These are mechanically computed values based on a residual income model. They are not a forecast of market prices or a recommendation of any investment action, and do not predict or guarantee future share prices. Historical values are computed retrospectively using current guidance-achievement statistics.
| Metric | Current Period | Same Period Last Year | YoY |
|---|---|---|---|
| Revenue | ¥21.377B | ¥19.957B | +7.1% |
| Operating Income | ¥1.255B | ¥0.920B | +36.4% |
| Ordinary Income | ¥1.397B | ¥0.981B | +42.4% |
| Net Income | ¥0.909B | ¥0.614B | +48.1% |
| ROE | 1.9% | 1.3% | - |
Seino Holdings posted increases in both revenue and earnings in Q1, driven by improved profitability in its core Transportation Business and higher revenue from its Automotive Sales Business. Revenue was ¥21.377B (+7.1% YoY), Operating Income was ¥1.255B (+36.4%), Ordinary Income was ¥1.397B (+42.4%), and Net Income attributable to owners of the parent was ¥0.861B (+52.3%). The Operating Income margin improved to 5.9%, up 1.3pt from 4.6% in the same period of the previous year. Improvement in the gross margin (13.1%, +1.3pt), the increasing penetration of price increases in the Transportation Business, and improved operating efficiency were the primary factors behind the improvement in profitability.
【Revenue】Revenue increased 7.1% YoY to ¥21.377B. By segment, the Transportation Business accounted for the largest share at ¥16.319B (76.3% of total revenue, +4.9% YoY), while the Automotive Sales Business posted strong growth of ¥3.562B (+17.7%). The Goods Sales Business generated ¥1.483B (+8.6%), Other Businesses generated ¥0.935B (+1.5%), and the Real Estate Leasing Business generated ¥0.064B (+5.9%), with all businesses securing revenue growth.
【Profit and Loss】Operating Income increased 36.4% YoY to ¥1.255B, and the Operating Income margin improved to 5.9% from 4.6% in the previous year, an improvement of 1.3pt. While the gross margin improved to 13.1% from 11.8% in the previous year (+1.3pt), the SG&A ratio remained broadly flat at 7.2%, making the improvement in gross profit the primary driver of earnings growth. By segment, the Transportation Business was the largest driver at ¥0.874B (+39.4%, approximately 70% of consolidated Operating Income), with its margin increasing to 5.4% (improvement YoY). Ordinary Income was ¥1.397B (+42.4%), supported by non-operating income including ¥0.083B in equity-method investment gains and ¥0.070B in dividend income. Although the Company recorded extraordinary income of ¥0.398B, including ¥0.072B in gains on sales of fixed assets, and extraordinary losses of ¥0.297B, the net impact was limited to +¥0.101B. Net Income attributable to owners of the parent was ¥0.861B (+52.3%), resulting in higher revenue and earnings.
The Transportation Business generated revenue of ¥16.319B (76.3% share, +4.9% YoY) and Operating Income of ¥0.874B (+39.4% YoY, 5.4% margin), making it the core of the Company in both revenue and profit. The Automotive Sales Business generated revenue of ¥3.562B (16.7% share, +17.7% YoY) and Operating Income of ¥0.282B (+24.9% YoY, 7.9% margin), ranking second in scale after the Transportation Business and posting substantial growth in both revenue and earnings. The Goods Sales Business generated revenue of ¥1.483B (+8.6% YoY) and Operating Income of ¥0.040B (+14.9% YoY, 2.7% margin), achieving earnings growth despite its low-margin profile. The Real Estate Leasing Business is small in scale, with revenue of ¥0.064B, but maintained high profitability with a 73.9% margin and Operating Income of ¥0.048B (+6.2% YoY). Other Businesses generated revenue of ¥0.935B (+1.5% YoY) and Operating Income of ¥0.066B (+30.5% YoY, 7.1% margin), with earnings growth exceeding revenue growth. While all segments achieved increases in both revenue and earnings, improvement in the Transportation Business margin drove the increase in the consolidated Operating Income margin.
【Profitability】The Operating Income margin improved to 5.9% from 4.6% in the same period of the previous year, an improvement of 1.3pt. The Ordinary Income margin improved to 6.5% (4.9% in the previous year), while the Net Income margin, based on income attributable to owners of the parent, improved to 4.0% (2.8% in the previous year). 【Cash Quality】Operating Cash Flow (OCF) was ¥1.953B, equivalent to 2.3 times Net Income attributable to owners of the parent of ¥0.861B, demonstrating cash-generating capacity exceeding reported earnings. 【Investment Efficiency】ROE was 1.9% (quarterly actual result), EPS was ¥52.98 (¥37.91 in the previous year, +39.8%), and BPS was ¥2,826.63 (¥2,732.16 in the previous year, +3.5%), with BPS increasing in line with the accumulation of net assets. 【Financial Soundness】The Equity Ratio was 59.2%, the Current Ratio was 167.9%, and the Quick Ratio was 152.7%, indicating ample short-term liquidity. Total interest-bearing debt was approximately ¥9.384B.
Operating Cash Flow increased 29.6% YoY to ¥1.953B, securing a high level of cash generation even after deducting ¥1.182B in income taxes paid. Investing Cash Flow was -¥0.898B, primarily reflecting ¥1.005B in acquisitions of property, plant and equipment and intangible assets. The ratio to depreciation and amortization of ¥0.645B was 1.6 times, indicating increased investment in renewal and expansion. Financing Cash Flow was -¥0.783B, with dividend payments and related items being the primary sources of cash outflow. As a result, Free Cash Flow (Operating Cash Flow + Investing Cash Flow) was positive at ¥1.055B, confirming that the Company was able to support both investment and shareholder returns during the period through cash generation.
The core of recurring earning power was Operating Income of ¥1.255B. Non-operating income of ¥0.193B, including ¥0.083B in equity-method investment gains and ¥0.070B in dividend income, represented less than 1% of revenue and had a limited effect on increasing Ordinary Income. Extraordinary income of ¥0.398B, including ¥0.072B in gains on sales of fixed assets, and extraordinary losses of ¥0.297B had a net impact of only +¥0.101B, indicating a limited effect from temporary factors. Meanwhile, the Company recorded income taxes of ¥0.589B against Profit Before Tax of ¥1.498B, resulting in a high effective tax rate of approximately 39.3% and lowering the conversion rate from Ordinary Income to Net Income. Operating Cash Flow was equivalent to 2.3 times Net Income attributable to owners of the parent, indicating limited accruals (the difference between accrual and cash accounting) and that reported earnings on the income statement were supported by Operating Cash Flow.
Q1 progress against the full-year company plan was 26% for revenue (¥21.377B/¥82.550B), 30% for Operating Income (¥1.255B/¥4.140B), 33% for Ordinary Income (¥1.397B/¥4.180B), and 31% for Net Income (¥0.861B/¥2.750B). Compared with the simple quarterly progress benchmark of 25%, all profit indicators from Operating Income onward exceeded the benchmark. Improvement in gross profit and profitability in the Transportation Business supported progress ahead of plan. The earnings forecast was revised during the quarter.
The Company’s full-year dividend forecast is ¥104, and the Payout Ratio based on the full-year EPS forecast of ¥169.08 is approximately 61.5%. Q1 Free Cash Flow of ¥1.055B exceeded cash dividend payments of ¥0.977B during the same period, confirming cash-flow support for dividends. No revision was made to the dividend forecast during the quarter.
Revenue concentration in the Transportation Business: The Transportation Business accounts for 76.3% of revenue and approximately 70% of Operating Income. Accordingly, fluctuations in fuel costs, outsourced freight rates, and labor costs have a relatively significant impact on consolidated earnings.
Sensitivity to changes in asset market conditions: Investment securities increased to ¥12.101B (+34.8% from ¥8.95B in the previous year). Although the expansion of valuation differences on other securities (+¥1.799B) increased net assets and comprehensive income, deferred tax liabilities also increased to ¥2.240B. These items could move in the opposite direction if market conditions change.
Tax burden: The effective tax rate is high at approximately 39.3%, constraining the conversion rate from Ordinary Income to Net Income. Changes in the tax burden coefficient could affect the pace of improvement in the Net Income margin.
Profitability and Returns
| Metric | Company | Median (IQR) | Delta |
|---|---|---|---|
| Operating Income margin | 5.9% | 7.1% (4.3%–8.6%) | -1.2pt |
| Net Income margin | 4.3% | 5.9% (2.8%–8.5%) | -1.6pt |
Both the Operating Income margin and Net Income margin are below the industry median, although they are trending upward from the same period of the previous year.
Growth and Capital Efficiency
| Metric | Company | Median (IQR) | Delta |
|---|---|---|---|
| Revenue growth rate (YoY) | 7.1% | 3.3% (0.2%–7.6%) | +3.8pt |
The revenue growth rate exceeded the industry median, securing a high level of revenue growth within the industry.
Source: Compiled by the Company
Improving margin trend: The Operating Income margin improved by +1.3pt YoY, while the Ordinary Income margin improved by +1.6pt. Improvement in the gross margin (+1.3pt) and higher profitability in the Transportation Business were the key drivers. The gap with the industry median is narrowing.
Cash support for earnings: Operating Cash Flow was equivalent to 2.3 times Net Income attributable to owners of the parent, and Free Cash Flow covered dividend payments, indicating that reported earnings for the period were accompanied by cash generation.
High tax burden and asset valuation volatility: The effective tax rate of approximately 39.3% is constraining the increase in the Net Income margin. In addition, the increase in investment securities and the resulting volatility in OCI are factors contributing to volatility in net assets and should be monitored when assessing future financial results.
This is a mechanically calculated reference range based solely on publicly disclosed data using a residual income model (Ohlson-type model with an explicit five-year fade period). It is not a forecast of the market share price or a recommendation to take any specific investment action.
| Scenario | Theoretical Share Price |
|---|---|
| bear | ¥2,611 |
| base | ¥2,638 |
| bull | ¥2,668 |
| Calculation Assumption | Value |
|---|---|
| Book Value Per Share (BPS) | ¥2,827 |
| Adjusted Forecast EPS | ¥193.1 |
| Cost of Equity r | 9.27% (10-year Japanese government bond 2.77% + equity risk premium 6.00% + size premium 0.50%) |
| Residual income persistence coefficient ω / Explicit forecast period | 0.62 / 5 years |
| Assumed Payout Ratio | 61.5% |
| Forecast EPS confidence adjustment | ×1.060 (based on the track record of guidance achievement for comparable companies) |
| implied PBR / PER |
Sensitivity: ¥2,567–¥2,713 at ±1% for the cost of equity, and ¥2,632–¥2,642 at ±0.1 for ω.
Notes:
(Calculation model: Residual income model / Interest rate reference month: 2026-07 / This value does not forecast or guarantee future share prices)
This report is an earnings analysis document automatically generated by AI based on XBRL earnings summary data. It does not recommend investment in any specific security. The industry benchmarks are reference information compiled by the Company based on publicly disclosed earnings data. Investment decisions should be made at your own discretion and responsibility, after consulting a professional adviser where necessary.
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| 0.93x / 13.7x |