Investor Presentation | Japan Transportation

Research evidence excerpt

Investor Presentation | Japan Transportation

Foundation

June 29, 2026 01:39 AM GMTM

Investor Presentation | Japan Morgan Stanley MUFG Securities Co., Ltd.+ Takuya Osaka

Equity Analyst

Transportation Takuya.Osaka@morganstanleymufg.comShan Jiang +81 3 6836-5438

Research Associate

Shan.Jiang@morganstanleymufg.com +81 3 6836-5430

This presentation (week of June 29) highlights key insights on the Japanese transportation industry (5

subindustries, 28 coverage companies). It features investment recommendations, price targets,

valuations, stock performance, earnings forecasts, risk/reward analysis, and key metric rankings.

Key Takeaways Logistics

Firm-hosted events this week: ANA HD's business briefing (6/30); Japan Post's briefing on the healthcare logistics business (7/3) Japan

Industry View In-Line

Key data this week: Seino HD's monthly data on trucking business; Japan Trucking Association's spot rate data etc. Airlines

Japan

Preliminary Data for Third Week of June from Global Hotel Weekly RevPAR Tracker: +2.8% YoY, Single-digit Growth for Third Marine Transportation

Consecutive Week: Led by our EU team, we published the Global Hotel Weekly RevPAR Tracker (Global Hotels: Weekly RevPAR Japan

Industry View Cautious

Tracker: USA Tops the Group (25 Jun 2026)). Preliminary RevPAR for Japan’s hotel industry for the third week of June came in at Railways

+2.8% YoY (vs. +2.7% previous week). Since June, single-digit YoY growth has continued for three consecutive weeks. On a four-week Japan

rolling average basis, preliminary RevPAR growth slowed sharply to +5.2% YoY in the third week of June, from +21.4% YoY in the

Tourism

second week. Historically, actual figures tend to come in 15-20ppt below prelim figures. On this basis, June actual RevPAR could post Japan