F3/27 1Q Results Focus Points

Research evidence excerpt

F3/27 1Q Results Focus Points

Idea

July 8, 2026 10:53 AM GMT

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

Equity Analyst

F3/27 1Q Results Focus Points Takuya.Osaka@morganstanleymufg.comShan Jiang +81 3 6836-5438

Research Associate

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

Focus on Fukuyama as results play; potential profit-taking on

Yamato and SG HD. Among yield stocks, we spotlight Kamigumi

and Seino. “Pricing power” and “management change” remain key

stock selection criteria for logistics.

Logistics

F3/27 1Q results for 7 logistics names (NX: F12/26 2Q) kick off w/ Yamato on Aug 3.

Japan

Industry View In-Line

Fukuyama as earnings play: We forecast F3/27 1Q consol. OP of ¥3.8bn (+49%

Related reports:YoY), ahead of IFIS forecast (¥2.3bn) by 65% (we estimate 67% progress vs. 1H

Yamato Holdings: TA-Q-BIN Parcel Volume Dataguidance), a potentially positive surprise for the market. Main factor: stronger-than-

Jun 2026: Weak First Impression, With Impactexpected daily freight volume in core transportation biz (Fukuyama Transporting:

from Typhoons; Bull Case in View LeavingStart of Monthly Data Disclosure: A Positive Step for Transparency, Management

Valuations Looking Increasingly StretchedChange (11 Jun 2026)). As it is only 1Q, we do not expect corporate action, but

Short-term (6 Jul 2026)nevertheless continue to focus on longer-term upside potential from the

Japan Post Holdings: Officially Announces 10%perspectives of pricing power and management change.

Increase in Yu-Pack Base Shipping Rates: Our

Chance to lock in profits for two parcel-delivery firms: Due partly to shift into Initial Take is That 100% Pass Through Appears