Hankyu Hanshin Holdings (9042) 4Q results: Updated Long-Term Vision enhances visibility on profit and shareholder returns

研报英文原文证据摘录

Hankyu Hanshin Holdings (9042) 4Q results: Updated Long-Term Vision enhances visibility on profit and shareholder returns

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Hankyu Hanshin Holdings (9042) Overweight

9042.T, 9042 JP

4Q results: Updated Long-Term Vision enhances Price (14 May 26):¥4,577

visibility on profit and shareholder returns Price Target (Dec-26):¥5,100

Positive: Hankyu Hanshin Holdings guides for FY2026 operating profit to fall Japan Equity Research

4.3% YoY to ¥121.7 billion (our estimate: ¥120.6 billion; Bloomberg consensus

Transportation (Land, Sea, Air), OTC

estimate: ¥126.2 billion). While a ¥5.5 billion reactive decline from World Expo & Small Companies, Real Estate &

2025 in Osaka, a ¥2.3 billion reactive downturn after the Hanshin Tigers' REITs

championship win, and increased railway costs were foreseeable, expansion of the AC Ryota Himeno

real estate business mitigates the decline in profits, and thus we see guidance as (81-3) 6736-8639

being within the range of our expectations. Furthermore, an update to the ryota.himeno@jpmorgan.com

company’s Long-Term Vision enhances visibility on profit growth, ROE JPMorgan Securities Japan Co., Ltd.

improvement, and shareholder returns. We have a positive impression overall. The

company also announced a ¥30 billion share buyback (up to 7.50 million shares to

be purchased in the market from May 18 to October 29).

• Shareholder returns and Long-Term Vision update: DPS was ¥100 in

FY2025 (most recent guidance: ¥100), and guidance for DPS in FY2026 is also

¥100 (dividend payout ratio: 29.4%). While we had expected the company to

buy back ¥15 billion of its own shares in accordance with its policy of a total

shareholder return ratio of 50%, it has now announced a share buyback of ¥30