Iino Kaiun Kaisha,Ltd. (9119) AI Stock Analysis

• Market Cap: ¥191.30B
• Dividend Yield: 4.08%
• Average Volume (3M): 213.64K
• Price to Earnings (P/E): 7.2
• Beta (1Y): 0.74
• Revenue Growth: -10.66%
• EPS Growth: -17.73%
• Country: JP
• Employees: 680
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): 49.19
• Shares Outstanding: 108,900,000
• 10 Day Avg. Volume: 199,360
• 30 Day Avg. Volume: 213,640
• PEG Ratio: -0.82
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 0.74
• P/FCF Ratio: -27.56
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 119
• Revenue Forecast (FY): ¥125.89B

• Rating: 77 Outperform
• Price Target: ¥2,052.00 ▲(44.71% Upside)
• Action: Reiterated Date: 11/30/25
• Date: Action: Reiterated 11/30/25

Iino Kaiun Kaisha, Ltd. receives a strong overall score driven by its attractive valuation and solid technical indicators. The company's financial performance is stable, but attention is needed on cash flow management due to high capital expenditures. The absence of earnings call data and corporate events does not impact the score.

Positive Factors

Stable charter revenue mix

A material portion of revenue comes from time charters and long-term transport contracts which provide contracted daily rates and multi-voyage commitments. This charter mix reduces earnings volatility, supports utilization and underwriting, and means revenue is structurally less sensitive to short-term spot swings.

Sustained profitability margins

Relatively high gross and net margins indicate the company captures pricing and manages operating costs effectively across its fleet. These margins create durable earnings cushion that supports debt servicing, reinvestment and dividends even if charter rates moderate over the next several months.

Healthy equity ratio and ROE

An equity ratio near 50% and double-digit ROE reflect balanced capital structure and effective capital deployment. Moderate leverage with solid ROE gives the company flexibility to fund fleet investments or manage downturns without over-reliance on short-term financing.

Negative Factors

Negative free cash flow from high CapEx

Sustained high capital spending has turned free cash flow negative, reducing internally available funds for shareholders and operations. If CapEx remains elevated management may need external financing or asset sales, pressuring liquidity and constraining strategic optionality over the medium term.

Compressed EBIT margin due to rising Opex

Rising operating costs have already reduced EBIT margin, indicating weaker operational leverage. Persistent higher opex (crew, maintenance, fuel, dry-docking) can erode profitability and cash generation, making earnings more sensitive to rate fluctuations and limiting reinvestment capacity.

Moderate and rising leverage

A debt-to-equity ratio approaching 0.85 represents meaningful leverage for a shipping operator that already faces heavy CapEx needs. Rising leverage reduces financial flexibility and elevates refinancing and interest rate risks, especially while free cash flow is negative and capex requirements persist.

Iino Kaiun Kaisha,Ltd. Business Overview & Revenue Model

Company Description

Iino Kaiun Kaisha, Ltd. engages in shipping and real estate businesses worldwide. The company operates oil tankers, including very large crude carriers for the transport of crude oil and petroleum products; chemical tankers to transport liquid cargoes, such as petrochemical products, methanol, vegetable oil, ethanol, and lubricating oils; a fleet of large gas carriers that transport liquefied gases comprising liquefied petroleum gas (LPG) and liquefied natural gas; small gas carriers to transport LPG; and dry bulk carriers to transport coal for electric power generation, fertilizers, and wood chips for paper production. It also offers real estate services, including office leasing, building management, and warehousing services. In addition, the company provides photography studios and photo retouching services. Further, it offers hall and conference center management, accounting, IT related, insurance agency, and shipping agency and ship equipment sale services, as well as supports for general affairs and human resources-related operations. As of June 30, 2021, the company operated a fleet of 106 vessels. Iino Kaiun Kaisha, Ltd. was founded in 1899 and is headquartered in Tokyo, Japan.

How the Company Makes Money

The company primarily makes money by earning freight and charter revenues from operating its ships. Key revenue streams include: (1) Time charter income, where customers pay a contracted daily rate to use a vessel for a period; this provides relatively stable revenue compared with spot exposure. (2) Voyage (spot) freight, where revenue is earned per cargo movement or voyage; earnings fluctuate with market freight rates, vessel supply/demand, fuel costs, and port/logistics conditions. (3) Long-term transport contracts (where applicable), typically tied to specific cargo flows (e.g., energy or industrial raw materials), which can support utilization and reduce earnings volatility. (4) Ancillary shipping-related income connected to vessel operations (e.g., management/operation services or other maritime-related services), if reported by the company. Profitability is influenced by fleet utilization, charter mix (long-term vs spot), market freight rates by vessel type, bunker fuel prices and fuel-hedging practices (if any), operating and crew costs, dry-docking and maintenance schedules, and asset transactions such as vessel purchases/sales. Specific counterparty partnerships, contract terms, and segment-level revenue breakdowns are null.

Iino Kaiun Kaisha,Ltd. Financial Statement Overview

Summary

Iino Kaiun Kaisha, Ltd. demonstrates a solid financial foundation with consistent revenue growth and strong profitability margins. However, the increase in operating expenses has compressed EBIT margins, and the debt-to-equity ratio has slightly increased, indicating a moderate reliance on debt financing. The cash flow situation requires attention due to negative free cash flow caused by high capital expenditures, which could pose a risk if not managed effectively.

Income Statement

The company has shown consistent revenue growth over the past years, with a revenue increase of 2.84% from 2024 to 2025. Gross profit margin remains solid at 20.1%, though slightly decreased compared to previous years. Net profit margin is strong at 12.95%, indicating effective cost management. However, a decline in EBIT margin to 12.05% suggests increased operating expenses or reduced efficiency in operations.

Balance Sheet

The balance sheet reflects a stable financial position with a reasonable debt-to-equity ratio of 0.84, though slightly increased from the previous year, indicating moderate leverage. The equity ratio stands at 47.48%, showing a healthy proportion of equity financing. Return on equity is robust at 12.63%, although it has decreased from the previous year, pointing to potential challenges in generating returns on equity capital.

Cash Flow

Cash flow analysis reveals a negative free cash flow, driven by significant capital expenditures. The operating cash flow to net income ratio is 1.67, indicating healthy cash generation relative to net income. However, the free cash flow to net income ratio is negative, reflecting the impact of high capital spending on cash flows available to shareholders. The decline in free cash flow growth suggests potential liquidity concerns if capital expenditures continue at this pace.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	133.49B	141.87B	137.95B	141.32B	104.10B	88.92B
Gross Profit	25.02B	28.52B	29.28B	28.73B	14.95B	13.33B
EBITDA	24.72B	35.35B	35.63B	37.69B	25.82B	20.50B
Net Income	14.89B	18.37B	19.75B	22.68B	12.53B	7.66B
Balance Sheet
Total Assets	300.80B	306.43B	293.23B	265.45B	247.13B	245.61B
Cash, Cash Equivalents and Short-Term Investments	13.45B	11.63B	17.88B	14.54B	11.66B	13.30B
Total Debt	122.07B	122.65B	123.70B	116.53B	125.90B	136.90B
Total Liabilities	157.38B	160.79B	161.10B	154.87B	155.80B	165.78B
Stockholders Equity	143.31B	145.50B	132.07B	110.56B	91.31B	79.73B
Cash Flow
Free Cash Flow	5.07B	-3.83B	17.43B	13.60B	3.28B	-11.59B
Operating Cash Flow	8.55B	30.73B	29.45B	35.27B	15.78B	19.28B
Investing Cash Flow	-2.54B	-30.79B	-22.01B	-18.49B	-3.12B	-22.99B
Financing Cash Flow	-6.88B	-8.32B	-3.87B	-13.25B	-14.82B	2.89B

Iino Kaiun Kaisha,Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1418.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9119, the sentiment is Positive. The current price of 1418 is below the 20-day moving average (MA) of 1675.10, below the 50-day MA of 1605.88, and above the 200-day MA of 1288.44, indicating a bullish trend. The MACD of 47.29 indicates Negative momentum. The RSI at 67.26 is Neutral, neither overbought nor oversold. The STOCH value of 83.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9119.

Iino Kaiun Kaisha,Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9107	79 Outperform	¥1.73T	10.15	11.32%	5.12%	-2.96%	-10.12%
9104	79 Outperform	¥2.53T	6.29	10.90%	5.81%	0.36%	-14.86%
9119	77 Outperform	¥191.30B	7.21	―	4.08%	-10.66%	-17.73%
9101	77 Outperform	¥2.63T	11.76	10.82%	6.25%	-3.22%	-13.20%
9110	76 Outperform	¥180.75B	5.06	13.08%	3.75%	-7.72%	27.03%
9130	65 Neutral	¥18.17B	1,812.20	―	5.77%	3.22%	-87.75%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Iino Kaiun Kaisha,Ltd. Corporate Events

IINO LINES to Sell VLCC ‘KIHO,’ Booking ¥6.9 Billion Extraordinary Gain

IINO Kaiun Kaisha will sell a very large crude oil carrier, the 2006-built KIHO, owned by its consolidated subsidiary DRAGON’S MOUTH CARRIERS S.A., to an unrelated overseas third-party buyer between early April and the end of May 2026. The transaction, aimed at improving asset efficiency and optimizing management resources, is expected to generate an extraordinary gain of about ¥6.9 billion in consolidated results for the fiscal year ending March 31, 2027, though the timing, related expenses, and final profit remain subject to geopolitical and operational uncertainties.

The company notes that while the sale price and book value are confidential, the vessel will be transferred at fair market value, and the gain figure reflects estimated costs tied to the transaction. Management cautions that geopolitical risks affecting the ship’s routes and port schedules could delay completion, trigger cancellation, or alter the final profit contribution, and it pledges to update disclosures if material changes occur.

The most recent analyst rating on (JP:9119) stock is a Hold with a Yen1756.00 price target. To see the full list of analyst forecasts on Iino Kaiun Kaisha,Ltd. stock, see the JP:9119 Stock Forecast page.

IINO Kaiun Kaisha Cuts Full-Year Forecast as Nine-Month Profits Decline

IINO Kaiun Kaisha reported a decline in earnings for the nine months ended December 31, 2025, with net sales down 12.7% year on year to ¥94.97 billion, operating profit falling 24.2% to ¥10.42 billion, and profit attributable to owners of parent decreasing 10.6% to ¥12.68 billion, while total assets rose to ¥346.62 billion and equity increased, though the equity ratio slipped to 44.2%. The company revised its full-year forecasts lower, now expecting double-digit percentage declines in net sales, operating profit, ordinary profit and net income for the year ending March 31, 2026, and adjusted its dividend outlook to a slightly reduced annual payout compared with the previous year, signaling a more cautious stance amid weaker earnings momentum but continued shareholder returns.

The most recent analyst rating on (JP:9119) stock is a Buy with a Yen1780.00 price target. To see the full list of analyst forecasts on Iino Kaiun Kaisha,Ltd. stock, see the JP:9119 Stock Forecast page.

IINO Lines Lifts Year-End Dividend Forecast on Improved Earnings Outlook

IINO Kaiun Kaisha has revised its year-end dividend forecast for the fiscal year ending March 31, 2026, raising the planned year-end dividend from 24 yen to 31 yen per share, resulting in an expected total annual dividend of 55 yen per share including the already paid interim dividend of 24 yen. The company says the increase reflects better-than-expected earnings versus its previous guidance and aligns with its dividend policy targeting a 40% payout ratio in the final year of its current mid-term management plan, signaling a stronger commitment to shareholder returns while it continues to manage future dividends in light of profitability and financial position.

The most recent analyst rating on (JP:9119) stock is a Buy with a Yen1780.00 price target. To see the full list of analyst forecasts on Iino Kaiun Kaisha,Ltd. stock, see the JP:9119 Stock Forecast page.