Awaiting concrete details on next major development projects

Research evidence excerpt

Awaiting concrete details on next major development projects

9 June 2026

Mizuho Securities Equity Research Transportation

Forecast Revisions

Keihan Holdings (9045)

Rating: Neutral Price Objective ¥3,500

Spotlight: See Figure 3 for earnings ACT: Reiterating Neutral rating

estimates by segment We reiterate our Neutral rating on Keihan Holdings as major catalysts such

as the Yodoyabashi redevelopment (which opened in summer 2025) and

Share price (8 Jun) ¥3,248 railway fare revisions (from October 2025) have largely played out, andImplied upside +8%

we believe the company’s new medium-term plan (MTP) announced inTSE Segment Prime

May 2026 has already been factored into the share price to some extent.

Major indicators (E = Mizuho estimates) To drive further corporate value, we think the company needs to solidifyMarket capitalization (¥b) 346.94

Shares outstanding (m) 106.82 large-scale redevelopment projects such as those around the Kyobashi and

Potential share dilution (m) – Tenmabashi train stations and the Kyoto Tower renovation, as well as clarifyDaily turnover (thou, mo. avg.) 389.84

Foreign ownership (%, 9/25) 13.4 when it expects these projects to contribute to earnings.

DPS(¥, 3/27E) 86.0

Dividend Yield(%, 3/27E) 2.6 KNOW: Profits from real estate sales likely to decline YoY in FY3/27

Payout ratio(%, 3/27E) 28.9 Although we assume that the boost from railway fare revisions will continueEquity ratio(%, 3/27E) 36.1

BPS(¥, 3/27E) 3,578.1 through September 2026, we expect companywide OP to decline YoY in

PBR(x, 3/27E) 0.9 FY3/27 mainly due to a drop in profits from real estate sales. We look forROE(%, 3/27E NP basis) 8.5

ROA(%, 3/27E RP basis) 4.3 profit growth in the real estate business from FY3/28 onward on the back

Note: No.