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Investing.com - Goldman Sachs initiated coverage on Nippon Yusen Kabushiki Kaisha (TYO:9101) (OTC:NPNYY) with a neutral rating and a price target of JPY5,450.00 on Tuesday.
The investment bank expressed a positive view of NYK’s profit generation capabilities outside of the container shipping business, noting these are comparable to those of MOL. Goldman Sachs also highlighted the significant potential for ROE improvement through increased financial leverage.
NYK announced a robust policy of increasing its dividend payout ratio and raising the minimum dividend at its FY3/25 results, which led to strong stock performance following the announcement.
Goldman Sachs indicated that further upside for the stock may be limited in the near term, as further enhancement of shareholder returns is unlikely given the remaining possibility of cash allocation to mergers and acquisitions.
The investment bank also noted that NYK has already announced substantial shareholder return measures, which factors into its neutral stance on the stock’s immediate growth prospects.
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