Seino Holdings

Research evidence excerpt

Seino Holdings

Global Markets Research

19 June 2026Seino Holdings

9076.T 9076 JP / EQUITY: JAPAN TRANSPORTATION

RatingStable profit growth via price hikes Remains Neutral

Target price

Solid share price performance reflects DOE benchmark of 4% and stable Increased from 2,500 JPY 2,600

profit growth via ease of cost pass-throughs

Closing price JPY 2,648.5We retain Neutral rating, stock warrants attention for defensive nature 18 June 2026

We maintain our Neutral rating on Seino Holdings and update our earnings forecasts. The

Implied upside -1.8%company is strong in B2B logistics and is involved in particular in long-distance

transportation and heavy-duty cargoes that other companies find difficult. This gives it

strong price negotiation power, making it easy for it to hikes prices by more than needed

to pass on cost increases. Transportation volumes have been sluggish, as they are

Relative performance chartaffected by production and consumption in Japan, but we still expect ongoing modest

profit growth driven by price hikes and logistics services other than trucking. We obtain our

new target price of ¥2,600 using a P/E of around 18x our 27/3 EPS forecast, a discount of

just over 10%, as before, to the Russell/Nomura Large Cap (ex financials) average of

around 21x. The stock has greater defensive characteristics than other trucking

companies as it is more resilient to inflation and also has a high level of shareholder

returns, with a DOE benchmark of 4%, and we think it could well attract more attention

during equity market corrections.

We forecast 27/3 operating profits of ¥39.5bn

Seino Holdings is guiding for 27/3 operating profits of ¥41.4bn (up 10% y-y), including

¥31.8bn (up 16%) at the mainstay transportation services segment. It is assuming a 1.5%