Hankyu Hanshin Holdings (9042): Takeaways from small meeting with the president: Aiming for ROE of at least 8%

研报英文原文证据摘录

Hankyu Hanshin Holdings (9042): Takeaways from small meeting with the president: Aiming for ROE of at least 8%

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

07 July 2026

Hankyu Hanshin Holdings (9042) Overweight

9042.T, 9042 JP

Takeaways from small meeting with the president: Price (07 Jul 26):¥4,662

Aiming for ROE of at least 8% Price Target (Dec-26):¥5,100

We attended a small meeting with Hankyu Hanshin Holdings’ president today. The Japan Equity Research

discussion centered on the update to its Long-Term Vision announced in May. We

Transportation (Land, Sea, Air), OTC

believe the timing for achieving ROE of at least 8% is moving closer. We sensed & Small Companies, Real Estate &

that after that management intends to raise its ROE target to 9% and then 10%, but REITs

concrete measures have yet to be formulated, and it seems like it will take time AC Ryota Himeno

before visibility improves. We look forward to a faster pace of management (81-3) 6736-8639

alongside greater visibility. Below, we summarize the key points based on ryota.himeno@jpmorgan.com

management’s comments. JPMorgan Securities Japan Co., Ltd.

• Long-term targets: For FY2030, the company targets business profit of ¥160

billion and ROE of 8% plus alpha, with the details of the “plus alpha” to be

explained at a later date. Management plans to produce measures to achieve

this, such as M&A in the information communications field and profit

expansion in stage businesses (Takarazuka, musicals). The company intends to

reach 8% ROE before 2030 and is eyeing levels above 8%. Management views

business profit of at least ¥200 billion in FY2040 as a minimum target, but will

need more details about the Shibata 1-chome project.

• Approach to M&A: The company noted that M&A requires a substantial

investment amount.