Namura Shipbuilding reported a strong 4Q3/26 beat and issued positive FY3/27 guidance above market estimates. The company is pivoting toward large LPG carrier construction and green ship technology to drive multi-year growth.
Key Takeaways
- 1.4Q3/26 operating profits of ¥8.6 bn significantly beat both Goldman Sachs estimates (¥7.2 bn) and company guidance (¥6.5 bn).
- 2.FY3/27 operating profit guidance of ¥29.0 bn is above analyst expectations and signals a shift away from the company's historical conservative projections.
- 3.The company is strategically shifting its Imari Shipyard production toward high-value-added large LPG carriers (VLGCs) to capitalize on improved market unit prices.
Table of Contents
- Earnings Review
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins
- Price Performance
- Income Statement
- Balance Sheet
- Cash Flow
- New shipbuilding business
- Ship repair business
- Our estimate revisions, 12-month target price
- Price Target Risks and Methodology
- Investment Thesis
- Disclosure Appendix
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Authors
Norihiro MiyazakiRyohei Kurita
Securities
Namura Shipbuilding Co.
Themes
Decarbonization in ShippingStrategic Production Rebalancing
Regions
Asia PacificJapan