Market cap ¥2.48TNext earnings 2026-11-09Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionMitsui O.S.K. Lines, Ltd. (9104.T)
Fair value
Not available
ACCE price target
¥6193
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥7207 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
79
out of 100
P/E
11.5x
forward 12.8x
1-year return
+61.8%
Dividend yield
2.92%
Mitsui O.S.K. Lines, Ltd. in four questions
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Overview
ACCE thesis
Mitsui O.S.K. Lines runs one of the largest container, dry bulk, and energy shipping fleets in the world, with its LNG carrier and offshore business giving it exposure beyond spot freight rates. The structural case rests on that scale and diversification: a sizeable part of earnings now comes from long-term charter contracts and specialty vessels rather than pure spot exposure, which cushions the cyclicality that has defined container shipping. Revenue grew 68.9% in the latest reported period, a figure that reflects the freight-rate spike of the last cycle more than repeatable demand, so the key question is how much of that margin has normalized. At a trailing P/E of 11.6 and forward P/E of 13.1, the market is pricing the group as a cyclical rather than a compounder, with a 5.3% operating margin and 7.9% ROE that leave little room for error if rates fall. The name is worth a deeper look if you want to test whether fleet renewal and LNG contracts can hold earnings above prior-cycle troughs; it is not a candidate on the headline growth number alone.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Revenue growth not durable
Revenue grew 68.9% YoY but the 5-year revenue CAGR is -17.8%, so the recent jump looks cyclical rather than a sustained trend. Treat the current growth rate with caution.
moderate
Trading above ACCE target
The price of ¥7207.00 sits 16.4% above the ACCE price target of ¥6193.00, so upside on our measure is already limited.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of JPY 7756.36 sits above the current share price of ¥7207.00.
The stock trades at a trailing P/E of 11.5x and a forward P/E of 13.1x, which is modest for an industrial company.
A dividend yield of 2.9% gives income investors a meaningful cash return while they wait for the shares to move.
Why it could disappoint
Latest quarterly earnings per share came in 17.8% below what analysts expected, a clear miss.
Revenue has fallen 17.8% a year on average over five years, so the 68.9% jump last year looks like a rebound.
Return on equity of 7.9% is thin, and debt equals 0.86 times equity, leaving little cushion if freight rates fall.
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