JRW's First-Half Results in Line, but Less Attractive Than Its Peers With Few Catalysts in Sight
West Japan Railway's, or JRW’s, first-half result contained no surprises, with net profit increasing 18.8% (against our forecast of 16.1%) year over year to JPY 67.8 billion on net revenue increasing 3.8% (against our forecast of 3.4%) year over year. Management remains on track to achieve the fiscal 2017 forecast, with net profits increasing by 21% year on year and net revenue increasing by 3.9% year on year. For the six months ended September 2017, the company benefited from higher growth tha...West Japan Railway is one of the companies that was formed upon the privatization and separation of Japanese National Railways ("JNR") in 1987. Co. operates a railway network covering 18 prefectures in western Honshu and the northern tip of Kyushu, with a total of 5,036.7 km of railway with 1,186 stations and 6,562 rolling stocks as of Mar 31 2017. Co. is engaged in the provision of "Sanyo Shinkansen" and urban network passenger transport service; the operation of convenience stores, department stores and hotels; the operation and management of shopping centers; and the provision of travel agency, advertising agency, as well as maintenance and engineering services.
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