Kawasaki Kisen (9107) Key takeaways from small meeting with president: Will next medium-term plan provide a clearer path to improving P/B and ROE?

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Kawasaki Kisen (9107) Key takeaways from small meeting with president: Will next medium-term plan provide a clearer path to improving P/B and ROE?

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

09 June 2026

Kawasaki Kisen (9107)

Key takeaways from small meeting with president: Will Overweight

next medium-term plan provide a clearer path to 9107.T, 9107 JP

improving P/B and ROE? Price (08 Jun 26):¥2,703

Price Target (Dec-26):¥2,800

We attended a small meeting with Kawasaki Kisen’s president on June Japan Equity Research

9. Discussions focused on the next medium-term business plan, measures to raise

Transportation (Land, Sea, Air), OTC

ROE, and growth strategies. While we find it difficult to assess the company before & Small Companies, Real Estate &

seeing the next medium-term business plan, we sensed a vague commitment to REITs

improving ROE through both profit growth and capital efficiency. Below, we AC Ryota Himeno

summarize the key points based on management’s comments. (81-3) 6736-8639

ryota.himeno@jpmorgan.com

• One year since president’s appointment: Changes in the business JPMorgan Securities Japan Co., Ltd.

environment have been rapid. Management recognizes that the business

environment continues to change, instead of returning to previous conditions.

The company plans to announce the next medium-term plan during this fiscal

year. Strengthening overseas bases is an issue. Management also continues to

enhance technical capabilities, crew members, and digital AI functions. It aims

to manage high-quality assets in an integrated manner. The company is also

considering M&A to strengthen functional capabilities.

• Capital efficiency: Kawasaki Kisen emphasizes consistently keeping P/B

above 1x. Management aims for ROE of at least 15%. The company will