Seino Holdings: F3/26 4Q Results: Dividend Yield Provides Downside Support; Lacks Upside Catalysts

研报英文原文证据摘录

Seino Holdings: F3/26 4Q Results: Dividend Yield Provides Downside Support; Lacks Upside Catalysts

Update

May 14, 2026 03:38 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSeino Holdings (9076) | Japan Takuya Osaka

Equity Analyst

F3/26 4Q Results: Dividend Takuya.Osaka@morganstanleymufg.comShan Jiang +81 3 6836-5438

Research Associate

Shan.Jiang@morganstanleymufg.com +81 3 6836-5430

Yield Provides Downside

Seino Holdings (9076.T, 9076 JT)

Logistics | JapanSupport; Lacks Upside Catalysts

Stock Rating Equal-weight

Industry View In-Line

What’s Changed Price target ¥2,230

Seino Holdings (9076.T) From To Up/downside to price target (%) (9)

Shr price, close (May 14, 2026) ¥2,463

Price Target ¥2,250 ¥2,230

Mkt cap, curr, basic (bn) ¥334.2

Div yld (03/27e) (%) 4.3

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

Reaction to earnings

Revenue, net (¥bn) 813.0 825.0 848.3 874.6

Unchanged In-line Largely unchanged Operating profit (¥bn)* 37.6 40.4 47.1 52.3

Impact to our thesis Financial results versus consensus Direction of next 12-month Recurring profit (¥bn)* 37.3 40.8 47.6 52.8

consensus EPS Net income (¥bn)* 21.3 27.2 29.0 32.3

Source: Company data, Morgan Stanley Research EPS, basic (¥)* 157.0 172.4 189.2 217.9

Prior EPS, basic (¥)* 164.2 176.0 217.9 -

EPS (¥)** 157.0 172.4 189.2 217.9

Share price is likely to underperform peers. That said, if the Prior EPS (¥)** 164.2 176.0 217.9 -

stock corrects due to a lack of near‑term catalysts, we would P/E,P/BV,basic*basic 15.51.1 14.31.0 13.01.0 11.30.9

recommend buying the dip. Our view that a 4.5% dividend yield ROE (%)* 5.4 6.1 6.5 7.2

EV/EBITDA, basic 6.0 4.7 4.7 6.5

provides downside support remains unchanged, given Seino's

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

dividend policy of DOE 4%.