TOSHIN HOLDINGS CO.,LTD

株式会社トーシンホールディングス

Information & Communication

Toshin Holdings Co.,Ltd engages in the mobile communication related business in Japan. The company operates through three segments: Mobile Communications, Real Estate, and Resort. The Mobile Communications segment engages in the sale of mobile phones, mobile phone service subscriptions, and related products, purchase of mobile phone terminals, as well as providing financial services, point services, and smartphone-based payment services. The Real Estate segment manages rental office buildings and condominiums, and rental apartments. The Resort segment is involved in resort business activities. The company also operates golf courses and driving ranges; selling drinking water; selling office automation equipment and air conditioners; and managing golf shops. Toshin Holdings Co.,Ltd. was founded in 1980 and is headquartered in Nagoya, Japan.

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Price

¥229

Market Cap

¥1.5B

Ent. Value

¥14.2B

Net Debt

−¥12.7B

Shares Out.

6.5M

P / E

—

EV / EBIT

316.3×

⚠ TSE Capital Mandate

P / Book

0.62×

P / NCAV

N/M

Div. Yield

4.37%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗
Net Sales	¥17.5B	¥17.4B	¥16.9B	¥18.0B
Cost of Sales	¥14.2B	¥13.0B	¥12.9B	¥14.1B
Gross Profit	¥3.3B	¥4.4B	¥4.1B	¥3.9B
SG&A	¥3.2B	¥3.8B	¥3.5B	¥3.3B
Operating Income	¥45M	¥624M	¥614M	¥595M
Non-Operating Income	¥93M	¥63M	¥54M	¥61M
Dividend Income	¥2M	¥3M	¥2M	¥2M
Interest Income	¥1M	¥0M	¥0M	¥0M
Non-Operating Expenses	¥170M	¥109M	¥106M	¥100M
Interest Expense	¥164M	¥106M	¥98M	¥96M
Ordinary Income	¥-32M	¥578M	¥562M	¥556M
Pre-tax Income	¥563M	¥638M	¥563M	¥451M
Income Taxes	¥640M	¥204M	¥173M	¥136M
Current Tax	¥183M	¥144M	¥109M	¥85M
Deferred Tax	¥243M	¥60M	¥64M	¥51M
Net Income (owners)	¥-85M	¥432M	¥390M	¥315M
Minority Interest	¥7M	¥2M	¥-0M	¥0M
Comprehensive Income	¥-74M	¥448M	¥392M	¥316M
EBITDA	¥439M	¥1.0B	¥996M	¥972M
EPS	¥-13.07	¥66.75	¥60.32	¥48.74
Shares Outstanding	6.5M	6.5M	6.5M	6.5M
Shares Issued (total)	6.5M	6.5M	6.5M	6.5M
Treasury Shares	0.1M	0.1M	0.1M	0.1M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗
Total Assets	¥24.5B	¥25.0B	¥23.3B	¥23.5B
Current Assets	¥6.2B	¥5.7B	¥5.7B	¥5.8B
Cash & Deposits	¥3.1B	¥2.1B	¥2.3B	¥2.7B
Trade Receivables	¥2.8B	¥3.1B	¥2.9B	¥2.7B
Non-Current Assets	¥18.3B	¥19.3B	¥17.6B	¥17.7B
PP&E	¥17.7B	¥18.5B	¥16.8B	¥16.8B
Intangible Assets	¥152M	¥151M	¥151M	¥151M
Investment Securities	¥96M	¥90M	¥70M	¥67M
Deferred Tax Assets	¥20M	¥142M	¥208M	¥273M
Total Liabilities	¥22.1B	¥21.3B	¥19.8B	¥20.3B
Current Liabilities	¥10.6B	¥10.2B	¥8.5B	¥9.0B
Accounts Payable	¥1.9B	¥1.5B	¥1.6B	¥1.9B
ST Debt	¥6.4B	¥7.0B	¥5.2B	¥5.4B
Taxes Payable	¥366M	¥102M	¥91M	¥66M
Non-Current Liabilities	¥11.5B	¥11.1B	¥11.3B	¥11.3B
Total LT Borrowings	¥9.4B	¥9.2B	¥9.6B	¥9.6B
Pension Obligations	¥23M	¥33M	¥34M	¥28M
Deferred Tax Liab.	¥665M	¥466M	¥466M	¥466M
Total Equity	¥2.4B	¥3.7B	¥3.4B	¥3.2B
Capital Stock	¥742M	¥742M	¥742M	¥742M
Capital Surplus	¥881M	¥881M	¥881M	¥881M
Retained Earnings	¥774M	¥2.1B	¥1.8B	¥1.6B
Treasury Stock	¥-50M	¥-50M	¥-49M	¥-49M
AOCI	¥42M	¥39M	¥25M	¥22M
Equity (owners)	¥2.3B	¥3.7B	¥3.4B	¥3.2B
Minority Interests	¥30M	¥10M	¥8M	¥8M

Total Interest-Bearing Debt ⓘ	¥15.8B	¥16.2B	¥14.7B	¥14.9B
Net Cash ⓘ	¥-12.7B	¥-14.1B	¥-12.4B	¥-12.2B
NCAV ⓘ	¥-15.9B	¥-15.6B	¥-14.2B	¥-14.5B
NCAV/Share	¥-2,464	¥-2,414	¥-2,190	¥-2,245
BV/Share	¥363	¥569	¥527	¥488

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗
Operating CF	¥282M	¥232M	¥294M	¥-212M
Interest Paid	¥-168M	¥-105M	¥-98M	¥-94M
Interest Received	¥3M	¥3M	¥2M	¥2M
D&A	¥394M	¥395M	¥383M	¥376M
Investing CF	¥1.6B	¥-1.9B	¥263M	¥-1.1B
CapEx	¥1.0B	¥2.2B	¥314M	¥1.4B
Purchase Investments	—	—	—	¥-11M
Financing CF	¥-852M	¥1.4B	¥-357M	¥773M
Dividends Paid	¥-130M	¥-155M	¥-142M	¥-142M
LT Debt Repaid	¥-1.3B	¥-1.3B	¥-1.1B	¥-1.1B
Free Cash Flow	¥-766M	¥-2.0B	¥-20M	¥-1.6B
Net Change in Cash	¥1.0B	¥-227M	¥203M	¥-570M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗
ROE	-3.4%	12.1%	11.8%	10.2%
ROA	-0.3%	1.8%	1.7%	1.3%
EPS	¥-13.07	¥66.75	¥60.32	¥48.74
DPS	¥10.00	¥22.00	¥24.00	¥22.00
BPS	¥369.50	¥575.25	¥530.38	¥491.68
FCF/Share	¥-118	¥-305	¥-3	¥-253
NCAV/Share	¥-2,464	¥-2,414	¥-2,190	¥-2,245
Payout Ratio	—	33.0%	39.8%	45.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2025-09-29	Hikari Tsushin K.K.	7.13% +0.95%	change	Passive	—
2025-07-07	Hikari Tsushin K.K.	6.18% +1.07%	change	Passive	—
2025-05-20	Hikari Tsushin K.K.	5.11%	initial_5pct	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	株式会社ジェット	2,172,400	33.60%
2	石田信文	395,300	6.11%
3	石田ゆかり	305,200	4.72%
4	光通信株式会社	219,100	3.38%
5	トーシングループ従業員持株会	171,289	2.64%
6	ソフトバンク株式会社	144,000	2.22%
7	JPモルガン証券株式会社	72,600	1.12%
8	三井住友信託銀行株式会社	72,000	1.11%
9	山田その子	58,980	0.91%
10	株式会社オーレンジ	50,050	0.77%

as of 2025-04-30 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

1.1%

+0.0% 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

55.5%

-1.6% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
式会社ジェット		33.60%	33.60%	33.60%
石田信文		5.92%	6.02%	6.11% +0.09%
石田ゆかり		4.67%	4.71%	4.72% +0.01%
光通信 NEW ENTRY	—	—	—	3.38% NEW
トーシングループ従業員持株会		3.10%	3.10%	2.64% -0.46%
ソフトバンク		2.23%	2.23%	2.22% -0.01%
JPモルガン証券		1.17%	1.20%	1.12% -0.08%
三井住友信託銀行		1.11%	1.11%	1.11%
山田その子		—	4.18%	0.91% -3.27%
式会社オーレンジ		0.77%	0.77%	0.77%
山田月子 last seen 2024	Exited Top 10	1.24%	1.24%	—
山田正義 last seen 2023	Exited Top 10	4.18%	—	—
Concentration (HHI) ⓘ		1223	1224	1216

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

Portfolio Book Value ¥86M +42% since 2023

Holdings 14

Trend 2 building vs 2023

Held Company	FY2025 ¥86M total		FY2023 ¥60M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
㈱三菱UFJフィナンシャル・グループ	28	15,500	13	15,500	M
Bell-Park Co.,Ltd. ㈱ベルパーク	12	7,200	12	7,200
SoftBank Group Corp. ソフトバンクグループ㈱	12	1,600	8	1,600	M
Proto Corporation Co., Ltd. ㈱プロトコーポレーション	10	4,800	6	4,800
TSI HOLDINGS CO., LTD. ㈱TSIホールディングス	5	5,000	3	5,000
MOS FOOD SERVICES,INC. ㈱モスフードサービス	4	1,000	3	1,000
GEO HOLDINGS CORPORATION ㈱ゲオホールディングス	3	1,600	3	1,600
KDDI CORPORATION ＫＤＤＩ㈱	3	+100.0% ↑ 1,200	2	600
Japan Airlines Co., Ltd. 日本航空㈱	3	1,000	3	1,000
McDonald's Holdings Company(Japan),Ltd. 日本マクドナルドホールディングス㈱	2	300	2	300
日本電信電話㈱	2	+2400.0% ↑ 10,000	2	400
SAKAI Holdings CO.,LTD ㈱サカイホールディングス	1	3,000	2	3,000	M
KISOJI CO., LTD. ㈱木曽路	1	500	1	500
CROPS CORPORATION ㈱クロップス	1	1,000	1	1,000
Portfolio total	86		60

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