Kawasaki Heavy Industries: Nikkei Reports on Plans to Restart Domestic LNG Carrier Construction; Likely Limited Near Term Earnings Contribution

研报英文原文证据摘录

Kawasaki Heavy Industries: Nikkei Reports on Plans to Restart Domestic LNG Carrier Construction; Likely Limited Near Term Earnings Contribution

Update

June 15, 2026 12:09 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKawasaki Heavy Industries (7012) | Japan Takeshi Kitaura

Equity Analyst

Nikkei Reports on Plans to Takeshi.Kitaura@morganstanleymufg.comMorgan Stanley Asia Limited+ +81 3 6836-5427

Lisa Jiang

Equity AnalystRestart Domestic LNG Carrier Lisa.Jiang1@morganstanley.com +852 2239-1282

Construction; Likely Limited

Near Term Earnings

Kawasaki Heavy Industries (7012.T, 7012 JT)Contribution

Heavy Industries | Japan

Stock Rating Equal-weight

The Jun 15 Nikkei reported that Imabari Shipbuilding, Kawasaki Heavy Industries, and Industry View Attractive

Namura Shipbuilding aim to resume domestic LNG carrier construction as early as Price target ¥3,150

Shr price, close (Jun 12, 2026) ¥2,834

2035. KHI has not issued press releases etc. on the matter. Assuming the article is Mkt cap, curr, basic (bn) ¥2,368.6

accurate, while this would likely support stable LNG carrier supply in Japan if Avg daily trading value (bn) ¥68.4

realized, we do not view it as a major near term earnings driver. According to the

article, the target of 3–5 vessels per year implies annual sales of approximately

¥120bn–¥200bn if production continues steadily, assuming a vessel price of ¥40bn

per unit. Assuming a 10% margin, this suggests ¥12bn–¥20bn in profit to be shared

among the three companies. We believe the near-term impact on earnings remains

limited given the 2035 timeline, and it is premature to factor this in. Even under the

above assumptions, an equal profit split would amount to roughly 4% of Kawasaki

Heavy Industries’ F3/27 business profit plan. This is not particularly significant, and