普通外文研报

Investor Presentation: Transportation

发布日期: 2026-06-21研究机构: Morgan Stanley报告页数: 21原文语言: 英语证据页码: 1

研报英文原文证据摘录

Foundation

June 21, 2026 05:50 PM GMTM

Investor Presentation | Japan Morgan Stanley MUFG Securities Co., Ltd.+ Takuya Osaka

Equity Analyst

Transportation Takuya.Osaka@morganstanleymufg.comShan Jiang +81 3 6836-5438

Research Associate

Shan.Jiang@morganstanleymufg.com +81 3 6836-5430

This presentation (week of June 22) highlights key insights on the Japanese transportation industry (5

subindustries, 28 coverage companies). It features investment recommendations, price targets,

valuations, stock performance, earnings forecasts, risk/reward analysis, and key metric rankings.

Key Takeaways Logistics

Upcoming in-house event this week: Transport, real estate, construction, and J-REIT sectors (infrastructure team) research idea Japan

Industry View In-Line

webcast (June 24) Airlines

Japan

Key data this week: STR Global hotel monthly data; weekly spot freight rates for container ships, etc. Industry View In-Line

Marine Transportation

Updated foreign ownership ratios as of the end of F3/26.

Industry View Cautious

Inbound tourists/outbound Japanese (May): 2nd monthly YoY fall – outlook still unclear: The JNTO released May data on June 17. Railways

Overall impression: no surprise, with MoJ data having been reported earlier (June 15). Inbound demand from China fell 60%, but not Japan

unexpectedly. A steep slide seems likely to persist until Oct from the standpoint of comps cycling through. Rises of 11% in inbound Tourism

demand from Europe and 8% from N. America marked upturns from falls in Apr. But YoY growth rates in inbound demand from Japan

Europe/US are weakening noticeably, and we think concern over fuel charges staying high also precludes optimism. We forecast Diversified Services

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