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

• Market Cap: ¥48.02B
• Dividend Yield: 3.57%
• Average Volume (3M): 32.12K
• Price to Earnings (P/E): 7.1
• Beta (1Y): 0.81
• Revenue Growth: 3.70%
• EPS Growth: -43.85%
• Country: JP
• Employees: 2,031
• Sector: Industrials
• Sector Strength: 72
• Industry: Rental & Leasing Services
• EPS (TTM): 74.52
• 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: 22.28
• 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): 274.5
• Revenue Forecast (FY): ¥163.10B

• Rating: 69 Neutral
• Price Target: ¥1,818.00 ▼(-14.57% Downside)
• Action: Reiterated Date: 10/23/25
• Date: Action: Reiterated 10/23/25

The overall score of 69 for ICHINEN HOLDINGS reflects a balanced outlook, driven primarily by strong valuation with a low P/E ratio and attractive dividend yield. Financial performance is mixed with revenue growth offset by profitability and liquidity concerns. Technical indicators support moderate bullish momentum, contributing positively to the score.

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 shows mixed financial performance with strong revenue growth of 12.1% and stable EBIT margins, but a significant decline in Net Profit Margin to 4.3% from 8.9% raises concerns. High leverage (Debt-to-Equity Ratio of 1.68) and a sharp drop in Free Cash Flow by 50.8% further highlight risks to profitability and liquidity.

Income Statement

ICHINEN HOLDINGS shows strong revenue growth of 12.1% from 2024 to 2025, reflecting a positive trajectory in the Rental & Leasing Services industry. Gross Profit Margin improved to 21.1% in 2025 from 21.5% in 2024, while EBIT Margin rose to 6.6% from 6.5%, indicating stable profitability. However, Net Profit Margin declined significantly to 4.3% in 2025 from 8.9% in 2024 due to a drop in Net Income, which poses a concern for bottom-line efficiency.

Balance Sheet

The company's balance sheet reflects moderate stability with a Debt-to-Equity Ratio of 1.68 in 2025, slightly improved from 1.78 in 2024, but still indicating high leverage. Return on Equity (ROE) dropped to 10.3% in 2025 from 20.3% in 2024, reflecting weaker profitability relative to equity. Equity Ratio improved to 31.6% in 2025 from 29.8% in 2024, showing a slightly stronger equity base, though overall leverage remains a potential risk.

Cash Flow

Cash flow performance is mixed, with Free Cash Flow declining by 50.8% from 2024 to 2025, signaling challenges in generating surplus cash. Operating Cash Flow to Net Income Ratio dropped to 0.60 in 2025 from 0.43 in 2024, indicating weaker cash conversion from earnings. Free Cash Flow to Net Income Ratio also fell sharply to 0.27 in 2025 from 0.30 in 2024. These trends highlight liquidity concerns despite positive operating cash flows.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	156.54B	154.92B	138.25B	127.82B	120.64B	112.62B
Gross Profit	15.06B	13.74B	10.48B	9.23B	8.39B	7.73B
EBITDA	29.82B	29.38B	33.51B	26.56B	25.93B	21.12B
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	139.97B	141.60B	123.51B	124.83B	122.24B
Stockholders Equity	65.99B	64.82B	60.46B	48.38B	43.67B	39.71B
Cash Flow
Free Cash Flow	0.00	1.78B	3.63B	909.00M	2.60B	113.00M
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: Negative
• Last Price: 2128.00
• 50DMA: Negative
• 100DMA: Negative
• 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:9619, the sentiment is Negative. The current price of 2128 is above the 20-day moving average (MA) of 2115.20, below the 50-day MA of 2130.04, and above the 200-day MA of 1930.25, indicating a neutral trend. The MACD of -19.13 indicates Positive momentum. The RSI at 40.71 is Neutral, neither overbought nor oversold. The STOCH value of 62.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
9699	79 Outperform	¥116.29B	9.20	―	2.85%	8.02%	4.39%
7081	76 Outperform	¥13.99B	7.11	―	3.03%	5.72%	60.38%
8439	72 Outperform	¥998.54B	10.73	―	3.37%	5.24%	69.92%
9619	69 Neutral	¥48.02B	7.13	―	3.57%	3.70%	-43.85%
8424	64 Neutral	¥389.40B	11.14	―	3.62%	-0.03%	-42.34%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
5834	58 Neutral	¥43.09B	6.79	―	3.90%	0.17%	58.30%

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.

The most recent analyst rating on (JP:9619) stock is a Buy with a Yen2263.00 price target. To see the full list of analyst forecasts on ICHINEN HOLDINGS CO., LTD. stock, see the JP:9619 Stock Forecast page.

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.

The most recent analyst rating on (JP:9619) stock is a Buy with a Yen2263.00 price target. To see the full list of analyst forecasts on ICHINEN HOLDINGS CO., LTD. stock, see the JP:9619 Stock Forecast page.