Nippon Yusen (9101): First take: NYK 4Q & guide shows similar trend to J-shipping peers

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Nippon Yusen (9101): First take: NYK 4Q & guide shows similar trend to J-shipping peers

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Nippon Yusen (9101)

First take: NYK 4Q & guide shows similar

trend to J-shipping peers

Maintain Rating: NEUTRAL | PO: 6,525 JPY | Price: 5,471 JPY

First take: No real surprises 11 May 2026

No real surprises in the NYK results showing similar trends to Japanese shipping peers Equity

MOL and K-Line. 4Q was ahead but FY3/27 guidance was down YoY on Iran war

Nathan Gee, CFA >>

headwinds and M&A amortization. Shareholder returns showed no real surprises with Research Analyst

FY3/27 DPS down YoY and with no incremental buyback, and we note NYK’s Merrill Lynch (Singapore) nathan.gee@bofa.com

management reserve is now down to ¥110bn (was ¥200bn). We maintain Neutral with

Hiro Nakakura, CFA >>

NYK at 0.8x PBV at the midpoint of its post-Red Sea disruption trading range. Research Analyst

Merrill Lynch (Singapore)

4Q results: Energy & dry bulk support strong 4Q hiro.nakakura@bofa.com

Amy Han >>

NYK 4Q recurring profit of ¥46bn was slightly ahead of BofAe (¥39bn) and consensus Research Analyst

(¥35bn). Results were better than expected on energy, dry bulk and ONE. NYK FY3/26 Merrillamy.han@bofa.comLynch (Hong Kong)

DPS of ¥230 per share was slightly above earlier guidance of ¥225 per share. Hazel Xue >>

Research Analyst

BofAS JapanFY3/27 guidance: War and goodwill headwinds weigh hazel.xue@bofa.com

FY3/27 recurring profit guidance of ¥185bn (¥-26bn YoY) was below consensus at

¥195bn and BofAe at 214bn on softer auto and energy contributions. Management

called out YoY headwinds from Walden goodwill amortization (¥-10bn YoY) and the Iran

war (¥-7bn YoY) disruptions in car carrier and container from fuel squeeze and lost Stock Data

volumes. Price 5,471 JPY