Shinto Company, the roofing-tile maker listed on both the Tokyo Stock Exchange Standard market and the Sapporo Securities Exchange under code 5380, told the exchange on September 24, 2026 that it still fails one of the four listing maintenance tests. Its free-float market value stood at ¥496.1mn on June 30, 2026, less than half the ¥1.0bn threshold the Standard market requires.
| Measurement date | Shareholders | Free-float units | Free-float market value | Free-float ratio |
|---|---|---|---|---|
| June 2021 (transition baseline) | 343 | 2,197 | ¥428.3mn | 52.8% |
| June 2023 | 485 | 3,920 | ¥536.4mn | 47.1% |
| June 2024 | 453 | 3,896 | ¥680.5mn | 46.8% |
| June 2025 | 490 | 3,732 | ¥574.6mn | 44.8% |
| June 2026 | 463 | 3,802 | ¥496.1mn | 45.7% |
| TSE Standard minimum | 400 | 2,000 | ¥1.0bn | 25.0% |
The shortfall is not for lack of shares in public hands. Shinto's free-float share count rose to 3,802 units from 3,732 a year earlier, well above the 2,000-unit minimum, and its free-float ratio of 45.7% is nearly double the 25.0% floor. The company attributes the market-value gap to share-price weakness rather than a thin float, and it ties that weakness to a swing from operating profit into loss.
That swing shows up in the numbers. For the year ended June 2026, sales fell ¥365mn to ¥4.26bn, and the company posted an operating loss of ¥101mn against the prior year's ¥105mn operating profit, and a net loss of ¥115mn versus a ¥70mn net profit a year earlier. Gross margin dropped 3.7 points to 15.9%, which Shinto blames on raw-material and energy costs outrunning a price increase it pushed through only in the final month of the fiscal year.
The Tokyo Stock Exchange designated Shinto's shares a security under supervision (confirmation in progress) on July 1, 2026, after the improvement period tied to a 2021 compliance plan expired without a fix. Shinto now has until the close of the fiscal year ending June 2027 to clear the ¥1.0bn bar. If the exchange's review of the distribution filing Shinto plans to submit in August 2027 still shows non-compliance, the stock moves to a liquidation designation and delists on January 1, 2028. The company notes its separate Sapporo Exchange listing runs under different maintenance rules, and its shares currently continue to trade on both exchanges.
Alongside the update, Shinto proposed a ¥37.50-per-share dividend, a ¥26.5mn total payout, for approval at its September 25 annual meeting, and is running a buyback of up to 40,000 shares for up to ¥40mn through July 2027. The company says even a full buyback would leave its free-float share count and ratio above the required minimums; the market-value shortfall, not the float itself, is what stands between Shinto and compliance.