In case you missed it, JAPAN Most Read Publications 16 Jun to 22 Jun 2026

Research evidence excerpt

In case you missed it, JAPAN Most Read Publications 16 Jun to 22 Jun 2026

tributed, according to disclosure materials. Accenture said the Middle East conflict had a

roughly $100 million impact on discretionary consulting revenue, and this impact could continue into 4Q. While conditions in the

Middle East are returning to normal, Accenture noted the possibility of protracted weakness in the auto and other industries due

to indirect impacts (e.g., high crude oil prices).

Transportation sector: 2H 2026 investment strategy (Ryota Himeno)

Catalysts and opportunities ahead for laggard Asia Infrastructure (AI) industry, too

Our subsector preference in descending order given in our 2026 investment strategy note (link) was logistics, marine

transportation (1H), railways, and air transportation. As we enter 2H 2026, we adjust our order of preference to logistics, marine

transportation (1Q–2Q FY2026 results, near-term), air transportation, and railways. In logistics our focus remains on volume

recovery and rising unit prices in domestic logistics, including home delivery, as well as on a rerating of undervalued share

prices and warehouse/real estate sales. Air transportation stocks will depend on the situation in the Middle East, while railways

will hinge on interest rate trends, but we see greater share price upside in air transportation than in railways if we look ahead to

a V-shaped earnings recovery once the situation in the Middle East has normalized. Upside for the railway subsector beyond

an adjustment in interest rates lies in concrete engagement with activist investors, particularly evident at the private railways.

Disco (6146) (Mio Shikanai) (6146 JP, N, PT ¥83,000)

Earnings model update: Multiple technology drivers, expanding opportunities for KKM