Research

Daiko Tsusan: Net-cash telecom distributor with investment-fund shareholders

DAIKO TSUSAN CO., LTD. (7673) · Published 2026-10-29 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • Daiko Tsusan is a specialist trading company, founded in 1975 in Matsuyama, Ehime Prefecture. It buys cable, connection and mounting materials, and network equipment from domestic and overseas manufacturers. It sells them to telecom contractors, telecom carriers, power companies and government bodies for indoor and outdoor communications work and power work.
  • The company reports a single segment. It breaks out sales and gross profit by four regional blocks (Shikoku-Kyushu, East Japan, West Japan, Tokai-Hokuriku) and by three product categories (cable, materials, equipment), and runs 13 sales offices plus its own logistics centers and warehouses.
  • The annual securities report for the year to May 2026 describes the company as independent of any manufacturer group, with about 450 suppliers, about 2,700 customers and about 43,000 items handled. Most transactions are shipped directly from suppliers to customers, and no single customer accounts for a tenth or more of sales.
  • Sales fall into routine maintenance and replacement orders and one-off large projects such as fiber-to-the-home upgrades and the digitization of municipal disaster-prevention radio. The company states that large projects can carry lower margins than routine trade. Financial statements are non-consolidated under Japanese GAAP, with a fiscal year ending May 31.

Investment case

  1. The annual securities report for the year to May 2026 shows cash and deposits far exceeding interest-bearing debt, and the company states that it funds short-term working capital from its own resources (see Performance & Balance).
  2. Management names gross margin as its most important performance indicator. In the year to May 2026, gross profit rose faster than sales, which the company attributes to fewer price-concession projects and higher routine trade in the East Japan block (see Performance & Balance).
  3. The first-quarter earnings release for the year to May 2027 reports higher sales and profits than a year earlier in all four regional blocks and all three product categories. The company cites fiber-to-the-home, solar power, fire-department communications and CATV subscriber equipment orders, along with growth in routine trade.
  4. The company has raised its dividend forecast for the year to May 2027 above the prior year's level, and its articles of incorporation allow the board to buy back shares without a shareholder vote.

Bear case

  1. The first-quarter earnings release attributes part of the quarter's growth to orders pulled forward from later periods in three of the four blocks. The company's unchanged forecast calls for lower first-half sales and profit than a year earlier.
  2. The company states that disaster-prevention radio digitization by local governments is in its final phase, and a large fire-department digital communications project in Shikoku-Kyushu ended during the year to May 2026, cutting that block's sales.
  3. Much of the balance sheet sits in cash and time deposits, investment securities and insurance reserve funds, and treasury stock is negligible. The company's stated capital policy is to balance internal reserves for growth against shareholder returns, without a numerical target (see Performance & Balance).
  4. Seven of the eleven directors are internal executives, internal audit is staffed by one person, and the nomination and remuneration committees each met once in the year to May 2026.

Catalysts

  • Second-quarter results for the six months to November 30, 2026, which will show whether the first quarter's pulled-forward orders lead to the first-half decline the company forecasts.
  • Full-year results for the year to May 2027 and the annual securities report. These will show performance against the forecast published on July 14, 2026 and whether the forecast higher year-end dividend is paid.
  • The annual general meeting, held in late August (the most recent was on August 28, 2025). Two investment partnerships, UH Partners 2 Investment LPS and Hikari Tsushin KK Investment LPS, rank among the largest shareholders (see Shareholders).

Key risks

  • Demand depends on capital spending by CATV operators, telecom carriers and local governments. The company lists slower telecom-market growth, or failure to supply products matching operators' investment plans, as risks.
  • Price competition and rising materials costs could compress margins. Some products are bought from overseas manufacturers in US dollars, which exposes the company to exchange-rate moves it cannot fully pass on, to country risk and to import-quality claims.
  • The company sells to about 2,700 customers, many of them contractors, and lists customer bankruptcies in a downturn as a risk to earnings.
  • Other listed risks include impairment of owned land and buildings, natural disasters affecting logistics sites in Matsuyama and elsewhere, difficulty hiring staff with specialist telecom knowledge, and cyberattacks.

Trading liquidity

Median daily trading value US$0.02mn
Average daily volume 3,565 shares

2026-04-01 to 2026-10-28 (138 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • The first-quarter earnings release was not reviewed by the auditor and contains no quarterly cash flow statement. Quarterly balance-sheet movements, such as the fall in cash after paying the year-end dividend and settling payables, may not reflect full-year trends.
  • The largest shareholder is a company named D.K. Corporation. The president and a representative senior managing director also appear among the major shareholders, but the documents do not describe how D.K. Corporation is related to management (see Shareholders).
  • Qualitative statements are taken from the annual securities report for the year to May 2026 and the first-quarter earnings release for the year to May 2027.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Securities of Japanese issuers. The securities discussed are issued by companies incorporated in Japan and listed on the Tokyo Stock Exchange. They may not be registered under the U.S. Securities Act of 1933, and the issuers may not be subject to the periodic reporting requirements of the Securities Exchange Act of 1934. Information about these issuers may be less extensive than information about U.S. issuers, and their financial statements are prepared under Japanese GAAP, IFRS or U.S. GAAP as each issuer elects. U.S. persons may face restrictions, tax consequences and practical limits on buying, holding or selling these securities. Investments in non-U.S. securities involve risks that include currency movements, lower trading liquidity, and differences in market practice, corporate governance and legal protection.

Currency. Amounts shown in US$ are converted from Japanese yen at a mid-market rate for convenience only. They are not the amounts an investor would receive, and changes in exchange rates may cause the value of a yen-denominated investment to fall in US$ terms even if its value in yen does not.

Sources, accuracy and forward-looking statements. This material is based on the issuers' public disclosure documents and on market data, and it was prepared with the assistance of AI tools and reviewed by the Beluuga AI Research Team. We believe the sources to be reliable but do not guarantee that the information is accurate, complete or current, and the material may contain errors. Statements about the future, including catalysts and risks, are assumptions and are not guarantees; actual results may differ materially. Past performance is not a guide to future performance. The material speaks only as of its date, and we have no obligation to update it. Where the issuer's original disclosure is in Japanese, the Japanese original prevails over any English description given here.

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Overview
Wholesale Trade

DAIKO TSUSAN CO.,LTD.

Daiko Tsushin is an independent specialty trading company focused on supplying cables, materials, and equipment used in CATV and telecommunications network infrastructure across Japan. The company sources approximately 43,000 product types from around 450 domestic and international manufacturers and sells to approximately 2,700 customers including telecom contractors, telecommunications carriers, electric utilities, and government agencies. Key competitive strengths include supplier and customer independence, proprietary overseas-manufactured products offering cost leadership, and a nationwide self-operated logistics network spanning 13 sales offices and 4 distribution centers.

Market Cap
US$56.7M
¥9.06B
EV
US$15.4M
¥2.46B
StockUS$10.64(¥1,699)▲+1.98%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
1.7
x
LTM EV/EBIT
1.7
x
LTM PER
9.0
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.2%pt
1001
Nov 13, 25 – Nov 13, 26StockTOPIX
1Oct 13, 26Q1 FY2027/05 earnings announced
MC → EV Bridge
US$56.7M¥9.06BMarket CapUS$4.12M¥0.66B+ DebtUS$41.9M¥6.69B− CashUS$3.53M¥0.56B− Inv. Sec.US$15.4M¥2.46BEV
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Performance & Balance
Revenue 5Y (US$)
US$110M¥17.6B'22/5US$107M¥17.1B'23/5US$108M¥17.2B'24/5US$136M¥21.7B'25/5US$138M¥22.0B'26/5
EBITDA 5Y (US$)
US$6.88M¥1.10B'22/5US$5.97M¥0.95B'23/5US$5.76M¥0.92B'24/5US$7.75M¥1.24B'25/5US$8.34M¥1.33B'26/5
Net Income 5Y (US$)
US$4.40M¥0.70B'22/5US$3.85M¥0.62B'23/5US$3.77M¥0.60B'24/5US$5.11M¥0.82B'25/5US$5.73M¥0.92B'26/5
Capital Structure
93%
EquityD/E 0.07xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$40.3M¥6.44BUS$2.58M¥0.41B'22/5US$33.5M¥5.35BUS$2.11M¥0.34B'23/5US$43.9M¥7.01BUS$4.95M¥0.79B'24/5US$49.8M¥7.95BUS$4.63M¥0.74B'25/5US$53.6M¥8.56BUS$4.24M¥0.68B'26/5
Shareholders
Top 10 hold 73.9%
1
D.K. Corporation Co., Ltd.
33.39%
2
UH Partners 2 Investment Limited Partnership
6.98%
3
Hikari Tsushin Inc. Investment Limited Partnership
6.57%
4
Akira KAWATA
6.23%
5
Mitsuru KAWATA
4.87%
6
DAIKO TSUSAN CO.,LTD. Employee Stock Ownership Association
4.56%
7
Akira NISHIMURA
4.50%
8
Sumiko KAWATA
2.70%
9
Masaharu KAWATA
2.63%
10
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
1.48%
Management
11 officers
Akira KAWATA
Representative Director, President
Apr 1999 Joined ALMEX Corporation (current: USEN-ALMEX) Nov 2007 Joined the Company Aug 2009 Appointed Director of the Company Apr 2010 Appointed Representative Director of D.K. Corporation Co., Ltd. (current) Aug 2011 Appointed Director and Vice President of the Company May 2014 Appointed Outside Director of Mutsu Tsushin Co., Ltd. (now the Company) Aug 2014 Appointed Representative Director, President of the Company (current) Jan 2015 Appointed Director of Denzu Sangyo Co., Ltd. (now the Company)
1972-07-09
Akira NISHIMURA
Representative Director, Senior Managing Director
Jun 1976 Joined Ehime Toshiba Merchandise Sales Co., Ltd. Apr 1980 Joined Shikoku Tsushinki Kogyo Co., Ltd. (now Shikoku Tsushin Sangyo Co., Ltd.) Jul 1985 Joined the Company; General Manager, Head Office Sales Department Aug 1987 Appointed Director of the Company Nov 2002 Head of Shikoku-Kyushu Block of the Company (current) Apr 2004 Appointed Director (Outside Director) of Seinan Regional Network Co., Ltd. Jun 2005 Appointed Managing Director of the Company Aug 2014 Appointed Senior Managing Director of the Company Jan 2017 Head of East Japan Block of the Company (current); Manager, Tokyo Branch of the Company Aug 2017 Appointed Representative Director, Senior Managing Director of the Company (current) Aug 2025 Head of West Japan Block of the Company (current); Head of Tokai-Hokuriku Block of the Company (current)
1957-02-27
Takuya OKANO
Director
Apr 1978 Joined Suntelephone Co., Ltd. Sep 2000 Joined the Company; General Manager, Sales Department, Osaka Branch Jun 2002 Appointed Director of the Company (current) Jun 2003 Head of East Japan Block of the Company; Manager, Tokyo Branch of the Company Jan 2017 Manager, Osaka Branch of the Company
1959-04-30
Mitsuru SHIRAI
Director, General Manager, Administration Department
Nov 1999 Joined Utsunomiya Tax Accountant Office May 2002 Joined the Company; assigned to Administration Department Dec 2005 Assigned to Internal Audit Office of the Company Jun 2006 General Manager, Internal Audit Office of the Company Aug 2010 Appointed Director of the Company (current); General Manager, Administration Department of the Company (current) May 2014 Appointed Audit & Supervisory Board Member (Outside) of Mutsu Tsushin Co., Ltd. (now the Company)
1974-11-09
Katsuya TAKAMOTO
Director, General Manager, Head Office Sales Department
Apr 1984 Joined the Company Sep 2011 General Manager, Head Office Sales Department of the Company (current) Sep 2011 Appointed Executive Officer of the Company Aug 2015 Appointed Director of the Company (current)
1965-09-07
Tetsuya MIKI
Director, Manager, Osaka Branch
Apr 1984 Joined Suntelephone Co., Ltd. Mar 1994 Joined the Company Mar 2010 Manager, Takamatsu Branch of the Company May 2011 Manager, Fukuoka Branch of the Company Aug 2013 Section Manager, Head Office Sales Section of the Company Aug 2016 Manager, Sendai Branch of the Company Jun 2019 Appointed Executive Officer of the Company Jun 2021 Manager, Nagoya Branch of the Company Aug 2025 Appointed Director of the Company (current) Dec 2025 Manager, Osaka Branch of the Company (current)
1965-08-04
Seiji TAMAI
Director, Manager, Tokyo Branch
Apr 1992 Joined Nihon Kotsu Sha Co., Ltd. Feb 1999 Joined the Company Dec 2005 Section Manager, CATV Sales Section, Tokyo Branch of the Company Sep 2011 Appointed Executive Officer of the Company Jun 2019 Manager, Tokyo Branch of the Company (current) Aug 2025 Appointed Director of the Company (current)
1972-03-15
Shinichi DOI
Director (Audit and Supervisory Committee Member)
Apr 1985 Joined The Iyo Bank, Ltd. Aug 2009 Branch Manager, Himeji Branch of The Iyo Bank, Ltd. Feb 2012 Branch Manager, Mishima Branch of The Iyo Bank, Ltd. Jun 2014 Branch Manager, Takamatsu Branch of The Iyo Bank, Ltd. Jun 2017 Branch Manager, Yawatahama Branch of The Iyo Bank, Ltd. Jun 2018 Executive Officer, Yawatahama Group Leader, Yawatahama Branch Manager and Kawanoishi Branch Manager of The Iyo Bank, Ltd. Aug 2020 Executive Officer, General Manager, Compliance Division of The Iyo Bank, Ltd. Jun 2022 Representative Director, President of Iyogin Business Service Co., Ltd. Aug 2023 Appointed Director (Audit and Supervisory Committee Member) of the Company (current)
1963-02-20
Minpei KAWABATA
Director (Audit and Supervisory Committee Member)
Mar 1975 Joined Woodone Co., Ltd. Jan 1982 Head, Minpei Kawabata Judicial Scrivener Office Aug 2007 Appointed Audit & Supervisory Board Member of the Company Aug 2017 Appointed Director (Audit and Supervisory Committee Member) of the Company (current) Jan 2022 Appointed Member (Representative Partner) of Kawabata Judicial Scrivener Corporation
1952-01-26
Hiroyasu TAKECHI
Director (Audit and Supervisory Committee Member)
Apr 1997 Joined The Iyo Bank, Ltd. Oct 2002 Joined Deloitte Tohmatsu (now Deloitte Tohmatsu LLC) Apr 2006 Registered as Certified Public Accountant Jul 2012 Joined Shin Nihon LLC (now EY Shin Nihon LLC) Jul 2018 Appointed Director, General Manager, Administration Department of Marc Co., Ltd. Oct 2018 Registered as Certified Tax Accountant Aug 2019 Appointed Director (Audit and Supervisory Committee Member) of the Company (current) Sep 2019 Appointed Director, General Manager, Finance Department of Marc Co., Ltd. Apr 2025 Appointed Audit & Supervisory Board Member of Fuji Enterprise Co., Ltd. (current)
1974-06-11
Rie TAKAKUWA
Director (Audit and Supervisory Committee Member)
Oct 2006 Registered as Attorney-at-law; joined Yamashita Kiyoshi Law Office Jan 2011 Joined Taiyo Law Corporation, Matsuyama Office Apr 2019 Vice President, Ehime Bar Association Oct 2021 Opened Mikan Law Office (current) Oct 2021 Family Court Mediation Commissioner, Matsuyama Family Court (current) Aug 2025 Appointed Director (Audit and Supervisory Committee Member) of the Company (current)
1971-12-23
Large Shareholding Reports
Koutsushin Co., Ltd.
2025-09-29
7.57%→7.57%
Koutsushin Co., Ltd.
2025-08-26
7.57%→7.57%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-09
Q1 Earnings Flash
FY ending May 2027
EDINET
2026-08-27
Annual Securities Report
Period: Jun 2025 – May 2026
TDnet
2026-07-14
Full-Year Earnings Flash
FY ending May 2026
TDnet
2026-05-18
業績予想の修正
TDnet
2026-04-10
Q3 Earnings Flash
FY ending May 2026
EDINET
2026-01-14
Semi-Annual Securities Report
Period: Jun 2025 – May 2026
TDnet
2025-12-11
業績予想の修正
TDnet
2025-10-10
Q1 Earnings Flash
FY ending May 2026
EDINET
2025-09-29
Large Shareholding Report
EDINET
2025-08-29
Annual Securities Report
Period: Jun 2024 – May 2025
EDINET
2025-08-26
Large Shareholding Report
TDnet
2025-04-10
Q3 Earnings Flash
FY ending May 2025
EDINET
2025-01-14
Semi-Annual Securities Report
Period: Jun 2024 – May 2025
TDnet
2024-10-10
Q1 Earnings Flash
FY ending May 2025
EDINET
2024-08-30
Annual Securities Report
Period: Jun 2023 – May 2024
EDINET
2024-04-15
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-01-15
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-16
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-08-31
Annual Securities Report
Period: Jun 2022 – May 2023
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINETAmended
2023-03-29
Amended Annual Securities Report
Period: Jun 2018 – May 2019
EDINETAmended
2023-03-29
Amended Annual Securities Report
Period: Jun 2020 – May 2021
EDINET
2023-01-16
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINET
2022-10-17
Quarterly Securities Report
EDINET
2022-08-31
Annual Securities Report
EDINET
2022-04-14
Quarterly Securities Report
EDINET
2022-01-14
Quarterly Securities Report
EDINET
2021-10-15
Quarterly Securities Report
EDINET
2021-08-30
Annual Securities Report
EDINET
2021-04-14
Quarterly Securities Report
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