Kawasaki Kisen (9107): First take: No real surprises

研报英文原文证据摘录

Kawasaki Kisen (9107): First take: No real surprises

Accessible version

Kawasaki Kisen (9107)

First take: No real surprises

Maintain Rating: NEUTRAL | PO: 2,600 JPY | Price: 2,503 JPY

4Q first take: No real surprises 08 May 2026 Corrected

K-Line results had no real surprises. 4Q was slightly ahead of BofAe but FY3/27 guides Equity

were slightly below BofAe showing mixed Iran war impacts for Japanese shipping. K-Line

Nathan Gee, CFA >>

announced nothing new on shareholder returns with FY3/27 DPS already guided and no Research Analyst

incremental buyback given geopolitical uncertainties, although K-Line unveiled its long- Merrill Lynch (Singapore) nathan.gee@bofa.com

awaited equity ratio target of 50% which could open flexibility for more capex or

Hiro Nakakura, CFA >>

shareholder returns into the next Medium-Term Plan (MTP). We stay Neutral with K-Line Research Analyst

trading at 0.95x PBV at the upper end of its trading range with the Red Sea closed. Merrill Lynch (Singapore) hiro.nakakura@bofa.com

4Q results: In-line results despite softer car carrier AmyResearchHanAnalyst>>

K-Line’s 4Q ordinary income of ¥20bn was in-line with BofA at ¥18bn. Car carrier 4Q Merrillamy.han@bofa.comLynch (Hong Kong)

profits at ¥8bn was a bit light tracking below guidance and BofAe on higher operating Hazel Xue >>

costs relating to the Iran war. 4Q energy transport earnings were broadly flat QoQ Research Analyst

showing K-Line’s limited spot exposure to higher crude tanker rates. And the FY3/26 BofAShazel.xue@bofa.comJapan

DPS of ¥120 per share was in-line with prior guidance.

FY3/27 guidance: Shows mixed impacts from Iran war

K-Line’s FY3/27 ordinary income guidance of ¥100bn (-8% YoY) was a tad below BofA at Stock Data

¥108bn given softer energy and car carrier guidance.