NYK – the argument now is over what a normal year looks like

NYK has raised its dividend to ¥330 a share on a year swollen by the closure of the Strait of Hormuz and strong container rates, but its own guidance has second-half profit falling by more than 40%. Morgan Stanley values the company on a normal year worth less than half of this one and sees a risk the dividend is cut in the year to March 2028; JP Morgan’s valuation ...

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