Chuo Warehouse Co.

株式会社中央倉庫

Warehousing & Harbor Transportation Services

Chuo Warehouse Co.,Ltd. provides various logistics services in Japan and internationally. The company operates through segments Domestic logistics business, International cargo business, Real estate rental business. The company offers warehousing and transportation services; and international services, including cargo handling, storage, transportation, distribution processing, customs clearance, packaging, and information processing services. It also engages in the packing and processing of packaging materials; leasing, brokerage, management, and sale of real estate; and non-life insurance agency business. In addition, the company offers freight car transportation, truck transportation, and cargo handling machine repair services. Further, it provides warehouse receipt, bonded warehouse, trunk room, constant temperature / humidity storage, and dangerous goods storage services. The company was incorporated in 1927 and is headquartered in Kyoto, Japan.

← Companies

Price

¥1,759

Market Cap

¥32.5B

Ent. Value

¥30.8B

Net Cash

¥1.7B

Shares Out.

18.5M

P / E

15.5×

EV / EBIT

15.0×

⚠ TSE Capital Mandate

P / Book

0.65×

P / NCAV

N/M

Div. Yield

0.91%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥63.7B	¥58.9B	¥58.0B	¥56.2B	¥53.3B
Current Assets	¥13.8B	¥13.6B	¥13.7B	¥14.1B	¥13.7B
Cash & Deposits	¥8.9B	¥8.5B	¥8.5B	¥8.6B	¥7.9B
Non-Current Assets	¥49.8B	¥45.3B	¥44.4B	¥42.1B	¥39.6B
PP&E	¥33.1B	¥32.4B	¥31.8B	¥32.0B	¥29.5B
Goodwill	—	¥28M	¥33M	¥52M	—
Intangible Assets	—	¥111M	¥121M	¥134M	¥92M
Investment Securities	¥15.5B	¥12.0B	¥11.7B	¥9.5B	¥9.5B
Deferred Tax Assets	—	¥36M	¥19M	¥46M	¥40M
Total Liabilities	¥14.6B	¥12.9B	¥12.4B	¥13.3B	¥12.1B
Current Liabilities	¥7.0B	¥7.6B	¥6.7B	¥7.9B	¥7.9B
ST Debt	¥3.5B	¥3.4B	¥3.7B	¥3.8B	¥3.6B
Taxes Payable	—	¥605M	¥347M	¥488M	¥487M
Non-Current Liabilities	¥7.5B	¥5.3B	¥5.7B	¥5.4B	¥4.2B
Total LT Borrowings	¥3.7B	¥1.9B	¥2.3B	¥2.8B	¥1.8B
Pension Obligations	—	¥166M	¥168M	¥161M	¥147M
Deferred Tax Liab.	—	¥2.0B	¥1.9B	¥1.2B	¥1.0B
Total Equity	¥49.1B	¥46.1B	¥45.6B	¥42.8B	¥41.2B
Capital Stock	—	¥2.7B	¥2.7B	¥2.7B	¥2.7B
Capital Surplus	—	¥2.3B	¥2.3B	¥2.3B	¥2.3B
Retained Earnings	¥37.3B	¥35.9B	¥34.9B	¥33.8B	¥32.5B
Treasury Stock	—	¥-795M	¥-78M	¥-87M	¥-99M
AOCI	—	¥5.7B	¥5.5B	¥3.9B	¥3.6B
Equity (owners)	¥40.6B	¥40.1B	¥39.8B	¥38.7B	¥37.4B
Minority Interests	—	¥287M	¥271M	¥263M	¥248M

Total Interest-Bearing Debt ⓘ	¥7.2B	¥5.3B	¥6.0B	¥6.6B	¥5.4B
Net Cash ⓘ	¥1.7B	¥3.2B	¥2.4B	¥2.1B	¥2.5B
NCAV ⓘ	¥-730M	¥744M	¥1.2B	¥741M	¥1.6B
NCAV/Share	—	¥40	¥65	¥39	¥86
BV/Share	—	¥2,167	¥2,097	¥2,037	¥1,973

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.0B	¥4.1B	¥2.8B	¥4.1B	¥2.3B
Interest Paid	—	¥-86M	¥-82M	¥-51M	¥-42M
Interest Received	—	¥293M	¥347M	¥355M	¥207M
D&A	¥1.9B	¥1.8B	¥1.9B	¥1.5B	¥1.4B
Goodwill Amort.	—	—	¥6M	—	—
Investing CF	¥-2.0B	¥-2.1B	¥-1.3B	¥-3.2B	¥-1.9B
CapEx	¥3.1B	¥2.2B	¥1.9B	¥4.2B	¥2.0B
Purchase Investments	—	¥-239M	¥-412M	—	¥-101M
Proceeds from Invest.	—	¥326M	¥556M	¥863M	¥156M
Financing CF	¥86M	¥-2.1B	¥-1.2B	¥351M	¥-517M
Dividends Paid	—	¥-604M	¥-550M	¥-498M	¥-428M
Share Buybacks	—	¥-759M	¥-0M	¥-0M	¥-0M
LT Debt Repaid	—	¥-516M	¥-709M	¥-536M	¥-500M
Free Cash Flow	¥-97M	¥2.0B	¥985M	¥-94M	¥290M
Net Change in Cash	—	¥17M	¥328M	¥1.2B	¥-181M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	4.3%	3.5%	3.9%	4.1%	3.3%
ROA	3.4%	2.7%	3.0%	3.1%	2.5%
EPS	¥113.27	¥84.50	¥89.43	¥90.00	¥71.28
DPS	¥16.00	¥36.00	¥30.00	¥28.00	¥24.00
BPS	¥2,723.51	¥2,474.57	¥2,386.86	¥2,242.32	¥2,161.13
FCF/Share	—	¥106	¥52	¥-5	¥15
NCAV/Share	—	¥40	¥65	¥39	¥86
Payout Ratio	14.1%	42.6%	33.5%	31.1%	33.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2026-03-16	Mitsubishi UFJ Financial Group Inc.	4.75% -1.14%	change	Passive	—
2025-11-21	Mizuho Trust & Banking Co., Ltd.	4.99%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	5.89%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 16:00	Cost of Capital	¥42.0/sh +5%	Chuo Warehouse (9319) released a capital cost and capital efficiency update affirming its shareholder return policy. The…
Summary Chuo Warehouse (9319) released a capital cost and capital efficiency update affirming its shareholder return policy. The company reported ROE of 4.4% in FY2025 (up 0.9 pts YoY) but still below its 4.2-4.6% cost of capital range, with PBR remaining below 1.0x at 0.75. Management targets ROE of 5.0% by FY2027 through revenue growth, asset sales (¥1.5B planned), share buybacks (¥3.0B planned), and progressive dividend policy (FY2026 forecast ¥42/share, up from ¥38). YoY: +5% Source (JP) 2025年度においては、ROEは資本コストのレンジに留まっており、エクイティスプレッドを生み出せておりません。...少なくとも資本コストのレンジを上回るROE水準（現状認識では5％）を目指すと共に、PBRの向上を図る。資本コストや株価を意識した経営の実現に向けた対応について（アップデート） 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（信託口）（注）２	1,022	5.52%
2	The Bank of Kyoto 株式会社京都銀行	850	4.59%
3	THE SHIGA BANK,LTD. 株式会社滋賀銀行	820	4.43%
4	Yasuda Logistics corporation 安田倉庫株式会社	800	4.32%
5	MUFG Bank 株式会社三菱ＵＦＪ銀行	774	4.18%
6	みずほ信託銀行株式会社 (注)１	756	4.08%
7	Nippon Life Insurance 日本生命保険相互会社	664	3.59%
8	TODA CORPORATION 戸田建設株式会社	545	2.94%
9	京都中央信用金庫	515	2.78%
10	中央倉庫従業員持株会	381	2.06%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

9.6%

+1.0% 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

28.9%

+0.3% 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 ↑		4.20%	4.18%	5.52% +1.34%
The Bank of Kyoto 式会社京都銀行		4.48%	4.48%	4.59% +0.11%
THE SHIGA BANK,LTD. 式会社滋賀銀行		4.32%	4.32%	4.43% +0.11%
Yasuda Logistics corporation 安田倉庫		4.21%	4.21%	4.32% +0.11%
MUFG Bank 式会社三菱ＵＦＪ銀行		4.53%	4.53%	4.18% -0.35%
みずほ信託銀行		4.43%	4.43%	4.08% -0.35%
Nippon Life Insurance 日本生命保険		3.50%	3.50%	3.59% +0.09%
TODA CORPORATION 戸田建設		2.87%	2.87%	2.94% +0.07%
京都中央信用金庫		2.71%	2.71%	2.78% +0.07%
中央倉庫従業員持株会 NEW ENTRY	—	—	—	2.06% NEW
TAKEBISHI CORPORATION 式会社たけびし last seen 2024	Exited Top 10	—	2.00%	—
東京海上日動火災保険 last seen 2023	Exited Top 10	2.90%	—	—
Concentration (HHI) ⓘ		150	146	157

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

Portfolio Book Value ¥11,151M +24% since 2023

Holdings 36 +5 new 10 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥11,151M total		FY2023 ¥8,984M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Yasuda Logistics corporation 安田倉庫㈱	1,651	982,000	1,018	982,000	M
Funai Soken Holdings Incorporated ㈱船井総研ホールディングス	1,057	459,180	1,244	459,180	M
HORIBA, Ltd. ㈱堀場製作所	995	100,000	791	100,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	840	417,520	354	417,520	M
THE SHIGA BANK,LTD. ㈱滋賀銀行	817	155,280	416	155,280	M
KING CO.,Ltd. ㈱キング	755	1,014,000	512	1,014,000	M
TAKARA HOLDINGS INC. 宝ホールディングス㈱	726	634,000	648	634,000	M
TEIKOKU SEN-I Co.,Ltd. 帝国繊維㈱	696	271,000	448	271,000
Inui Global Logistics Co., Ltd. 乾汽船㈱	470	348,600	625	348,600	M
SHOFU INC. ㈱松風 (注)３	441	NEW New 209,000	—		M
TAKEBISHI CORPORATION ㈱たけびし	418	230,000	400	230,000	M
Kyoto Financial Group, Inc. ㈱京都フィナンシャルグループ	296	NEW New 130,024	—		M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	276	-34.9% ↓ 48,120	188	73,920	M
Maruzen Showa Unyu Co,.Ltd. 丸全昭和運輸㈱	251	41,800	135	41,800	M
Nissha Co., Ltd. ＮＩＳＳＨＡ㈱	212	155,525	289	155,525
Falcon Holdings Co., Ltd. ㈱ファルコホールディングス	180	77,400	152	77,400	M
The Kaneshita Construction Co.,Ltd. 金下建設㈱	125	45,200	122	45,200	M
The Nanto Bank,Ltd. ㈱南都銀行	114	28,800	67	28,800	M
Murata Manufacturing Co. ㈱村田製作所	113	+200.0% ↑ 48,870	131	16,290
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝� ㈱めぶきフィナンシャルグループ	111	153,270	50	153,270	M
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱ (注)４	110	NEW New 24,249	—		M
Asahi Kasei Corporation 旭化成㈱	105	100,000	93	100,000
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	97	23,914	45	23,914	M
Shimadzu Corporation ㈱島津製作所	90	24,200	100	24,200
CHORI CO.,LTD. 蝶理㈱	68	22,453	56	22,453
Dai Nippon Printing Co.,Ltd. 大日本印刷㈱ (注)５	44	NEW New 21,000	—
KYOTO TOOL CO.,LTD. 京都機械工具㈱	38	14,600	29	14,600	M
OMRON CORPORATION オムロン㈱	38	9,000	69	9,000
TODA CORPORATION 戸田建設㈱	11	12,320	8	12,320	M
The Fukui Bank, Ltd. ㈱福井銀行 (注)６	5	NEW New 2,660	—		M
sugimura warehouse co.,ltd. ㈱杉村倉庫	1	1,430	1	1,430
UNITIKA LTD. ユニチカ㈱	1	6,330	1	6,330
Kurashiki Spinning Co., Ltd. 倉敷紡績㈱	—		—
TEIJIN LIMITED 帝人㈱	—		—
Mitsubishi Logisnext Co., Ltd. 三菱ロジスネクスト㈱	—		—
三井住友トラスト・ホールディングス㈱	—		—
Mitsubishi Electric Corporation 三菱電機㈱	—	−100% Exit —	63	40,000
Resona Holdings, Inc. ㈱りそなホールディングス	—	−100% Exit —	17	25,882
SHOFU INC. ㈱松風	—	−100% Exit —	424	209,000	M
The Bank of Kyoto ㈱京都銀行	—	−100% Exit —	203	32,506	M
WACOAL HOLDINGS CORP. ㈱ワコールホールディングス	—	−100% Exit —	190	76,500	M
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱	—	−100% Exit —	42	8,083	M
Dai Nippon Printing Co.,Ltd. 大日本印刷㈱	—	−100% Exit —	39	10,500
ITO EN,LTD. ㈱伊藤園	—	−100% Exit —	9	2,000
㈱伊藤園（第１種優先株式）	—	−100% Exit —	1	600
MiyoshiOil&FatCo.,Ltd. ミヨシ油脂㈱	—	−100% Exit —	1	1,000
Portfolio total	11,151		8,984

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