JRC Benefits Considerably From Tokaido Shinkansen Service
Narrow-moat Central Japan Railway (JRC) reported better-than-expected fiscal year 2018 second-quarter (fiscal year ending March 2019) earnings with margins ahead of our full-year assumptions, though growth is trending in line. Operating income growth of 4.8% year over year is commendable and is driven by effective cost management, leading operating margin to expand by 130 basis points (versus the same period a year ago) to 41.7%. The merchandise segment, which accounts for approximately 13% of J...Central Japan Railway is engaged in the provision of railway services in Tokai region. As of Mar 31 2018, Co. operates 13 railway lines, 405 railway stations, and 4,840 rolling stocks. The Core of Co.'s operations is the Tokaido Shinkansen, the main transportation artery linking Japan's principal metropolitan areas of Tokyo, Nagoya, and Osaka, as well as conventional lines. Co. is also engaged in the operation of department stores, the sale of foods and beverages in the trains and stations, the lease and sale of real estate, the operations of hotels, and the provision of travel agency and advertising agency services, as well as facility inspection and maintenance services.
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