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

Japan Airport (9706): Not the Best Proxy for Japan Reopening.

Japan Airport Terminal (9706): Olympic Is Coming

Japan Airport Terminal Placement - Big Dilution and Not Accretive Means It Needs to Trade Lower

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) 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