Transportation Sector (Logistics) Key takeaways from small meeting at Yamato Holdings (9064) and monthly trends at SG Holdings (9143)

Research evidence excerpt

Transportation Sector (Logistics) Key takeaways from small meeting at Yamato Holdings (9064) and monthly trends at SG Holdings (9143)

J P M O R G A N Asia Pacific Equity Research

18 May 2026

Transportation Sector (Logistics)

Key takeaways from small meeting at Yamato Holdings

(9064) and monthly trends at SG Holdings (9143)

SG Holdings' parcel delivery volume for April, disclosed on May 13, grew 9.5% Japan Equity Research

YoY (no impact from the number of business days or calendar effects). This

Transportation (Land, Sea, Air), OTC

represents a strong start versus FY2026 guidance for a 2% increase. Cross-border & Small Companies, Real Estate &

e-commerce appears to be growing, despite guidance for flat YoY growth. We REITs

expect the positive impact on profit from higher-than-expected cross-border e- AC Ryota Himeno

commerce volumes to be greater than last year because prices were already raised (81-3) 6736-8639

for cross-border e-commerce this fiscal year. Yamato Holdings held a small ryota.himeno@jpmorgan.com

meeting with its president in attendance today. Below, we summarize the main JPMorgan Securities Japan Co., Ltd.

points, based on management’s statements.

• Highlights from the president: Yamato HD’s top priority is for return on

capital to exceed cost of capital. Management is prioritizing business portfolio

optimization while focusing on increasing profit in the express segment and

reinvesting in growth businesses. From this perspective, the company decided

to transfer its stake in Yamato Credit & Finance. This will move ¥316 million

in interest-bearing debt off the balance sheet. Yamato HD completed the sale

of non-core assets in FY2025 as part of asset optimization. It will continue to

review business assets from both business and financial perspectives. No