West Japan Railway Co

9021: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎5,413.00	Svrct	Nyxzzbr

JR West: Recovering Domestic Demand and Strong Inbound Tourism Boost First Quarter

Adrian Atkins

Aug 5, 2024

No-moat-rated West Japan Railway Company reported ongoing improvement in the first quarter, with revenue up 9% to JPY 403 billion and operating income up 6% to JPY 58 billion compared with the same quarter last year. Management maintained guidance for operating income of JPY 170 billion and dividends of JPY 72 per share in fiscal 2025 (year ending March 31, 2025). We maintain our forecasts, which are largely in line with guidance. We maintain our JPY 2,800 per share fair value estimate and consider the stock slightly undervalued after recent share price weakness.

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