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Overview

Pulp and Paper

Okayama Paper Industries Co.,Ltd.

Okayama Seishi manufactures and sells paperboard products, primarily corrugating medium (fluting) and paper tube board, used in cardboard production and as cores for paper, cloth, tape, and thread. The company also produces decorative corrugated boxes (bijou danboru) for packaging fruits, food products, home appliances, and gift boxes. A key competitive strength is its in-house integrated production system and the deployment of the HANWAY GLORY 1606, a full-color digital high-speed printing press dedicated to corrugated board, enabling plateless, small-lot, and short lead-time printing at offset-quality standards.

Market Cap

¥7.68B

US$48.9M

¥-2.88B

-US$18.3M

Stock¥1,654▲+0.00%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

9.3

LTM PBR

0.5

2026-08-25 closing price basis: ranked #78 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-11B).

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-15.1%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Jan 8, 26Activist investor shareholder proposal activity

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 68.1%

as of 2026-05-31 · Source: Annual Securities Report

Oji Holdings Corporation

48.84%

INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)

5.07%

The Chugoku Bank, Limited

4.58%

USBK NA JP I&W TS (Standing Proxy: MUFG Bank, Ltd.)

2.69%

Suyama Lumber Co., Ltd.

1.33%

Tsuyoshi HOSOBA

1.15%

Tatsuya OKAZAKI

1.15%

Naoya OKAZAKI

1.13%

Okayama Paper Industries Co.,Ltd. Employee Stock Ownership Association

1.07%

Kotaro TSUGAWA

1.05%

Management

9 officers

Masaki MIYATA

Representative Director, President

Apr 1988 Joined the Company Jun 2016 General Manager, Paper Mill, the Company Aug 2017 Executive Officer, General Manager, Paper Mill, the Company Jun 2019 Executive Officer, General Manager, Paper Division, the Company Aug 2019 Director, General Manager, Paper Division, the Company Jun 2022 Director, General Manager, Processing Division, the Company Mar 2023 Director, in charge of Administration Division, the Company Aug 2023 Representative Director, President, the Company (current)

1965-07-31

Naoki GOTO

Director

Jan 1993 Joined Takasaki Paper Co., Ltd. (now Oji Materia Co., Ltd.) Jun 2021 Executive Officer, Deputy General Manager, Paper Division (in charge of Sales), the Company Aug 2022 Director (in charge of Sales), the Company Jun 2026 Director (in charge of Sales and Processing Division), the Company (current)

1967-04-10

Masanori KARIYAMA

Director

Apr 1984 Joined the Company Jun 2020 General Manager, Manufacturing Department, Paper Division, the Company Aug 2021 Executive Officer, Deputy General Manager, Paper Division, the Company Jun 2022 Executive Officer, General Manager, Paper Division, the Company Aug 2023 Director, General Manager, Paper Division, the Company (current)

1965-10-11

Michio KATO

Director

Apr 1985 Joined Kanzaki Paper Manufacturing Co., Ltd. (now Oji Holdings Corporation) Jun 2009 Director, General Manager, Administration Division, Shin-Tack Kasei Co., Ltd. Jun 2011 General Manager, Administration Office, Nakatsu Plant, Oji F-Tex Co., Ltd. Jun 2016 Director, General Manager, General Affairs Division, Kyushu Package Co., Ltd. Jun 2017 Manager, Audit & Supervisory Office, Oji Holdings Corporation Apr 2020 General Manager, Business Management Division, Oji Tac Co., Ltd. Mar 2023 General Manager, Administration Division, the Company Jun 2023 Executive Officer, General Manager, Administration Division, the Company Aug 2024 Director, General Manager, Administration Division, the Company (current)

1962-02-19

Yasuo OKAZAKI

Director, Full-time Audit and Supervisory Committee Member

Apr 1980 Joined The Chugoku Bank, Limited Jul 2002 General Manager, Tama Branch, the same bank Feb 2005 General Manager, Kamogata Branch, the same bank Oct 2007 General Manager, Shinichi Branch, the same bank Jun 2009 General Manager, General Affairs Division, the same bank Jun 2012 Full-time Audit & Supervisory Board Member, the same bank Jun 2016 Director, Audit and Supervisory Committee Member, the same bank Jun 2019 Representative Director, President, Chugin Jimu Center Co., Ltd. Jun 2023 Advisor, the Company Aug 2023 Director, Full-time Audit and Supervisory Committee Member, the Company (current)

1958-02-09

Hiroshi TAI

Director, Audit and Supervisory Committee Member

Apr 1972 Joined Oji Paper Co., Ltd. (now Oji Holdings Corporation) Jun 2005 Director, General Manager, Administration Division, Oji Container Co., Ltd. Oct 2005 Deputy General Manager, Administration Division, Oji Chiyoda Container Co., Ltd. Jun 2006 Director, Oji Paperboard Co., Ltd. Jun 2007 Managing Director, the same company Jun 2009 Audit & Supervisory Board Member, Oji Paper Co., Ltd. (now Oji Holdings Corporation) Jun 2013 Retired as Audit & Supervisory Board Member, the same company Aug 2014 Director, the Company Aug 2018 Director, Audit and Supervisory Committee Member, the Company (current)

1949-02-24

Manabu NAKANO

Director, Audit and Supervisory Committee Member

Apr 1983 Joined Kuraray Co., Ltd. May 2005 Deputy General Manager, Hexin Kurare Ultrasuede (Jiaxing) Co., Ltd. Apr 2008 General Manager, Clarino Development Department, Okayama Plant, Kuraray Co., Ltd. Apr 2010 General Manager, Clarino Production & Technology Development Department, Okayama Plant, the same company Apr 2013 Deputy General Manager, Clarino Business Division, the same company Mar 2018 Retired from the same company Apr 2018 Representative Director, President, Kurashiki Kaihatsu Co., Ltd. Dec 2020 Director, the same company Aug 2022 Director, Audit and Supervisory Committee Member, the Company (current) Sep 2024 Resigned as Director, Kurashiki Kaihatsu Co., Ltd.

1957-12-26

Noriko KAKU

Director, Audit and Supervisory Committee Member

Dec 2011 Registered as attorney-at-law (Okayama Bar Association) Joined Tano Law Office (now Koraku Sogo Law Firm) (current) Aug 2022 Director, Audit and Supervisory Committee Member, the Company (current) May 2024 Outside Audit & Supervisory Board Member, Rorze Corporation (current) Significant concurrent positions: Attorney, Koraku Sogo Law Firm; Outside Audit & Supervisory Board Member, Rorze Corporation

1979-08-14

Tatsuya OKAZAKI

Director, Audit and Supervisory Committee Member

Oct 2000 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Mar 2007 Audit & Supervisory Board Member, Okayama Gas Co., Ltd. Mar 2014 Director, the same company Jul 2014 Executive Vice President, the same company Mar 2019 Representative Director, President, the same company (current) Aug 2024 Director, Audit and Supervisory Committee Member, the Company (current) Significant concurrent position: Representative Director, President, Okayama Gas Co., Ltd.

1974-12-17

Large Shareholding Reports

No filings

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-10-14

Q1 Earnings Flash

FY ending May 2027

Okayama Paper Industries Co.,Ltd.

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Okayama Paper Industries Co.,Ltd.

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