Investor Presentation | Japan Transportation

Research evidence excerpt

Investor Presentation | Japan Transportation

Foundation

July 26, 2026 08:59 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 27) 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

Coverage companies scheduled to report earnings: ANA (July 29), OLC (July 30), and JR East, JR Central, Seibu Holdings, Tokyo Japan

Industry View In-Line

Metro, and Keisei Electric Railway (July 31). Airlines

Japan

Kawasaki Kisen has already announced upward revisions to its F3/27 1H and full-year forecasts as of July 24. From a fundamentals Industry View In-Line

perspective, we expect the sense that positive catalysts have largely played out is likely to strengthen following 1Q results. Marine Transportation

Industry View Cautious

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

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