Japan Transportation/Shipbuilding/Travel: Investor visit feedback: Organizing main points of debate and future catalysts for each sector

研报英文原文证据摘录

Japan Transportation/Shipbuilding/Travel: Investor visit feedback: Organizing main points of debate and future catalysts for each sector

Goldman Sachs Japan Transportation/Shipbuilding/Travel

earnings, there was also interest in looking for further earnings upside. From that

viewpoint, we consider structural reforms in the domestic passenger business and

the improvement in the international air cargo market as upside, and we had the

impression that the latter, in particular, is not yet widely recognized. For ANA

Holdings (we are Buy rated), the top-line upward elasticity is higher than in past

cycles due to the consolidation of NCA in the most recent fiscal year, and we believe

there is a high possibility that earnings expectations will be raised further.

n Inbound tourism: Against the backdrop of the crude oil market peaking out,

concerns about soaring fuel surcharges on flight tickets have receded, and our

impression is that positive views have increased somewhat compared to 3 months

ago. On the other hand, there were many views that Kyoritsu Maintenance/Kotobuki

Spirits (for both, we are Buy rated) have seen quick share price recoveries, and that

the earnings improvement for FY3/27 is largely priced in. We believe that short-term

earnings are trending above guidance, and we can also expect medium-term

catalysts (loyalty point program for Kyoritsu, and the launch of emerging brands for

Kotobuki). For Japan Airport Terminal (we are Sell rated), although there are few

catalysts to lift medium-term earnings, there were also points made to be aware of

the positive impact from the introduction of the refund method for downtown

duty-free shopping toward the second half of the fiscal year.

n Logistics: Following the recent price revision for Yu-Pack/Yu-Packet by Japan Post,