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Under supervision (confirmation) · Designated 2026-11-10 JPX notice

Overview

Electric Appliances

HOKURIKU ELECTRIC INDUSTRY CO.,LTD.

Hokuriku Electric Industry (HDK) is a Toyama-based electronic components manufacturer producing resistors (film and variable resistors), module products (hybrid integrated circuits and unit products), electronic devices (sensors and piezoelectric components), and other components such as circuit boards. The company also operates a mold and machinery equipment segment through domestic subsidiaries, and distributes third-party products including those from Oizumi Seisakusho. HDK serves global markets through a network of manufacturing and sales subsidiaries across Asia (Malaysia, China, Thailand, Singapore) and the Americas (USA), with competitive strengths in miniaturized passive components and custom module solutions.

BCJ-116 Co., Ltd. is conducting a tender offer for the company at US$26.25 (¥4,180) per share, running until 2026-12-23. (In progress)

Market Cap

US$154M

¥24.6B

US$121M

¥19.3B

StockUS$19.69(¥3,135)▲+18.98%

US$1 = ¥159.23 (2026-11-11)

LTM EV/EBITDA

6.4

LTM EV/EBIT

11.0

LTM PER

23.2

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+10.9%pt

Nov 11, 25 – Nov 11, 26StockTOPIX

1May 12, 26Full-year FY2026/03 earnings announced

2Aug 7, 26Q1 FY2027/03 earnings announced

3Nov 11, 26Bain Capital (via BCJ-116) launches TOB at ¥4,180/share (59% premium)

MC → EV Bridge

AI Briefing

Bain Capital's BCJ-116 is tendering for HDK at US$26.25 (¥4,180)/share, having outbid a strategic suitor and a rival fund, with target board backing and no cap on shares sought — go-private process now underway. HDK remains a Toyama-rooted resistor, module and sensor maker with FY26/3 revenue US$271M (¥43.1B) and OP US$14.4M (¥2.3B) (5.4% margin), running an Asia/Americas manufacturing network. Ferrotec, HDK's top shareholder at ~13%, has tendered its stake and separately built a rising position disclosed in filings — raising questions about what it sees as strategically valuable across Japan's fragmented electronic-components sector.

Beluuga Research · Intelligence

Japan Intelligence · 2026-11-10
Bain Capital outbids a strategic suitor and a rival fund to take Hokuriku Electric Industry private for US$207.7mn
Japan Intelligence · 2026-09-23
Ferrotec Just Launched One Take-Private. Why Does It Own 11.8% of Another Listed Electronics Company?

Open HOKURIKU ELECTRIC INDUSTRY CO., LTD. in the demo →Comps, DCF and WACC for this company. Free, no time limit.

Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

70%

30%

EquityD/E 0.42xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

Electronic Components

Revenue

US$265M(¥42.3B)

Segment profit

US$21.8M(¥3.47B)8.2%

Die and Machinery

Revenue

US$4.80M(¥0.77B)

Segment profit

US$0.69M(¥0.11B)14.4%

Other

Revenue

US$3.37M(¥0.54B)

Segment profit

US$0.36M(¥0.06B)10.6%

Adjustments

Revenue

-US$2.81M(¥-0.45B)

Segment profit

-US$8.31M(¥-1.32B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 40.9%

as of 2026-03-31 · Source: Annual Securities Report

Ferrotec Corporation

13.10%

Business Partners' Stock Ownership Association

6.02%

NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)

4.87%

Employee Stock Ownership Association

4.47%

The Hokuriku Bank, Ltd.

3.84%

The Hokkoku Bank, Ltd.

2.02%

MAEDA CORPORATION

1.91%

The Bank of Toyama,Ltd.

1.78%

COSEL CO.,LTD.

1.44%

DFA INTL SMALL CAP VALUE PORTFOLIO (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.43%

Management

10 officers

Tatsumasa SHIMOSAKA

Representative Director, President

Apr 1982 Joined Hokuriku Bank, Ltd. Oct 2012 Manager, Internal Audit Department, Hokuriku Bank Jul 2014 Joined the Company; Manager attached to the President's office Nov 2014 General Manager, Administration Division, the Company Jul 2015 Executive Officer, General Manager, Administration Division, the Company Jun 2016 Director, General Manager, Administration Division, the Company Jun 2018 Managing Director, General Manager, Administration Division, the Company Mar 2019 Representative Director, President, Hokuriku Kosan Co., Ltd. Jun 2024 Representative Director, President, the Company (current)

1959-12-03

Yuji NISHIMURA

Director, Head of Management Reform Headquarters

Apr 1989 Joined the Company Jul 1999 Manager, Nagoya Sales Office, the Company Jul 2015 Manager, Manufacturing Department, High-Frequency Components Business Headquarters, the Company Apr 2017 Head of Component Business Headquarters, the Company Jul 2019 Executive Officer, Head of Component Business Headquarters, the Company Jun 2022 Director, Head of Component Business Headquarters, the Company Jun 2023 Director, Head of Management Reform Headquarters, the Company (current)

1965-01-15

Yoshinori MURAKAMI

Director, Head of Module System Business Headquarters

Apr 1989 Joined the Company Jul 2013 Manager, Development Department, HDK Micro Devices Co., Ltd. Jul 2014 Chairman, Shanghai Hokuriku Microelectronics Co., Ltd. Jul 2018 Representative Director, President, HDK Micro Devices Co., Ltd. Jul 2019 Executive Officer, the Company Jun 2022 Director, the Company Oct 2023 Director, Head of Module System Business Headquarters, the Company Jun 2026 Managing Director, Head of Module System Business Headquarters, the Company (scheduled)

1966-06-17

Masato ANDO

Director, in charge of Quality Assurance

Apr 1984 Joined the Company Jul 2014 General Manager, Advanced Device Development Headquarters, the Company Jul 2015 Head of High-Frequency Components Business Headquarters, the Company Jul 2016 Executive Officer, Head of High-Frequency Components Business Headquarters, the Company Jul 2019 Executive Officer and Chairman, HDK China Co., Ltd. Apr 2023 Executive Officer, Manager attached to the President's office, the Company Jun 2023 Director, Head of Development Headquarters, the Company Apr 2026 Director, in charge of Quality Assurance, the Company (current)

1964-01-05

Yoshiji FUKUZAWA

Director, Head of Component Business Headquarters

Apr 1987 Joined the Company Jul 2002 Plant Manager, Asahi Electronics Co., Ltd. Jun 2019 Representative Director, President, Asahi Electronics Co., Ltd. (current) Jul 2021 Executive Officer, the Company Jul 2023 Executive Officer, Head of Component Business Headquarters, the Company Jun 2025 Director, Head of Component Business Headquarters, the Company Jun 2026 Managing Director, the Company (scheduled)

1964-03-24

Sadako TSUBOKAWA

Director

Dec 1989 Registered as Certified Social Insurance and Labor Consultant; opened practice Feb 1990 Registered as Certified Administrative Procedures Specialist; opened practice Jan 2012 Representative Partner, Tsubokawa Social Insurance and Labor Consultant Corporation (current) Sep 2015 Representative Partner, Tsubokawa Administrative Procedures Corporation (current) Jun 2023 Director (Audit and Supervisory Committee Member), the Company Jun 2025 Director, the Company (current)

1962-05-02

Manabu SUGIMOTO

Director, Full-time Audit and Supervisory Committee Member

Apr 1985 Joined the Company Apr 2012 Manager, Tokyo Sales Office, the Company Mar 2016 Manager, Governance Office, the Company Jul 2018 General Manager, Procurement Department, the Company Jun 2021 Representative Director, President, Daiwa Denki Seiko Co., Ltd. Jun 2023 Director, Full-time Audit and Supervisory Committee Member, the Company (current)

1961-12-03

Masaaki KITANOSONO

Director, Audit and Supervisory Committee Member

Apr 1988 Registered as attorney; joined Matsuo Sogo Law Office Jun 1997 Corporate Auditor, the Company May 2003 Representative, Tokyo Aoi Law Office Nov 2009 Attorney, Sakuragawa Sogo Law Office Jun 2017 Director (Audit and Supervisory Committee Member), the Company (current) Sep 2022 Attorney, Sakuragawa Kyowa Law Office (current)

1959-08-24

Satoshi KIKUSHIMA

Director, Audit and Supervisory Committee Member

Apr 1981 Joined Hokuriku Bank, Ltd. Jun 2010 Branch Manager and Manager, Hokugin Direct Branch, Hokuriku Bank Jan 2014 Manager, Sales Promotion Department, Hokuriku Bank Jun 2014 Standing Corporate Auditor, Hokuriku Bank Jun 2016 Full-time Corporate Auditor, Hokuriku Bank Jun 2017 Director (Audit and Supervisory Committee Member), Hokuhoku Financial Group, Inc. Jun 2019 Representative Director, President, Hokuhoku Debt Collection Co., Ltd. Jun 2019 Director (Audit and Supervisory Committee Member), the Company (current) Jun 2021 Representative Director, President, Tsutsumi Shoji Co., Ltd.

1958-07-27

Kazuaki IMURA

Director, Audit and Supervisory Committee Member

Jul 2016 Head of Collection Department, Kanazawa Regional Taxation Bureau Jul 2017 Retired from Kanazawa Regional Taxation Bureau Aug 2017 Registered as Certified Tax Accountant Aug 2017 Principal, Kazuaki Imura Tax Accountant Office (current) Jun 2020 Corporate Auditor, Nakamura Tome Precision Industries Co., Ltd. (current) Jun 2021 Director (Audit and Supervisory Committee Member), the Company (current)

1956-11-01

Large Shareholding Reports

Ferrotec Co., Ltd.

2026-03-16

10.79%→11.83%