Hankyu Hanshin Holdings (9042): 1Q results: Strong at first sight, but in line with consensus view in underlying terms

研报英文原文证据摘录

Hankyu Hanshin Holdings (9042): 1Q results: Strong at first sight, but in line with consensus view in underlying terms

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

31 July 2026

Hankyu Hanshin Holdings (9042) Overweight

9042.T, 9042 JP

1Q results: Strong at first sight, but in line with Price (31 Jul 26):¥4,715

consensus view in underlying terms Price Target (Dec-26):¥5,100

Neutral: 1Q operating profit rose 2.9% YoY to ¥49.5 billion (we estimated ¥51.5 Japan Equity Research

billion, and the Bloomberg consensus estimate was ¥41.7 billion), and Hankyu

Transportation (Land, Sea, Air), OTC

Hanshin Holdings left full-year guidance unchanged at a 4.3% YoY decline in & Small Companies, Real Estate &

operating profit to ¥121.7 billion (our estimate: ¥123.6 billion, Bloomberg REITs

consensus estimate: ¥125.9 billion) with DPS of ¥100 (shareholder returns policy: AC Ryota Himeno

cumulative total returns ratio of at least 50% in FY2025-30). It appears the situation (81-3) 6736-8639

in the Middle East had a negative impact of ¥2.4 billion, primarily at the travel ryota.himeno@jpmorgan.com

segment (guidance factored in a ¥2.0 billion dent), but this was offset by robust JPMorgan Securities Japan Co., Ltd.

demand for railroad services and other factors, and management commented that

overall profit is currently on track to only undershoot full-year guidance slightly.

• 1Q results overview: Full-year guidance is for a profit decline due to factors

such as YoY dents of ¥5.5 billion in reaction to the Osaka Expo and ¥2.3 billion

in reaction to the Hanshin Tigers becoming Central League champions, as well

as higher railroad costs, but 1Q profit rose due to factors such as higher condo

sales volume and solid earnings at the sports business. By segment, 1Q