F3/27 1Q Results Focus Points

Research evidence excerpt

F3/27 1Q Results Focus Points

Idea

July 9, 2026 06:29 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTourism | 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

OLC: Given valuation concerns etc., we recommend taking profit

after results. Kyoritsu Maintenance & Fuji Kyuko: We think any

share price rally may take a breather until uncertainty over the

outlook for domestic and inbound demand dissipates, but our

medium- to long-term bullish stance is unchanged. Tourism

Japan

Oriental Land kicks off F3/27 1Q results for our tourism coverage (OLC, Kyoritsu Industry View In-Line

Maintenance, Fuji Kyuko) on July 30. We exclude H.I.S. as its fiscal year ends in Oct. Related reports

Transportation: Preliminary Data for First Week

Demand outlook for 2Q onward is key. We est. combined F3/27 1Q consol. OP for

of July from Global Hotel Weekly RevPAR

the 3 names at -8% YoY but largely in line with market expectations. We expect no

Tracker: -0.9% YoY, Marking 2nd Straight Week

major corporate action from the 3, so the results releases are unlikely to be a

of Negative Growth (8 Jul 2026)

catalyst. Aided by the recent rotation into domestic-demand stocks, share price

Global Hotels: Weekly RevPAR Tracker: US

performance has been strong in the past month, but we doubt it’s sustainable. The

Fireworks (8 Jul 2026)

key focus is the demand (inbound & domestic) outlook from July. The Global Hotel

H.I.S.: 2026 Summer Holiday/'Silver Week'

Weekly RevPAR Tracker and summer vacation booking trends at JTB and H.I.S. (see

Travel Booking Trends: Lackluster, Even

related reports) do not indicate domestic demand’s Apr–May strength is continuing.