Kawasaki Kisen (9107): Timely disclosure of upward revision: Positive impression of solid trends for dry bulk and containerships

研报英文原文证据摘录

Kawasaki Kisen (9107): Timely disclosure of upward revision: Positive impression of solid trends for dry bulk and containerships

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

27 July 2026

Kawasaki Kisen (9107)

Timely disclosure of upward revision: Positive Overweight

impression of solid trends for dry bulk and 9107.T, 9107 JP

containerships Price (24 Jul 26):¥2,806

Price Target (Dec-26):¥2,800

Kawasaki Kisen announced an upward revision to its earnings guidance at Japan Equity Research

15:30 JST on July 24. It raised its FY2026 recurring profit guidance from ¥100

Transportation (Land, Sea, Air), OTC

billion to ¥135 billion (our estimate ¥113.1 billion, Bloomberg consensus & Small Companies, Real Estate &

estimate ¥120.7 billion). Given the recent rise in containership freight rates, REITs

we think the actual consensus estimate is higher than the published one, but AC Ryota Himeno

even so, the upwardly revised figure of ¥135 billion for 1Q FY2026 is above (81-3) 6736-8639

expectations. Management maintained its planned dividend. We think ryota.himeno@jpmorgan.com

management made the timely disclosure ahead of its earnings results JPMorgan Securities Japan Co., Ltd.

announcement because the size of the upward revision to recurring profit

reached 35%. We expect Nippon Yusen and Mitsui O.S.K. Lines to announce

upward revisions along with their earnings results if the revisions do not reach

30%. We can also expect a dividend increase from Nippon Yusen, which

targets a 40% dividend payout ratio.

• Revision summary: The ¥35 billion upward revision to the full-year recurring

profit guidance breaks down as a ¥45 billion increase for 1H and a ¥10 billion

decrease for 2H. The upward revision reflects a mix of factors across various