9127 Tamai Steamship
- May 28, 2025
- 1 min read
Tamai's core businesses are shipping of aluminum raw material shipping for Nippon Light Metal and grain transport for Zen-Noh. Also engaged in coastal shipping. Primarily operates its own vessels. Originated in Kobe.
"Caught sight of a Japanese steamship operator that’s trading deeply below its asset base along with cheap to earnings vibes.
TBV Ratio = 0.54
EV / 5Y FCF = 2.64
P / 5Y FCF = 5.87
5-year average shareholder yield = 1.66% (modest, but steady dividends)
The business runs marine transport (both overseas & domestic), carrying goods like aluminium hydroxide, grains, clinker, plus ship chartering. It also has a real-estate leasing arm.
The shipping sector is cyclical and capital intensive, so earnings volatility deters many.
Investors likely discount the fixed assets (ships, real estate) heavily.
Concerns over fuel, regulatory, and tightening freight margins may spook holders.
Even if growth is flat, the tangible book is high, and free cash flow…
Breaking: activist Hibiki reports 5% ownership. They crossed 5% line on Sept 11, 2025
Hibiki is also known for going activist on 4973 Japan Pure Chemical:
https://www.japanguru.me/post/4973-japan-pure-chemical
mkt cap of 3.6 bil yen vs net cash of 2.5 bil
at share price of 1889, per 40.5x and pbr 0.39x
consistently profitable