New Risk • May 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 13
Full year 2026 earnings released: EPS: JP¥389 (vs JP¥335 in FY 2025) Full year 2026 results: EPS: JP¥389 (up from JP¥335 in FY 2025). Revenue: JP¥50.3b (flat on FY 2025). Net income: JP¥2.54b (up 16% from FY 2025). Profit margin: 5.0% (up from 4.3% in FY 2025). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
The Keihin Co., Ltd., Annual General Meeting, Jun 26, 2026 The Keihin Co., Ltd., Annual General Meeting, Jun 26, 2026. Announcement • May 10
The Keihin Co., Ltd. to Report Fiscal Year 2026 Results on May 12, 2026 The Keihin Co., Ltd. announced that they will report fiscal year 2026 results on May 12, 2026 Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥111 (vs JP¥106 in 3Q 2025) Third quarter 2026 results: EPS: JP¥111 (up from JP¥106 in 3Q 2025). Revenue: JP¥13.0b (down 3.3% from 3Q 2025). Net income: JP¥727.0m (up 5.1% from 3Q 2025). Profit margin: 5.6% (up from 5.1% in 3Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Declared Dividend • Jan 08
Dividend of JP¥80.00 announced Dividend of JP¥80.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 2.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 8.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jan 07
The Keihin Co., Ltd. announces Annual dividend, payable on June 30, 2026 The Keihin Co., Ltd. announced Annual dividend of JPY 80.0000 per share payable on June 30, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Announcement • Nov 29
The Keihin Co., Ltd. to Report Q3, 2026 Results on Feb 05, 2026 The Keihin Co., Ltd. announced that they will report Q3, 2026 results on Feb 05, 2026 Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥95.27 (vs JP¥65.27 in 2Q 2025) Second quarter 2026 results: EPS: JP¥95.27 (up from JP¥65.27 in 2Q 2025). Revenue: JP¥13.1b (up 1.6% from 2Q 2025). Net income: JP¥622.0m (up 46% from 2Q 2025). Profit margin: 4.7% (up from 3.3% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Sep 17
The Keihin Co., Ltd. to Report Q2, 2026 Results on Nov 06, 2025 The Keihin Co., Ltd. announced that they will report Q2, 2026 results on Nov 06, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥114 (vs JP¥103 in 1Q 2025) First quarter 2026 results: EPS: JP¥114 (up from JP¥103 in 1Q 2025). Revenue: JP¥12.3b (up 2.4% from 1Q 2025). Net income: JP¥743.0m (up 10% from 1Q 2025). Profit margin: 6.1% (up from 5.6% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • May 31
The Keihin Co., Ltd. to Report Q1, 2026 Results on Aug 06, 2025 The Keihin Co., Ltd. announced that they will report Q1, 2026 results on Aug 06, 2025 Reported Earnings • May 13
Full year 2025 earnings released: EPS: JP¥335 (vs JP¥314 in FY 2024) Full year 2025 results: EPS: JP¥335 (up from JP¥314 in FY 2024). Revenue: JP¥50.5b (up 8.5% from FY 2024). Net income: JP¥2.19b (up 6.8% from FY 2024). Profit margin: 4.3% (down from 4.4% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • May 12
The Keihin Co., Ltd., Annual General Meeting, Jun 27, 2025 The Keihin Co., Ltd., Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,976, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 12x in the Logistics industry in Japan. Total returns to shareholders of 62% over the past three years. New Risk • Apr 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.9b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (180% cash payout ratio). Market cap is less than US$100m (JP¥14.9b market cap, or US$99.8m). Announcement • Mar 26
The Keihin Co., Ltd. to Report Fiscal Year 2025 Results on May 12, 2025 The Keihin Co., Ltd. announced that they will report fiscal year 2025 results on May 12, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 28 June 2025. Payout ratio is a comfortable 20% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.9%). Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥106 (vs JP¥81.34 in 3Q 2024) Third quarter 2025 results: EPS: JP¥106 (up from JP¥81.34 in 3Q 2024). Revenue: JP¥13.5b (up 12% from 3Q 2024). Net income: JP¥692.0m (up 30% from 3Q 2024). Profit margin: 5.1% (up from 4.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Dec 10
The Keihin Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 The Keihin Co., Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥65.25 (vs JP¥68.47 in 2Q 2024) Second quarter 2025 results: EPS: JP¥65.25 (down from JP¥68.47 in 2Q 2024). Revenue: JP¥12.9b (up 6.1% from 2Q 2024). Net income: JP¥426.0m (down 4.7% from 2Q 2024). Profit margin: 3.3% (down from 3.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (JP¥12.9b market cap, or US$91.6m). Announcement • Aug 27
The Keihin Co., Ltd. to Report Q2, 2025 Results on Nov 06, 2024 The Keihin Co., Ltd. announced that they will report Q2, 2025 results on Nov 06, 2024 Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥103 (vs JP¥89.92 in 1Q 2024) First quarter 2025 results: EPS: JP¥103 (up from JP¥89.92 in 1Q 2024). Revenue: JP¥12.0b (up 2.5% from 1Q 2024). Net income: JP¥673.0m (up 15% from 1Q 2024). Profit margin: 5.6% (up from 5.0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (JP¥11.0b market cap, or US$76.9m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥1,678, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 13x in the Logistics industry in Japan. Total returns to shareholders of 35% over the past three years. Announcement • Jun 02
The Keihin Co., Ltd. to Report Q1, 2025 Results on Aug 06, 2024 The Keihin Co., Ltd. announced that they will report Q1, 2025 results on Aug 06, 2024 Reported Earnings • May 12
Full year 2024 earnings released: EPS: JP¥314 (vs JP¥414 in FY 2023) Full year 2024 results: EPS: JP¥314 (down from JP¥414 in FY 2023). Revenue: JP¥46.5b (down 22% from FY 2023). Net income: JP¥2.05b (down 24% from FY 2023). Profit margin: 4.4% (down from 4.5% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
The Keihin Co., Ltd., Annual General Meeting, Jun 27, 2024 The Keihin Co., Ltd., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥63.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.9%). Announcement • Mar 02
The Keihin Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 The Keihin Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥81.31 (vs JP¥111 in 3Q 2023) Third quarter 2024 results: EPS: JP¥81.31 (down from JP¥111 in 3Q 2023). Revenue: JP¥12.0b (down 27% from 3Q 2023). Net income: JP¥531.0m (down 27% from 3Q 2023). Profit margin: 4.4% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Announcement • Dec 01
The Keihin Co., Ltd. to Report Q3, 2024 Results on Feb 06, 2024 The Keihin Co., Ltd. announced that they will report Q3, 2024 results on Feb 06, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥68.46 (vs JP¥102 in 2Q 2023) Second quarter 2024 results: EPS: JP¥68.46 (down from JP¥102 in 2Q 2023). Revenue: JP¥12.2b (down 23% from 2Q 2023). Net income: JP¥447.0m (down 33% from 2Q 2023). Profit margin: 3.7% (down from 4.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Announcement • Sep 06
The Keihin Co., Ltd. to Report Q2, 2024 Results on Nov 06, 2023 The Keihin Co., Ltd. announced that they will report Q2, 2024 results on Nov 06, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥89.91 (vs JP¥136 in 1Q 2023) First quarter 2024 results: EPS: JP¥89.91 (down from JP¥136 in 1Q 2023). Revenue: JP¥11.7b (down 28% from 1Q 2023). Net income: JP¥587.0m (down 34% from 1Q 2023). Profit margin: 5.0% (down from 5.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jun 01
The Keihin Co., Ltd. to Report Q1, 2024 Results on Aug 07, 2023 The Keihin Co., Ltd. announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 13
Full year 2023 earnings released: EPS: JP¥414 (vs JP¥347 in FY 2022) Full year 2023 results: EPS: JP¥414 (up from JP¥347 in FY 2022). Revenue: JP¥59.8b (up 11% from FY 2022). Net income: JP¥2.70b (up 20% from FY 2022). Profit margin: 4.5% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 13
The Keihin Co., Ltd., Annual General Meeting, Jun 29, 2023 The Keihin Co., Ltd., Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥111 (vs JP¥97.41 in 3Q 2022) Third quarter 2023 results: EPS: JP¥111 (up from JP¥97.41 in 3Q 2022). Revenue: JP¥16.5b (up 19% from 3Q 2022). Net income: JP¥724.0m (up 14% from 3Q 2022). Profit margin: 4.4% (down from 4.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Dec 01
The Keihin Co., Ltd. to Report Q3, 2023 Results on Feb 03, 2023 The Keihin Co., Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥102 (vs JP¥78.27 in 2Q 2022) Second quarter 2023 results: EPS: JP¥102 (up from JP¥78.27 in 2Q 2022). Revenue: JP¥15.9b (up 14% from 2Q 2022). Net income: JP¥663.0m (up 30% from 2Q 2022). Profit margin: 4.2% (up from 3.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Aug 31
The Keihin Co., Ltd. to Report Q2, 2023 Results on Nov 04, 2022 The Keihin Co., Ltd. announced that they will report Q2, 2023 results on Nov 04, 2022 Reported Earnings • Aug 04
First quarter 2023 earnings released: EPS: JP¥136 (vs JP¥101 in 1Q 2022) First quarter 2023 results: EPS: JP¥136 (up from JP¥101 in 1Q 2022). Revenue: JP¥16.3b (up 21% from 1Q 2022). Net income: JP¥887.0m (up 35% from 1Q 2022). Profit margin: 5.4% (up from 4.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jun 01
The Keihin Co., Ltd. to Report Q1, 2023 Results on Aug 03, 2022 The Keihin Co., Ltd. announced that they will report Q1, 2023 results on Aug 03, 2022 Announcement • May 12
The Keihin Co., Ltd., Annual General Meeting, Jun 29, 2022 The Keihin Co., Ltd., Annual General Meeting, Jun 29, 2022. Agenda: AGM. Reported Earnings • May 11
Full year 2022 earnings released: EPS: JP¥347 (vs JP¥268 in FY 2021) Full year 2022 results: EPS: JP¥347 (up from JP¥268 in FY 2021). Revenue: JP¥54.1b (up 12% from FY 2021). Net income: JP¥2.26b (up 29% from FY 2021). Profit margin: 4.2% (up from 3.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 08
The Keihin Co., Ltd. to Report Fiscal Year 2022 Results on May 10, 2022 The Keihin Co., Ltd. announced that they will report fiscal year 2022 results on May 10, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥97.41 (up from JP¥70.30 in 3Q 2021). Revenue: JP¥13.8b (up 8.9% from 3Q 2021). Net income: JP¥636.0m (up 39% from 3Q 2021). Profit margin: 4.6% (up from 3.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Second quarter 2022 earnings released: EPS JP¥78.26 (vs JP¥54.99 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥13.9b (up 17% from 2Q 2021). Net income: JP¥511.0m (up 42% from 2Q 2021). Profit margin: 3.7% (up from 3.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥268 (vs JP¥217 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥48.2b (up 1.0% from FY 2020). Net income: JP¥1.75b (up 23% from FY 2020). Profit margin: 3.6% (up from 3.0% in FY 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Announcement • Mar 17
The Keihin Co., Ltd. to Report Fiscal Year 2021 Results on May 11, 2021 The Keihin Co., Ltd. announced that they will report fiscal year 2021 results on May 11, 2021 Is New 90 Day High Low • Mar 08
New 90-day high: JP¥1,385 The company is up 1.0% from its price of JP¥1,366 on 08 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 9.0% over the same period. Reported Earnings • Feb 07
Third quarter 2021 earnings released: EPS JP¥70.30 (vs JP¥68.62 in 3Q 2020) The company reported a solid third quarter result with improved earnings, although revenues and profit margins were flat. Third quarter 2021 results: Revenue: JP¥12.7b (flat on 3Q 2020). Net income: JP¥459.0m (up 2.5% from 3Q 2020). Profit margin: 3.6% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 22
New 90-day low: JP¥1,298 The company is down 3.0% from its price of JP¥1,342 on 23 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day low: JP¥1,325 The company is down 5.0% from its price of JP¥1,395 on 06 October 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 1.0% over the same period. Announcement • Sep 03
The Keihin Co., Ltd. to Report Q2, 2021 Results on Nov 06, 2020 The Keihin Co., Ltd. announced that they will report Q2, 2021 results on Nov 06, 2020 
