9193 Tokyo Kisen
May 8, 2025
1 min read
Tokyo Kisen is second largest in tugboat services domestically, operating throughout Tokyo Bay with competitive edge in foreign vessels. Also operates ferries and sightseeing boats. The company owns a tugboat joint venture in Hong Kong.
fortified shareholder structure cross-held by bunch of banks and insurance companies, with 9104 Mitsui OSK holding 11% as 2nd largest after CEO
8 bil yen mkt cap, 6.5 bil in net cash, 3.6x per, 0.35x pbr
1.2 bil of land on the book
adjusted for net cash, its effective per is....0.68x...