Japan transportation: Sector update (183)

Research evidence excerpt

Japan transportation: Sector update (183)

Global Markets Research

Japan transportation: Sector update (183) 24 July 2026

EQUITY: JAPAN TRANSPORTATION

Review of key points ahead of results Research Analysts

announcements Japan transportation Masaharu Hirokane - NSC

Shipping and airline stocks are most likely to provide positive surprises masaharu.hirokane@nomura.com

when they release results, leading to share price rises +81 3 6703 1142

We recommend Nippon Yusen, Mitsui OSK Lines, Japan Airlines, and ANA Holdings

In this report we present a roundup of points to watch in Apr–Jun results. The subsectors

where actual conditions differ from the assumptions in 27/3 guidance are shipping and

airlines. Our fuel and freight assumptions were harsh in view of the situation in the Middle

East, but containership rates have risen and jet fuel prices have fallen due to progress

with diversification of suppliers since April. The outlook for the situation in the Middle East

is once again unclear, but we think that for the shipping subsector, it is more likely to

contribute to persistently high rates, while the airline subsector will be able to pass on

rising fuel costs via fuel surcharges, and therefore the impact should be neutral. We

recommend Nippon Yusen [9101] (Buy), Mitsui OSK. Lines [9104] (Buy), Japan Airlines

[9201] (Buy), and ANA Holdings [9202] (Buy). Among railway operators, shinkansen

ridership has been solid, and we think Central Japan Railway [9022] (Neutral) and West

Japan Railway [9021] (Neutral) have been performing well versus guidance. Elsewhere,

we think many logistics companies performed well in Apr–Jun, with corporate logistics

benefiting from frontloaded demand because of oil procurement risks, and international