Investor Presentation | Japan Transportation

Research evidence excerpt

Investor Presentation | Japan Transportation

Foundation

July 12, 2026 08:40 PM 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 July 13) 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

Morgan Stanley-hosted event this week: Asia Summer School (Jul 17). Japan

Industry View In-Line

Key data this week: MoJ arrival/departure and JNTO data (Jul 15), weekly container shipping spot rates, etc. Airlines

Japan

We highlight what to watch in F3/27 1Q results for each sub-industry below. Industry View In-Line

Marine Transportation

Tourism: F3/27 1Q results focus points. OLC: Given valuation concerns etc., we recommend taking profit after results. Kyoritsu Industry View Cautious

Maintenance & Fuji Kyuko: We think any share price rally may take a breather until uncertainty over the outlook for domestic and Railways

inbound demand dissipates, but our medium- to long-term bullish stance is unchanged. Tourism: F3/27 1Q Results Focus Points (9 Jul Japan

2026) Tourism

Logistics: F3/27 1Q results focus points. Focus on Fukuyama as results play; potential profit-taking on Yamato and SG HD. Among Industry View In-Line

yield stocks, we spotlight Kamigumi and Seino. “Pricing power” and “management change” remain key stock selection criteria for Diversified Services

logistics.