Kawasaki Kisen: Feedback from President's Small Meeting: Awaiting Official Announcement of Next MTP

研报英文原文证据摘录

Kawasaki Kisen: Feedback from President's Small Meeting: Awaiting Official Announcement of Next MTP

Update

June 8, 2026 08:59 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKawasaki Kisen (9107) | Japan Takuya Osaka

Equity Analyst

Feedback from President's Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438

Small Meeting: Awaiting Official

Announcement of Next MTP

Kawasaki Kisen (9107.T, 9107 JT)

Marine Transportation | Japan

We had the opportunity to attend the in-person small meeting with the president

Stock Rating Underweight

hosted by K-Line on Jun 8, and note its comments in the following three main areas. Industry View Cautious

1) Current container shipping spot market conditions: There seems to be a strong Price target ¥1,240

Shr price, close (Jun 8, 2026) ¥2,703

element of the peak season having come early (ie, demand eaten into in advance), Mkt cap, curr, basic (bn) ¥1,707.4

Avg daily trading value (bn) ¥12.3

and the firm sees no need to alter its full-year demand outlook. 2) Car carrier

business: The volume of EV exports from China appears stronger than expected at

present, and this is likely one reason for growth in spot prices. A rising oil price

remains negative, but apparently not as much so as the company envisaged at the

start of the business year. 3) Next mid-term plan from F3/28: The firm is currently

deliberating internally over detailed quantitative numbers. As already noted in

briefing materials for F3/26, realizing ROE of 15% or higher (K-Line's plan for F3/27 is

6%) is likely at this time to be included as a quantitative management target in the

new MTP. The firm commented on its determination to improve profit margins and

said it hoped to achieve ROE of 15% based solely on directly-run operations

(without including Ocean Network Express).