Japan Post Holdings (6178): 1Q results: Strong start led by Japan Post Bank; Japan Post Co. also ahead of guidance

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

07 August 2026

Japan Post Holdings (6178)

1Q results: Strong start led by Japan Post Bank; Japan

Post Co. also ahead of guidance

Positive: 1Q net profit increased 63.8% YoY to ¥125.3 billion. Full-year net profit

guidance was maintained at 1.5% YoY growth to ¥380.0 billion (JPM estimate:

¥403.9 billion; Bloomberg consensus estimate: ¥397.4 billion). Growth at Japan

Post Bank was stronger than expected. Japan Post Co. also made a solid start, with

results ahead of guidance despite a profit decline. The company maintained its

dividend plan at ¥60/share. The shareholder return policy calls for a total payout

ratio of 50% or more and progressive dividends with a DPS floor of ¥60, compared

with the previous stable dividend policy of ¥50/share. For Japan Post Co., we

continue to focus on further pricing enhancement for mail and Yu-Pack.

Neutral

6178.T, 6178 JP

Price (07 Aug 26):¥2,414

Price Target (Dec-26):¥2,300

Japan Equity Research

Transportation (Land, Sea, Air), OTC

& Small Companies, Real Estate &

REITs

Ryota Himeno AC

(81-3) 6736-8639

JPMorgan Securities Japan Co., Ltd.

Results summary: 1Q net profit by company was as follows: at Japan Post

Co., it declined 15.2% YoY to ¥9.5 billion (full-year guidance: a loss of ¥79.0

billion); at Japan Post Bank, it increased 69.3% to ¥177.5 billion (+26.9% YoY

to ¥660.0 billion); and at Japan Post Insurance, it declined 1.5% to ¥34.1 billion

(+24.2% to ¥141.0 billion). Japan Post Co.’s segment operating profit/loss was

as follows: postal & logistics saw a ¥6.1 billion YoY decline to a loss of ¥5.6

billion (full-year guidance: a loss of ¥104.0 billion), post office counter saw a

¥4.2 billion decline to ¥2.0 billion (a loss of ¥6.0 billion), and international

logistics saw a ¥1.9 billion increase to ¥2.3 billion (a profit of ¥13.0 billion).

Compared with the company’s plan, the postal & logistics segment exceeded

expectations in both revenue and profit. Revenue was ahead of the company’s

plan overall, as upside in Yu-Pack offset weaker mail volume. The post office

counter segment’s revenue was in line with the company’s plan, while profit

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