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ANA Holdings Inc 9202

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Stock XTKS Rating as of
JPY 3,060.00 +28.00 (0.92%)
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Company Report

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ANA Posts Strong Recovery in International Passenger Travel Revenue

Lorraine Tan

ANA Holdings’ full-service passenger airline operations should continue to dominate and underpin the group’s revenue and profit. Management is focused on expanding its international passenger services as it reestablishes its international trunk routes post-coronavirus. It expects Japan’s inbound tourism to continue to outpace outbound growth and anticipates that it will also need to provide services to inbound tourists to secondary locations in Japan beyond the current key portals of Tokyo and Osaka. To capture demand growth from inbound travel to Japan from Southeast Asia, ANA is launching the Air Japan brand. Air Japan is expected to compete with Singapore Airlines’ Scoot and Japan Airlines’ Zipair.

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Price vs Fair Value

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9202 is trading at a 11% discount.
Price
JPY 3,069.00
Fair Value
JPY 3,988.00
Uncertainty
Low
1-Star Price
JPY 2,486.30
5-Star Price
JPY 9,953.00
Economic Moat
Xff
Capital Allocation
Tfyjmjng

Bulls Say, Bears Say

Bulls

China’s outbound travel recovers faster than expected keeping load factors and yields high on ANA’s international flights, boosting profit.

Bears

Expect a collapse in yields as competition intensifies with more airlines seeing capacity return to prepandemic levels.

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Trading Information

Previous Close Price
JPY 3,032.00
Day Range
JPY 3,008.00–3,067.00
52-Week Range
JPY 2,842.50–3,510.00
Bid/Ask
JPY 3,058.00 / JPY 3,063.00
Market Cap
JPY 1.44 Tril
Volume/Avg
2.3 Mil / 2.5 Mil

Key Statistics

Price/Earnings (Normalized)
9.26
Price/Sales
0.80
Dividend Yield (Trailing)
0.99%
Dividend Yield (Forward)
0.99%
Total Yield
1.55%

Company Profile

ANA Holdings is the holding firm of Japan’s largest airline, All Nippon Airways. Besides the flagship carrier, ANA also owns discount airline Peach Aviation, Hokkaido-based Air Do, and airfreight carrier Nippon Cargo Airlines. In February 2024, it will launch Air Japan to provide discount airline services to Southeast Asia. Pre-COVID-19, passenger transport made up over 50% of group revenue, split almost equally between domestic and international passenger routes while cargo revenue made up 4%-5%. Its primary hub is Tokyo’s Narita International Airport, but it is also expanding routes from Haneda Airport. ANA has minor stakes in Philippine Airlines, Vietnam Airlines, and IHG ANA Hotels Group Japan. The latter is a hotel chain in Japan owned and operated by InterContinental Hotels Group.
Sector
Industrials
Industry
Airlines
Stock Style Box
Large Core
Total Number of Employees
42,794
Website
http://www.ana.co.jp

Competitors

Valuation

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Metric
9202
00293
QAN
Price/Earnings (Normalized)
 9.268.436.40
Price/Book Value
 1.430.8982.75
Price/Sales
 0.800.650.50
Price/Cash Flow
 4.593.192.88
Price/Earnings
9202
00293
QAN

Financial Strength

Metric
9202
00293
QAN
Quick Ratio
 1.530.470.27
Current Ratio
 1.730.500.33
Interest Coverage
 10.633.607.20
Quick Ratio
9202
00293
QAN

Profitability

Metric
9202
00293
QAN
Return on Assets (Normalized)
 6.61%3.95%8.17%
Return on Equity (Normalized)
 24.47%12.62%3,684.51%
Return on Invested Capital (Normalized)
 9.66%7.54%27.00%
Return on Assets
9202
00293
QAN
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