Energy & Utilities: Industry View In-Line

Research evidence excerpt

M

Foundation

September 16, 2026 12:37 PM GMT

Energy & Utilities | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Reiji Ogino

Equity Analyst

Energy & Utilities: Industry View In-Line

Focus on 1) earnings outlook, 2) management stances, 3) energy policy.

Energy & Utilities

Japan

Industry View

In-Line

Key Takeaways

F3/27 forecasts, shareholder returns policy (dividends, buybacks), mid-term plan.

Our assumptions (for Apr-Jun 2026 onwards): Brent crude at $75/bbl, FX ¥155/$.

Kyushu Electric Power (9508) is to delist on Sep 29, 2026 as part of its transition to a pure holding company structure, while the

pure holding company, Kyuden Holdings (642A) is scheduled to be newly listed on Oct 1, 2026.

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