Key Facts
• June 18, 2025: ‘Company Quarterly Report’ Summer Edition released with rankings.
• Focus on ‘Net Cash Ratio,’ calculated as (Cash + Short-term Securities – Debt – Advances) ÷ Market Cap.
• Criteria: Equity ratio ≥ 50%, Market Cap ≥ ¥30 billion, PBR < 3.
• 1st: Komori Corporation (6349) with ¥491 billion net cash, 1.55x ratio, PBR 0.66.
• 2nd: Doshisha (7483) with ¥548 billion net cash, 1.57x ratio, PBR 0.92.
• 3rd: Chiyoda (8185) with ¥263 billion net cash, 1.6x ratio, PBR 0.80.
• 4th: Icom (6820) with ¥271 billion net cash, 1.6x ratio, PBR 0.64.
• 6th: GungHo Online Entertainment (3765) with ¥1.046 trillion net cash, PBR < 1.
• Companies with low net cash ratios are attractive for TOB and shareholder return policies.
• Examples include dividend increases and share buybacks to utilize surplus funds.
Summary
The 2025 Summer Edition of the ‘Company Quarterly Report’ highlights 50 value stocks with strong financials and low net cash ratios, making them attractive for shareholder returns. Komori Corporation leads with a 1.55x net cash ratio and plans for increased dividends. Doshisha and Chiyoda follow, both maintaining debt-free operations and boosting shareholder returns. GungHo Online Entertainment, despite declining profits, holds significant cash reserves, drawing investor attention. The rankings emphasize companies with surplus funds, low PBR, and potential for enhanced shareholder value.
