Kamigumi (9364) 4Q results: Guidance seems to have conservative elements, but appears negative due to profit decline

Research evidence excerpt

Kamigumi (9364) 4Q results: Guidance seems to have conservative elements, but appears negative due to profit decline

J P M O R G A N Asia Pacific Equity Research

14 May 2026

Kamigumi (9364) Overweight

9364.T, 9364 JP

4Q results: Guidance seems to have conservative Price (14 May 26):¥5,147

elements, but appears negative due to profit decline Price Target (Dec-26):¥6,100

Slightly negative: While the company’s results were in line with expectations, Japan Equity Research

guidance incorporates higher-than-expected costs and appears negative. However,

Transportation (Land, Sea, Air), OTC

the company’s guidance is typically conservative, and the dividend was kept & Small Companies, Real Estate &

unchanged. FY2025 dividends were ¥205/share (latest guidance: ¥185/share, our REITs

estimate: ¥195/share), and FY2026 dividend guidance is for ¥205/share (dividend AC Ryota Himeno

payout ratio: 74%, our estimate: ¥200/share). The shareholder returns policy (81-3) 6736-8639

targets a dividend payout ratio of 70% and share buybacks totaling ¥65.0 billion ryota.himeno@jpmorgan.com

over five years through FY2029. In FY2025, the company announced a share JPMorgan Securities Japan Co., Ltd.

buyback (up to ¥13.0 billion, representing 3.75% of shares outstanding).

• FY2026 outlook: FY2026 operating profit guidance is for a 6.1% YoY decline

to ¥34.3 billion (our estimate: ¥36.7 billion, Bloomberg consensus estimate:

¥36.4 billion). Revenue is expected to increase 3.5% YoY, while operating

profit is expected to decline 6.1% YoY. Spot contracts for reserve rice will

disappear, but revenue is expected to grow due to expansion in base cargo,

appropriate pricing, and new business. However, the profit margin mix is

expected to deteriorate due to the decline in reserve rice, and depreciation and