9504
The Chugoku Electric Power Company, Incorporated
中国電力株式会社
Electric Power & Gas
The Chugoku Electric Power Co., Inc. engages in generation, transmission, and distribution of electric power in Japan. It generates power through hydroelectric, thermal, nuclear, renewable, and other energy sources. The company provides thermal power, nuclear power, hydroelectric power, transportation facilities, electrical communications, electrical conductors and cables, and other materials and equipment, as well as consulting services. In addition, it owns and operates general hydropower and pumped storage power stations, as well as constructs and operates technology of photovoltaic power plant. Further, the company is involved in natural gas-fired power generation; and coal-fired power generation. The Chugoku Electric Power Co., Inc. was incorporated in 1951 and is based in Hiroshima, Japan.
Price
¥876
Market Cap
¥315.0B
Ent. Value
¥2.9T
Net Debt
−¥2.6T
Shares Out.
359.8M
P / E
4.6×
EV / EBIT
32.5×
⚠ TSE Capital Mandate
P / Book
0.41×
P / NCAV
N/M
Div. Yield
1.14%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥4,620.5B | ¥4,361.0B | ¥4,133.3B | ¥4,040.0B | ¥3,566.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥829.9B | ¥695.8B | ¥650.6B | ¥647.2B | ¥339.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥423.4B | ¥286.7B | ¥301.4B | ¥254.8B | ¥66.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | — | ¥129.7B | ¥114.7B | ¥123.3B | ¥104.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥3,790.6B | ¥3,665.1B | ¥3,482.7B | ¥3,392.9B | ¥3,227.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥61.0B | ¥75.4B | ¥109.0B | ¥74.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥3,845.2B | ¥3,655.1B | ¥3,519.9B | ¥3,584.6B | ¥2,958.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥652.5B | ¥635.2B | ¥721.3B | ¥1,014.7B | ¥694.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | — | ¥117.7B | ¥102.0B | ¥111.5B | ¥81.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥7.0B | ¥76.3B | ¥70.3B | ¥97.4B | ¥65.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥3,192.7B | ¥3,019.9B | ¥2,798.6B | ¥2,569.7B | ¥2,263.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥3,036.5B | ¥2,855.4B | ¥2,615.5B | ¥2,379.8B | ¥2,084.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | — | ¥50.3B | ¥55.3B | ¥59.3B | ¥61.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | — | ¥354M | ¥616M | ¥359M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥775.3B | ¥705.9B | ¥613.4B | ¥455.5B | ¥608.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | — | ¥197.0B | ¥197.0B | ¥197.0B | ¥197.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥28.5B | ¥28.5B | ¥28.6B | ¥28.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥507.2B | ¥450.2B | ¥364.2B | ¥232.2B | ¥393.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-39.6B | ¥-38.9B | ¥-38.9B | ¥-38.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥71.4B | ¥54.0B | ¥28.6B | ¥25.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥693.2B | ¥636.2B | ¥550.9B | ¥418.9B | ¥580.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥-1.7B | ¥8.5B | ¥8.0B | ¥2.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥3,043.5B | ¥2,931.7B | ¥2,685.9B | ¥2,477.2B | ¥2,150.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-2,620.2B | ¥-2,645.0B | ¥-2,384.5B | ¥-2,222.4B | ¥-2,083.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-3,015.3B | ¥-2,959.3B | ¥-2,869.3B | ¥-2,937.4B | ¥-2,619.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥-8,225 | ¥-7,975 | ¥-8,164 | ¥-7,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥1,768 | ¥1,531 | ¥1,164 | ¥1,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥237.3B | ¥186.0B | ¥271.4B | ¥-62.7B | ¥310M |
| Taxes Paid | — | ¥-42.3B | ¥-2.0B | ¥-3.3B | ¥-7.7B |
| Interest Paid | — | ¥-13.4B | ¥-11.9B | ¥-10.6B | ¥-9.6B |
| Interest Received | — | ¥5.4B | ¥5.1B | ¥5.7B | ¥4.6B |
| D&A | ¥139.1B | ¥114.8B | ¥106.5B | ¥92.6B | ¥79.6B |
| Investing CF | ¥-236.2B | ¥-358.8B | ¥-202.0B | ¥-225.0B | ¥-206.4B |
| Financing CF | ¥135.4B | ¥161.2B | ¥-17.1B | ¥465.0B | ¥212.6B |
| Dividends Paid | — | ¥-12.6B | ¥-1.8B | ¥-5.4B | ¥-18.0B |
| LT Debt Repaid | — | ¥-122.2B | ¥-98.5B | ¥-142.3B | ¥-160.3B |
| Free Cash Flow | ¥237.3B | ¥186.0B | ¥271.4B | ¥-62.7B | ¥310M |
| Net Change in Cash | — | ¥-11.0B | ¥52.9B | ¥178.3B | ¥6.7B |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 9.3% | 15.0% | 25.4% | -29.5% | -6.3% |
| ROA | 1.5% | 2.3% | 3.3% | -4.1% | -1.1% |
| EPS | ¥190.61 | ¥273.70 | ¥370.59 | ¥-431.30 | ¥-110.21 |
| DPS | ¥10.00 | ¥27.00 | ¥35.00 | — | ¥40.00 |
| BPS | ¥2,161.55 | ¥1,967.75 | ¥1,679.11 | ¥1,242.16 | ¥1,681.51 |
| FCF/Share | — | ¥517 | ¥754 | ¥-174 | ¥1 |
| NCAV/Share | — | ¥-8,225 | ¥-7,975 | ¥-8,164 | ¥-7,279 |
| Payout Ratio | 5.2% | 9.9% | 9.4% | — | — |
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-04-28
15:30
|
Div Cut | ¥6.1B ¥17.0/sh -23% | Chugoku Electric Power announced a dividend cut for FY2026 (ended March 31, 2026) to ¥17 per share (¥6.128B total), down… | |
|
Summary
Chugoku Electric Power announced a dividend cut for FY2026 (ended March 31, 2026) to ¥17 per share (¥6.128B total), down from ¥22 per share in the prior year. The Company, is transitioning to a DOE (Dividend on Equity) framework targeting 2% from FY2027 onwards, aiming to balance shareholder returns with financial base recovery ahead of Shimane Unit 3 commercial operation. FY2027 dividend is forecast at ¥30 per share (¥15 interim + ¥15 year-end), representing a 11% increase YoY but Power than the current ¥27 annual guidance.
Deadline: 2026-06-26
YoY: -23%
Source (JP)
年間配当金は、配当予想としてお知らせしていた1株あたり27円を据え置き、このうち期末配当金を1株あたり17円とします。前期実績は22円であり、22%の減配となります。
2026年3月期の剰余金の配当、2027年3月期以降の配当方針および2027年3月期の配当予想に関するお知らせ
TDnet PDF
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| # | 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株式会社(信託口)
|
46,306 | 12.85% |
| 2 | 山口県 | 34,005 | 9.43% |
| 3 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
|
16,173 | 4.49% |
| 4 | 日本生命保険相互会社 | 10,373 | 2.88% |
| 5 | 中国電力株式投資会 | 7,024 | 1.95% |
| 6 | 株式会社広島銀行 | 5,842 | 1.62% |
| 7 |
Northern Trust Company
NORTHERN TRUST GLOBAL SERVICES SE, LUXEMBOURG RE LUDU RE: UCITS CLIENTS 15.315 PCT NON TREATY ACCOUNT(常任代理人 香港上海銀行東京支店カストディ業務部)
|
5,434 | 1.51% |
| 8 |
State Street Bank and Trust Company
STATE STREET BANK WEST CLIENT - TREATY 505234(常任代理人 株式会社みずほ銀行決済営業部)
|
3,605 | 1.00% |
| 9 | 大田 宜明 | 3,262 | 0.90% |
| 10 |
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部)
|
2,931 | 0.81% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
17.3%
-1.0% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.3%
+0.6% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
16.8%
-0.3% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 37.4% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 日本マスタートラスト信託銀行 | 12.20% | 12.81% | 12.85% +0.04% | |
| 山口県 | 9.43% | 9.43% | 9.43% | |
| 日本カストディ銀行 | 4.48% | 5.49% | 4.49% -1.00% | |
| 日本生命保険 | 4.11% | 4.11% | 2.88% -1.23% | |
| 中国電力株式投資会 | 2.06% | 1.97% | 1.95% -0.02% | |
| State Street | 0.88% | 2.76% | 1.81% -0.95% | |
| 式会社広島銀行 | 1.62% | 1.62% | 1.62% | |
| Northern Trust NEW ENTRY | — | — | — | 1.51% NEW |
| 大田 宜明 NEW ENTRY | — | — | — | 0.90% NEW |
| JP Morgan last seen 2023 | Exited Top 10 | 1.10% | — | — |
| Concentration (HHI) ⓘ | 284 | 314 | 295 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥6,960M
+12% since 2023
Holdings
10
+2 new
3 exited
Trend
6 unwinding
vs 2023
| Held Company | FY2025 ¥6,960M total | FY2023 ¥6,212M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Hirogin Holdings, Inc.
(株)ひろぎんホールディングス
|
2,656 |
-26.9%
↓
2,193,010
|
1,879 | 3,002,010 | |
|
Yamaguchi Finacial Group,Inc.
(株)山口フィナンシャルグループ
|
1,975 |
-42.3%
↓
1,124,620
|
1,582 | 1,949,420 | |
|
The Japan Steel Works, Ltd.
(株)日本製鋼所
|
952 |
182,000
|
451 | 182,000 | M |
|
The San-in Godo Bank,Ltd.
(株)山陰合同銀行
|
893 |
-42.7%
↓
688,656
|
888 | 1,202,656 | M |
|
Schoo Co., Ltd.
(株)Schoo (注)3
|
197 |
NEW
New
126,900
|
— | ||
|
譬ェ蠑丈シ夂、セ�シコ�ス��ス趣ス搾ス包シエ�ス��ス��ス�
(株)ZenmuTech (注)3
|
144 |
NEW
New
22,200
|
— | ||
|
THE TOTTORIBANK,LTD.
(株)鳥取銀行
|
80 |
-58.9%
↓
63,400
|
176 | 154,400 | M |
|
Hiroshima Electric Railway Co.,Ltd.
広島電鉄(株)
|
36 |
-62.2%
↓
59,600
|
128 | 157,500 | M |
|
Hiroshima Gas Co.
広島ガス(株)
|
27 |
-92.0%
↓
80,598
|
354 | 1,001,998 | M |
|
Chugin Financial Group, Inc.
(株)ちゅうぎんフィナンシャルグループ
|
— | — | |||
|
TOMATO BANK,LTD.
(株)トマト銀行
|
— |
−100%
Exit
—
|
49 | 48,300 | M |
|
UBE Corporation
UBE(株)
|
— |
−100%
Exit
—
|
461 | 224,771 | M |
|
Chugin Financial Group, Inc.
(株)ちゅうぎんフィナンシャルグループ (注)1
|
— |
−100%
Exit
—
|
244 | 274,655 | |
| Portfolio total | 6,960 | 6,212 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding