[4-Year, 8-Time Proof of Shareholder Cross-Trading] The Story of How I Kept Getting ¥40,000 in Big Echo Perks from Daiichikosho (7458)
In my series of articles on shareholder cross-trading, I have covered various themes including home appliances, telecommunications, dining, and travel.
This time, I will cover a representative of "Karaoke & Dining" entertainment perks, Daiichikosho Co., Ltd. (Securities Code: 7458). It is the largest karaoke chain operator, managing "Big Echo," and is also known for its commercial karaoke "DAM" series.
For this stock, I have continuously performed cross-trading for 4 years and 8 times, while also holding 100 shares (200 shares after the split) for the long term. I will explain the actual transaction data and the company's progress following the 2023 stock split.
1. The Company Daiichikosho: Another Face of the "DAM Company"
Even if the name Daiichikosho doesn't ring a bell, many people will realize "Oh, that company!" when they hear "DAM" or "Big Echo."
Three Business Segments of Daiichikosho
Commercial Karaoke Business: Development and sales of the "DAM" series of communication karaoke systems (the largest revenue segment)
Karaoke and Dining Business: "Big Echo," "Karaoke Mac," and dining brands such as "Rakuzo," "Umeko no Ie," "Ginza Cozy Corner," "Jibundoki," and "Bistro-ya"
Music Software Business: A music label focusing on Enka and popular songs
In particular, the DAM series holds an overwhelming share of the karaoke industry, and the top-of-the-line "LIVE DAM Ai" model is a high-end piece of equipment costing over 3 million yen, which is supplied to karaoke parlors, hotels, and restaurants nationwide.
In this way, Daiichikosho is a unique company with three faces: "karaoke equipment manufacturer," "karaoke parlor operator," and "restaurant operator."
2. Daiichikosho's Shareholder Perk System: The Convenience of 500-Yen Vouchers
Daiichikosho's shareholder perks are simple and practical vouchers.
When holding 100 shares (before split) / 200 shares (after split)
Shareholder Perk Vouchers (500-yen voucher x 10 = equivalent to ¥5,000): Received twice a year (end of March and end of September)
Total of ¥10,000 equivalent per year
When holding 1,000 shares (before split) / 2,000 shares (after split)
25 vouchers x 500 yen = equivalent to ¥12,500 twice a year (equivalent to ¥25,000 per year)
Usable stores and services
Big Echo / Karaoke Mac: Available at stores nationwide
Rakuzo / Umeko no Ie / Jibundoki / Bistro-ya: Restaurants in the Daiichikosho Group
Ginza Cozy Corner: Confectionery stores (select locations)
Utayu no Yado: Hot spring inns
Exchange for music CDs: Can be exchanged for albums from the company's own label
Features of the voucher:
Can be used as ¥500 per voucher
Multiple vouchers can be used in a single transaction (no change is given)
Valid for six months
Can be used in conjunction with the Club DAM Members Card discount at Big Echo
No continuous holding requirement—in other words, the ability to reliably obtain vouchers even through pure cross-trading is a major appeal of this stock.
3. My Strategy: Long-term holding of 100 shares × additional cross-trading twice a year
My approach to Daiichikosho is to hold 100 shares (200 shares after the split) long-term while performing additional cross-trades at the end of both March and September each year style.
Why cross-trade in both rights months?
In contrast to Kintetsu GHD, where I only cross-traded at the end of September, I cross-trade in both months for Daiichikosho. There are two reasons:
Since there is no continuous holding requirement, I can reliably obtain the voucher every time
Dividends are similar for both periods (approx. 14 yen interim + 14 yen year-end), providing equivalent hedging value for both ex-rights dates
In short, the fact that the cost structure is simple and I can reliably receive vouchers twice a year is the rational reason why I cross-trade in both months.
4. Data from 8 cross-trades (September 2021 – September 2025)
Here is the data from the 8 cross-trades I have conducted.
Rights Record Date | Number of Shares | Price | Total Transaction Value | Remarks
End of Sep 2021 | 100 shares | ¥3,900 | ¥390,026 | At start
End of Mar 2022 | 100 shares | ¥3,250 | ¥325,022 |
End of Mar 2023 | 100 shares | ¥4,210 | ¥421,028 |Just before 1:2 split
End of Sep 2023 | 200 shares | ¥2,780 | ¥556,038 | First trade after split
End of Mar 2024 | 200 shares | ¥1,914 | ¥382,826 |
End of Sep 2024 | 200 shares | ¥1,720 | ¥344,023 | Stock price in low range
End of Mar 2025 | 200 shares | ¥1,701.5 | ¥340,323 |
End of Sep 2025 | 200 shares | ¥1,692 | ¥338,423 | Latest hedge
Points to note:
1. Experienced a 1:2 stock split in April 2023 The ¥4,210 price at the time of the March 2023 hedge became equivalent to ¥2,105 after the split. Subsequent hedge share counts were adjusted to 100 shares → 200 shares to ensure the benefit tier remained unchanged.
2. Long-term downward trend in stock price The effective unit price after accounting for the split fell from ¥1,950 in 2021 (¥3,900 ÷ 2) to ¥1,692 in 2025, a decline of approximately 13%. This reflects the stagnation of the entire dining and karaoke industry due to the delayed recovery from the COVID-19 pandemic.
3. Stability of hedging frequency Hedging was reliably executed every period for four years. This is the classic style of "mechanically continuing" shareholder benefit hedging.
5. Cash flow details: The "near-zero" reproduction
Let's look at the cash flow for the 8 rounds.
Rights Period | Cash Dividend (Received) | Credit Payment
Sep 2021 Term | Interim ¥4,463 | -¥5,600
Mar 2022 Term | Year-end ¥4,543 | -¥5,700
Mar 2023 Term | Year-end ¥4,543 | -¥5,700
Sep 2023 Term | Interim ¥4,463 | -¥5,600
Mar 2024 Term | Year-end ¥4,622 | -¥5,800
Sep 2024 Term | Interim ¥4,463 | -¥5,600
Mar 2025 Term | Year-end ¥4,622 | -¥5,800
Sep 2025 Term | Interim ¥4,463 | -¥5,600
Total ¥36,182 | -¥45,400
Here, too, the "dividend difference is almost offset by tax refunds" structure that has appeared many times in this series is perfectly reproduced.
¥36,182 - ¥45,400 + ¥9,223 (estimated tax refund) = +¥5
After repeating the hedge 8 times, the 4-year cash balance is ¥5. It is a perfect offset, as good as it gets.
True Total Balance
Item | Amount | Cash Dividend (4-year total) +¥36,182 | Credit Payment (4-year total) -¥45,400 | Tax Refund (estimated) +¥9,223Cash Balance +¥5 8 Benefit Acquisitions (¥5,000 × 8 times) +¥40,000Effective Total Balance +¥40,005
In other words, I acquired ¥40,000 worth of karaoke & dining benefits over 4 years at almost zero cost. This is one of the top results in the series, alongside Yamada HD's +¥40,000 and Nojima's +¥30,002.
6. Tips for "using up" Daiichikosho benefits
I used up all 80 benefit vouchers (¥500 vouchers × 10 × 8 times) that I acquired. Here are some specific ways I utilized them.
[Daily] Regular use at Big Echo If you go to karaoke 1-2 times a month, you can easily consume ¥10,000 worth (20 vouchers) per year through regular use. Since 3 hours on a weekend costs about ¥3,000, 6 vouchers make it almost free.
[Dining] Drinking parties at Rakuzo or Umeko no Ie Since they can be used at izakaya chains like Rakuzo, Umeko no Ie, and Jibundoki, I use them for company drinking parties or dinners with friends. It is possible to use up ¥5,000 worth (10 vouchers) in a single outing.
[Sweets] Souvenirs from Ginza Cozy Corner Use your perk vouchers for cakes, puddings, and more when buying sweets on your day off.The 500-yen denomination is easy to use for small purchases is a major benefit.
[Special] Exchanging Unused Vouchers for CDs For those who don't have a store nearby, you can exchange one set of unused perk vouchers (worth ¥5,000) for one album CD from their own label. While it focuses on Enka and Kayokyoku, it's a welcome option for fans.
[Combined Use] Get an Additional 10% Off with an Aeon Card If you present your Aeon Card when using your perks, you can receive an additional 10% discount (please check for applicable times, etc.). The combination of perks and card discounts further increases your effective return rate.
7. Points to Note: Pitfalls of Daiichikosho Perk Hedging
While Daiichikosho's perks may seem perfect, there are some points to keep in mind.
① Long-term Stock Price Downtrend Since the COVID-19 pandemic, Daiichikosho's stock price has been in a clear downward trend. It is highly likely that long-term holdings are carrying unrealized losses. You need to accept that "you can definitely get the perks, but don't expect the stock price to rise."
② Structural Industry Challenges The Japanese karaoke market is in a long-term downward trend. Due to factors like the declining birthrate and aging population, young people moving away from karaoke, and the impact of the pandemic, the number of Big Echo stores is also decreasing. The business environment is tough.
③ Successive Closures of Restaurants Restaurant brands like Rakuzo and Jibundoki are seeing a noticeable decrease in the number of stores. There are cases where "the local store closed, making it harder to use the perk vouchers."
④ No Change Given Since they are 500-yen vouchers, you lose money on purchases under 500 yen. Using them for a substantial amount is essential.
⑤ Short Expiration Period of Six Months They expire if not used within six months. Planned usage is necessary.
8. The Meaning of "Holding Daiichikosho Long-Term"
To be honest, Daiichikosho is not a stock you hold expecting price growth.
My long-term holding of 100 shares (200 shares after the split) is also carrying unrealized losses. Even so, there are three reasons why I continue to hold them:
① Reliable Perk Returns You can obtain perks worth ¥10,000 annually at almost zero cost. A perk yield of 3.0% or more is excellent compared to other stocks.
② Unique Business Foundation Called DAM The commercial karaoke "DAM" series maintains an overwhelming share of the karaoke industry. Even if the karaoke market shrinks, the management of the company with the number one market share is likely to remain stable.
③ Consistent Dividends as well Dividends are maintained at around 28 yen per share. Securing a dividend yield of over 3% is possible, and when combined with the shareholder perks, the total yield exceeds 6%.
9. Positioning within the series: A representative of "Dining x Entertainment" perks
Here, I will create a comparison table with the dining-related shareholder perk stocks I have covered so far.
Stock Strategy Net Balance Perk Content 2702 McDonald's Semi-cross +¥105,000 Meal Voucher (Value) 3197 Skylark Semi-cross +¥100,139 Meal Voucher (Family Restaurant) 7458 Daiichikosho Semi-cross +¥40,005 Karaoke & Izakaya
While all three companies share the commonality of "meals + entertainment," their characteristics are clearly different:
McDonald's: Daily use, family-oriented
Skylark: Dining at family restaurants
Daiichikosho: Entertainment & drinking parties, adult-oriented
By holding them in combination, you complete a portfolio that "covers every dining scene, from family meals to drinking parties with friends, using shareholder perks."
Conclusion: A textbook example of "mechanically continuing" shareholder cross-trading
Daiichikosho is a stock that serves as a "textbook for shareholder cross-trading."
No continuous holding requirement
Stable acquisition of perks during the two rights months per year
Simple structure for dividends and credit payments
Ideal cash flow completely offset by tax refunds
For those who say, "I want to start cross-trading, but stocks with complex rules are scary"—I strongly recommend starting with Daiichikosho first.
I plan to continue mechanically cross-trading twice a year, enjoying karaoke at Big Echo, and chatting with friends at Rakuzo.
"Singing at karaoke, toasting at an izakaya, and saving on household expenses with perks"—this is the small happiness of a Daiichikosho shareholder.
📚 Introduction to the series articles
This note is part of a series themed around "Verifying shareholder and dividend strategies with actual transaction data."
🎤 Perks for Enjoying Entertainment & Dining (This Article Category)
7458 Daiichikosho: This Article
2702 McDonald's Holdings Japan: Obtained ¥105,000 worth of meal vouchers via semi-cross strategy
3197 Skylark Holdings: The story of dividend resumption after COVID-19, obtained ¥85,000 worth of meal vouchers
🛒 Perks for Shopping (Retail Sector)
9831 Yamada Holdings: Obtained ¥40,000 in home appliance discount coupons through 4 years of cross-trading
7419 Nojima: Obtained ¥30,000 in home appliance discounts through 4.5 years and 6 cross-trades
7532 Pan Pacific International (Don Quijote): Obtained ¥16,000 in majica points through 8 consecutive cross-trades
🚆 Perks for Travel and Transportation
9041 Kintetsu Group Holdings: Traveling through Kansai with complimentary tickets, effectively +¥60,001
📱 Perks for Saving on Communication Costs
4755 Rakuten Group: Using 30GB/month of mobile data for free, worth ¥36,000 per year
💰 High-Dividend ETF & Stock Series
2865 NASDAQ-100 Covered Call ETF: Cumulative dividends of ¥367,647
2868 S&P 500 Covered Call ETF: Cumulative dividends of ¥179,555
2866 US Preferred Securities ETF: Cumulative dividends of ¥85,076
1489 Nikkei 225 High Dividend Yield 50 ETF: Cumulative total of ¥33,074 with 4 distributions per year
8316 Sumitomo Mitsui Financial Group: Stable shareholder returns with 6 consecutive years of dividend increases
*This article is based on personal investment results and impressions, and does not recommend the purchase of specific stocks or trading methods. Shareholder benefit programs are subject to change. Margin trading involves risks. Please make investment decisions at your own discretion and responsibility.
