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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nippon Yusen Kabushiki Kaisha    9101   JP3753000003

NIPPON YUSEN KABUSHIKI KAISHA

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Japanese Shipping Trio Posts Losses After Merger -- WSJ

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04/29/2019 | 02:48am EST

By Costas Paris

Japanese shipping giant Nippon Yusen Kaisha Ltd. replaced its top executive after posting a Yen44.5 billion ($398.5 million) annual loss, indicating its struggle to set up a merged container business with two of its rivals.

Company president Tadaaki Naito will be replaced in June by Hitoshi Nagasawa, the head of NYK's profitable natural gas shipping division. Mr. Naito will become group chairman, a largely ceremonial role, after four years at the helm.

NYK made a Yen20.2 billion profit in fiscal year 2017, the company reported Friday. The Japanese firm is the biggest partner in Ocean Network Express, one of the world's biggest container operators, which formed last year after NYK, Kawasaki Kisen Kaisha (K Line) and Mitsui O.S.K. Lines Ltd. merged their container operations to better compete with bigger rivals in Asia and Europe.

ONE launched last April and over the first six months struggled with what it called "teething troubles" from a new information technology system that led to booking delays and scores of angry customers switching to other operators. There were also staff shortages across the world as new teams were formed and employees were relocated from Japan.

"We are viewing the results of this year seriously," NYK said in a statement, adding that the poor showing mainly came from the "extraordinary losses of the liner trade."

NYK which is also active in tankers, general cargo ships and air cargo transportation, said it expects a Yen26 billion profit this fiscal year, which runs through March 31, 2020.

K Line said it posted an annual loss of Yen11bn for the last fiscal year, reversing a Yen10.4 billion profit from the prior year, and blamed the ONE launch for the loss. The negative result prompted its senior management to add Ryuhel Uchida, a longtime critic of some of K Line's management decisions, to the board. Mr. Uchida is also a director at Effissimo Capital Management, one of K-Line's biggest shareholders.

Mitsui made a net profit of Yen26.6 billion for the period, up from a year-ago loss of Yen47.4 billion, on a strong showing by its natural gas and dry bulk transport divisions. But losses in its container business widened to Yen14.3 billion compared with a loss of Yen10.6 billion in the year earlier period.

ONE warned in October that it would lose around $600 million during its first year in operation.

Write to Costas Paris at costas.paris@wsj.com

Corrections & Amplifications Ocean Network Express is one of the world's biggest container operators. An earlier version of this article incorrectly identified it as Orient Network Express. (4/27/2019)

Stocks mentioned in the article
ChangeLast1st jan.
KAWASAKI KISEN KAISHA, LTD. 0.46% 1543 End-of-day quote.-14.75%
MITSUI O.S.K. LINES, LTD. -1.61% 2696 End-of-day quote.-7.95%
NIPPON YUSEN KABUSHIKI KAISHA -1.72% 1773 End-of-day quote.-9.08%
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Financials (JPY)
Sales 2020 1 690 B
EBIT 2020 37 085 M
Net income 2020 24 396 M
Debt 2020 952 B
Yield 2020 2,25%
P/E ratio 2020 12,3x
P/E ratio 2021 9,35x
EV / Sales2020 0,74x
EV / Sales2021 0,71x
Capitalization 299 B
Technical analysis trends NIPPON YUSEN KABUSHIKI KAI
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 2 048,75  JPY
Last Close Price 1 773,00  JPY
Spread / Highest target 32,0%
Spread / Average Target 15,6%
Spread / Lowest Target -6,94%
EPS Revisions
Managers
NameTitle
Hitoshi Nagasawa President & Representative Director
Tadaaki Naito Chairman
Eiichi Takahashi Chief Financial Officer & Representative Director
Hidetoshi Maruyama Chief Information Officer & GM-Technology
Yoshiyuki Yoshida Director & Chief Compliance Officer