日本邮船：2027财年第一季度业绩：未宣布股票回购，但鉴于近期要约收购公告，并不意外

研报英文原文证据摘录

M

Update

August 5, 2026 05:29 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Nippon Yusen (9101) | Japan

Takuya Osaka

Equity Analyst

F3/27 1Q Results: No Share

Buyback Announced, but

Unsurprising Given Recent

Tender Offer Announcement

Shan Jiang

Research Associate

Nippon Yusen (9101.T, 9101 JT)

Marine Transportation | Japan

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

F3/27 1Q RP was ¥71.2bn, topping our ¥40.4bn estimate.

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Underweight

Cautious

¥3,440

¥6,019

¥2,440.7

¥18.1

Related reports:

Nippon Yusen: Nikkei Report on Dividend

Increase; Tender Offer for NS United Announced

Infer that shortfall vs. our estimates for automotive carriers and container

(2 Aug 2026) Nippon Yusen: Nikkei Report on

shipping was absorbed by overshoot for dry bulk and energy (on favorable

Dividend Increase; Tender Offer for NS United

prices).

Announced (Aug 2, 2026)

Firm already announced hike to F3/27 1H & full-year RP guidance on Jul 30, so

Nippon Yusen: Upward Revisions for F3/27 1H &

overall earnings figures unsurprising.

FY Targets: Main Focus at 1Q Reporting Turns to

Announced F3/27 DPS guidance hike from ¥200 to ¥240 (based on 40% payout

Size of Dividend Hike (Jul 30, 2026)

ratio); no surprise as in line with Aug 1 Nikkei report.

No share buyback announcement, but unsurprising given recent tender offer

announcement (Jul 31).

Recommended action: Minor negative. Results were announced during market

hours (at 12:00 JST). The accelerating share price decline following the release was

unsurprising given the similar trend for peers and the sense that the good news was

all out. The firm lowered, albeit only slightly, its full-year RP outlook for the

logistics business from break-even to a ¥1.0bn loss, which left a negative impression.

We stay UW on the stock.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

…