ICHINEN HOLDINGS CO., LTD. (9619) AI Stock Analysis

• Market Cap: ¥48.58B
• Dividend Yield: 3.6%
• Average Volume (3M): 32.12K
• Price to Earnings (P/E): 6.8
• Beta (1Y): 0.85
• Revenue Growth: 3.70%
• EPS Growth: -43.85%
• Country: JP
• Employees: 2,031
• Sector: Industrials
• Sector Strength: 72
• Industry: Rental & Leasing Services
• EPS (TTM): 78.87
• Shares Outstanding: 23,762,226
• 10 Day Avg. Volume: 29,190
• 30 Day Avg. Volume: 32,123
• PEG Ratio: -0.13
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 0.26
• P/FCF Ratio: 21.05
• 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): 263.2
• Revenue Forecast (FY): ¥162.00B

• Rating: 78 Outperform
• Price Target: ¥2,263.00 ▲(7.97% Upside)

ICHINEN HOLDINGS CO., LTD. demonstrates strong financial performance with consistent revenue growth and stable profitability. The technical analysis supports a positive trend, and the valuation metrics suggest the stock may be undervalued, offering a good dividend yield. These factors contribute to a solid overall stock score, with financial performance and valuation being the most significant contributors.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, enhancing long-term financial stability and market position.

Cash Flow Generation

Improving free cash flow reflects efficient operations and financial health, providing flexibility for reinvestment and debt management.

Balance Sheet Strength

A stronger equity position improves financial resilience and reduces risk, supporting sustainable growth and investment capacity.

Negative Factors

High Leverage

High leverage can limit financial flexibility and increase vulnerability to economic downturns, potentially impacting long-term stability.

Earnings Decline

A decline in earnings per share suggests challenges in profitability, which could affect investor confidence and future growth prospects.

Profit Margin Pressure

Narrowing profit margins can signal rising costs or competitive pressures, potentially impacting long-term profitability and market competitiveness.

ICHINEN HOLDINGS CO., LTD. Business Overview & Revenue Model

Company Description

Ichinen Holdings Co., Ltd. engages in automotive leasing, chemical, parking, machine tool sales, and synthetic resin businesses in Japan. It provides automobile leasing, fuel sales, and automotive maintenance and outsourcing services; and manufactures various chemical products to power, iron, and steel plants, as well as to repair shops and households. The company also operates parking lots and plots for facilities, such as supermarkets and hospitals, parking garages affiliated with tenant buildings, and idle lands; and offers automotive, industrial machine, air conditioning, and do-it-yourselfers tools. In addition, it manufactures and sells synthetic resins. The company was formerly known as Kuroda Shoji Co., Ltd. and changed its name to Ichinen Holdings Co., Ltd. in 2008. Ichinen Holdings Co., Ltd. was founded in 1930 and is headquartered in Osaka, Japan.

How the Company Makes Money

ICHINEN HOLDINGS generates revenue through multiple streams, primarily from its logistics and transportation services, which involve freight forwarding and warehousing solutions. Additionally, the company earns money from real estate activities, including property leasing and sales, contributing significantly to its income. The environmental sector, particularly in waste management services, also plays a crucial role in its revenue model. The company may engage in strategic partnerships with other firms to expand its service offerings and market reach, further enhancing its revenue potential. Additionally, the focus on sustainability and operational efficiency allows ICHINEN Holdings to tap into growing market demands for environmentally responsible services.

ICHINEN HOLDINGS CO., LTD. Financial Statement Overview

Summary

ICHINEN HOLDINGS CO., LTD. exhibits robust financial health with consistent revenue growth and stable profitability margins. The balance sheet indicates a healthy equity position despite high leverage, and cash flows reflect improving trends with some fluctuations in investment activities. Overall, the company is well-positioned in the rental and leasing services industry, with strengths in growth and profitability and some risks associated with leverage and cash flow variations.

Income Statement

ICHINEN HOLDINGS CO., LTD. has shown strong revenue growth, with total revenue increasing from ¥98.7 billion in 2020 to ¥154.9 billion in 2025. The gross profit margin improved from 22.6% to 21.1%, and the net profit margin saw a slight increase from 4.5% to 4.3% over the same period. EBIT and EBITDA margins have been stable, indicating efficient cost management. This consistent growth and profitability contribute to a solid income statement score.

Balance Sheet

The company maintains a moderate debt-to-equity ratio, reflecting a balanced use of leverage. Stockholders' equity has increased significantly, enhancing the equity ratio from 24.7% to 31.6%. However, the total debt level remains relatively high, which could pose risks if not managed carefully. The solid increase in equity and manageable leverage provide a favorable balance sheet position.

Cash Flow

The cash flow statement reveals a positive trend in free cash flow, growing from negative values in 2020 to a positive ¥1.78 billion in 2025. Operating cash flow to net income ratio indicates good cash generation capability. However, fluctuations in capital expenditures and investing activities suggest variations in cash management strategies, impacting the overall cash flow stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	156.54B	154.92B	138.25B	127.82B	120.64B	112.62B
Gross Profit	34.20B	34.02B	29.77B	27.82B	26.73B	24.83B
EBITDA	28.87B	29.35B	33.49B	26.35B	25.81B	23.66B
Net Income	6.86B	6.66B	12.25B	5.92B	5.65B	3.02B
Balance Sheet
Total Assets	208.46B	205.37B	202.61B	171.89B	168.51B	161.95B
Cash, Cash Equivalents and Short-Term Investments	8.03B	9.16B	8.37B	10.15B	11.04B	11.98B
Total Debt	109.81B	108.81B	107.56B	96.44B	97.05B	96.68B
Total Liabilities	141.90B	139.98B	141.60B	123.52B	124.84B	122.24B
Stockholders Equity	65.99B	64.81B	60.46B	48.37B	43.67B	39.70B
Cash Flow
Free Cash Flow	0.00	1.89B	3.67B	947.00M	2.65B	277.00M
Operating Cash Flow	0.00	4.02B	5.27B	2.72B	5.09B	3.16B
Investing Cash Flow	0.00	-2.07B	-16.54B	-1.86B	-4.67B	-3.08B
Financing Cash Flow	0.00	-1.33B	9.64B	-1.78B	-1.54B	9.75B

ICHINEN HOLDINGS CO., LTD. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2096.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9619, the sentiment is Positive. The current price of 2096 is above the 20-day moving average (MA) of 2071.40, above the 50-day MA of 2034.94, and above the 200-day MA of 1762.98, indicating a bullish trend. The MACD of 14.52 indicates Negative momentum. The RSI at 56.66 is Neutral, neither overbought nor oversold. The STOCH value of 72.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9619.

ICHINEN HOLDINGS CO., LTD. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9763	81 Outperform	¥12.66B	8.21	―	3.61%	6.66%	13.62%
9619	78 Outperform	¥48.58B	6.83	―	3.60%	3.70%	-43.85%
9991	77 Outperform	¥47.36B	8.52	―	4.21%	-6.09%	31.18%
7081	72 Outperform	¥13.89B	6.76	―	3.16%	5.72%	60.38%
2445	70 Outperform	¥19.38B	14.57	―	3.39%	-1.56%	-3.60%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9223	48 Neutral	¥6.59B	-41.60	―	0.38%	11.65%	-210.62%

ICHINEN HOLDINGS CO., LTD. Corporate Events

ICHINEN HOLDINGS Reports Increased Sales and Profits for H1 2025

ICHINEN HOLDINGS CO., LTD. reported its consolidated financial results for the six months ending September 30, 2025, showing a 3.9% increase in net sales compared to the previous year. Despite a slight decline in operating and ordinary profits, the company experienced a significant 13% rise in profit attributable to owners of the parent. The financial position remains stable with a slight increase in total assets and net assets, and the company has maintained its dividend forecast, reflecting a steady outlook for stakeholders.

ICHINEN HOLDINGS Revises Earnings Forecasts Upward Amid Strong Leasing Growth

ICHINEN HOLDINGS CO., LTD. has revised its earnings forecasts for the second quarter of the fiscal year ending March 2026, reflecting an increase in net sales and profits due to a rise in leasing contracts and favorable conditions in the used car market. This upward revision indicates strong performance in their core automotive leasing business and improved profitability from vehicle sales and fuel sales, suggesting a positive impact on the company’s operations and market positioning.

ICHINEN HOLDINGS Revises Dividend Forecast Upward

ICHINEN HOLDINGS CO., LTD. announced a revision to its dividend forecast for the fiscal year ending March 2026, increasing the interim dividend by JPY 3 per share to JPY 38 per share. This decision reflects the company’s commitment to returning profits to shareholders and is indicative of positive performance trends.