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

• Market Cap: ¥19.18B
• Dividend Yield: 2.46%
• Average Volume (3M): 6.93K
• Price to Earnings (P/E): 6.3
• Beta (1Y): 0.53
• 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: 75 Outperform
• Price Target: ¥3,735.00 ▲(33.63% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is driven primarily by solid financial performance (growth and a low-leverage balance sheet) and strong valuation (low P/E with a dividend). Technicals are supportive due to price strength versus moving averages, but mixed momentum indicators and the decline in free cash flow temper the overall rating.

Positive Factors

Conservative balance sheet

Keihin’s low leverage and high equity ratio provide durable financial flexibility. A debt-to-equity of 0.28 and strong equity base reduce refinancing and default risk, enabling the company to fund working capital, withstand trade slowdowns, and invest in facilities without stressing liquidity.

Consistent revenue growth

Sustained top-line expansion near 9% year-over-year indicates growing demand for Keihin’s integrated logistics services and improved utilization. Durable revenue growth supports scale benefits, long-term customer relationships, and capacity investments that can compound earnings over multiple periods.

Stable margins and cash conversion

Healthy operating profitability and an OCF-to-net-income ratio above 1 signal effective cash generation from operations. These structural profitability metrics imply the business converts earnings into operating cash reliably, supporting dividends, maintenance capex, and modest growth investments over time.

Negative Factors

Declining free cash flow

A meaningful drop in free cash flow weakens internal funding capacity for expansion and shareholder returns if sustained. Even with decent cash conversion ratios, a persistent FCF decline can constrain discretionary capex, reduce buffer for downturns, and pressure liquidity planning over the medium term.

Relatively thin net margins

Modest net margins in a competitive logistics market leave less room to absorb rising fuel, labor, or regulatory costs. Structural margin thinness limits retained earnings for reinvestment and makes long-term profitability sensitive to pricing pressure and cost inflation unless operational leverage improves.

Exposure to trade and volume cyclicality

Keihin’s revenues depend on cargo volumes and broader trade cycles, making results sensitive to macro and industrial demand shifts. This structural exposure can amplify earnings volatility across 2–6 month horizons, especially if contract mix tilts toward spot business rather than stable contracted logistics.

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 (~8.84% from 2024 to 2025), stable profitability (net margin 4.34%, EBIT margin 5.75%), and a conservative balance sheet (debt-to-equity 0.28; equity ratio 59.22%). The main offset is weakening cash generation, with free cash flow down ~20.71% (¥1.41B to ¥1.12B).

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	8.26B	8.58B	9.10B	9.66B	10.42B	12.30B
Total Liabilities	20.67B	20.84B	21.26B	19.98B	20.49B	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: Negative
• Last Price: 2795.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9312, the sentiment is Negative. The current price of 2795 is below the 20-day moving average (MA) of 3183.60, below the 50-day MA of 3097.56, and above the 200-day MA of 2778.33, indicating a neutral trend. The MACD of -53.14 indicates Positive momentum. The RSI at 37.92 is Neutral, neither overbought nor oversold. The STOCH value of 18.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9312.

Keihin Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9312	75 Outperform	¥19.18B	6.27	―	2.46%	7.13%	16.09%
9025	74 Outperform	¥156.58B	9.98	―	3.65%	7.73%	-19.90%
9310	68 Neutral	¥76.54B	9.20	―	3.63%	2.67%	18.02%
9303	67 Neutral	¥310.21B	19.07	―	2.94%	4.50%	82.34%
9069	66 Neutral	¥305.11B	12.68	8.30%	2.50%	7.94%	-13.01%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9302	57 Neutral	¥315.29B	20.24	―	1.28%	8.11%	-9.27%