Nippon Yusen (9101) Logistics business briefing takeaways: Good progress in PMI

Research evidence excerpt

Nippon Yusen (9101) Logistics business briefing takeaways: Good progress in PMI

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

04 July 2026

Nippon Yusen (9101) Neutral

9101.T, 9101 JP

Logistics business briefing takeaways: Good progress Price (03 Jul 26):¥5,211

in PMI Price Target (Dec-26):¥5,900

No new numerical targets for Walden emerged, but faster PMI progress for this Japan Equity Research

operation than in Walden’s plan is reassuring. We understand that profit targets

Transportation (Land, Sea, Air), OTC

themselves are for Yusen Logistics as a whole, but we think the company may need & Small Companies, Real Estate &

to go a step further for these to be convincing. The main points are summarized REITs

below. AC Ryota Himeno

• Logistics business positioning: Within the cycle of market fluctuation unique (81-3)ryota.himeno@jpmorgan.com6736-8639

to marine transportation the logistics business is capable of steady growth and JPMorgan Securities Japan Co., Ltd.

stable earnings. Logistics accounts for 50.1% of Yusen Logistics’ sales

(FY2025, after consolidating the former Walden), followed by marine

transportation 20.8%, air transportation 20.5%, supply chain solutions 5.2%,

and others 3.4%. Operating profit averaged $30 million in pre-pandemic 2014-

19, $270 million in the Covid-19 period of 2020-23, and $100 million in post-

pandemic 2024-25, against which the medium-term target is $400-450 million

(two-thirds organic, one-third inorganic).

• Yusen Healthcare (the former Walden) PMI progress: The company

launched operations on Day 1 after the deal closed, forming a PMI

implementation system toward generating future synergies. Each Work Stream

is allocated to a Project Manager, with PMI implemented under a clear system

of accountability.