Kyushu Railway Co

9142: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎9,174.00	Kdq	Ltcqfzzv

Kyushu Railway Earnings: Strong Performance Buoyed by Inbound Travel and Demand Recovery

Adrian Atkins

Nov 14, 2023

We maintain our fair value estimate for no-moat Kyushu Railway at JPY 2,900 following its strong half-year results. Management reconfirmed fiscal 2024 guidance for revenue to advance 9% to JPY 417 billion and EBIT to expand 27% to JPY 46 billion in fiscal 2024. While earnings are recovering strongly following the pandemic, we think headwinds will intensify over the longer term as population decline accelerates. The stock screens as marginally overvalued at present.

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