ENVALITH
川西倉庫株式会社 logo

KAWANISHI WAREHOUSE CO.,LTD.

9322・Standard Market・Warehousing & Harbor Transportation Services

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川西倉庫株式会社 logo
KAWANISHI WAREHOUSE CO.,LTD.9322

Business

Kawanishi Warehouse is a long-established integrated logistics company founded in 1903, comprising the Company and 10 consolidated subsidiaries as of the end of March 2026. In its Domestic Logistics Business, the Company provides an integrated offering centered on Warehousing (General & Cold Storage), combined with Port Transportation Business, Freight Forwarding Business, and Customs Clearance & Distribution Processing, with operations based in major port cities including Kobe, Osaka, Nagoya, Yokohama, and Tokyo. In its International Logistics Business, the Company operates mainly through International Freight Forwarding (NVOCC), engaging in overseas transport, import/export handling, and Overseas Warehousing Business, with local subsidiaries in Singapore, Thailand, Indonesia, Vietnam, and the United States. Its main customers are shipper companies in food products, industrial goods, and other sectors, and the source of its competitive strength lies in integrated logistics services leveraging its warehouse network situated in port areas.

Business Model

In the warehousing business, the company collects storage fees for consigned cargo and inbound/outbound cargo handling fees, with the level of storage balances determining the stability of earnings. In port transportation, freight charges are collected based on the volume of stevedoring and cargo handling operations. In the freight forwarding business, the company earns freight charges and fees through intermediary operations, including non-asset-based services. In International Logistics, the company collects intermediary commissions for multimodal transport as an NVOCC, with overseas subsidiaries also contributing warehousing storage fees and cargo handling fees. The structure is complemented by the Solar Power Generation & Sales Business and Real Estate Leasing Business, which, though small in scale, offer high profit margins and support stable earnings.

Company Strengths

Founded in 1903, the company will mark its 123rd year in 2026. It operates branches and sales offices in major port cities including Kobe, Osaka, Nagoya, Yokohama, and Tokyo, and holds logistics infrastructure that achieved a general warehouse period-end storage balance of 281,785 tons (103.7% year-on-year) and total port transportation handling of 2,207,368 tons (113.9% year-on-year).

The company has a system enabling warehousing, port transportation, freight forwarding, customs clearance, and distribution processing to be completed entirely within a single group. In FY2026 (ending March 2026), operating revenue in the Domestic Logistics Business reached ¥21,484 million, with a segment profit margin of 8.5%. Expansion of transportation functions is also progressing, with MT Service Co., Ltd., acquired through M&A, contributing to earnings from the fourth quarter onward.

The company holds local subsidiaries in Singapore, Thailand, Indonesia, Vietnam, and the United States, with operating revenue in the International Logistics Business reaching ¥4,532 million. In September 2025, the Vietnamese subsidiary TOAN PHAT LOGISTICS JOINT STOCK COMPANY was consolidated, and in Indonesia, capital investment (¥50 million) was made in warehouse land. The company continues to build a track record of expanding international logistics using its overseas warehousing business as a foothold.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating revenue was ¥26,400 million (up 3.4% year on year) and operating profit was ¥1,115 million (up 8.6%), showing improvement at the operating level. However, M&A acquisition-related expenses of ¥112 million, interest expenses of ¥97 million (approximately double the previous period), and foreign exchange losses (compared with a gain of ¥51 million in the previous period) combined to push ordinary profit down to ¥1,042 million (down 11.6%) and net profit attributable to owners of the parent down to ¥636 million (down 14.8%), marking a decline for the second consecutive period. The increase in financial and acquisition-related costs associated with more active M&A activity is weighing on earnings quality, and the transition to an investment recovery phase remains a challenge.

Segment profit in the International Logistics Business was ¥163 million (down 8.5% year on year), with a profit margin of only about 3.6%. While the company's International Freight Forwarding (NVOCC) operations declined year on year, the recovery in overseas subsidiaries' performance and the newly consolidated Vietnamese subsidiary helped support revenue. Given the structure in which external factors such as shipping market fluctuations and foreign exchange risk tend to significantly affect earnings, the timeline until ASEAN investments make a full-fledged contribution to profit will be a key focal point for investment decisions.

The company's forecast for FY2027 (ending March 2027) is operating revenue of ¥30,000 million (up 13.6% year on year), operating profit of ¥1,200 million (up 7.5%), and net profit of ¥650 million (up 2.2%). The main drivers of revenue growth are expected to be the full-year contribution of two newly consolidated companies (MT Service and TOAN PHAT) and the consolidation of GBtechnology Co., Ltd. (a subsequent event; acquisition consideration of ¥918 million, 51% voting rights, deemed acquisition in June 2026). On the other hand, uncertainty over cargo movement due to U.S. tariff policy and Middle East tensions, as well as rising costs and labor expenses, pose downside risks. The dividend payout ratio of 156.8% (FY2026, ending March 2026), which includes a special dividend of ¥100, reflects a temporary level, and attention should also be paid to the sustainability of the FY2027 (ending March 2027) forecast of ¥132 per share (including a special dividend of ¥100).

Growth Strategy

Aiming to achieve Vision2027 through three pillars: next-generation logistics facilities, ASEAN investment, and reconstruction

The first pillar of the medium-term management plan Vision2027. By renewing and enhancing the functionality of aging facilities, the company aims to improve storage efficiency and customer service levels, strengthening the revenue base of the Domestic Logistics Business. In FY2026 (ending March 2026), construction in progress declined significantly from ¥874 million to ¥12 million, suggesting a transition to the facility completion and operation phase.

The second pillar of the three key strategic priorities. In addition to existing operations in Indonesia, Thailand, and Singapore, the company newly consolidated its Vietnamese subsidiary (TOAN PHAT LOGISTICS) in FY2026 (ending March 2026), with earnings contribution beginning from the third quarter. Tangible fixed assets in the Asia region increased from ¥4,818 million to ¥5,044 million. ASEAN economic growth serves as a tailwind in the external environment.

The third pillar of the three key strategic priorities. The company is expanding its business domain, primarily through M&A to strengthen its transportation business. In FY2026 (ending March 2026), it acquired MT Service Co., Ltd. (contributing from the fourth quarter), and, as a subsequent event, resolved to acquire 51% of the shares of GBtechnology Co., Ltd. for a consideration of ¥918 million (deemed acquisition date: June 2026). The company aims to optimize the supply chain through the integration of its warehousing and transportation businesses.

Last updated: July 19, 2026