Meiwa Estate Company Limited

明和地所株式会社

Real Estate

Meiwa Estate Company Limited develops, sells, and manages condominiums in Japan. It also engages in the real estate leasing and brokerage activities, as well as renovation and wealth solution business. The company was incorporated in 1942 and is headquartered in Tokyo, Japan.

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Price

¥801

Market Cap

¥18.8B

Ent. Value

¥83.1B

Net Debt

−¥64.3B

Shares Out.

23.4M

P / E

6.5×

EV / EBIT

15.9×

⚠ TSE Capital Mandate

P / Book

0.55×

P / NCAV

0.85×

Div. Yield

4.99%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥79.9B	¥71.2B	¥62.3B	¥57.2B
Cost of Sales	¥63.3B	¥55.7B	¥46.7B	¥44.3B
Gross Profit	¥16.6B	¥15.5B	¥15.7B	¥12.9B
SG&A	¥11.3B	¥10.6B	¥9.7B	¥8.8B
Operating Income	¥5.2B	¥5.0B	¥5.9B	¥4.2B
Non-Operating Income	¥156M	¥180M	¥132M	¥129M
Interest Income	¥7M	¥0M	¥0M	¥0M
Non-Operating Expenses	¥1.6B	¥1.2B	¥1.1B	¥1.1B
Interest Expense	¥1.2B	¥1.0B	¥883M	¥607M
Ordinary Income	¥3.8B	¥4.0B	¥5.0B	¥3.2B
Pre-tax Income	¥4.0B	¥3.9B	¥4.8B	¥3.1B
Income Taxes	¥1.1B	¥1.1B	¥434M	¥544M
Current Tax	¥1.7B	¥556M	¥783M	¥599M
Deferred Tax	¥-583M	¥547M	¥-348M	¥-55M
Net Income (owners)	¥2.9B	¥2.8B	¥4.4B	¥2.6B
Comprehensive Income	¥2.9B	¥3.0B	¥4.2B	¥2.6B
EBITDA	¥5.5B	¥5.2B	¥6.2B	¥4.4B
Goodwill Amort. (J-GAAP)	¥5M	¥5M	¥5M	¥2M
EPS	¥123.57	¥118.62	¥188.32	¥110.04
Shares Outstanding	23.4M	23.4M	23.4M	23.4M
Shares Issued (total)	23.4M	23.4M	23.4M	24.9M
Treasury Shares	—	—	—	1.4M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥152.1B	¥124.2B	¥116.5B	¥95.7B
Current Assets	¥140.1B	¥115.1B	¥104.2B	¥85.8B
Cash & Deposits	¥22.5B	¥34.9B	¥34.1B	¥27.7B
Non-Current Assets	¥12.0B	¥9.1B	¥12.3B	¥9.9B
PP&E	¥9.8B	¥6.7B	¥7.5B	¥7.7B
Goodwill	¥2M	¥7M	¥12M	¥17M
Intangible Assets	¥232M	¥239M	¥251M	¥68M
Investment Securities	¥96M	¥104M	¥1.9B	¥48M
Deferred Tax Assets	¥307M	¥564M	¥1.1B	¥761M
Total Liabilities	¥118.1B	¥92.2B	¥86.5B	¥69.1B
Current Liabilities	¥67.5B	¥52.9B	¥44.2B	¥36.5B
Accounts Payable	¥1.7B	¥2.4B	¥4.6B	¥4.2B
ST Debt	¥37.3B	¥20.7B	¥16.5B	¥16.9B
Taxes Payable	¥215M	¥215M	¥524M	¥327M
Non-Current Liabilities	¥50.6B	¥39.3B	¥42.3B	¥32.6B
Total LT Borrowings	¥49.5B	¥38.3B	¥41.3B	¥31.8B
Pension Obligations	¥211M	¥226M	¥211M	¥195M
Total Equity	¥34.0B	¥32.0B	¥30.0B	¥26.6B
Capital Stock	¥3.5B	¥3.5B	¥3.5B	¥3.5B
Capital Surplus	¥5.4B	¥5.4B	¥5.4B	¥5.4B
Retained Earnings	¥25.0B	¥23.1B	¥21.2B	¥18.6B
Treasury Stock	—	—	—	¥-965M
AOCI	¥34M	¥-11M	¥-180M	¥-14M
Equity (owners)	¥33.9B	¥32.0B	¥30.2B	¥26.6B

Total Interest-Bearing Debt ⓘ	¥86.8B	¥59.0B	¥57.9B	¥48.6B
Net Cash ⓘ	¥-64.3B	¥-24.1B	¥-23.7B	¥-20.9B
NCAV ⓘ	¥22.0B	¥22.9B	¥17.7B	¥16.7B
NCAV/Share	¥938	¥976	¥755	¥712
BV/Share	¥1,448	¥1,364	¥1,287	¥1,134

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-33.4B	¥-1.8B	¥419M	¥-6.9B
Taxes Paid	¥-3.6B	¥-805M	¥-619M	¥-752M
Interest Paid	¥-1.2B	¥-975M	¥-952M	¥-557M
Interest Received	¥8M	¥0M	¥0M	¥0M
D&A	¥247M	¥240M	¥213M	¥195M
Goodwill Amort.	¥5M	¥5M	¥5M	¥2M
Investing CF	¥-5.8B	¥2.4B	¥-2.4B	¥-45M
CapEx	¥560M	¥601M	¥152M	¥117M
Purchase Investments	—	¥-55M	¥-2.0B	—
Proceeds from Invest.	—	¥1.7B	¥414M	—
Financing CF	¥26.8B	¥140M	¥8.3B	¥12.1B
Dividends Paid	¥-937M	¥-975M	¥-820M	¥-870M
Share Buybacks	—	—	—	¥-965M
LT Debt Repaid	¥-20.1B	¥-22.9B	¥-22.1B	¥-20.0B
Free Cash Flow	¥-33.9B	¥-2.4B	¥267M	¥-7.0B
Net Change in Cash	¥-12.4B	¥741M	¥6.4B	¥5.1B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.8%	9.0%	15.6%	9.9%
ROA	2.1%	2.3%	4.2%	2.7%
EPS	¥123.57	¥118.62	¥188.32	¥110.04
DPS	¥40.00	¥40.00	¥45.00	¥35.00
BPS	¥1,449.15	¥1,363.61	¥1,279.38	¥1,133.11
FCF/Share	¥-1,447	¥-104	¥11	¥-299
NCAV/Share	¥938	¥976	¥755	¥712
Payout Ratio	32.4%	33.7%	23.9%	31.8%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2024-11-22	HARADA HIDEAKI	42.01%	correction	Passive	—
2024-11-21	HARADA HIDEAKI	42.01%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-22 15:30	Div Increase	¥1.1B ¥45.0/sh +12%	Meiwa Fudosan announced a dividend increase to ¥45.00 per share for FY2026 (ended March 31, 2026), up 12.5% from ¥40.00 …
Summary Meiwa Fudosan announced a dividend increase to ¥45.00 per share for FY2026 (ended March 31, 2026), up 12.5% from ¥40.00 in the prior year. The total dividend amount is ¥1,055 million, comprising a regular dividend of ¥40.00 plus a commemorative dividend of ¥5.00 to celebrate the Company 40th anniversary. The effective date is June 29, 2026, with a record date of March 31, 2026. Deadline: 2026-06-29 YoY: +12% Source (JP) 当期の期末配当金として、普通配当40円に記念配当5円を加え、１株当たり45円とさせていただきます。前期実績（2025年3月期）40円00銭から45円00銭へ増配。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	㈱英興発	8,751	37.32%
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）	1,311	5.59%
3	髙杉仁	700	2.98%
4	髙杉純	700	2.98%
5	㈱スペース・Ｐ	400	1.70%
6	㈱ＧＴ	350	1.49%
7	㈱ＦＵＫＵ	350	1.49%
8	原田耕次	200	0.85%
9	WU ASSETS PHE. LTD. DIRECTOR GOH HUP LIN （常任代理人㈱三菱UFJ銀行）	178	0.76%
10	BNP PARIBAS NEW YORK BRANCH－PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人香港上海銀行東京支店）	163	0.69%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

5.6%

-0.2% 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

50.3%

-0.9% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
㈱英興発		37.32%	37.32%	37.32%
日本マスタートラスト信託銀行		3.32%	3.77%	5.59% +1.82%
髙杉仁		2.98%	2.98%	2.98%
髙杉純		2.98%	2.98%	2.98%
㈱スペース・Ｐ		1.70%	1.70%	1.70%
㈱ＦＵＫＵ NEW ENTRY	—	—	—	1.49% NEW
㈱ＧＴ NEW ENTRY	—	—	—	1.49% NEW
原田耕次		0.85%	0.85%	0.85%
WU ASSETS PHE. LTD. DIRECTOR GOH HUP LIN		—	1.02%	0.76% -0.26%
BNP PARIBAS NEW YORK BRANCH－PRIME BROKERAGE CLEARANCE ACCOUNT NEW ENTRY	—	—	—	0.69% NEW
原田英明 last seen 2024	Exited Top 10	2.98%	2.98%	—
日本カストディ銀行 last seen 2024	Exited Top 10	2.08%	2.05%	—
BNP PARIBAS NEW YORK BRANCH－PRIME BROKERAGE SEGREGATION ACCOUNT last seen 2024	Exited Top 10	—	1.36%	—
ＪＰモルガン証券 last seen 2023	Exited Top 10	1.00%	—	—
野村信託銀行㈱（明和地所株式需給緩衝信託口／2041024） last seen 2023	Exited Top 10	7.55%	—	—
Concentration (HHI) ⓘ		1496	1444	1451

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

Portfolio Book Value ¥48M

Holdings 1

Held Company	FY2025 ¥48M total
	Book Val ¥M	Shares
ANA HOLDINGSINC. ANAホールディングス㈱	48	17,400
Portfolio total	48

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