9171 Kuribayashi
- Japan Guru

- Sep 27, 2025
- 1 min read
Founded in 1919. Owned by the Kuribayashi family. A domestic shipping company whose mainstay is regular routes between Hokkaido and Tokyo and Osaka. One of the largest listed domestic shipping companies. Newsprint is the core of the company, and major shippers were major shareholders Oji Holdings and Nippon Paper Industries, but as this has decreased, the company has expanded into general merchandise such as steel, cars, and consumer goods.
In addition to port loading and unloading, cargo collection, and land transport, the company also operates ocean shipping and the Seikan Ferry. It also operates a resort hotel in Noboribetsu, Hokkaido. It also engages in real estate rentals in Muroran, Hokkaido, and other areas, supporting profits. It is also aiming to expand its sales channels to Honshu by acquiring a fruit and vegetable wholesaler based in Nakafurano, Hokkaido. Related to modal shift.

"- Cross-share disposals could cover 75% of market cap
- Non-core divestments would accelerate re-rating
- Shipping ops are profitable and FCF+ with no immediate capex plans
- Management is increasingly aligned w/ shareholders
The story looks early"
says Teddy
https://x.com/teddy_okuyama/status/1970439805852098937
at 1530, 19.5 bil yen mkt cap vs 9 bil yen net debt
5.03x per / 0.61x pbr / 1.63% yield