Nippon Express Holdings (9147): Takeaways from tour of NARITA Air Cargo City: Explanation of air freight forwarders for those with no prior knowledge

Research evidence excerpt

Nippon Express Holdings (9147): Takeaways from tour of NARITA Air Cargo City: Explanation of air freight forwarders for those with no prior knowledge

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

17 June 2026

Nippon Express Holdings (9147)

Takeaways from tour of NARITA Air Cargo City: Neutral

Explanation of air freight forwarders for those with no 9147.T, 9147 JP

prior knowledge Price (17 Jun 26):¥5,149

Price Target (Dec-26):¥5,700

We visited NARITA Air Cargo City today. Although the implications for our Japan Equity Research

earnings estimates and rating for Nippon Express Holdings were limited, it was an

Transportation (Land, Sea, Air), OTC

opportunity to re-examine the business model of air freight forwarders and to gain & Small Companies, Real Estate &

a deeper understanding of actual warehouse operations. This report is particularly REITs

for investors unfamiliar with air freight forwarders and Nippon Express Holdings. AC Ryota Himeno

• Nippon Express’s air freight business: Air freight business sales in FY2025 (81-3)ryota.himeno@jpmorgan.com6736-8639

totaled ¥217.4 billion (20% of total sales). The company’s air freight handling JPMorgan Securities Japan Co., Ltd.

volume of 933,000 tons in 2025 put it in fourth spot globally. The company

ranked first in the Japanese region in 2025 with a 24% market share. The

company’s perception is that its leading market share allows it to exert a

competitive advantage over other companies in terms of price negotiation

power with airlines and stable space procurement.

• Air freight forwarders: Air freight forwarders do not own their own means

of transportation (their own aircraft and carriers), but use carriers to transport

goods from consignee to consignee, except between international airports