ENVALITH
笹徳印刷株式会社 logo

Sasatoku Printing Co., Ltd.

3958・Standard Market・Pulp & Paper

Official website
笹徳印刷株式会社 logo
Sasatoku Printing Co., Ltd.3958

Business

Sasatoku Printing Co., Ltd. is a comprehensive printing company founded in 1890 (Meiji 23). Headquartered in Toyoake City, Aichi Prefecture, it operates in the Packaging segment (paper containers, flexible packaging, etc.) and the Communication segment (promotional materials, digital content, etc.). The company maintains a network of six plants—five domestic and one overseas (Wuxi, China)—and its strength lies in providing a "one-stop solution from concept to shipment," covering everything from planning and design to printing, processing, and Fulfillment Services (storage, packing, and shipping). Its subsidiaries include Sunlight Co., Ltd. (Japan), Setoku Printing Technology (Wuxi) Co., Ltd. (China), and PT. SASATOKU INDONESIA (Indonesia). The company is listed on the Tokyo Stock Exchange Standard Market and the Nagoya Stock Exchange Main Market (since September 2023). Its main customers include confectionery and food manufacturers as well as automotive-related companies, with Oji Nepia Co., Ltd. accounting for 9.9% of net sales.

Business Model

In the Packaging segment (approx. 70.9% of net sales), the company handles everything from planning and design of paperboard containers and flexible packaging through printing, processing, and Fulfillment Services on an integrated order basis, securing profitability through just-in-time, high-quality, low-cost production. In the Communication segment (approx. 29.1%), the company is commissioned to produce, print, and deliver inserted advertisements, brochures, web content, and the like. Each plant is strategically located close to expressway interchanges, improving the efficiency of wide-area logistics. The structure aims to improve profitability through the promotion of appropriate product pricing (price increases).

Company Strengths

Founded in 1890 with 135 years of operating history, the company has established an "integrated production system" in which each plant completes the entire manufacturing process for products with differing production flows across paper containers, flexible packaging, and print media. All five domestic plants are strategically located within a 5-minute drive of major expressway interchanges, achieving wide-area coverage from the Kansai region to the Tohoku region.

The company has built a system that provides integrated services from planning and design through printing, processing, and Fulfillment Services (storage, order processing, packing, shipping, and inventory management). In January 2025, the Kanto plant also launched Fulfillment Services operations to respond to growing demand in the Kanto and Chubu regions. The company is steadily capturing packaging demand for confectionery and food products.

The company entered Wuxi, China in 1999, and Sasatoku Printing Technology (Wuxi) Co., Ltd. commenced full-scale operations in March 2023. In 2013, PT. SASATOKU INDONESIA was established in Jakarta, Indonesia. With a six-plant system spanning domestic and overseas locations, the company has built a foundation for capturing overseas packaging demand and for new expansion into Southeast Asian countries.

ENVALITH's Perspective

Cumulative revenue for the first nine months of Q3 FY2026 (ending June 2026) was ¥9,364 million (down 3.3% year on year), and operating profit was ¥168 million (down 8.3% year on year). The full-year forecast calls for revenue of ¥13,000 million and operating profit of ¥200 million, meaning the remaining single quarter (4Q) must secure revenue of ¥3,636 million and operating profit of ¥32 million. The revenue progress rate against the full-year forecast stands at 72.0%, roughly in line with the same period last year, but the operating profit progress rate is high at 84.5%, leaving limited room for further profit generation in 4Q. While the full-year forecast remains unchanged, achieving it is premised on solid 4Q performance.

In addition to higher personnel expenses from wage increases, compound cost increases in power costs, raw material costs, outsourcing costs, and logistics costs are weighing on profitability. The cumulative Q3 operating profit margin remained low at 1.8% (versus 1.9% in the same period last year). Although the company continues to optimize product pricing (price increases), it has not been able to fully absorb the cost increases. Given the external environment of raw material and energy prices remaining elevated, a full-fledged recovery in profitability is expected to remain difficult for the time being.

While operating profit declined 8.3% year on year, quarterly net profit attributable to owners of the parent came in at ¥236 million (up 1.0% year on year), securing a slight increase. A positive contribution from income tax adjustments (-¥32,686 thousand) supported net profit. In addition, the balance of investment securities, reflecting the market valuation of held shares, reached ¥4,153 million (up ¥454 million from the end of the previous fiscal year), and the equity ratio remained sound at 64.1%. Meanwhile, the company continued share buybacks (cumulative ¥85 million for the current period), a shareholder return stance that can be positively evaluated.

Growth Strategy

Growth pursued along four axes: strengthening Packaging competitiveness, expanding Fulfillment Services, promoting DX, and overseas expansion

Construction work is underway to expand the paperboard container manufacturing line at the Kanto Plant with the aim of strengthening competitiveness in the Packaging field. Once operational, the increased production capacity is expected to enhance the ability to capture orders for automotive accessories, cosmetics, and confectionery/food applications.

The company continues to normalize product prices to reflect rising manufacturing costs (labor costs, power costs, raw material costs, outsourcing costs, and logistics costs). It aims to improve profitability by passing on cost increases. As of the cumulative third quarter, the effect has been limited, with the operating profit margin remaining at 1.8%.

The company is promoting further in-house production with the aim of improving operational efficiency and reducing manufacturing costs. It seeks to achieve both a reduction in outsourcing costs and maintenance of quality control. Rising labor costs due to wage increases have partially offset the cost-reduction effects of in-house production.

In response to the structural decline in demand for print media, the company is expanding orders for video and document production. As of the cumulative third quarter, this has trended steadily and serves as a supporting factor for the Communication field.

The company is promoting business expansion into Southeast Asian countries while leveraging its existing bases in China and Indonesia. This is positioned as a mid- to long-term growth engine to offset the shrinking domestic market. The foreign currency translation adjustment account increased by ¥90,607 thousand on a cumulative basis for the current period, and the asset value of overseas bases has also risen.

As part of the 2026 Medium-Term Management Plan, the company is working on the practical application of advanced technologies, including generative AI, and the promotion of DX. It aims to strengthen competitiveness through operational efficiency improvements and the creation of new services.

Last updated: July 17, 2026