Concentration in Investment Securities and Risks from Fluctuations in Share Prices and Dividends
First written in FY2016. 27 of 39 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-08-06.
Shoei Yakuhin moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2019: 53 of 135 companies on the "Worse" side.
35 other companies' latest entry also says "Materialised".
- 2026-08-06MaterialisedEarnings
「This was due to increases of ¥291.481 million in investment securities and ¥139.767 million in merchandise, respectively, resulting from fluctuations in the market value of shares held and other factors.」
Changes in the market value of shares held appeared as a factor behind the increase in investment securities in the financial position for the first quarter. - FY2026SoftenedAnnual report
「As of the end of the fiscal year ending March 2026, investment securities stood at ¥5,597.685 million, accounting for 31.4% of consolidated total assets. Of this amount, Kao shares accounted for ¥4,293.153 million (24.1% of consolidated total assets).」
Investment securities declined from 32.6% of total assets in the previous fiscal year to 31.4%, while Kao shares declined from 26.3% to 24.1%. Although the risk of share-price and dividend fluctuations from concentrated holdings remains, the exposure has decreased. - 2026-05-28MaterialisedGeneral Meetings of Shareholders
「Investment securities consist of shares in companies with which we have business relationships and are exposed to the risk of fluctuations in market prices, although we regularly determine their fair value.」
As of the end of March 2026, investment securities totaled ¥5,579.485 million, indicating the presence on the balance sheet of concentrated holdings exposed to market-price fluctuations. Investment securities totaling ¥3,346.651 million were also pledged as collateral. - FY2026-H1MaterialisedAnnual report
「The main factors were a ¥722.492 million decrease in cash and deposits, offset by increases of ¥767.627 million in trade receivables and ¥217.087 million in investment securities due to changes in the market value of securities held, among other factors.」
Investment securities increased by ¥217.087 million due to changes in the market value of securities held, among other factors, while valuation differences on other securities increased by ¥140.137 million. Changes in the market value of concentrated investment securities are having an actual impact on the company's financial position during the interim period. - FY2025WorsenedAnnual report
「As of the end of the fiscal year ending March 2025, investment securities stood at ¥5,575.689 million, accounting for 32.6% of consolidated total assets. Of this amount, Kao shares accounted for ¥4,498.152 million (26.3% of consolidated total assets).」
Investment securities rose from 30.0% of total assets in the previous fiscal year to 32.6%, while Kao shares rose from 23.3% to 26.3%, increasing the concentration exposure. - FY2025-H1MaterialisedAnnual report
「The main factors were a ¥996,352 thousand increase in investment securities due to changes in the market value and other factors relating to securities held, while cash and deposits decreased by ¥798,957 thousand, trade receivables decreased by ¥122,504 thousand, and merchandise decreased by ¥88,111 thousand.」
Investment securities increased by ¥996,352 thousand due to changes in the market value and other factors relating to securities held, and market-value changes in concentrated securities holdings actually affected financial position during the interim period. - FY2024SoftenedAnnual report
「As of the end of the fiscal year ended March 2024, investment securities totaled ¥5,049,726 thousand, representing 30.0% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥3,917,902 thousand, representing 23.3% of consolidated total assets.」
The ratio of investment securities to total assets fell from 30.7% in the previous fiscal year to 30.0%, while the ratio of shares in Kao Corporation fell from 24.3% to 23.3%. However, the balance increased due to market-value changes, and concentrated-holding risk remains. - FY2024-Q3MaterialisedAnnual report
「The main factors were a ¥108,177 thousand decrease in merchandise, while trade receivables increased by ¥795,748 thousand, investment securities increased by ¥633,633 thousand due to changes in the market value and other factors relating to securities held, and cash and deposits increased by ¥309,886 thousand.」
Investment securities increased by ¥633,633 thousand due to changes in the market value and other factors relating to securities held, and price fluctuations in concentrated securities holdings actually affected financial position at the end of the third quarter. - FY2024-Q2MaterialisedAnnual report
「The main factors were a ¥118,128 thousand decrease in merchandise, while trade receivables increased by ¥801,267 thousand, investment securities increased by ¥353,631 thousand due to changes in the market value and other factors relating to securities held, and cash and deposits increased by ¥319,943 thousand.」
Investment securities increased by ¥353,631 thousand due to changes in the market value and other factors relating to securities held, and market-value changes in concentrated securities holdings actually affected financial position at the end of the second quarter. - FY2024-Q1MaterialisedAnnual report
「The main factors were increases of ¥129,679 thousand in investment securities and ¥121,958 thousand in trade receivables due to changes in the market value and other factors relating to shares held, while cash and deposits decreased by ¥451,015 thousand.」
Investment securities increased by ¥129,679 thousand due to changes in the market value and other factors relating to shares held, and price fluctuations in concentrated securities holdings actually affected financial position in the first quarter. - FY2023WorsenedAnnual report
「As of the end of the fiscal year ended March 2023, investment securities totaled ¥4,536,808 thousand, representing 30.7% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥3,590,599 thousand, representing 24.3% of consolidated total assets.」
The ratio of investment securities to total assets rose from 30.3% in the previous fiscal year to 30.7%, while the ratio of shares in Kao Corporation rose from 24.1% to 24.3%. Investment securities increased by ¥152,387 thousand due to market-value changes, and concentrated exposure continued to affect financial position. - FY2023-Q3MaterialisedAnnual report
「The main factors were increases of ¥1,240,539 thousand in trade receivables, ¥505,601 thousand in cash and deposits, and ¥139,008 thousand in investment securities due to changes in the market value and other factors relating to securities held.」
Investment securities increased by ¥139,008 thousand due to changes in the market value and other factors relating to securities held, and price fluctuations in concentrated securities holdings actually affected financial position. - FY2023-Q2MaterialisedAnnual report
「The main factors were a ¥131,436 thousand decrease in cash and deposits, while trade receivables increased by ¥989,494 thousand and investment securities increased by ¥529,747 thousand due to changes in the market value and other factors relating to securities held.」
Investment securities increased by ¥529,747 thousand due to changes in the market value and other factors relating to securities held, and price fluctuations in concentrated securities holdings actually affected financial position. The balance of investment securities was ¥4,914,168 thousand. - FY2023-Q1MaterialisedAnnual report
「The main factors were a ¥182,970 thousand decrease in cash and deposits, while trade receivables increased by ¥623,276 thousand and investment securities increased by ¥249,639 thousand due to changes in the market value and other factors relating to shares held.」
Investment securities increased by ¥249,639 thousand due to changes in the market value and other factors relating to shares held. Changes in the market value of concentrated securities holdings actually affected financial position during the quarter. - FY2022MitigatedAnnual report
「At a meeting of the Board of Directors held on 8 February 2022, the Company resolved to tender all shares in 互応化学工業株式会社 held by the Company in the tender offer conducted by ＧＣホールディングス株式会社. The Company accepted the tender offer and sold all of the shares during the fiscal year.」
The Company sold all 227,000 shares of 互応化学工業株式会社 in response to the tender offer. Investment securities also fell to 30.3% of total assets, while shares in Kao Corporation fell to 24.1%, reducing concentrated-holding risk. - FY2022-Q3MitigatedAnnual report
「The main factors were decreases of ¥798,012 thousand in investment securities due to changes in the market value and other factors relating to securities held and ¥220,261 thousand in cash and deposits, while notes and accounts receivable increased by ¥1,321,205 thousand. At a meeting of the Board of Directors held on 8 February 2022, the Company resolved to tender all shares in 互応化学工業株式会社 held by the Company in the tender offer conducted by ＧＣホールディングス株式会社 (the "Tender Offer"). Number of shares held before tendering: 227,000 shares Number of shares to be tendered: 227,000 shares Number of shares held after tendering: 0 shares If the Tender Offer is completed and the Company sells all shares in 互応化学工業株式会社 that it holds, the Company expects to record a gain on sale of investment securities of ¥370,010 thousand as extraordinary income for the fiscal year ending March 2022.」
Investment securities decreased by ¥798,012 thousand at the end of the quarter due to changes in the market value and other factors relating to securities held. At the same time, the Company resolved to tender all 227,000 shares of 互応化学工業株式会社 that it held, with the holding to become 0 shares upon completion, bringing its response to concentrated-holding risk to the resolution stage. However, the sale is subject to completion of the tender offer. - FY2022-Q2MaterialisedAnnual report
「The main factors were decreases of ¥344,374 thousand in investment securities due to changes in the market value and other factors relating to securities held and ¥314,075 thousand in cash and deposits, while notes and accounts receivable increased by ¥673,006 thousand and merchandise increased by ¥61,183 thousand.」
Investment securities decreased by ¥344,374 thousand due to changes in the market value and other factors relating to securities held, and price fluctuations in concentrated securities holdings actually affected financial position at the end of the second quarter. The valuation difference on other securities also decreased by ¥245,580 thousand. - FY2022-Q1MaterialisedAnnual report
「The main factors were an increase of ¥671,179 thousand in notes and accounts receivable, while investment securities decreased by ¥373,971 thousand due to changes in the market value of securities held, and cash and deposits decreased by ¥335,161 thousand.」
Investment securities decreased by ¥373,971 thousand due to changes in the market value of securities held, and price fluctuations in concentrated securities holdings actually affected financial position during the quarter. - FY2021SoftenedAnnual report
「As of the end of the fiscal year ended March 2021, investment securities totaled ¥6,152,457 thousand, representing 42.1% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥5,081,876 thousand, representing 34.8% of consolidated total assets.」
The ratio of investment securities to total assets fell from 47.1% in the previous fiscal year to 42.1%, while the ratio of shares in Kao Corporation fell from 40.9% to 34.8%. Concentrated exposure decreased due to partial sales and market-value changes, but the proportion of total assets remained high. - FY2021-Q3MaterialisedAnnual report
「The main factors were a ¥506,510 thousand decrease in investment securities due to changes in the market value and other factors relating to securities held, while cash and deposits increased by ¥791,276 thousand.」
Investment securities decreased by ¥506,510 thousand due to changes in the market value and other factors relating to securities held, and price fluctuations in concentrated securities holdings actually appeared in financial position at the end of the third quarter. - FY2021-Q2MaterialisedAnnual report
「The main factors were an increase of ¥238,296 thousand in cash and deposits, while notes and accounts receivable decreased by ¥548,353 thousand and investment securities decreased by ¥536,775 thousand due to changes in the market value and other factors relating to securities held.」
Investment securities decreased by ¥536,775 thousand due to changes in the market value and other factors relating to securities held, and price fluctuations in concentrated securities holdings actually appeared in financial position during the first half of the fiscal year. - FY2021-Q1MaterialisedAnnual report
「The main factors were decreases of ¥200,421 thousand in notes and accounts receivable, ¥123,751 thousand in investment securities due to changes in the market value of securities held, ¥37,077 thousand in merchandise, and ¥35,781 thousand in cash and deposits.」
Investment securities decreased by ¥123,751 thousand due to changes in the market value of securities held, and price fluctuations in concentrated investment securities actually appeared in financial position during the quarter. - FY2020WorsenedAnnual report
「As of the end of the fiscal year ended March 2020, investment securities totaled ¥7,067,627 thousand, representing 47.1% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥6,136,055 thousand, representing 40.9% of consolidated total assets.」
Although the balance decreased due to partial sales, investment securities as a percentage of total assets rose from 43.0% to 47.1%, while shares in Kao Corporation rose from 36.0% to 40.9%, increasing the concentrated exposure. - FY2020-Q3MaterialisedAnnual report
「The main factors were an increase of ¥160,254 thousand in investment securities due to changes in the market value and other factors relating to securities held, while cash and deposits decreased by ¥388,024 thousand and notes and accounts receivable decreased by ¥217,953 thousand.」
Investment securities increased by ¥160,254 thousand due to changes in the market value and other factors relating to securities held, and fluctuations in share prices and other factors actually affected financial position at the end of the third quarter. - FY2020-Q2MaterialisedAnnual report
「The main factors were decreases of ¥763,656 thousand in cash and deposits, ¥677,144 thousand in notes and accounts receivable, and ¥610,025 thousand in investment securities due to changes in the market value and partial sales of securities held.」
Investment securities decreased by ¥610,025 thousand due to changes in the market value and partial sales of securities held. The effects of investment securities price fluctuations and concentrated holdings actually appeared in financial position. - FY2020-Q1MaterialisedAnnual report
「The main factors were decreases of ¥366,535 thousand in cash and deposits, ¥317,132 thousand in investment securities due to changes in the market value and other factors relating to securities held, and ¥271,419 thousand in notes and accounts receivable.」
Investment securities decreased by ¥317,132 thousand due to changes in the market value and other factors relating to securities held, and fluctuations in share prices and other factors actually affected financial position in the first quarter. - FY2019WorsenedAnnual report
「As of the end of March 2019, investment securities totaled ¥7,242,659 thousand, representing 43.0% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥6,058,225 thousand, representing 36.0% of consolidated total assets.」
The ratio of investment securities to total assets rose from 40.3% in the previous fiscal year to 43.0%, while the ratio of shares in Kao Corporation to total assets rose from 32.4% to 36.0%, increasing the concentrated exposure. - FY2019-Q3MaterialisedAnnual report
「The main factors were decreases of ¥184,104 thousand in notes and accounts receivable and ¥158,363 thousand in cash and deposits.」
Although the balance of investment securities itself decreased during the quarter, the valuation difference on other securities decreased by ¥80,768 thousand due to changes in the market value of securities held, and fluctuations in share prices and other factors continued to have an actual impact on financial position. - FY2019-Q2MaterialisedAnnual report
「The main factors were a ¥265,345 thousand decrease in cash and deposits, while investment securities increased by ¥867,351 thousand due to changes in the market value and other factors relating to securities held.」
Investment securities increased by ¥867,351 thousand due to changes in the market value and other factors relating to securities held, and fluctuations in share prices and other factors actually affected financial position. - FY2019-Q1MaterialisedAnnual report
「The main factors were a ¥62,002 thousand decrease in cash and deposits, while investment securities increased by ¥288,664 thousand due to changes in the market value and other factors relating to securities held, and notes and accounts receivable increased by ¥280,011 thousand.」
Investment securities increased by ¥288,664 thousand due to changes in the market value and other factors relating to securities held, and fluctuations in share prices and other factors actually affected financial position. - FY2018WorsenedAnnual report
「As of the end of the fiscal year ended March 2018, investment securities totaled ¥6,907,398 thousand, representing 40.3% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥5,546,076 thousand, representing 32.4% of consolidated total assets.」
The ratio of investment securities to total assets rose from 38.3% to 40.3%, while the ratio of shares in Kao Corporation to total assets rose from 30.3% to 32.4%, increasing the concentrated exposure. - FY2018-Q3MaterialisedAnnual report
「The main factors were decreases of ¥114,481 thousand in merchandise, ¥11,398 thousand in deferred tax assets and ¥10,862 thousand in property, plant and equipment, while investment securities increased by ¥1,432,070 thousand due to changes in the market value and other factors relating to securities held, notes and accounts receivable increased by ¥941,116 thousand, and cash and deposits increased by ¥773,713 thousand.」
Investment securities increased by ¥1,432,070 thousand due to changes in the market value and other factors relating to securities held, and fluctuations in share prices and other factors continued to have an actual impact on financial position. - FY2018-Q2MaterialisedAnnual report
「The main factors were a ¥148,437 thousand decrease in merchandise, while notes and accounts receivable increased by ¥685,036 thousand, cash and deposits increased by ¥611,345 thousand, and investment securities increased by ¥591,049 thousand due to changes in the market value and other factors relating to securities held.」
Investment securities increased by ¥591,049 thousand due to changes in the market value and other factors relating to securities held, and fluctuations in share prices and other factors actually affected financial position. - FY2018-Q1MaterialisedAnnual report
「The main factors were decreases of ¥135,008 thousand in merchandise and ¥11,283 thousand in deferred tax assets, while investment securities increased by ¥493,344 thousand due to changes in the market value and other factors relating to securities held, cash and deposits increased by ¥99,340 thousand, and notes and accounts receivable increased by ¥80,359 thousand.」
Changes in the market value of securities held increased the balance of investment securities by ¥493,344 thousand. Fluctuations in share prices and other factors actually affected financial position. - FY2017RestatedAnnual report
「As of the end of the fiscal year ended March 2017, investment securities totaled ¥5,368,061 thousand, representing 38.3% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥4,241,730 thousand, representing 30.3% of consolidated total assets.」
Investment securities accounted for 38.3% of total assets and shares in Kao Corporation accounted for 30.3%, reflecting the continued exposure to the effects of fluctuations in share prices and dividends. - FY2017-Q3MaterialisedAnnual report
「Investment securities decreased by ¥174,977 thousand due to changes in the market value and other factors relating to securities held.」
Changes in the market value of securities held reduced the balance of investment securities by ¥174,977 thousand from the end of the previous consolidated fiscal year, and the impact of fluctuations in share prices and other factors continued to appear in financial position. - FY2017-Q2MaterialisedAnnual report
「This was due to a ¥198,334 thousand decrease in investment securities resulting from changes in the market value and other factors relating to securities held.」
Changes in the market value of securities held reduced the balance of investment securities by ¥198,334 thousand from the end of the previous consolidated fiscal year, and the impact of market-value volatility continued to appear in the actual financial position. - FY2017-Q1MaterialisedAnnual report
「This was due to a ¥107,423 thousand decrease in investment securities resulting from changes in the market value of securities held.」
Changes in the market value of securities held reduced the balance of investment securities by ¥107,423 thousand. The risk of fluctuations in share prices and other factors actually affected financial position during the quarter. - FY2016First statedAnnual report
「As of the end of the fiscal year ended March 2016, investment securities totaled ¥5,113,513 thousand, representing 37.7% of consolidated total assets. Of this amount, shares in Kao Corporation totaled ¥4,171,544 thousand, representing 30.8% of consolidated total assets.」
The balance of investment securities, particularly shares in Kao Corporation, represents a large proportion of total assets, and fluctuations in the share price and dividends are identified as risks.