Odakyu Railway (9007): Major shareholder return increases: FY3/27 total shareholder return yield of 7.5%+

研报英文原文证据摘录

Odakyu Railway (9007): Major shareholder return increases: FY3/27 total shareholder return yield of 7.5%+

Accessible version

Odakyu Railway (9007)

Major shareholder return increases: FY3/27

total shareholder return yield of 7.5%+

Maintain Rating: BUY | PO: 2,000 JPY | Price: 1,561 JPY

10% DPS uplift, ¥20bn buyback and Yutai enhancement 13 May 2026

Odakyu announced a significant upgrade to shareholder returns alongside its FY3/26 Equity

results. FY3/26 DPS was raised by 10% to ¥55, while FY3/27 DPS is now set at ¥60,

Hiro Nakakura, CFA >>

representing a 10% premium to market expectations of ¥55. In addition, the company Research Analyst

announced a ¥20bn share buyback (up to 4.6% of shares outstanding), larger than Merrill Lynch (Singapore) +65 6678 0972

expected. Combining the higher FY3/27 DPS with the buyback, total shareholder return hiro.nakakura@bofa.com

exceeds 7.5%, likely the highest among railway peers. Beyond dividends and buybacks, Nathan Gee, CFA >>

Odakyu also enhanced its retail shareholder benefits (Yutai). Previously, its Yutai offering Research Analyst Merrill Lynch (Singapore)

was less competitive, particularly due to the minimum holding requirement of 500 nathan.gee@bofa.com

shares. This has now been reduced to 100 shares, alongside improvements to long‑term Amy Han >>

shareholder benefits. We estimate the retail shareholder return (Yutai yield) to be close ResearchMerrill LynchAnalyst(Hong Kong)

to 1%, which is a nice additional return for retail investors. amy.han@bofa.com

Hazel Xue >>

FY3/26 results & FY3/27 guide: in line at OP, stronger NP ResearchBofAS JapanAnalyst

FY3/26 operating profit (OP) of ¥52.7bn was in line with both company guidance and hazel.xue@bofa.com

market expectations. Net profit (NP), however, exceeded company guidance and our