NS UNITED KAIUN KAISHA, LTD.

9110 NSユナイテッド海運株式会社

Marine Transportation · Prime · TSE: Disclosed

PRICE: ¥7,060 · MKT CAP: ¥166.4B · P/E: 6.9x · P/B: 0.89x · DIV YIELD: 3.4%

PRICE — 5Y

Characteristics & Business Summary

NS United Kaiun Kaisha, Ltd., together with its subsidiaries, engages in the marine transportation services and related business in Japan and internationally. The company operates through two segments, International Shipping Business and Coastal Shipping...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Net Sales	138,454	195,941	250,825	233,100	247,408	—	117,000
Operating Profit	6,736	26,711	32,487	21,601	20,224	20,529	12,100
Ordinary Profit	5,532	26,606	33,444	22,185	19,015	21,046	—
Net Profit	6,131	23,582	27,603	17,986	18,621	24,095	9,900
EPS	¥260	¥1,001	¥1,171	¥763	¥790	¥1,022	—
DPS	¥80	¥285	¥365	¥230	¥240	¥105	—

Balance Sheet & Valuation Highlights

Total Assets ¥296B

Net Assets (Equity) ¥187B

Equity Ratio 63.2%

ROE (Return on Equity) 13.5%

Cash & Equivalents ¥66B

Interest-Bearing Debt ¥64B

Capital Expenditure (CapEx) —

Depreciation & Amort. ¥16B

Major Shareholders

1. 日本製鉄株式会社 33.4%
2. 日本郵船株式会社 18.4%
3. The Master Trust Bank of Japan, Ltd. (Trust Account) 7.6%
4. 新健海運股份有限公司 2.1%
5. Custody Bank of Japan, Ltd. (Trust Account) 2.1%
6. Mizuho Bank, Ltd. 1.7%
7. State Street Bank and Trust Company 1.2%
8. BNY Mellon (Nominee) 1.0%
9. Citibank, N.A. 1.0%
10. BNY Mellon (Nominee) 0.9%

Activist Activity

Zennor Asset Management LLP 5.05%

2026-01-20 · initial_5pct

Goldman Sachs Japan Co.,Ltd. 3.75%

2025-05-22 · change

Goldman Sachs Japan Co.,Ltd. 5.0%

2024-10-07 · initial_5pct

Goldman Sachs Japan Co.,Ltd. 4.16%

2024-04-22 · change

Goldman Sachs Japan Co.,Ltd. 5.18%

2024-03-25 · initial_5pct

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues per share	¥5,875	¥8,314	¥10,643	¥9,891	¥10,499	—	—
FCF/Share	¥961	¥1,395	¥1,822	¥1,316	¥1,479	¥1,503	—
EPS	¥260	¥1,001	¥1,171	¥763	¥790	¥1,022	—
DPS	¥80	¥285	¥365	¥230	¥240	¥105	—
Capital Spending per share	¥0	¥0	¥0	¥0	¥0	¥0	—
Book Value per share	¥4,109	¥4,965	¥5,776	¥6,265	¥6,790	¥7,582	—
Common Shares Outstanding	24M	24M	24M	24M	24M	—	—

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues (Net Sales)	¥138B	¥196B	¥251B	¥233B	¥247B	—	¥117B
Operating Margin (%)	4.9%	13.6%	13.0%	9.3%	8.2%	—	10.3%
Net Profit (owners)	¥6B	¥24B	¥28B	¥18B	¥19B	¥24B	¥10B
Net Profit Margin (%)	4.4%	12.0%	11.0%	7.7%	7.5%	—	8.5%
Working Capital	¥-113B	¥-76B	¥-44B	¥-30B	¥-9B	¥25B	—
Total Debt (Interest-bearing)	¥144B	¥119B	¥101B	¥97B	¥85B	¥64B	—
Net Worth (Common Equity)	¥97B	¥117B	¥136B	¥148B	¥160B	¥179B	—
Return on Total Assets (ROA)	2.3%	8.6%	10.0%	6.3%	6.5%	8.1%	—
Return on Common Equity (ROE)	6.3%	20.2%	20.3%	12.2%	11.6%	13.5%	—

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.