Overview
Electric Appliances

Abalance Corporation

Abalance Corporation is a Japanese holding company primarily engaged in solar panel manufacturing and green energy businesses. Through its consolidated subsidiaries VSUN (Vietnam) and TOYO Co., Ltd. (NASDAQ-listed), the group operates a vertically integrated global supply chain covering ingot/wafer, cell, and module (panel) production across Vietnam, Ethiopia, and the United States. The group also develops, sells, and operates solar power plants in Japan and internationally under a dual flow (equipment/plant sales) and stock (power generation revenue) business model, complemented by IT, photocatalyst, and smart mobility businesses.

Market Cap
¥3.77B
US$24.0M
EV
¥41.5B
US$264M
Stock¥199▼-12.33%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
2.0
x
LTM EV/EBIT
2.2
x
LTM PER
0.5
x
LTM PBR
0.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-104.8%pt
10012345
Oct 23, 25 – Sep 25, 26StockTOPIX
1Nov 13, 25Third-party committee confirms ¥2.1B fraud
2Dec 19, 25Accounting fraud allegations emerge
3Dec 22, 25Continued decline after accounting fraud
4Jan 13, 26Activist investor increases stake
5Jan 14, 26New management announces turnaround plan
MC → EV Bridge
3.77BUS$24.0MMarket Cap51.7BUS$329M+ Debt22.9BUS$146M− Cash1.45BUS$9.21M− Inv. Sec.10.4BUS$66.1M+ NCI41.5BUS$264MEV
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Performance & Balance
Revenue 5Y (¥B)
92.4US$589M'22/6215US$1.37B'23/6198US$1.26B'24/662.8US$400M'25/3120US$765M'26/3
EBITDA 5Y (¥B)
3.16US$20.1M'22/614.7US$93.7M'23/628.0US$178M'24/68.83US$56.2M'25/320.4US$130M'26/3
Net Income 5Y (¥B)
0.87US$5.52M'22/64.97US$31.6M'23/611.0US$70.3M'24/6-0.31-US$2.00M'25/37.72US$49.2M'26/3
Capital Structure
45%
55%
EquityD/E 1.24xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
5.13US$32.7M31.7US$202M'22/622.2US$141M52.0US$331M'23/639.4US$251M44.9US$286M'24/627.9US$178M45.9US$292M'25/324.4US$155M51.7US$329M'26/3
Shareholders
Top 10 hold 43.4%
1
Junsei RYU
24.71%
2
Iizuka Future Design Co., Ltd. (Limited Company)
3.40%
3
Yutaka HINO
2.58%
4
Daiwa Securities Co. Ltd.
2.26%
5
Hiroshi YAMASHITA
2.21%
6
Takuro ISHIBASHI
2.18%
7
SBI SECURITIES Co., Ltd.
1.80%
8
Rakuten Securities, Inc.
1.66%
9
HSBC-FUND SERVICES CLIENTS A/C 006 (The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.44%
10
BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS (Standing Proxy: MUFG Bank, Ltd.)
1.14%
Management
6 officers
Shigeto YANASE
Representative Director
Apr 1980 Dai-Ichi Kangyo Bank, Ltd. (now Mizuho Bank, Ltd.) Apr 1992 Same bank, Foreign Exchange Division, New York Funding Desk, Chief FX Dealer Oct 1994 Same bank, New York Branch, Japanese Corporate Sales Section, Deputy Manager Jan 1998 Same bank, Head Office Sales Department I, Sales Group III, Deputy General Manager Dec 2000 Same bank, Taipei Branch, Deputy Branch Manager Apr 2005 Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.), Head Office Sales Department IV, General Manager Apr 2007 Same bank, Executive Officer, General Manager, Americas Sales Department I (New York) Apr 2009 Yaskawa Electric Corporation, Officer Jun 2010 Same company, Director; Asia Regional Head and Chairman, Yaskawa Electric Singapore Jul 2014 Shinsei Bank, Limited (now SBI Shinsei Bank, Limited), Managing Executive Officer, in charge of International Business Nov 2016 Same bank, Managing Executive Officer, in charge of Corporate Business; General Manager, Osaka Branch Dec 2016 Nissen Credit Service Co., Ltd., Representative Director and Chairman Apr 2020 Shinsei Bank, Limited, Executive Advisor Jun 2020 Kobelco Leasing Co., Ltd. (now Shinsei Kobelco Leasing Co., Ltd.), Outside Director Apr 2024 SBI Shinsei Bank, Limited, Wealth Management Department, Sales Promotion Officer Sep 2024 The Company, Outside Director (Audit and Supervisory Committee Member) Apr 2026 The Company, Representative Director (current) Jun 2026 WWB Co., Ltd., Director (current) Jun 2026 Meiji Machine Co., Ltd., Director (current)
1957-09-18
Junsei RYU
Director
Jun 2006 Founded WWB Co., Ltd., Representative Director Feb 2013 The Company, Representative Director Sep 2016 The Company, Director Mar 2017 Barrows Co., Ltd., Representative Director Apr 2018 VIETNAM SUNERGY JOINT STOCK COMPANY, Chairman of the Board Nov 2022 TOYO SOLAR Company Limited, Chairman of the Board Jul 2024 TOYO Co., Ltd., Chairman of the Board May 2025 WWB Co., Ltd., Representative Director Jun 2025 The Company, Representative Director Jul 2025 Barrows Co., Ltd., Representative Director Mar 2026 TOYO Co., Ltd., Advisor (current) Apr 2026 The Company, Director (current) Jun 2026 VIETNAM SUNERGY JOINT STOCK COMPANY, Director (current)
1971-10-21
Tomoo OKADA
Director
Apr 1985 Orient Finance Co., Ltd. (now Orient Corporation) Apr 2013 Same company, General Manager, Head Office Sales Department Jun 2015 Same company, Executive Officer, General Manager, Administration Department Oct 2018 Same company, Managing Executive Officer, in charge of Process Innovation Apr 2019 Same company, Managing Executive Officer, in charge of Operations Group and Process Innovation; Representative Director, Business Orico Co., Ltd. Jun 2020 Same company, Director, Managing Executive Officer Jun 2022 Orifa Service Debt Collection Co., Ltd., Chairman and Director Jun 2024 Same company, Audit & Supervisory Board Member Jun 2025 Orico Forent Insure Co., Ltd., Advisor May 2026 The Company, General Manager, Human Resources Department and General Affairs Department (current) Jun 2026 The Company, Director (current)
1961-05-23
Kazuyoshi KOJIMA
Director, Audit and Supervisory Committee Member
Dec 2010 Admitted as Attorney-at-Law, Takasaki Law Office Jun 2014 Yuai Sogo Law Office, Tokyo Office Jun 2019 Meneki Seibutsu Kenkyujo Co., Ltd., Outside Director Oct 2025 Yuai Sogo Law Office, Representative Attorney (current) Apr 2026 The Company, Outside Director (Audit and Supervisory Committee Member) (current) Jun 2026 Meneki Seibutsu Kenkyujo Co., Ltd., Director (Outside Director, Audit and Supervisory Committee Member) (current)
1983-01-02
Tamae SASAKI
Director, Audit and Supervisory Committee Member
Oct 1997 Sumitomo Capital Securities, Inc. Jun 2000 Moshimoshi Hotline Inc. (now Liaison Communications Inc.) Jun 2004 Albers Securities Co., Ltd. (now EVOLUTION JAPAN Securities Co., Ltd.) Apr 2009 Same company, General Manager, Investment Banking Department Nov 2014 EVOLUTION JAPAN Research Institute Co., Ltd., Executive Officer Jun 2023 Founded ALEC LLC, Designated Member (current) Apr 2026 The Company, Outside Director (Audit and Supervisory Committee Member) (current)
1973-06-06
Yohei KOREMATSU
Director, Audit and Supervisory Committee Member
Apr 2006 Hazama Ando Corporation Mar 2011 AP Outsourcing Apr 2012 RSM Chio Lim LLP Jan 2019 AJ Advisory Pte Ltd Jul 2019 Estasia Pte Ltd Jul 2020 Hara Accounting Firm Jul 2021 RSM Seiwa Audit Corporation Dec 2022 BDO Tax Corporation Apr 2025 Independent practice (Yohei Korematsu Certified Public Accountant Office) Apr 2026 The Company, Outside Director (Audit and Supervisory Committee Member) (current)
1980-10-25
Large Shareholding Reports
SBI Securities Co., Ltd.
2026-09-25
7.39%→0.00%
Rakuten Securities Co., Ltd.
2026-08-07
5.51%→3.01%
Annual report (as of 2026-03-31): 1.66%
Rakuten Securities, Inc.
2026-07-23
5.51%
Annual report (as of 2026-03-31): 1.66%
SBI Securities Co., Ltd.
2026-07-07
7.77%→5.24%
SBI Securities Co., Ltd.
2026-05-22
7.77%
SBI Securities Co., Ltd.
2026-05-12
7.99%→0.78%
SBI Securities Co., Ltd.
2026-04-21
8.64%→7.99%
SBI Securities Co., Ltd.
2026-02-05
8.64%
Junsei RYU
2026-01-15
26.57%→29.73%
Annual report (as of 2026-03-31): 24.71%
SBI Securities Co., Ltd.
2025-12-19
8.25%→0.94%
SBI Securities Co., Ltd.
2025-11-07
8.25%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-25
Large Shareholding Report
EDINET
2026-08-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Oct 2020 – Dec 2020
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jul 2022 – Sep 2022
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINETAmended
2026-08-18
Amended Annual Securities Report
Period: Jul 2023 – Jun 2024
EDINETAmended
2026-08-18
Amended Annual Securities Report
Period: Jul 2020 – Jun 2021
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jan 2021 – Mar 2021
EDINETAmended
2026-08-18
Amended Semi-Annual Securities Report
Period: Jul 2024 – Jun 2025
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINETAmended
2026-08-18
Amended Annual Securities Report
Period: Jul 2024 – Mar 2025
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jan 2022 – Mar 2022
EDINETAmended
2026-08-18
Amended Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jul 2021 – Sep 2021
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Jul 2020 – Sep 2020
EDINETAmended
2026-08-18
Amended Quarterly Securities Report
Period: Oct 2021 – Dec 2021
EDINETAmended
2026-08-18
Amended Annual Securities Report
Period: Jul 2021 – Jun 2022
EDINETAmended
2026-08-18
Amended Annual Securities Report
Period: Jul 2022 – Jun 2023
EDINET
2026-08-07
Large Shareholding Report
EDINET
2026-07-23
Large Shareholding Report
EDINET
2026-07-07
Large Shareholding Report
EDINET
2026-05-22
Large Shareholding Report
EDINET
2026-05-12
Large Shareholding Report
EDINET
2026-04-21
Large Shareholding Report
EDINET
2026-02-05
Large Shareholding Report
EDINET
2026-01-15
Large Shareholding Report
EDINET
2026-01-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
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