Keihin Co., Ltd. (9312) AI Stock Analysis

• Market Cap: ¥21.94B
• Dividend Yield: 2.46%
• Average Volume (3M): 6.93K
• Price to Earnings (P/E): 8.8
• Beta (1Y): 0.48
• Revenue Growth: 7.13%
• EPS Growth: 16.09%
• Country: JP
• Employees: 893
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 111.36
• Shares Outstanding: 6,536,445
• 10 Day Avg. Volume: 5,890
• 30 Day Avg. Volume: 6,930
• PEG Ratio: 1.03
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 0.30
• P/FCF Ratio: 13.72
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ¥3,836.00 ▲(37.25% Upside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is driven primarily by solid financial performance (growth, stable margins, and low leverage) and attractive valuation (low P/E with a dividend). Technicals are supportive but tempered by an overbought RSI that raises near-term risk, and cash flow is a watch item due to declining free cash flow.

Positive Factors

Consistent Revenue Growth

Sustained top-line growth (~8.8% year) reflects durable demand for integrated logistics services and improved utilization. Over 2-6 months this supports scale economies, bargaining leverage with customers and carriers, and provides recurring fee income to fund operations and strategic investments.

Conservative Capital Structure

Low leverage and a strong equity ratio provide financial flexibility and resilience. This durable strength reduces refinancing and interest-rate risk, preserves capacity for targeted capex or M&A, and improves ability to withstand industry cyclicality over coming quarters.

Stable Operational Profitability

Consistent margins across gross, EBIT and EBITDA indicate efficient operational execution in stevedoring, forwarding and warehousing. Durable margin stability supports reinvestment in distribution assets and maintains cash generation capacity under normal volume conditions.

Negative Factors

Declining Free Cash Flow

A >20% drop in free cash flow erodes the firm's ability to fund capex, pay dividends or pursue deals without relying more on operations or external financing. Persisting declines would weaken investment flexibility and the quality of reported earnings over the medium term.

Thin Net Margins

Modest net margins leave limited buffer against cost inflation, wage pressure or freight rate volatility. In a low-margin logistics model, small adverse shocks can materially compress profits and free cash, making profitability and shareholder returns more sensitive to operational or market stress.

Exposure to Trade Volume Cyclicality

Revenue and facility utilization depend on cargo volumes and trade flows. Structural swings in global trade or industrial activity can materially affect utilization and pricing, creating cyclicality that may persist several quarters and challenge steady revenue and margin delivery.

Keihin Co., Ltd. Business Overview & Revenue Model

Company Description

The Keihin Co., Ltd. provides logistics services worldwide. It primarily offers port, inland, sea, and air cargo transport services. The company's services include warehousing/distribution center, mail-order support, and domestic cargo transport, including trucking and marine container transport; and thermal, port construction, wind power/biomass, mining development, power substation, road/bridge, and hospital/ forest preservation/water supply projects cargo transport; export car handling, and customs clearance. It also provides domestic logistics IT systems, such as system for providing information on inventories at warehouses, logistics EDI system, and cargo tracking system; and global logistics IT systems comprising cargo-track and trace, and export motor vehicle loading information system, as well as system for providing information on import seaborne shipments. In addition, the company offers real estate, and transportation and handling equipment brokerage; and worker dispatching undertaking services. Further, it engages in the packaging, labeling, warehousing and distribution, and sale of medicines, quasi-drugs, cosmetics, and medical equipment. The Keihin Co., Ltd. was founded in 1947 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Keihin Co., Ltd. generates revenue primarily through the sale of its automotive components to original equipment manufacturers (OEMs) and aftermarket suppliers. Key revenue streams include the production of fuel injection systems, which are critical for modern engines to optimize fuel efficiency and reduce emissions, and throttle bodies that control the air intake in combustion engines. The company often enters into long-term contracts with automotive manufacturers, ensuring a steady flow of income. Additionally, Keihin benefits from its partnerships with major automakers, providing them with customized solutions that meet specific performance standards. The company also explores opportunities in emerging markets and electric vehicle components, which may contribute to future revenue growth.

Keihin Co., Ltd. Financial Statement Overview

Summary

Solid fundamentals supported by strong revenue growth and stable profitability, plus a conservative balance sheet (low debt and strong equity ratio). The main offset is a notable decline in free cash flow, which reduces the cash-flow quality score.

Income Statement

Keihin Co., Ltd. has demonstrated consistent revenue growth with a notable increase in total revenue from ¥46.52 billion in 2024 to ¥50.45 billion in 2025, a growth rate of approximately 8.84%. The Gross Profit Margin stands at 9.88% and the Net Profit Margin at 4.34%, indicating a stable profitability level. EBIT and EBITDA margins are also healthy at 5.75% and 10.44% respectively, reflecting efficient operational management.

Balance Sheet

The company maintains a strong equity base with a Debt-to-Equity Ratio of 0.28, indicating a conservative leverage position. The Equity Ratio is robust at 59.22%, ensuring financial stability and lower risk exposure. Return on Equity (ROE) is solid at 7.23%, pointing to effective use of equity capital. Overall, the balance sheet reflects good financial health with ample equity relative to debt.

Cash Flow

Operating Cash Flow to Net Income Ratio is 1.74, indicating strong cash generation relative to net income. Free Cash Flow has decreased from ¥1.41 billion in 2024 to ¥1.12 billion in 2025, showing a decline of 20.71%, which might warrant attention. Despite this, the Free Cash Flow to Net Income Ratio remains healthy at 0.51, suggesting reasonable cash flow conversion.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	50.74B	50.45B	46.52B	59.82B	54.11B	48.16B
Gross Profit	5.08B	4.99B	4.67B	5.80B	5.08B	4.32B
EBITDA	5.30B	5.27B	4.73B	5.66B	4.92B	4.28B
Net Income	2.26B	2.19B	2.05B	2.70B	2.26B	1.75B
Balance Sheet
Total Assets	51.13B	51.11B	49.50B	44.44B	41.99B	42.54B
Cash, Cash Equivalents and Short-Term Investments	9.71B	9.46B	9.42B	9.31B	7.10B	5.94B
Total Debt	8.53B	8.58B	9.10B	9.66B	10.42B	12.30B
Total Liabilities	20.67B	20.84B	21.27B	19.98B	20.50B	22.87B
Stockholders Equity	30.45B	30.26B	28.23B	24.46B	21.49B	19.67B
Cash Flow
Free Cash Flow	0.00	1.12B	1.41B	3.36B	3.52B	2.90B
Operating Cash Flow	0.00	3.80B	3.91B	5.24B	4.52B	3.69B
Investing Cash Flow	0.00	-2.83B	-2.67B	-2.01B	-784.00M	-612.00M
Financing Cash Flow	0.00	-1.26B	-1.38B	-1.23B	-2.45B	-1.68B

Keihin Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2795.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9312, the sentiment is Positive. The current price of 2795 is below the 20-day moving average (MA) of 3235.65, below the 50-day MA of 3011.28, and above the 200-day MA of 2728.48, indicating a bullish trend. The MACD of 103.43 indicates Positive momentum. The RSI at 67.14 is Neutral, neither overbought nor oversold. The STOCH value of 62.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9312.

Keihin Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9306	80 Outperform	¥14.21B	10.20	―	3.04%	4.45%	29.58%
9115	77 Outperform	¥26.87B	4.43	―	0.79%	-1.67%	18.47%
9034	77 Outperform	¥17.19B	12.52	―	3.37%	3.18%	-23.51%
9029	75 Outperform	¥27.26B	11.02	―	2.33%	22.91%	61.68%
9312	74 Outperform	¥21.94B	8.79	―	2.46%	7.13%	16.09%
9311	71 Outperform	¥13.26B	8.18	―	1.68%	-0.59%	75.89%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%