Nikkei Report on Dividend Increase; Tender Offer for NS United Announced

Research evidence excerpt

Nikkei Report on Dividend Increase; Tender Offer for NS United Announced

Update

August 2, 2026 10:13 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNippon Yusen (9101) | Japan Takuya Osaka

Equity Analyst

Nikkei Report on Dividend Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438

Increase; Tender Offer for NS

United Announced

Nippon Yusen (9101.T, 9101 JT)

Marine Transportation | Japan

The Nikkei Shimbun reported on August 1 that Nippon Yusen will raise its annual

Stock Rating Underweight

dividend for F3/27 to around ¥240 per share. As of now, the company has not issued Industry View Cautious

an official announcement. Assuming the Nikkei report is accurate, our initial reaction Price target ¥3,440

Shr price, close (Jul 31, 2026) ¥6,110

is neutral. The company already revised up its full-year F3/27 earnings guidance on Mkt cap, curr, basic (bn) ¥2,477.6

Avg daily trading value (bn) ¥18.0

July 30. Given the increase in EPS and management's stated policy of maintaining a

40% payout ratio, the possibility of a dividend increase to around ¥240 per share

had already been anticipated.

In addition, on July 31, the company announced that it will launch a tender offer for

NS United Kaiun (9110.T, not covered), a dry bulk shipping specialist. The acquisition

price is approximately ¥120bn. Our initial impression is slightly positive. From the

perspective of securing a stable earnings source outside the container shipping

business, we view the transaction as positive over the medium to long term. It also

gives the impression that Nippon Yusen is accelerating M&A activity to establish the

growth scenario underpinning its next medium-term plan covering the period from

F3/28 (with investment returns being a key consideration). On the other hand, while