NS United Kaiun Kaisha,Ltd. (9110) AI Stock Analysis

• Market Cap: ¥162.60B
• Dividend Yield: 3.75%
• Average Volume (3M): 56.35K
• Price to Earnings (P/E): 7.3
• Beta (1Y): 0.79
• Revenue Growth: -7.72%
• EPS Growth: 27.03%
• Country: JP
• Employees: 649
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): 301.54
• Shares Outstanding: 23,970,678
• 10 Day Avg. Volume: 61,780
• 30 Day Avg. Volume: 56,350
• PEG Ratio: 1.44
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 0.38
• P/FCF Ratio: 5.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 79 Outperform
• Price Target: ¥7,886.00 ▲(51.07% Upside)

The stock of NS United Kaiun Kaisha, Ltd. is rated positively due to strong technical momentum and attractive valuation. While financial performance is stable, challenges in revenue growth and leverage management persist. The lack of earnings call data and corporate events does not impact the score.

Positive Factors

Operating Cash Generation

Consistently strong operating cash flow versus net income indicates the core shipping operations convert earnings into cash effectively. This durable cash generation supports ongoing vessel maintenance, time-charters, and debt servicing, reducing funding strain over the medium term.

Margin Efficiency

Healthy EBIT and EBITDA margins reflect structurally efficient operating cost control in a capital-intensive shipping business. Sustained margins provide buffer against freight volatility and support reinvestment in the fleet, preserving competitiveness and long-term profitability.

Leverage Improvement

An improving debt-to-equity ratio and stable equity ratio signal better leverage management and a more balanced capital structure. Reduced leverage risk increases financial flexibility for fleet renewal or opportunistic growth and enhances resilience to cyclical shipping markets.

Negative Factors

Revenue Decline

Negative revenue growth (recent trend) points to weakening top-line demand or mix erosion in core bulk shipping routes. If sustained, declining sales can compress margins, limit scale benefits, and constrain ability to fund fleet upgrades or absorb industry shocks over the next several quarters.

Volatile Free Cash Flow

Significant volatility in free cash flow and a low free-cash-flow-to-net-income ratio limit predictable internal funding for capex or debt reduction. This variability complicates multi-quarter planning and may force reliance on external financing during weaker shipping cycles.

ROE Pressure

A declining ROE suggests lower effectiveness in generating returns from shareholder capital, which can persist if revenue pressures and residual leverage remain. Continued ROE erosion risks lower investor confidence and constrains ability to attract capital for strategic fleet investments.

NS United Kaiun Kaisha,Ltd. Business Overview & Revenue Model

Company Description

NS United Kaiun Kaisha, Ltd. (9110) is a prominent Japanese shipping company specializing in the transportation of bulk cargoes, including iron ore, coal, and grain. Established in 1950, the company operates a fleet of various types of vessels, including bulk carriers and other specialized ships, servicing clients across the globe. NS United Kaiun Kaisha plays a vital role in the supply chain, providing efficient maritime logistics solutions to support industries such as steel production and energy generation.

How the Company Makes Money

NS United Kaiun Kaisha generates revenue primarily through the shipping and transportation of bulk commodities. The company's revenue model is largely based on freight charges for the transportation of cargoes, which are negotiated through long-term contracts or spot market transactions. Key revenue streams include contracts with major corporations in the steel and energy sectors, where the company provides reliable shipping services over established trade routes. Additionally, NS United Kaiun Kaisha may engage in time-charter agreements, where vessels are leased for a specific period to other shipping companies or clients, ensuring consistent income. The company’s strategic partnerships with global commodity traders and manufacturers also contribute to stable earnings, as these relationships facilitate consistent demand for shipping services.

NS United Kaiun Kaisha,Ltd. Financial Statement Overview

Summary

NS United Kaiun Kaisha, Ltd. demonstrates a stable financial position with efficient operations and cost management. However, challenges in revenue growth and leverage management persist. The cash flow situation is improving, but volatility remains a concern.

Income Statement

The company has shown a mixed performance in its income statement. While the gross profit margin and net profit margin have decreased slightly over the years, they remain relatively stable. The revenue growth rate has been negative in recent years, indicating a decline in sales. However, the EBIT and EBITDA margins are healthy, suggesting efficient cost management and operational performance.

Balance Sheet

The balance sheet reflects a moderate financial position. The debt-to-equity ratio has improved over time, indicating better leverage management, but it remains a potential risk. Return on equity has decreased slightly, showing a reduction in profitability from equity. The equity ratio is stable, suggesting a balanced asset structure.

Cash Flow

The cash flow statement shows strong operating cash flow relative to net income, indicating good cash generation from operations. Free cash flow growth has been volatile, with significant fluctuations, but recent improvements are promising. The free cash flow to net income ratio is low, suggesting limited cash available for expansion or debt reduction.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	239.90B	247.41B	233.10B	250.82B	195.94B	138.45B
Gross Profit	26.02B	27.98B	29.02B	39.36B	32.60B	12.39B
EBITDA	39.40B	41.51B	42.20B	51.88B	48.04B	26.66B
Net Income	18.88B	18.62B	17.99B	27.60B	23.58B	6.13B
Balance Sheet
Total Assets	284.22B	287.95B	286.34B	275.78B	274.87B	270.76B
Cash, Cash Equivalents and Short-Term Investments	64.40B	55.78B	47.07B	40.31B	31.27B	27.66B
Total Debt	82.06B	85.32B	97.09B	100.79B	123.69B	149.21B
Total Liabilities	119.64B	125.21B	136.76B	138.38B	156.68B	174.36B
Stockholders Equity	164.58B	162.74B	149.58B	137.41B	118.19B	96.40B
Cash Flow
Free Cash Flow	0.00	16.31B	17.70B	36.78B	27.39B	-18.50B
Operating Cash Flow	0.00	34.85B	31.02B	42.93B	32.88B	22.65B
Investing Cash Flow	0.00	-8.25B	-13.06B	-1.96B	139.00M	-25.01B
Financing Cash Flow	0.00	-17.81B	-12.07B	-32.39B	-29.91B	10.05B

NS United Kaiun Kaisha,Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5220.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9110, the sentiment is Positive. The current price of 5220 is below the 20-day moving average (MA) of 6764.00, below the 50-day MA of 6372.60, and above the 200-day MA of 4919.89, indicating a bullish trend. The MACD of 181.83 indicates Negative momentum. The RSI at 72.59 is Negative, neither overbought nor oversold. The STOCH value of 59.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9110.

NS United Kaiun Kaisha,Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9110	79 Outperform	¥162.60B	7.33	12.71%	3.75%	-7.72%	27.03%
9101	77 Outperform	¥2.19T	7.09	10.82%	6.25%	-3.22%	-13.20%
9119	77 Outperform	¥161.67B	9.97	―	4.08%	-10.66%	-17.73%
9171	74 Outperform	¥24.35B	8.44	―	1.29%	4.21%	35.32%
9104	73 Outperform	¥1.78T	7.14	10.90%	5.81%	0.36%	-14.86%
9107	70 Outperform	¥1.39T	11.46	11.32%	5.12%	-2.96%	-10.12%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

NS United Kaiun Kaisha,Ltd. Corporate Events

NS United Kaiun Lifts Earnings and Dividend Forecasts on Strong Dry Bulk Demand

NS United Kaiun Kaisha has raised its full-year forecast for the fiscal year ending March 2026, citing stronger-than-expected performance in the first nine months on the back of firm iron ore and grain transport demand, robust shipments from Brazil and Australia, and a weaker yen. Consolidated revenue is now projected at ¥224 billion, with profit attributable to owners of parent increased to ¥20.8 billion and earnings per share to ¥882.64, despite expectations of some softening in the dry bulk market in the fourth quarter due to seasonal factors such as Chinese New Year and weather-related shipment delays in South America. Reflecting the improved outlook and its policy of performance-linked shareholder returns, the company also lifted its dividend forecast, raising the expected year-end dividend to ¥160 per share and total annual dividend to ¥265 per share, while reiterating its intention to target a 30% payout ratio over time.

The most recent analyst rating on (JP:9110) stock is a Buy with a Yen7668.00 price target. To see the full list of analyst forecasts on NS United Kaiun Kaisha,Ltd. stock, see the JP:9110 Stock Forecast page.

NS United Kaiun Lifts Profit and Dividend Outlook Despite Revenue Decline

NS United Kaiun Kaisha reported consolidated revenue of ¥171.3 billion for the nine months ended December 31, 2025, down 9.6% year-on-year, while operating profit fell 10.6% to ¥15.1 billion and ordinary profit declined 13.4% to ¥14.7 billion. Despite lower top-line and operating earnings, profit attributable to owners of the parent rose 24.5% to ¥18.2 billion and comprehensive income increased 39.6%, contributing to an improvement in the equity ratio from 56.5% to 60.6% and a stronger net asset position. The company revised its forecasts for the full year ending March 31, 2026, now projecting revenue of ¥224.0 billion, operating profit of ¥18.9 billion and profit attributable to owners of the parent of ¥20.8 billion, implying a profit increase even on lower revenue and profit at the operating level. NS United also raised its annual dividend forecast for FY2025 to ¥265 per share from the previous fiscal year’s ¥240, signaling management’s confidence in earnings resilience and a continued focus on shareholder returns despite a softer revenue environment.

The most recent analyst rating on (JP:9110) stock is a Buy with a Yen7668.00 price target. To see the full list of analyst forecasts on NS United Kaiun Kaisha,Ltd. stock, see the JP:9110 Stock Forecast page.