JRC Posts Better-than-Expected 1Q Growth, Our FVE Raised to JPY 23,800
Narrow-moat Central Japan Railway, or JRC, posted better-than-expected first quarter (for financial year ending 2019) results with growth and margins ahead of our full-year assumptions. Operating income growth of 7.2% year over year is impressive with costs well contained leading to operating margin expanding to 190 basis points to 43.6% from a year ago. However, this is a seasonally stronger quarter for JRC normally making up 30% of full-year income, and we make only minor adjustments to our ne...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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