Japan Airport Terminal (9706): 1Q results: Stronger-than-expected start, even with delayed expenses

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

08 August 2026

Japan Airport Terminal (9706)

1Q results: Stronger-than-expected start, even with

delayed expenses

Positive: 1Q operating profit was ¥14.4 billion, up 40.7% YoY (our estimate: ¥11.5

billion, Bloomberg consensus estimate: ¥11.6 billion). While the company issued

no 1Q guidance, we believe operating profit was about ¥3 billion (about 20%)

above internal expectations. We believe this reflects growth in the number of

passengers, strong duty-free sales thanks to the weak yen and an increase in

inbound travel, and expenses coming in below plan (we believe this includes a

delay in booking them). The company maintained full-year operating profit

guidance of ¥45.6 billion, up 1.2% YoY (our estimate: ¥46.8 billion, Bloomberg

consensus: ¥46.7 billion) and DPS guidance of ¥95 (dividend payout ratio: 36.6%).

It targets a total payout ratio of over 50% from FY2026 (five-year average).

Neutral

9706.T, 9706 JP

Price (07 Aug 26):¥5,728

Price Target (Dec-26):¥5,100

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 overview: 1Q operating profit by segment rose ¥2.5 billion YoY to

¥8.7 billion for facility management (full-year guidance: +¥1.5 billion YoY to

¥29.8 billion) and ¥1.6 billion to ¥8.2 billion for merchandise sales (guidance:

-¥0.5 billion YoY to ¥27.0 billion). At Haneda Airport duty-free stores, average

spend was ¥14,100 in 1Q FY2025, ¥15,000 in 2Q, ¥15,400 in 3Q, and ¥16,200

in 4Q. We believe average spend in 1Q FY2026 rose slightly QoQ. While a

decline in Chinese visitors would typically lead to a worsening of the mix due

to their higher average spend, we believe the average spend for inbound visitors

as a whole is rising, partly due to yen weakness. The company assumes FY2026

average spend of ¥15,300.