Investor Presentation | Japan Transportation

Research evidence excerpt

Investor Presentation | Japan Transportation

Foundation

July 20, 2026 11:02 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 July 21) 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

Key data this week: STR Global monthly data, JR companies' O-Bon designated seat reservations, weekly container shipping spot Japan

Industry View In-Line

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

Airlines: F3/27 1Q results focus points:1Q results unlikely to provide meaningful catalysts. Key point is demand outlook from July. Japan

Industry View Cautious

Share prices are starting to turn around, but we think still too soon to turn bullish. Airlines: F3/27 1Q Results Focus Points (13 Jul Railways

2026) Japan

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

Maintenance & Fuji Kyuko: We think any share price rally may take a breather until uncertainty over the outlook for domestic and Industry View In-Line

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

Industry View No Rating