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Japan Airport Terminal Co
(9706)
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Rating:72Outperform
Price Target:
¥6,439.00
▲(21.58% Upside)
Action:Upgraded
Date:08/11/26
The score is driven primarily by the company’s materially improved financial performance and solid cash generation, supported by improving (though still meaningful) leverage. Technicals also contribute positively with a clear uptrend, but near-overbought momentum readings add some caution. Valuation is broadly reasonable with a moderate P/E and a modest dividend yield, providing only limited incremental support.
Positive Factors
Strong cash generation and positive FCF
Sustained operating cash flow and positive free cash flow indicate the business now converts earnings into cash after recovery. This durable cash generation supports necessary terminal reinvestment, tenant improvements, debt repayment and shareholder distributions over the next 2–6 months.
Negative Factors
Leverage remains meaningful despite improvement
Although leverage has fallen materially, a near-1.0 debt-to-equity ratio leaves the balance sheet relatively debt-heavy for an infrastructure-linked, cyclical business. Continued leverage limits financial flexibility for large capex, expansions or prolonged traffic downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and positive FCF
Sustained operating cash flow and positive free cash flow indicate the business now converts earnings into cash after recovery. This durable cash generation supports necessary terminal reinvestment, tenant improvements, debt repayment and shareholder distributions over the next 2–6 months.
Read all positive factors
Japan Airport Terminal Co (9706) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥521.10B
Dividend Yield1.71%
Average Volume (3M)295.37K
Price to Earnings (P/E)16.6
Beta (1Y)0.67
Revenue Growth7.81%
EPS Growth13.39%
CountryJP
Employees3,018
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)337.13
Shares Outstanding93,145,400
10 Day Avg. Volume290,670
30 Day Avg. Volume295,370
Financial Highlights & Ratios
PEG Ratio2.65
Price to Book (P/B)2.28
Price to Sales (P/S)1.65
P/FCF Ratio13.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥6,800.00Price Target Upside28.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)275.96
Revenue Forecast (FY)¥299.10B
Japan Airport Terminal Co Business Overview & Revenue Model
Company Description
Japan Airport Terminal Co., Ltd. primarily engages in the management of passenger terminal buildings in Japan. It operates through three segments: Facilities Management, Merchandise Sales, and Food and Beverage. The company constructs, manages, an...
How the Company Makes Money
Japan Airport Terminal Co. makes money mainly by operating and monetizing airport terminal real estate and passenger-related commercial activity at Haneda Airport. Key revenue streams typically include: (1) Facility/real estate income: leasing and...
Japan Airport Terminal Co Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 294.95B | 289.82B | 269.92B | 217.58B | 113.05B | 57.06B |
| Gross Profit | 185.88B | 159.10B | 173.53B | 144.70B | 83.97B | 46.45B |
| EBITDA | 79.64B | 76.84B | 66.78B | 58.19B | 19.63B | -9.02B |
| Net Income | 31.29B | 29.14B | 27.47B | 19.25B | -3.90B | -25.22B |
Balance Sheet | ||||||
| Total Assets | 517.36B | 491.97B | 469.95B | 460.42B | 446.95B | 463.88B |
| Cash, Cash Equivalents and Short-Term Investments | 104.86B | 96.89B | 85.91B | 85.39B | 90.24B | 97.13B |
| Total Debt | 222.94B | 194.94B | 206.83B | 228.28B | 244.30B | 256.66B |
| Total Liabilities | 280.85B | 262.08B | 271.60B | 294.38B | 306.00B | 307.87B |
| Stockholders Equity | 214.30B | 210.31B | 187.38B | 168.17B | 150.29B | 154.17B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 34.87B | 34.92B | 19.80B | 6.47B | -14.44B |
| Operating Cash Flow | 0.00 | 71.57B | 53.81B | 47.76B | 16.33B | -9.30B |
| Investing Cash Flow | 0.00 | -39.44B | -12.84B | -42.99B | -10.63B | -4.93B |
| Financing Cash Flow | 0.00 | -21.17B | -30.53B | -19.65B | -12.64B | -9.04B |
Japan Airport Terminal Co Technical Analysis
Neutral
5296.00
Price Trends
5259.36
Positive
5183.40
Positive
4989.67
Positive
Market Momentum
100.39
Positive
53.32
Neutral
26.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9706, the sentiment is Neutral. The current price of 5296 is below the 20-day moving average (MA) of 5615.55, above the 50-day MA of 5259.36, and above the 200-day MA of 4989.67, indicating a neutral trend. The MACD of 100.39 indicates Positive momentum. The RSI at 53.32 is Neutral, neither overbought nor oversold. The STOCH value of 26.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9706.
Japan Airport Terminal Co Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥521.10B | 16.65 | 14.61% | 1.79% | 7.81% | 13.39% | |
70 Outperform | ¥654.74B | 12.55 | 8.88% | 1.69% | 4.15% | -26.13% | |
68 Neutral | ¥340.70B | 8.31 | 43.70% | 1.49% | 6.85% | 177.94% | |
66 Neutral | ¥316.78B | 9.55 | 10.34% | 3.03% | 9.62% | 21.02% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ¥672.50B | 12.36 | 9.33% | 1.70% | 1.93% | 22.25% | |
62 Neutral | ¥321.99B | 12.83 | ― | 1.61% | 3.35% | 12.80% |
* Industrials Sector Average
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Japan Airport Terminal Co Corporate Events
Japan Airport Terminal Posts Strong Q1 FY2026 Profit Growth and Confirms Dividend Outlook
Aug 7, 2026
Japan Airport Terminal Co., Ltd. reported consolidated operating revenue of ¥74.1 billion for the first quarter of FY2026, up 7.4% year on year, with operating income surging 40.7% to ¥14.4 billion and net income attributable to owners o...
Japan Airport Terminal to Raise Haneda Domestic Passenger Facility Charges for Expansion
Jun 23, 2026
Japan Airport Terminal Co. has received government approval to raise the upper limit of its passenger service facilities charge for domestic flights at Haneda Airport, aligning fees with ongoing terminal expansion and facility upgrades. The compan...
Japan Airport Terminal Tightens and Extends Takeover Defense Policy Ahead of 2026 Meeting
May 15, 2026
Japan Airport Terminal Co., Ltd. has decided to continue and partially revise its policy governing large-scale purchases of its shares, effectively maintaining its takeover defense framework beyond the upcoming June 2026 shareholders’ meetin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.