Japan Airlines (9201) 1Q results: Fuel surge drives guidance miss, but likely within expected range

研报英文原文证据摘录

Japan Airlines (9201) 1Q results: Fuel surge drives guidance miss, but likely within expected range

ratings, such credit ratings provided by Japan Credit Rating Agency, Ltd. (JCR)

and Rating and Investment Information, Inc. (R&I), are credit ratings provided by Registered Credit Rating Agencies (credit rating agencies

registered under the Financial Instruments and Exchange Law of Japan (FIEL)). With respect to credit ratings that are provided by credit rating

agencies other than JCR and R&I and have no stipulation that such credit ratings are provided by Registered Credit Rating Agencies, this means

that such credit ratings are Non Registered Ratings (credit ratings provided by credit rating agencies not registered under the FIEL). Among the

Non Registered Ratings, with respect to those credit ratings provided by S&P Global Ratings (S&P), Moody’s Investors Service (Moody’s), or

Fitch Ratings (Fitch), prior to making investment decision based on such Non Registered Ratings, please carefully read the “Explanation Letter

regarding Non Registered Ratings” for the corresponding credit rating agency, which we separately have sent or will send.

Private Bank Clients: Where you are receiving research as a client of the private banking businesses offered by JPMorgan Chase & Co. and its

subsidiaries (“J.P. Morgan Private Bank”), research is provided to you by J.P. Morgan Private Bank and not by any other division of J.P. Morgan,

including, but not limited to, the J.P. Morgan Corporate and Investment Bank and its Global Research division.

Legal entity responsible for the production and distribution of research: The legal entity identified below the name of the Reg AC Research

Analyst who authored this material is the legal entity responsible for the production of this research.