Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Equity Bottom-Up

Japan Airport Terminal Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a> (JAT) share price was deeply affected by Japan Black Monday rout, and is starting to stage a recovery. </li>
<li>JAT is now looking cheap against other global airports and also against its own history based on P/E, EV/EBITDA, and P/BV.</li>
<li>Our fair value is JPY6,050 derived from global airport peers average 2025 EV/EBITDA of 11.6x, this implies an <strong>UPSIDE of 21%</strong>. Despite the share price run-up, still good upside opportunity.   </li>
</ul>



Japan Airport Terminal Co (9706 JP) (JAT) share price was deeply affected by Japan Black Monday rout, and is starting to stage a recovery. 
JAT is now looking cheap against other global airports and also against its own history based on P/E, EV/EBITDA, and P/BV.
Our fair value is JPY6,050 derived from global airport peers average 2025 EV/EBITDA of 11.6x, this implies an UPSIDE of 21%. Despite the share price run-up, still good upside opportunity.   


Japan Airport Terminal (9706 JT): Share Price Correction Overdone, Now a Value BUY

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a> (JAT) has turnaround and set to resume its earnings growth trajectory thanks to Japan's brisk air traffic recovery   </li>
<li>However, future growth is increasingly challenging as domestic traffic stalls, and international traffic growth relies on inbound tourists. What happens if tourists decide to go elsewhere?</li>
<li>Target price JPY5,364 (18% DOWNSIDE) based on 12.7x FY2024 EV/EBITDA (peer group average). SELL, grossly overvalued, Mexican and Chinese airports are far more attractive</li>
</ul>



Japan Airport Terminal Co (9706 JP) (JAT) has turnaround and set to resume its earnings growth trajectory thanks to Japan's brisk air traffic recovery   
However, future growth is increasingly challenging as domestic traffic stalls, and international traffic growth relies on inbound tourists. What happens if tourists decide to go elsewhere?
Target price JPY5,364 (18% DOWNSIDE) based on 12.7x FY2024 EV/EBITDA (peer group average). SELL, grossly overvalued, Mexican and Chinese airports are far more attractive


Japan Airport Terminal (9706 JP, SELL, TP: JPY5,364): Weak JPY Can't Overcome Fundamental Challenges

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders raised around US$2.4bn in its Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tokyo Metro IPO Trading - Robust Demand for Quality Asset

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.4bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Japan

Japan Airport Terminal Co., Ltd. constructs, manages and maintains passenger terminals and airport facilities at Haneda and Narita airports.  The Company operates parking-lots, souvenir shops, and duty-free stores.  Japan Airport Terminal, through its subsidiaries, manages restaurants and in-flight meal services.

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Japan Airport Terminal Co (9706 JP)

Japan Airport Terminal (9706 JP, SELL, TP: JPY5,364): Weak JPY Can't Overcome Fundamental Challenges

Japan Airport Terminal is benefitting from strong air traffic recovery. But future growth is challenging, reliant on international inbound. Weak...

Mohshin Aziz

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

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Japan Airport Terminal (9706 JT): Share Price Correction Overdone, Now a Value BUY

​Japan Airport Terminal share price hit by Japan Black Monday rout, now showing signs of recovery. Our analysis reveals it is undervalued compared...

Mohshin Aziz

Japan Airport Terminal (9706 JP, SELL, TP: JPY5,364): Weak JPY Can't Overcome Fundamental Challenges

​Japan Airport Terminal is benefitting from strong air traffic recovery. But future growth is challenging, reliant on international inbound. Weak...

Mohshin Aziz

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tokyo Metro IPO - Will Price at the Top, but Isn’t Particularly Cheap

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.4bn in its Japan IPO. In this note, we look at the valuation in the IPO price range.

Sumeet Singh

Japan Airport Terminal share price hit by Japan Black Monday rout, now showing signs of recovery. Our analysis reveals it is undervalued compared...

Japan Airport Terminal is benefitting from strong air traffic recovery. But future growth is challenging, reliant on international inbound. Weak...