9362 Hyoki Kaiun
- May 1, 2025
- 1 min read
Transporter of steel materials between Himeji, Mizushima, Kobe, and Osaka. Also provides ocean shipping to China, Russia, and Korea. Huge logistics center at head office.
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"5444 Yamato Industries, Hyoki's top shareholder, to directly own & operate transport vessels for 1st time in its history, as part of effort to secure its logistics capability as Japan runs out of truck drivers due to the "2024 Problem"
There has been an accelerating shift from land transport to marine transport for the steel industry
Yamato's decision to own vessels, instead of leasing it, is due also to the anticipated shortage of transport vessels, as vessel owners get old and find it hard to secure bank loans necessary to modernize the vessels. "In near future, there will be acute demand / supply gap for transport vessels", says an Yamato executive.
As an affiliate business partner, Hyoki will operate the…
"Hyoki Kaiun Kaisha (TYO 9362) is a cheap JP logistics nanocap with 9% RoE and 0.39x ADJ P/TBV. 10 year EPS and book value per share CAGR of 8% and 9%. No one has written it up or tweeted about it. Short 400 word writeup (if you skip the sum of the parts calculations). I own it."
https://x.com/AltayCapital/status/1796990858799280154
https://open.substack.com/pub/altaycap/p/hyoki-kaiun-kaisha-tyo-9362-a-nanocap?r=5bo24q&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false
"+7% today on some volume. Probably the one hostile bidder who's tender failed buying up shares. Not sure what their plan is or how much value they even see here, but interesting to follow (I own some)."
Altay, April 16, 2025
https://x.com/AltayCapital/status/1912391843528208404
at share price of 3605, 4.4 bil yen mkt cap vs 2 bil net debt
9.8x per / 0.89x pbr / 3.19% dividend