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Arisawa Manufacturing

5208.TMEDIUM

Materials · Weight: 5%· Data as of 2026-04-20

¥2,277-16.38%

6-month daily

Investment Thesis

Small-cap pure-play on electronic materials including glass cloth for PCB substrates. PE 14.85x with nearly 6% dividend yield provides downside protection. Benefits directly from CCL price upcycle. Ranked #1 in Japan glass cloth attention rankings.

Risk

Smaller scale, less pricing power than Nittobo. Lower growth trajectory. Less direct AI exposure.

Monitoring Trigger

Watch CCL price pass-through to margins. Potential acquisition target given small market cap.

Key Dates

2026-05earningsFY2025 full-year results

Key Metrics

14.85

14.54

Fwd PE

P/B

6.85%

ROE

Op Margin

N/A

D/E

5.93%

Div Yield

N/A

FCF

¥47.6B

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Electronic Materials	Primary	Niche	Glass cloth, prepreg for PCB substrates and insulation

Supply Chain Evidence

Evidence	Customer	Product	Detail
probable	Mid-tier PCB manufacturers	Glass cloth and prepreg for PCB substrates	Domestic Japan PCB supply chain(2026-04)

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/5208/statistics/

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Nitto Boseki	29	22	13%	13%	N/A
Murata Manufacturing	~49.7x TTM (fwd ~37x on FY2026 guidance)	18.23	8.09%	15.1%	N/A
Fuji Electric	20.6	18	13%	11%	N/A
TDK Corporation	21	12.3	8.32%	10%	N/A
Taiyo Yuden	65	28	3.92%	5%	N/A
Rohm	Loss (FY2025 NI -¥158.4B SiC impairment)	15	Loss	1%	N/A
Asahi Kasei	13.4	12	7.8%	7%	N/A
Arisawa Manufacturing	14.85	14.54	6.85%	7%	N/A