Three Dividend Heroes Delisted in Japan as Wave of Takeovers Continues
SCSK, Saint-Care and Sumitomo Densetsu exit the market with strong dividend growth records
Japan’s equity market saw a notable wave of delistings in the first quarter of 2026, with 30 companies removed from our database due to takeovers and other corporate actions. Among them were three standout Dividend Heroes — companies with long and consistent dividend growth histories — highlighting a growing trend of high-quality firms being taken private.
Key Points
30 Japanese stocks delisted in Q1 2026 due to M&A and corporate actions
Three Dividend Heroes removed: SCSK, Saint-Care and Sumitomo Densetsu
SCSK was the largest, with a market cap of over €10 billion (~$11 billion)
Several other companies above $1 billion market cap also exited the market
Strong dividend track records lost as companies go private
Three Dividend Heroes Exit the Market
The most notable removals were:
SCSK Corp (TSE: 9719)
A major Japanese IT services and systems integration company, providing cloud, outsourcing and digital transformation solutions to corporations.Saint-Care Holding Corp (TSE: 2374)
A healthcare and nursing care provider, offering home care, facility-based services and support for Japan’s aging population.Sumitomo Densetsu Co Ltd (TSE: 1949)
An engineering and construction company, focused on electrical infrastructure, telecommunications systems and industrial facilities.
All three companies were part of our Dividend Heroes selection for 2026, making their delisting particularly notable.
SCSK was a big winner in 2025 with a stock price gain of 70.8% to 5.695 yen; Saint-Care gained 60.2% in 2025 and Sumitomo Densetsu also was a big winner with a 96% stock price gain. These are Dividend Heroes: strong dividend growth AND strong stock performance, resulting in stock markets exit in 2026 for all three.
SCSK: Largest and Most Established
Among the three, SCSK was by far the largest, with a market capitalization of over €10 billion (approximately $11 billion) at the start of 2026.
The company had an exceptional dividend track record, including:
13 consecutive years of dividend increases
No dividend cuts in over 30 years
Average dividend growth of over 13% annually across three decades
A 18.3% dividend increase in 2025
Its removal represents a significant loss for dividend-focused investors in Japan.
Other Dividend Heroes Also Exit
The other two Dividend Heroes also had strong records:
Sumitomo Densetsu
13 consecutive years of dividend growth
Dividend increased by 38% in 2025
Saint-Care Holding
16 consecutive years of dividend increases
Dividend raised by 20% in 2025
With their delisting, all three companies are automatically removed from the Dividend Heroes selection for 2026.
Broader Wave of Delistings
In addition to these three, several other notable companies with a market capitalization above $1 billion were taken off the market in Q1, including:
Fujitec Co (elevators and escalators)
Sumitomo Riko (automotive rubber and industrial components)
Hino Motors (commercial vehicle manufacturer)
Aiful Corp (consumer finance)
Paramount Bed Holdings (medical and nursing care beds)
Another notable name was Freund Corp, a company with a particularly strong dividend history, having delivered 29 consecutive years of stable or rising dividends before its delisting.
A Changing Market Landscape
While Japan continues to see a steady flow of IPOs, the pace of delistings — especially among high-quality dividend-paying companies — is striking. The removal of 30 companies in a single quarter, including multiple Dividend Heroes, underscores how corporate actions are reshaping the Japanese equity market.
At DividendJapan, we aim to highlight these opportunities and uncover hidden gems that may not yet be on your radar. Stay tuned as we explore Japan’s dividend growth stories and the next generation of market leaders!
Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.