Kawasaki Kisen Kaisha Ltd. (9107.T): FY3/27 guidance raised; focus now on add’l shareholder returns & container S/D outlook; Neutral

研报英文原文证据摘录

Kawasaki Kisen Kaisha Ltd. (9107.T): FY3/27 guidance raised; focus now on add’l shareholder returns & container S/D outlook; Neutral

Equity Research

27 July 2026 | 5:09AM JST

Kawasaki Kisen Kaisha Ltd. (9107.T): FY3/27 guidance raised; focus now

on add’l shareholder returns & container S/D outlook; Neutral

Kawasaki Kisen Kaisha (K-Line) announced an upward revision to its FY3/27 earnings Norihiro Miyazaki

+81(3)4587-9842 |

guidance (both full-year and half-year) after the close on July 24. For the full-year norihiro.miyazaki@gs.com

Goldman Sachs Japan Co., Ltd.

guidance, it revised operating profits up from ¥83 bn to ¥85 bn and recurring profits

Ryohei Kurita

up from ¥100 bn to ¥135 bn (our estimates are ¥97.8 bn and ¥114.5 bn, +81(3)4587-1799 |

respectively). The company noted that the upward revision was driven mainly by a ryohei.kurita@gs.comGoldman Sachs Japan Co., Ltd.

stronger-than-expected market environment in the dry bulk business for operating

profits, and higher-than-expected revenues at container shipping JV Ocean Network

Express (ONE) for recurring profits. The increase in the 1H recurring profit guidance

(up ¥45 bn versus the previous guidance) exceeds the increase in the full-year

guidance (up ¥35 bn). We will monitor for details in FY3/27 1Q results scheduled for

release on August 4 with regard to the background to the downward revision to the

2H guidance, but we surmise that it may be based on a prolonged surge in fuel

market prices in 2H, or the view that container peak-season demand has been

brought forward from 2H to 1H due to US tariff policy.

While our dialogue with investors to date had anticipated an upward revision driven

by stronger-than-expected container shipping market conditions, the current