Tour of Narita Airport air freight facility

Research evidence excerpt

Tour of Narita Airport air freight facility

18 June 2026

Tokyo Intraday Comment

Transportation Nippon Express Holdings (9147)

Rating: Buy

Price Objective: ¥4,000

Company Note We deepened our understanding of the competitive landscape and the earnings growth

Share price: ¥5,149 (17 Jun) for the air freight forwarding business from Nippon Express Holdings’ 17 June tour of

Senior Analyst: Katsuhiko Narita Air Cargo City, a facility that handles air freight. The event was centered on an

Suzuki overview of the air freight forwarding business and a tour of the logistics center, and

there was little new information that could prompt us to revise our earnings forecasts.

Forwarders use transportation methods such as airlines to provide international logistics

services that connect cargo owners to cargo receivers. In addition to designing the

transportation routes, forwarders also provide ancillary services such as customs

processing and packaging. Nippon Express Holdings’ subsidiary, Nippon Express,

posted FY25 sales of ¥217.4b for its air transportation business, equivalent to 20.3% of

total sales. Nippon Express Holdings is the fourth largest player in the global air freight

market in volume terms, but there is a large gap between Nippon Express Holdings and

the top three players (see Figure 1). Moreover, the gap with companies below it is small,

so their rankings may change in the short term. The competitive environment for the air

freight forwarding industry at large seems to be one in which the top players struggle

for supremacy.

Air transportation is used to quickly move high-quality cargo, while sea transportation is

used to move large volumes at more affordable rates (see Figure 2). Specifically, cargo