Research

Chuo Warehouse: Buybacks and a board overhaul while plan targets lag

Chuo Warehouse Co., Ltd. (9319) · Initiated coverage 2026-10-20 · Beluuga AI Research Team · Independent research

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

Business overview

  • Chuo Warehouse was founded in October 1927 inside the Kyoto central wholesale market and reaches its 100th anniversary in October 2027. Warehousing is its core business, including temperature- and humidity-controlled storage, bonded storage, certified document and household storage, hazardous-goods storage, distribution processing and leasing of logistics facilities.
  • It reports three segments. Domestic Logistics covers warehousing and transport, including freight forwarding, trucking and insurance agency, and generates most revenue. International Cargo covers export packing of precision machinery and customs brokerage. Real Estate Leasing covers non-logistics property such as a lodging facility in Kyoto's Umekoji district (see Performance & Balance).
  • The group consists of the parent, three consolidated subsidiaries and two equity-method affiliates. One affiliate is a Shanghai freight-forwarding company held jointly with Yasuda Logistics. The company acquired the packing firm Tespack in January 2023 and sold its stake in an equity-method affiliate in September 2024.
  • Operations are concentrated in Kyoto, Shiga, Osaka, Hokuriku, Nagoya/Hamamatsu, Okayama and the Tokyo area, and Shanghai is the only overseas base. No single customer accounts for a reportable share of revenue. The group had 707 employees at March 31, 2026.

Investment case

  1. The annual securities report for the year to March 2026 states that the company has not linked its accumulated equity to growth, that its return on equity remains near its cost-of-capital range, and that its price-to-book ratio is below one. It commits to clarifying its cash-allocation policy and to a capital policy that responds to shareholder expectations.
  2. The company bought back its own shares during the year to March 2026 and continued buying in the first quarter of the year to March 2027. The first-quarter earnings release also forecasts a higher annual dividend than the prior year (see Performance & Balance).
  3. A new logistics base in Ama, Aichi Prefecture, designated the Nagoya branch Nagoya office, is under construction and scheduled to start operating in February 2027. The company also cites growth in imported chemicals, recycled PET resin and heavy-machinery handling. In the first quarter, customs brokerage revenue rose on higher import volumes.
  4. The company proposed moving to a company with an audit and supervisory committee at its June 24, 2026 annual meeting. Under that proposal, a majority of the audit committee members would be outside directors who hold board votes. The nomination, compensation and governance committee is chaired by an outside director.

Bear case

  1. In the first year of the NEXT CS-100 plan, the year to March 2026, operating revenue, operating profit and ordinary profit all fell short of the plan. Operating profit declined year on year as personnel and system-outsourcing costs rose.
  2. The year's net income increase relied on gains from selling investment securities rather than on operations. In the first quarter of the year to March 2027, net income fell year on year on a higher tax charge.
  3. A large block of cross-shareholdings sits on the balance sheet. Its valuation gains raise equity and deferred tax liabilities, which works against the company's stated return-on-equity aim (see Performance & Balance).
  4. A takeover-defense plan approved in June 2024 lets the board, on an independent committee's recommendation, take countermeasures such as a gratis allotment of stock acquisition rights. Regional banks are the two largest shareholders, and business partners such as Yasuda Logistics and Toda Corporation are also on the register (see Shareholders).

Catalysts

  • Opening of the Ama, Aichi logistics base, scheduled for February 2027, and its contribution to Domestic Logistics results.
  • Expiry of the takeover-defense plan at the conclusion of the annual meeting for the year to March 2027, when it could be renewed or allowed to lapse.
  • Progress against the NEXT CS-100 targets for the year to March 2028, including the company's stated aim of a return on equity above its cost-of-capital range, and the second-quarter results for the year to March 2027 against the unchanged full-year forecast.

Key risks

  • Labor shortages: the company cites chronic shortages of truck drivers and warehouse workers and continuing wage increases. Transport volumes fell in the year to March 2026 partly because of these shortages.
  • Core-system migration: the company is moving its in-house-developed core logistics system to a new platform through a project team headed by the president. It states that a failed or delayed migration could prevent it from carrying out its business.
  • Interest rates: warehouse investment is partly funded by bank borrowing, and the first-quarter earnings release attributes higher interest expense to rising rates and new loans. Investment securities are also exposed to equity- and bond-market movements.
  • Cargo demand: volumes depend on customers' business conditions and restructuring. The company names U.S. tariff policy and Middle East tensions as factors that reduced packing volumes and raised costs.

Trading liquidity

Median daily trading value US$0.28mn
Average daily volume 34,857 shares

2025-10-02 to 2026-10-19 (250 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 annual securities report was filed on June 19, 2026, before the June 24, 2026 annual meeting. The governance structure it describes after the meeting depends on shareholder approval of the proposals.
  • The company's plan years are labeled by start year: fiscal 2025 corresponds to the year to March 2026, and the plan's final year, fiscal 2027, ends in March 2028.
  • Qualitative statements are taken from the annual securities report for the year to March 2026 and the first-quarter earnings release for the year to March 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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Overview
Warehousing and Harbor Transportation Service

Chuo Warehouse Co.,Ltd.

Chuo Warehouse is a comprehensive logistics company operating across three segments: domestic logistics (warehousing and trucking), international freight (export packing and customs clearance), and real estate leasing. The warehousing business, its core operation, offers specialized facilities including temperature/humidity-controlled storage, bonded warehouses, trunk rooms, and hazardous goods storage, complemented by distribution processing services. The international freight division handles precision machinery export packing and international multimodal transport, with operations extending to Shanghai, China.

Market Cap
¥29.0B
US$185M
EV
¥10.8B
US$68.6M
Stock¥1,630▼-0.91%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
2.8
x
LTM EV/EBIT
5.1
x
LTM PER
14.5
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-2.2%pt
100
Oct 22, 25 – Oct 22, 26StockTOPIX
MC → EV Bridge
29.0BUS$185MMarket Cap7.93BUS$50.5M+ Debt8.02BUS$51.1M− Cash18.4BUS$117M− Inv. Sec.0.30BUS$1.92M+ NCI10.8BUS$68.6MEV
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Performance & Balance
Revenue 5Y (¥B)
23.9US$152M'22/325.9US$165M'23/326.5US$169M'24/327.8US$177M'25/328.0US$178M'26/3
EBITDA 5Y (¥B)
3.23US$20.6M'22/33.65US$23.2M'23/33.79US$24.2M'24/34.00US$25.5M'25/33.90US$24.8M'26/3
Net Income 5Y (¥B)
1.35US$8.61M'22/31.71US$10.9M'23/31.70US$10.8M'24/31.59US$10.1M'25/32.07US$13.2M'26/3
Capital Structure
86%
EquityD/E 0.16xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
17.5US$111M6.09US$38.8M'22/318.1US$115M7.48US$47.6M'23/320.2US$128M6.84US$43.6M'24/320.5US$131M6.08US$38.7M'25/324.3US$155M7.34US$46.7M'26/3
Shareholders
Top 10 hold 37.1%
1
The Bank of Kyoto, Ltd.
4.74%
2
THE SHIGA BANK,LTD.
4.57%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.54%
4
Yasuda Logistics Corporation
4.46%
5
Nippon Life Insurance Company
3.70%
6
MUFG Bank, Ltd.
3.60%
7
Mizuho Trust & Banking Co., Ltd.
3.28%
8
TODA CORPORATION
3.04%
9
The Kyoto Chuo Shinkin Bank
2.87%
10
Chuo Warehouse Co.,Ltd. Employee Stock Ownership Association
2.27%
Management
9 officers
Masakazu KIMURA
Representative Director, Chairman
Apr 1980 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Sep 2006 Branch Manager, Shinanobashi Branch of the same bank May 2010 Joined the Company Jun 2010 Director of the Company Jun 2011 Deputy General Manager, Sales Administration Division Jun 2013 Managing Director, General Manager, Sales Administration Division May 2014 President, Nakakura Rikuun Co., Ltd. Jun 2017 President of the Company Jun 2020 Representative Director, President and Executive Officer Jun 2024 Representative Director, Chairman (current)
1957-02-03
Hidemi TANIOKU
Representative Director, President and Executive Officer
Apr 1983 Joined the Company Apr 2014 Sales Planning Department Manager, Sales Administration Division Nov 2014 Manager, Management Planning Office Apr 2015 General Manager, International Cargo Department No. 2 Jun 2015 Director Apr 2016 Deputy General Manager, Sales Administration Division and Manager, Kyoto Branch Apr 2017 Deputy General Manager, Sales Administration Division May 2017 President, Nakakura Rikuun Co., Ltd. Jun 2017 Managing Director, General Manager, Sales Administration Division May 2019 President, Chuo Soko Works Co., Ltd. Jun 2020 Director, Managing Executive Officer, General Manager, Sales Administration Division Apr 2021 Director, Managing Executive Officer Jun 2021 Director, Managing Executive Officer, General Manager, Planning and Administration Division Jun 2022 Representative Director, Senior Managing Executive Officer, General Manager, Planning and Administration Division Jun 2024 Representative Director, President and Executive Officer (current)
1961-03-24
Tadao TAGUCHI
Director, Managing Executive Officer, General Manager, Sales Administration Division
Apr 1980 Joined the Company Jul 2007 Manager, Tokyo Branch Feb 2013 Manager, Shiga Branch Apr 2017 Sales Department Manager, Sales Administration Division Jun 2017 Director Jun 2020 Senior Executive Officer, Sales Department Manager, Sales Administration Division Apr 2021 Managing Executive Officer, General Manager, Sales Administration Division Jun 2021 Director, Managing Executive Officer, General Manager, Sales Administration Division (current)
1958-02-07
Koji YOSHIDA
Director, Managing Executive Officer, General Manager, Planning and Administration Division
Apr 1993 Joined the Company Apr 2012 Manager, General Affairs Section Aug 2014 Manager, Accounting Section Jul 2018 Manager, Administration Department Apr 2020 Executive Officer, General Manager, General Affairs Department and Manager, Management Planning Office Apr 2023 Senior Executive Officer, Deputy General Manager, Planning and Administration Division, General Manager, General Affairs Department and Manager, Management Planning Office Jun 2023 Director Jun 2024 Director, Senior Executive Officer, General Manager, Planning and Administration Division Jun 2026 Director, Managing Executive Officer, General Manager, Planning and Administration Division
1970-05-20
Kosuke SAWADA
Director, Audit and Supervisory Committee Member
Apr 1991 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Apr 2018 Branch Manager, Awaji Branch of the same bank May 2021 Joined the Company Apr 2022 Manager, Osaka Branch and Manager, Okayama Branch Jul 2023 General Manager, Human Resources Department Jun 2025 Audit & Supervisory Board Member Jun 2026 Director, Audit and Supervisory Committee Member
1968-09-24
Yuko YOSHIMATSU
Director, Audit and Supervisory Committee Member
Dec 2008 Registered as Attorney-at-Law Dec 2008 Joined Ebisu Law Office Apr 2011 Joined Kyoto Seiseki Law Office (current) Jun 2015 Audit & Supervisory Board Member of the Company Jun 2022 Director of the Company Jun 2026 Director, Audit and Supervisory Committee Member
1972-05-10
Koji HITOMI
Director, Audit and Supervisory Committee Member
Apr 1985 Joined Kyoto Bank, Ltd. Jun 2003 Branch Manager, Shugakuin Branch of the same bank May 2005 Branch Manager, Osaka Chuo Branch of the same bank Jun 2009 General Manager, First Corporate Sales Department, Head Office, of the same bank Jun 2012 Director of the same bank Jun 2015 Managing Director of the same bank Jun 2017 Senior Managing Director of the same bank Jun 2020 Representative Director, Senior Managing Director of the same bank Jun 2021 Representative Director, Chairman, Kyoyu Shoji Co., Ltd. (current) Jun 2022 Audit & Supervisory Board Member of the Company Jun 2026 Director, Audit and Supervisory Committee Member
1960-11-27
Makio MURAMOTO
Director, Audit and Supervisory Committee Member
Apr 1984 Joined Yasuda Trust & Banking Co., Ltd. (now Mizuho Trust & Banking Co., Ltd.) Apr 2002 Deputy General Manager, Individual Planning Department and Head of Call Center, Mizuho Asset Trust & Banking Co., Ltd. Mar 2003 Deputy General Manager, Individual Planning Department and Head of Call Center, Mizuho Trust & Banking Co., Ltd. Apr 2005 Deputy General Manager, Private Banking Planning Department, Mizuho Trust & Banking Co., Ltd. Mar 2006 Manager, Hachioji Branch, Mizuho Trust & Banking Co., Ltd. Oct 2007 General Manager, Real Estate Sales Department III, Mizuho Trust & Banking Co., Ltd. Apr 2010 General Manager, Corporate Business Department, Mizuho Trust & Banking Co., Ltd. Apr 2011 Executive Officer, General Manager, Corporate Business Department, Mizuho Trust & Banking Co., Ltd. Apr 2012 Executive Officer, Manager, Osaka Branch, Mizuho Trust & Banking Co., Ltd. Apr 2013 Executive Officer, Manager, Fukuoka Branch, Mizuho Trust & Banking Co., Ltd. Apr 2014 Managing Executive Officer, in charge of Sales, Mizuho Trust & Banking Co., Ltd. Apr 2016 Managing Executive Officer, in charge of Branches and Sales Departments, Mizuho Trust & Banking Co., Ltd. Apr 2017 Director, Vice President, Mizuho Real Estate Sales Co., Ltd. Apr 2021 Representative Director, President, Heisei Building Co., Ltd. Jun 2025 Director of the Company Jun 2026 Director, Audit and Supervisory Committee Member
1962-01-23
Chihiro KATAKURA
Director, Audit and Supervisory Committee Member
Apr 2005 Joined Deloitte Touche Tohmatsu Jul 2008 Registered as Certified Public Accountant Oct 2024 Opened Katakura CPA Office, Representative (current) Jun 2025 Outside Director, Round One Corporation (current) Jun 2026 Director, Audit and Supervisory Committee Member
1982-09-07
Large Shareholding Reports
MUFG Bank, Ltd.
2026-03-16
4.52%→3.63%
Annual report (as of 2026-03-31): 3.60%
Mizuho Trust & Banking Co., Ltd.
2025-11-21
4.41%→3.39%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-03-16
Large Shareholding Report
TDnet
2026-02-09
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-21
Large Shareholding Report
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-08
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINETAmended
2023-09-21
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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