Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Capital market veteran with 22 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

Plane Crash at Haneda Airport; Negative for Japan Airport Terminal and Japan Airlines

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1184:1" rel="noopener">Japan Airlines (9201 JP)</a> (JAL) is making a positive recovery on strong domestic and international demand</li>
<li>Weak JPY is a big headwind and so is its 40% fuel hedge cover locked in at higher than-market price. These factors should reverse and unwind next year </li>
<li>Target price JPY3,150 based on 1.65x FY24 P/BV - one standard deviation above its mean. Borderline attractive with 12% UPSIDE, and 2.3% dividend yield  </li>
</ul>



Japan Airlines (9201 JP) (JAL) is making a positive recovery on strong domestic and international demand
Weak JPY is a big headwind and so is its 40% fuel hedge cover locked in at higher than-market price. These factors should reverse and unwind next year 
Target price JPY3,150 based on 1.65x FY24 P/BV - one standard deviation above its mean. Borderline attractive with 12% UPSIDE, and 2.3% dividend yield  


Japan Airlines (9201 JP, BUY, TP: JPY3150): Slow, Steady, Stable Recovery