
¥6.7B
|
¥6.6B
|
¥6.5B
|
¥6.3B
|
¥5.8B
|
| Treasury Stock |
—
|
¥-4M
|
¥-4M
|
¥-4M
|
¥-4M
|
| AOCI |
—
|
¥1.4B
|
¥1.6B
|
¥1.4B
|
¥1.2B
|
| Equity (owners) |
¥14.3B
|
¥14.3B
|
¥14.2B
|
¥13.9B
|
¥13.4B
|
| Minority Interests |
—
|
¥433M
|
¥433M
|
¥473M
|
¥460M
|
|
| Total Interest-Bearing Debt ⓘ |
¥16.4B
|
¥16.3B
|
¥15.7B
|
¥15.8B
|
¥16.7B
|
| Net Cash ⓘ |
¥-11.3B
|
¥-11.0B
|
¥-10.5B
|
¥-9.9B
|
¥-11.0B
|
| NCAV ⓘ |
¥-12.3B
|
¥-12.2B
|
¥-12.0B
|
¥-12.2B
|
¥-13.0B
|
| NCAV/Share |
—
|
¥-1,568
|
¥-1,539
|
¥-1,568
|
¥-1,677
|
| BV/Share |
—
|
¥1,836
|
¥1,826
|
¥1,783
|
¥1,727
|
| Metric |
FY 2025
TDnet
|
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Operating CF |
¥1.1B
|
¥906M
|
¥503M
|
¥2.3B
|
¥398M
|
| Interest Paid |
—
|
¥-341M
|
¥-290M
|
¥-290M
|
¥-313M
|
| Interest Received |
—
|
¥75M
|
¥110M
|
¥132M
|
¥32M
|
| D&A |
¥902M
|
¥855M
|
¥786M
|
¥815M
|
¥748M
|
| Investing CF |
¥-650M
|
¥-1.0B
|
¥-741M
|
¥-613M
|
¥-1.6B
|
| Purchase Investments |
—
|
¥-1M
|
¥-1M
|
¥-2M
|
¥-1M
|
| Proceeds from Invest. |
—
|
¥54M
|
¥2M
|
¥3M
|
¥109M
|
| Financing CF |
¥-590M
|
¥235M
|
¥-472M
|
¥-1.6B
|
¥622M
|
| Dividends Paid |
—
|
¥-303M
|
¥-334M
|
¥-256M
|
¥-233M
|
| Share Buybacks |
—
|
—
|
—
|
¥0M
|
¥0M
|
| LT Debt Repaid |
—
|
¥-2.7B
|
¥-2.7B
|
¥-1.9B
|
¥-1.8B
|
| Free Cash Flow |
¥1.1B
|
¥906M
|
¥503M
|
¥2.3B
|
¥398M
|
| Net Change in Cash |
—
|
¥114M
|
¥-741M
|
¥164M
|
¥-579M
|
| Metric |
FY 2025
TDnet
|
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| ROE |
2.1%
|
2.4%
|
4.0%
|
4.6%
|
2.5%
|
| ROA |
0.7%
|
0.8%
|
1.4%
|
1.5%
|
0.8%
|
| EPS |
¥44.13
|
¥49.16
|
¥80.57
|
¥89.24
|
¥47.18
|
| DPS |
¥40.00
|
¥39.00
|
¥39.00
|
¥43.00
|
¥33.00
|
| BPS |
¥2,066.22
|
¥2,013.32
|
¥2,028.57
|
¥1,968.85
|
¥1,887.11
|
| FCF/Share |
—
|
¥116
|
¥65
|
¥300
|
¥51
|
| NCAV/Share |
—
|
¥-1,568
|
¥-1,539
|
¥-1,568
|
¥-1,677
|
| Payout Ratio |
90.6%
|
79.3%
|
48.4%
|
48.2%
|
69.9%
|
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 2
| Date | Activist | Stake | Event | Flag | Demands | Source |
| 2024-03-28 |
KURODA CO.,LTD. |
5.04%
|
initial_5pct |
Passive
|
—
|
|
| 2024-03-28 |
TESHIO SOUKO CO.,LTD. |
5.01%
|
initial_5pct |
Passive
|
—
|
|
| # |
Shareholder |
Shares (thou.) |
% of Total |
| 1 |
クロダ株式会社
|
392
|
5.04%
|
| 2 |
天塩倉庫株式会社
|
390
|
5.01%
|
| 3 |
太平洋興発持株会
|
352
|
4.53%
|
| 4 |
斉丸 千代
|
129
|
1.67%
|
| 5 |
三井住友海上火災保険株式会社
|
108
|
1.39%
|
| 6 |
三井住友信託銀行株式会社
|
100
|
1.29%
|
| 7 |
江口 弘尚
|
97
|
1.25%
|
| 8 |
株式会社佐々木実業
|
82
|
1.06%
|
| 9 |
BNY Mellon (Nominee)
BNYM AS AGT / CLTS NON TREATY JASDEC
|
75
|
0.97%
|
| 10 |
大樹生命保険株式会社
|
65
|
0.84%
|
Domestic Nominees
1.3%
-5.5% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
1.0%
-0.4% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
20.8%
+3.0% vs 2024
Named entities with disclosed investment intent
| Shareholder |
Trend |
2023
|
2024
|
2025
|
|
クロダ
|
|
3.09%
|
5.04%
|
5.04%
|
|
天塩倉庫
|
|
3.21%
|
5.01%
|
5.01%
|
|
太平洋興発持株会
|
|
3.04%
|
3.51%
|
4.53%
+1.02%
|
|
斉丸 千代
|
|
1.82%
|
1.76%
|
1.67%
-0.09%
|
|
三井住友海上火災保険
|
|
1.39%
|
1.39%
|
1.39%
|
|
三井住友信託銀行
|
|
1.29%
|
1.29%
|
1.29%
|
|
江口 弘尚
NEW ENTRY
|
—
|
—
|
—
|
1.25%
NEW
|
|
式会社佐々木実業
|
|
—
|
1.04%
|
1.06%
+0.02%
|
|
BNY Mellon
|
|
1.88%
|
1.38%
|
0.97%
-0.41%
|
|
大樹生命保険
NEW ENTRY
|
—
|
—
|
—
|
0.84%
NEW
|
|
日本マスタートラスト信託銀行
last seen 2024
|
Exited Top 10
|
7.25%
|
4.66%
|
—
|
|
日本カストディ銀行
last seen 2024
|
Exited Top 10
|
1.49%
|
0.85%
|
—
|
|
黒田 みか
last seen 2023
|
Exited Top 10
|
1.95%
|
—
|
—
|
|
Concentration (HHI)
ⓘ
|
|
98
|
95
|
82
|
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥906M
-10% since 2023
Holdings
9
1 exited
Trend
3 building
vs 2023
| Held Company |
FY2025
¥906M total
|
FY2023
¥1,003M total
|
|
|
Book Val ¥M |
Shares |
Book Val ¥M |
Shares |
|
|
New Hope Corporation LTD.
|
493 |
1,454,000
|
720 |
1,454,000
|
|
|
Mitsui Fudosan Co., Ltd.
三井不動産㈱
|
319 |
+200.0%
↑
240,000
|
198 |
80,000
|
|
|
North Pacific Bank,Ltd.
㈱北洋銀行
|
51 |
100,000
|
27 |
100,000
|
M
|
|
Hokuhoku Financial Group, Inc.
㈱ほくほくフィナンシャルグループ
|
25 |
10,000
|
9 |
10,000
|
M
|
|
Nippon Denko Co., Ltd.
新日本電工㈱
|
6 |
+13.5%
↑
22,592
|
7 |
19,913
|
|
|
Electric Power Development Co., Ltd.
電源開発㈱
|
6 |
2,400
|
5 |
2,400
|
|
|
JFEHD㈱
|
5 |
+16.8%
↑
3,128
|
4 |
2,678
|
|
|
譌･譛ｬ陬ｽ邏呎ｪ蠑丈ｼ夂､ｾ
日本製紙㈱
|
1 |
1,200
|
1 |
1,200
|
|
|
Japan Metallurgical & Chemical Co., Ltd.
日本冶金工業㈱
|
— |
— |
|
|
TAIHEIYO CEMENT CORPORATION
太平洋セメント㈱
|
— |
−100%
Exit
—
|
32 |
13,000
|
M
|
| Portfolio total |
906 |
|
1,003 |
|
|
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding