Overview
Pulp and Paper

Hokuetsu Corporation

Hokuetsu Corporation is a major Japanese paper and pulp manufacturer producing printing paper, copy paper, white paperboard, specialty paper, and functional materials, serving domestic and international markets through its sales network. The company also operates packaging and paper processing businesses, manufacturing paper containers and liquid packaging. Its competitive strengths include integrated operations from pulp production to finished paper products, biomass energy utilization, and a broad product portfolio spanning commodity and specialty grades.

Market Cap
¥133B
US$847M
EV
¥145B
US$922M
Stock¥836▼-0.48%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
7.6
x
LTM EV/EBIT
28.9
x
LTM PER
19.7
x
LTM PBR
0.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-37.3%pt
100123
Oct 23, 25 – Oct 23, 26StockTOPIX
1Oct 29, 25Disappointment selling after interim results
2Mar 19, 26Following overall market decline
3Mar 30, 26Oasis Management Company Ltd. changed stake (9.92%→4.8%)
MC → EV Bridge
133BUS$847MMarket Cap107BUS$681M+ Debt25.1BUS$160M− Cash70.9BUS$452M− Inv. Sec.0.89BUS$5.70M+ NCI145BUS$922MEV
AI Briefing
Integrated paper/pulp major: pulp-to-packaging value chain incl. Canadian Al-Pac operations. FY26/3 revenue ¥288B, OP margin compressed to 2.6% (¥7.5B) from ¥19.7B prior year — sharp earnings deterioration. Daio Paper holds 17.51% stake as top shareholder; EV/EBITDA LTM ~7.7x against ¥136B market cap.
Performance & Balance
Revenue 5Y (¥B)
262US$1.67B'22/3301US$1.92B'23/3297US$1.89B'24/3306US$1.95B'25/3288US$1.84B'26/3
EBITDA 5Y (¥B)
33.7US$215M'22/329.1US$186M'23/328.1US$179M'24/332.9US$210M'25/321.4US$136M'26/3
Net Income 5Y (¥B)
21.2US$135M'22/38.33US$53.1M'23/38.40US$53.5M'24/315.5US$99.0M'25/37.30US$46.5M'26/3
Capital Structure
70%
30%
EquityD/E 0.43xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
52.3US$334M96.1US$613M'22/340.3US$257M83.7US$534M'23/354.1US$345M97.4US$621M'24/358.3US$372M89.0US$567M'25/398.8US$630M97.3US$621M'26/3
Shareholders
Top 10 hold 50.9%
1
Daio Paper Corporation
17.51%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.60%
3
The Daishi Hokuetsu Bank, Ltd.
5.22%
4
Hokuetsu Corporation Stock Ownership Association
4.51%
5
Custody Bank of Japan, Ltd. (Money Trust Taxable Account)
3.80%
6
OASIS JAPAN STRATEGIC FUND LTD. (Standing Proxy: Citibank, N.A., Tokyo Branch)
3.52%
7
Sompo Japan Insurance Inc.
2.82%
8
The Norinchukin Bank
2.23%
9
SHINSEI PULP&PAPER COMPANY LIMITED
1.92%
10
㈱日本カストディ銀行(三井住友信託銀行再信託分・王子マネジメントオフィス㈱退職給付信託口)
1.78%
Management
13 officers
Akio KISHIMOTO
Representative Director, Chairman and Group CEO
Jul 1969 Joined Mitsubishi Corporation Jul 1995 General Manager, Pulp & Paper Raw Materials Department, Mitsubishi Corporation Mar 1999 Executive Fellow, the Company; General Manager, Materials Department, Materials Division Jun 1999 Director, Deputy General Manager, Materials Division; General Manager, Materials Department Jun 2001 Managing Director, General Manager, Materials Division Jun 2004 Senior Managing Director, General Manager, Materials Division Jul 2006 Representative Director, Executive Vice President Jun 2007 Representative Director, Executive Vice President, Co-CEO Apr 2008 Representative Director, President, CEO Apr 2026 Representative Director, Chairman, Group CEO (current)
1945-05-16
Shigeru WAKAMOTO
Representative Director, President and COO; General Manager, Production Technology Division
Apr 1981 Joined the Company Apr 2018 Executive Officer; General Manager, Kishu Mill, Printing & Writing Paper Division Jun 2019 Director; General Manager, Technology Development Division; in charge of Safety Management and Environmental Management Departments Jun 2019 President and Representative Director, MC Hokuetsu Energy Service Co., Ltd. (current) Apr 2020 Director; General Manager, Technology Development Division; in charge of Safety Management, Environmental Management and Quality Control Office Oct 2020 Director; General Manager, Production Technology Division; Deputy General Manager, Safety, Environment & Quality Division Apr 2023 Director; General Manager, Production Technology Division; Deputy General Manager, Safety, Environment & Quality Division; Profit Management Office Jun 2023 Senior Managing Director; General Manager, Production Technology Division; Deputy General Manager, Safety, Environment & Quality Division; Profit Management Office Apr 2025 Senior Managing Director; General Manager, Niigata Mill Apr 2026 Representative Director, President, COO; General Manager, Production Technology Division (current)
1958-01-13
Makoto YANAGISAWA
Director, CFO; in charge of Legal & Compliance and Public Relations; Head of Profit Management Office; General Manager, Corporate Planning Department
Apr 1980 Joined The Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) Jun 2010 General Manager, Internal Audit Office, the Company Apr 2016 Executive Officer; in charge of Group Control Management Office (Head); General Manager, Public Relations Office Apr 2019 Executive Officer; Chief Compliance Officer; Head of Group Control Management Office; in charge of Public Relations Office Apr 2020 Executive Officer; Chief Risk Management Officer and Chief Compliance Officer; Head of Group Control Management Office; in charge of Legal & Compliance Office and Public Relations Office; Deputy in charge of Safety, Environment and Quality Control Apr 2022 Executive Officer; Deputy in charge of Management Planning and Management Control Departments; Chief Risk Management Officer; in charge of General Affairs, Legal Risk Management and Public Relations Nov 2022 Executive Officer; Co-CFO and CRO; in charge of General Affairs, Legal & Risk Management and Public Relations Apr 2023 Executive Officer; Co-CFO and CRO; in charge of General Affairs, Legal & Risk Management, Public Relations and Profit Management Office Jun 2023 Director; CFO and CRO; in charge of General Affairs, Legal & Risk Management, Public Relations and Profit Management Office; Head of Profit Management Office; Chairman, Xinghui Investment Holding Co., Ltd. Apr 2024 Director; CFO and CRO; in charge of Legal & Compliance and Public Relations; Head of Profit Management Office Apr 2025 Director; CFO; in charge of Legal & Compliance and Public Relations; Head of Profit Management Office Apr 2026 Director; CFO; in charge of Legal & Compliance and Public Relations; Head of Profit Management Office; General Manager, Corporate Planning Department (current)
1955-09-23
Tomoyuki IIDA
Director; General Manager, Resources & Raw Materials Division and Chip & Pulp Department; Profit Management Office
Apr 1984 Joined Marubeni Corporation Jan 2020 Deputy General Manager, Pulp & Paper Business Division, the Company Apr 2020 Executive Officer; General Manager, Pulp & Paper Business Division; General Manager, Chip & Pulp Department Jul 2020 Executive Officer; General Manager, Resources & Raw Materials Division; General Manager, Chip & Pulp Department Apr 2023 Executive Officer; General Manager, Resources & Raw Materials Division and Chip & Pulp Department; Profit Management Office Jun 2023 Director; General Manager, Resources & Raw Materials Division and Chip & Pulp Department; Profit Management Office Oct 2024 Director; General Manager, Resources & Raw Materials Division; Profit Management Office May 2025 Director; General Manager, Resources & Raw Materials Division and Chip & Pulp Department; Profit Management Office (current)
1961-08-16
Satoshi OKAMOTO
Director; General Manager, Domestic Printing & Writing Paper Sales Division; in charge of Paperboard Sales Division; Profit Management Office
Apr 1985 Joined the Company Apr 2020 Executive Officer; Deputy General Manager, Printing & Writing Paper Division; General Manager, Coated Paper Sales Department; Head of Profit Center Apr 2021 Executive Officer; General Manager, Printing & Writing and Paperboard Division; Head of Profit Center Jun 2021 Executive Officer; Chairman, Jiangmen Xinghui Paper Co., Ltd. Apr 2024 Executive Officer; General Manager, International Sales Division; Profit Management Office Apr 2025 Executive Officer; General Manager, Functional Materials Sales Division; Profit Management Office Apr 2026 Executive Officer; General Manager, Domestic Printing & Writing Paper Sales Division; in charge of Paperboard Sales Division; Profit Management Office Jun 2026 Director; General Manager, Domestic Printing & Writing Paper Sales Division; in charge of Paperboard Sales Division; Profit Management Office (current)
1962-03-30
Kazuhiro TAKASAI
Director; Plant Manager, Niigata Mill
Apr 1986 Joined the Company Oct 2015 Attached Department Manager and Paper Making Section No. 6 Manager, Niigata Mill Engineering Department, Printing & Writing Paper Division Oct 2016 Department Manager, Printing & Writing Paper Production, Technology Development Division Aug 2017 Department Manager, Printing & Writing Paper Production, Technology Development Division; attached Department Manager, Management Strategy Office Jan 2018 Department Manager, Printing & Writing Paper Production, Technology Development Division; attached Department Manager, Management Strategy Office and CEO Office Apr 2020 Department Manager, Printing & Writing Paper Production, Technology Development Division Oct 2020 General Manager, Production Technology Department, Production Technology Division; Department Manager, Printing & Writing Paper Production Jun 2023 Executive Officer; Plant Manager, Kishu Mill Apr 2026 Executive Officer; Plant Manager, Niigata Mill Jun 2026 Director; Plant Manager, Niigata Mill (current)
1963-08-16
Hiromitsu KURAMOTO
Outside Director
Apr 1972 Joined Nippon Yusen Kaisha (NYK Line) Jun 2001 Director, Nippon Yusen Kaisha Jun 2003 Managing Director, Executive Officer, Nippon Yusen Kaisha Apr 2006 Senior Managing Director, Executive Officer, Nippon Yusen Kaisha Apr 2008 Executive Vice President, Executive Officer, Nippon Yusen Kaisha Apr 2010 Director, Nippon Yusen Kaisha Jun 2010 Vice President and Executive Officer, NYK Air Service Co., Ltd. (now NYK Logistics Co., Ltd.) Apr 2011 President and Executive Officer, NYK Logistics Co., Ltd. Jun 2016 Chairman and Executive Officer, NYK Logistics Co., Ltd. Apr 2017 Chairman, NYK Logistics Co., Ltd. Jun 2018 Senior Advisor, NYK Logistics Co., Ltd. Jun 2021 Outside Director, the Company (current)
1948-05-11
Manabu UENO
Full-time Corporate Auditor
Apr 1992 Joined the Company Feb 2015 Section Manager, attached to Jiangmen Promotion Group and Alpac Promotion Group Oct 2015 Seconded; Deputy General Manager, Jiangmen Xinghui Paper Co., Ltd. Apr 2017 Seconded; Deputy General Manager (department manager level), Jiangmen Xinghui Paper Co., Ltd. Jun 2021 Full-time Corporate Auditor, the Company (current)
1968-12-20
Mitsuyasu IWATA
Outside Director
Jul 1969 Joined Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Sep 1999 Commissioner, Small and Medium Enterprise Agency Jun 2000 Retired from Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Jul 2000 Director, Japan Bank for International Cooperation (now JBIC) Oct 2003 Advisor, The Kansai Electric Power Co., Inc. Jun 2005 Senior Managing Director, The Kansai Electric Power Co., Inc. Jun 2007 Executive Vice President, The Kansai Electric Power Co., Inc. Jun 2009 President, Osaka Chusho Kigyo Toshi Ikusei Co., Ltd. Jun 2015 Outside Director, the Company (current) Jun 2015 Chairman, Industrial Vitality Research Institute Jul 2015 Chairman, Economic and Industrial Research Institute
1947-02-11
Kazuo NAKASE
Outside Director
Apr 1973 Joined Mitsubishi Paper Mills Limited Jun 2006 Director, Managing Executive Officer, Mitsubishi Paper Mills Limited Jun 2008 Director, Senior Managing Executive Officer, Mitsubishi Paper Mills Limited Jun 2009 Representative Director, Senior Managing Executive Officer; General Manager, Printing & Writing Paper Division (in charge of German business), Mitsubishi Paper Mills Limited Jun 2011 President and Executive Officer, Mitsubishi Paper Sales Co., Ltd. (now Mitsubishi Oji Paper Sales Co., Ltd.) Jun 2015 Senior Advisor, Mitsubishi Paper Sales Co., Ltd. (now Mitsubishi Oji Paper Sales Co., Ltd.) Jun 2016 Outside Corporate Auditor, the Company Jun 2017 Outside Director, the Company (current)
1949-11-07
Hiroko NIHEI
Outside Director
Apr 1999 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Mar 2008 Resigned from Fuji Bank, Ltd. Sep 2009 Completed Legal Training; registered as attorney (Daiichi Tokyo Bar Association) Oct 2009 Associate Attorney, O'Melveny & Myers Foreign Law Joint Enterprise Sep 2014 Master of Laws, University of Oxford Jan 2016 Counsel, O'Melveny & Myers Foreign Law Joint Enterprise Mar 2019 LL.M. (Advanced Legal Studies in Intellectual Property Law), Waseda University Graduate School of Law Jun 2019 Outside Corporate Auditor, Seed Co., Ltd. (current) Jan 2020 Supervisory Officer, Invesco Office J-REIT, Inc. Jun 2022 Outside Director, the Company (current) Mar 2023 Outside Corporate Auditor, JUKI Corporation Mar 2025 Outside Director, JUKI Corporation (current) Jun 2025 Part-time Auditor, Tsuda University (current) Oct 2025 Managing Partner, Hillford Law Office (current)
1976-08-23
Torayoshi INOUE
Outside Corporate Auditor
Dec 1985 Registered as Certified Public Accountant Jun 1987 Stationed at Arthur Andersen New York Office Oct 1995 National Partner, Andersen Oct 1997 Worldwide Partner, Andersen Jul 1999 Representative Partner, Asahi & Co. (now KPMG AZSA LLC) Jul 2008 Principal, Torayoshi Inoue CPA Office (current) Jun 2010 President and Representative Director, Accounting Advisory Co., Ltd. (current) Jun 2011 Outside Corporate Auditor, Pioneer Corporation Sep 2011 Supervisory Officer, GLP J-REIT Apr 2012 Visiting Professor, Chuo University Graduate School of International Accounting Apr 2013 Part-time Lecturer, Meiji University Graduate School of Global Business Mar 2016 Outside Corporate Auditor, Kao Corporation Jun 2016 Outside Corporate Auditor, Aozora Bank, Ltd. (current) Oct 2018 Full-time Corporate Auditor, Kyulux, Inc. (current) Nov 2020 Outside Corporate Auditor, Etvos Co., Ltd. Jun 2024 Outside Corporate Auditor, the Company (current) Jun 2026 Outside Director (Audit and Supervisory Committee Member), Fudo Tetra Corporation (current)
1956-09-06
Tsuyoshi KONDO
Outside Corporate Auditor
Apr 1987 Joined Boston Consulting Group Apr 1997 Registered as attorney; joined Nagashima Ohno & Tsunematsu Oct 2000 Joined White & Case LLP Jan 2006 Joined Credit Suisse Securities (Japan) Limited Jun 2013 Established Yutoku Law Office (current) Apr 2015 Corporate Auditor, Mu Sigma Japan K.K. (current) Jun 2019 Outside Corporate Auditor, Yaruki Switch Group Holdings Co., Ltd. (current) Apr 2020 External Lecturer (Cybersecurity Law), Kyoto Tachibana University (Nagamori Gakuen) Jun 2024 Outside Corporate Auditor, the Company (current)
1965-01-01
Large Shareholding Reports
Mizuho Trust & Banking Co., Ltd.
2026-04-07
5.70%
Daio Paper Corporation
2026-03-31
14.85%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Daio Kaiun Co., Ltd.
2026-03-31
3.64%→0.00%
Oasis Management Company Ltd.
2026-03-30
9.92%→4.80%
Misuga Kaiun Co., Ltd.
2026-03-27
10.00%→10.00%
Misuga Kaiun Co., Ltd.
2026-03-26
10.00%→10.00%
Daio Paper Corporation
2026-03-26
14.85%
Misuga Kaiun Co., Ltd.
2026-03-19
10.00%→10.00%
NOMURA INTERNATIONAL PLC
2026-02-19
1.14%→1.44%
Nomura Securities Co., Ltd.
2025-08-06
1.98%
Oasis Management Company Ltd.
2025-03-19
11.64%→9.92%
Oasis Management Company Ltd.
2025-03-19
18.00%→14.08%
Oasis Management Company Ltd.
2025-03-19
14.08%→11.64%
Oasis Management Company Ltd.
2023-03-09
12.89%→18.00%
Oasis Management Company Ltd.
2023-02-20
11.89%→12.89%
Oasis Management Company Ltd.
2022-08-18
9.69%→9.69%
Oasis Management Company Ltd.
2022-08-18
9.69%→11.89%
Oasis Management Company Ltd.
2022-02-16
8.50%→9.69%
Oasis Management Company Ltd.
2021-10-26
7.33%→8.50%
Oasis Management Company Ltd.
2021-10-26
5.28%→7.33%
Oasis Management Company Ltd.
2021-09-17
5.28%→7.33%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-07
Large Shareholding Report
EDINETAmended
2026-03-31
Change Report
EDINET
2026-03-31
Large Shareholding Report
EDINET
2026-03-30
Large Shareholding Report
EDINET
2026-03-27
Large Shareholding Report
EDINET
2026-03-26
Large Shareholding Report
EDINET
2026-03-26
Large Shareholding Report
EDINET
2026-03-19
Large Shareholding Report
EDINET
2026-02-19
Large Shareholding Report
EDINET
2026-02-13
Securities Registration Statement
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-08-06
Large Shareholding Report
EDINETAmended
2025-07-10
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-06-27
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-03-19
Large Shareholding Report
EDINET
2025-03-19
Large Shareholding Report
EDINET
2025-03-19
Large Shareholding Report
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-03-09
Large Shareholding Report
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