Strategic Shareholdings Held to Strengthen Business Relationships
First written in FY2017. 1 of 7 entries say "Raised", first in FY2026. Latest entry: FY2026.
The whole theme swung hardest in 2019: 18 of 134 companies on the "Worse" side.
- FY2026RaisedAnnual report
「At a November 2023 meeting of the Board of Directors, the company decided in principle not to hold strategic shareholdings and will reduce its current holdings sequentially in the future. … In fiscal 2025, the company sold all shares held in 6 listed issues.」
The company has stated a policy of not holding strategic shareholdings in principle and sold all shares held in 6 listed issues in fiscal 2025. Listed shareholdings have been reduced to 6 issues valued at ¥2.17 billion, representing 0.6% of net assets. - FY2024Fewer listed issues, higher valuation, and sales executedAnnual report
「As a method of verifying the rationale for its holdings, the company’s Board of Directors assesses each individual issue quantitatively, including whether the return associated with holding it exceeds the company’s cost of capital, and qualitatively, including the reason for holding it from a management strategy perspective. The Board also verifies the rationale for holding each issue, transaction status and benefits associated with holding it. Where a holding is not deemed appropriate, the company works to reduce it, including by proceeding with a sale.」
Strategic shareholdings comprised 24 unlisted issues valued at ¥593 million and 15 listed or other issues valued at ¥25,603 million. The number of listed issues decreased from 22 in the previous fiscal year, while their valuation increased. The company sold 3 listed issues. - FY2022Fewer listed issues, higher valuationAnnual report
「Unlisted shares 21 96 Shares other than unlisted shares 22 19,152」
Strategic shareholdings comprised 21 unlisted issues valued at ¥96 million and 22 listed or other issues valued at ¥19,152 million. Compared with the previous fiscal year, when listed or other holdings comprised 25 issues valued at ¥9,472 million, the number of issues decreased while the valuation increased. The company continues to verify its holdings through quantitative and qualitative assessments and maintains a policy of selling holdings that are not deemed appropriate. - FY2020More issues, lower valuationAnnual report
「The company holds shares deemed necessary when it determines, as a matter of policy, that they will contribute to improving corporate value over the medium to long term by maintaining and strengthening business relationships with issuing companies and facilitating transactions. The company also regularly verifies the rationale for holding, transaction status and benefits associated with each individual issue. If a holding is not considered appropriate, the company will consider reducing it.」
The company continues to disclose regular reviews of the rationale for strategic shareholdings and consideration of reductions where the holdings are not deemed appropriate. The holdings comprised 21 unlisted issues valued at ¥313 million and 25 listed issues valued at ¥9,472 million, with the number of issues increasing and the valuation decreasing from the previous fiscal year. - FY2019Lower valuation, explicit review of holding rationaleAnnual report
「Cooperation with various companies is essential for sustainable growth. Accordingly, from a medium- to long-term perspective, we hold shares that we determine will contribute to increasing corporate value by maintaining and strengthening business relationships with the issuing companies and facilitating transactions. We also determine whether holdings remain appropriate after regularly reviewing the rationale for holding them, transaction status and benefits associated with holding them.」
The company held 43 issues of shares other than those held for pure investment, valued at ¥12,140 million. The number of issues was unchanged from the previous fiscal year, while the valuation decreased from ¥15,805 million. The company explicitly describes its method of regularly reviewing the rationale and other aspects of its holdings. - FY2018Fewer issues, higher valuationAnnual report
「43 issues, ¥15,805 million」
Investment shares held for purposes other than pure investment decreased from 44 issues and ¥14,231 million in the previous fiscal year to 43 issues and ¥15,805 million. The purpose of holding them remains “strengthening business relationships.” - FY2017First statedAnnual report
「Number of issues and total balance-sheet carrying amount of investment shares held for purposes other than pure investment: 44 issues, ¥14,231 million」
The company has consistently disclosed the purpose of its specified investment shares and deemed-held shares as “strengthening business relationships.”