beluuga.ai

Under supervision (confirmation) · Designated 2026-09-17 JPX notice

Overview

Electric Appliances

JAPAN RESISTOR MFG. CO.,LTD.

Nihon Resistor Seisakusho manufactures and sells electronic components including resistors, potentiometers, hybrid ICs, and electronic devices, primarily targeting the automotive, agricultural equipment, housing equipment, power supply, medical equipment, and home appliance sectors. Production is carried out at domestic subsidiaries (Nihon Resistor Oita Seisakusho and Sangenix) and an overseas manufacturing base in Shanghai (Jie Ya Yuan (Shanghai) Electronic Manufacturing), with sales conducted through Nihon Resistor Hanbai Co., Ltd. The company's competitive strengths lie in its vertically integrated group structure spanning production management, quality control, and sales across Japan and China.

Ferrotec Corporation is conducting a tender offer for the company at ¥1,901 per share, running until 2026-11-05. (In progress)

Market Cap

¥2.35B

US$14.9M

¥4.56B

US$29.0M

Stock¥1,897▲+0.05%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

24.2

LTM EV/EBIT

191.1

LTM PER

LTM PBR

2.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+89.6%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 28, 25Rise on strong interim earnings

2Sep 18, 26Ferrotec announces tender offer at ¥1,901/share (49.1% premium)

3Sep 24, 26Fellowtech tender offer launched at ¥1,901/share (2026-09-18–11-05)

MC → EV Bridge

AI Briefing

Ferrotec's TOB at ¥1,901/share (board-backed, Sep 18–Nov 5 2026) now dominates the story, targeting full control via squeeze-out if not all shares tendered. Underlying business: 80-year-old resistor/potentiometer/hybrid IC maker with FY25/12 revenue ¥5.9B, shrinking from ¥7.2B in FY22/12 and posting an operating loss of ¥0.1B (-1.8%). Deal thesis centers on combining overseas sales networks and production tech to fix margins via automation and scale—reflecting a legacy components player ceding independence amid prolonged top-line erosion.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

22%

78%

EquityD/E 3.50xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 49.3%

as of 2026-06-30 · Source: Annual Securities Report

Japan Securities Finance Co.,Ltd.

11.24%

Jun KIMURA

8.61%

Akio MATSUBARA

5.40%

Employee Stock Ownership Association

4.81%

Izumo Sangyo Co., Ltd.

3.77%

MATSUI SECURITIES CO.,LTD.

3.46%

Employee Stock Ownership Association

3.31%

Yoshinori IMAI

3.25%

The Bank of Toyama,Ltd.

2.93%

JAPAN RESISTOR MFG. CO.,LTD. Business Partners' Stock Ownership Association

2.55%

Management

11 officers

Jun KIMURA

Representative Director, President

Mar 1971 Joined the Company Mar 1982 Appointed Director of the Company Mar 1982 Appointed Director of Nihon Teikoki Hanbai Co., Ltd. Dec 1983 Appointed Managing Director of Nihon Teikoki Hanbai Co., Ltd. Feb 1984 Appointed Managing Director of the Company Nov 1992 Appointed Representative Director, President of the Company (current) Nov 1992 Appointed Representative Director, President of Nihon Teikoki Hanbai Co., Ltd. (current) Dec 1992 Appointed Representative Director, President of Microgenics Co., Ltd. (current) Dec 1992 Appointed Representative Director, President of JRM Group Co., Ltd. (current) Dec 1992 Appointed Representative Director, President of Nihon Teikoki Oita Manufacturing Plant Co., Ltd. (current) Dec 2005 Appointed Representative Director, President of Sun Genics Co., Ltd. (current) Dec 2005 Appointed Representative Director, President of Fine Denshi Co., Ltd. (current)

1947-07-09

Osamu IMAI

Director

Jan 1985 Appointed Representative Director of Clair Co., Ltd. Jan 1997 Appointed Representative Director of Imai Kigyojo Co., Ltd. Mar 2006 Appointed Director of the Company (current) May 2021 Appointed Advisor of Imai Kigyojo Co., Ltd. (current)

1946-12-12

Yoshinori IMAI

Director

Apr 1975 Joined Imai Radio Shop Jul 2001 Appointed Representative Director of CS Field Co., Ltd. (current) Mar 2013 Appointed Director of the Company (current)

1948-10-03

Yoshinobu AIYAMA

Director

Mar 1963 Joined the Company Mar 1983 Appointed Design Department Manager of the Company Mar 1984 Appointed Production Department Manager of the Company Jun 1990 Appointed Administration Department Manager of the Company Mar 1991 Appointed Department Manager, Management Headquarters, of the Company Mar 1992 Appointed Accounting Control Office Manager, Management Headquarters, of the Company Mar 1993 Appointed Director of the Company May 1993 Appointed Director and General Affairs Department Manager of the Company Mar 2008 Appointed Director of the Company (current)

1943-03-11

Etsuo MORI

Director

Dec 1984 Joined Nihon Teikoki Hanbai Co., Ltd. May 2001 Appointed Accounting Control Department Manager of JRM Group Co., Ltd. Feb 2002 Appointed Production Control Department Manager of JRM Group Co., Ltd. Feb 2003 Appointed Materials Control Department Manager of JRM Group Co., Ltd. Jan 2009 Appointed General Affairs Control Department Manager of JRM Group Co., Ltd. May 2009 Appointed Management Headquarters Manager of JRM Group Co., Ltd. May 2009 Appointed Director of JRM Group Co., Ltd. Apr 2012 Appointed Finance Control Department Manager of JRM Group Co., Ltd. Mar 2015 Appointed Director of the Company (current)

1950-12-12

Michiya HASHIZUME

Director

Mar 1980 Joined Nihon Teikoki Hanbai Co., Ltd. Apr 2008 Appointed First Development Department Manager of Microgenics Co., Ltd. Oct 2011 Appointed Management Headquarters Manager of Microgenics Co., Ltd. Mar 2012 Appointed Director of Microgenics Co., Ltd. (current) Jan 2022 Appointed Development Division General Manager of Microgenics Co., Ltd. (current) Mar 2023 Appointed Director of the Company (current)

1958-01-06

Takahiro UO

Director

Apr 1984 Joined Nihon Teikoki Hanbai Co., Ltd. Apr 2008 Appointed General Affairs Department Manager of Microgenics Co., Ltd. Jan 2009 Appointed General Affairs Department Manager of the Company Jan 2009 Appointed Accounting Department Manager of the Company Apr 2013 Appointed General Affairs Control Department Manager of JRM Group Co., Ltd. Apr 2013 Appointed Finance Control Department Manager of JRM Group Co., Ltd. Feb 2014 Appointed Director of JRM Group Co., Ltd. (current) Jan 2016 Appointed Management Headquarters Manager of JRM Group Co., Ltd. Jan 2023 Appointed President's Office Manager of JRM Group Co., Ltd. (current) Mar 2023 Appointed Director of the Company (current)

1960-06-02

Susumu HORII

Full-time Statutory Auditor

Apr 1984 Joined the Company May 2001 Appointed Materials Control Department Manager of the Company Jan 2005 Appointed Director of Jieyayuan (Shanghai) Co., Ltd. Jan 2009 Appointed Vice Chairman of Jieyayuan (Shanghai) Co., Ltd. Apr 2013 Appointed Accounting Department Manager of the Company Mar 2016 Appointed Statutory Auditor of the Company (current)

1946-10-19

Naoko HORIKOSHI

Statutory Auditor

Mar 1990 Graduated from the Department of English Literature, Faculty of Letters, Meiji Gakuin University Jun 1999 Graduated from the Marketing Program, Seattle University Mar 2005 Appointed Outside Statutory Auditor of the Company (current)

1968-02-22

Yukiharu SHIRATA

Statutory Auditor

Mar 1960 Joined the Company Mar 1991 Appointed Head of Tokyo Sales Office of Nihon Teikoki Hanbai Co., Ltd. Jan 2004 Appointed General Manager of Shanghai JRM Co., Ltd. Mar 2016 Appointed Outside Statutory Auditor of the Company (current)

1942-01-22

Takeshi ISHIZAKI

Statutory Auditor

Nov 1964 Joined the Company Aug 1986 Appointed Director and Development Office Manager of Nihon Teikoki Hanbai Co., Ltd. Nov 1994 Appointed Director and Management Headquarters Manager of Nihon Teikoki Hanbai Co., Ltd. Mar 2016 Appointed Outside Statutory Auditor of the Company (current)

1942-11-24

Large Shareholding Reports

Jun KIMURA

2026-09-29

8.59%→8.59%

Annual report (as of 2026-06-30): 8.61%

SpicyCompany Co., Ltd.

2026-07-01

5.01%

Akio MATSUBARA

2026-06-29

5.39%

Annual report (as of 2026-06-30): 5.40%

Disclosures

Tender Offer

2026-09-17

JAPAN RESISTOR MFG. CO.,LTD.

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JAPAN RESISTOR MFG. CO.,LTD.

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