JRC’s Likely Loss from its Subsidiary Will Remain Well Under its Free Cashflows, Shares Undervalued
We increase our fair value estimate for Central Japan Railway, or JRC, to JPY 22,100 per share from JPY 21,300 per share previously after reflecting the time value of money offset by slightly upward adjustments to our asset impairment forecast. Our fundamental view of the name is also unchanged following a series of recent news items indicating a bid-rigging scandal surrounding the JPY 9 trillion Maglev Shinkansen project. The scandal, involving four major contractors leading to a special invest...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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