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.

Equity Bottom-Up

Japan Airport Terminal Co / Equity Bottom-Up

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<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