運輸業界: 運輸セクター1Q決算プレビューサマリー

研报英文原文证据摘录

運輸業界: 運輸セクター1Q決算プレビューサマリー

プレビューサマリー

図表 1: 運輸セクター１Q 決算キーポイント

１Q 決算キーポイントサマリー

1Q OP estimates Key points to watch

BofAe vs

Name Ticker Rating BofAe BBGe

BBGe

Shipping

NYK (9101) Neutral 66 50 Above FY3/27 guide lift + DPS lift + possible ¥50bn buyback

MOL (9104) Neutral 48 39 Above FY3/27 guide lift

K-Line (9107) Neutral 37 26 Above FY3/27 guide lift

Airlines

JAL (9201) Buy 13 11 In-line No changes to FY3/27 guide likely, watch outbound leisure & Obon

ANA (9202) Buy 9 5 Above No changes to FY3/27 guide likely, watch outbound leisure & Obon

Railways

JR East (9020) Buy 133 124 Above No changes to FY3/27 guide likely, watch real estate business trend

JR West (9021) Neutral 57 56 In-line No changes to FY3/27 guide likely, watch domestic leisure, and inbound outlook in 2Q / 2H

JR Central (9022) Neutral 214 208 In-line No changes to FY3/27 guide likely, watch Shinkansen outlook for 2Q (leisure and inbound demand)

JR Kyushu (9142) Buy 21 21 In-line No changes to FY3/27 guide likely, watch inbound trend and real estate progress

Tokyo Metro (9023) Neutral 27 27 In-line No changes to FY3/27 guide likely, expect more fare revision details at 2Q

Tokyu (9005) Neutral 33 34 Below No changes to FY3/27 guide likely, watch property rent price trend and hotel outlook

Odakyu (9007) Buy 15 16 Below No changes to FY3/27 guide likely, watch domestic leisure travel demand outlook

Seibu (9024) Buy 20 23 Below No changes to FY3/27 guide likely, watch for hotel and real estate business outlook

Hankyu Hanshin (9042) Buy 41 42 In-line No changes to FY3/27 guide likely, watch inbound and hotel outlook into 2Q

Logistics

Yamato (9064) U/P (5) (4) In-line Should not be seeing FY3/27 guide change, watch unit price trend and cost optimization progress