Kintetsu Group Holdings (9041) 4Q results: In line with expectations, but medium-term plan update leaves a favorable impression

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Kintetsu Group Holdings (9041) 4Q results: In line with expectations, but medium-term plan update leaves a favorable impression

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

15 May 2026

Kintetsu Group Holdings (9041) Neutral

9041.T, 9041 JP

4Q results: In line with expectations, but medium-term Price (15 May 26):¥3,622

plan update leaves a favorable impression Price Target (Dec-26):¥3,600

Slightly positive: FY2026 operating profit guidance is for ¥90.0 billion, up 0.6% Japan Equity Research

YoY (our estimate: ¥87.5 billion, Bloomberg consensus estimate: ¥90.5 billion).

Transportation (Land, Sea, Air), OTC

Guidance assumes lower profits in segments such as transportation and retail due & Small Companies, Real Estate &

to a reactive pullback after the Osaka Expo (an impact on operating profit of just REITs

under ¥6 billion) and higher costs, but that this can be offset by improvements in AC Ryota Himeno

logistics. Management’s update to its 2028 medium-term plan emphasizes (81-3) 6736-8639

accelerated balance sheet streamlining and enhanced shareholder returns (raising ryota.himeno@jpmorgan.com

the DOE floor from 2.0% to 2.5% and additionally setting a dividend payout ratio JPMorgan Securities Japan Co., Ltd.

of around 30%). FY2025 DPS was ¥60, and FY2026 DPS guidance is for ¥70

(dividend payout ratio: 28.3%). The company expects FY2026 dividends to clear

the DOE 2.5% threshold.

• Update to 2028 medium-term plan: The company reviewed group

management to enhance the effectiveness of the ROIC-WACC approach, and

updated its 2028 medium-term plan to further improve ROIC management

effectiveness while advancing balance sheet reforms through selectivity and

focus. While there was no change in its target for operating profit of ¥100