Mitsubishi Logistics (9301): 1Q results: Real estate in line but logistics slightly disappointing

研报英文原文证据摘录

Mitsubishi Logistics (9301): 1Q results: Real estate in line but logistics slightly disappointing

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

31 July 2026

Mitsubishi Logistics (9301) Overweight

9301.T, 9301 JP

1Q results: Real estate in line but logistics slightly Price (31 Jul 26):¥1,603

disappointing Price Target (Dec-26):¥1,700

Somewhat negative: 1Q FY2026 operating profit fell 2.6% YoY to ¥3.9 billion Japan Equity Research

(our estimate and Bloomberg consensus estimate ¥4.3 billion), and management

Transportation (Land, Sea, Air), OTC

left full-year guidance unchanged at 9.9% YoY growth to ¥17.5 billion (our & Small Companies, Real Estate &

forecast ¥17.5 billion, Bloomberg consensus ¥17.6 billion), with DPS of ¥44 REITs

(64.8% dividend payout ratio; policy is DOE of at least 4% by FY2030). We believe AC Ryota Himeno

the logistics segment is running at a slight full-year guidance undershoot. US- (81-3) 6736-8639

based Cavalier’s operating loss only narrowed ¥10 million YoY to ¥0.3 billion, and ryota.himeno@jpmorgan.com

excluding the reduction in goodwill expenses due to write-downs, segment JPMorgan Securities Japan Co., Ltd.

adjusted operating profit fell about ¥0.15 billion, which we find disappointing.

• 1Q overview: By segment, 1Q FY2026 operating profit fell ¥0.1 billion to ¥3.0

billion (full-year guidance: +¥1.1 billion to ¥13.8 billion) in logistics and was

±¥0.0 billion at ¥2.8 billion in real estate (–¥0.3 billion to ¥11.4 billion). In

logistics, growth in international operations was weak on a decline in marine

freight unit rates. The operating loss after goodwill amortization for US-based

Cavalier (consolidated in October 2023, mainly involved in pharmaceuticals

and healthcare logistics) widened ¥1.3 billion YoY to ¥1.9 billion in FY2025,