Mitsubishi Logistics (9301) Investor presentation summary

Analysis of current status

• Stock price has outperformed TOPIX by about 20% since FY2021 and is near an all-time high; PBR exceeded 1.0x in FY2025 but remains below 1.0x when including unrealized gains on investment properties.

• ROE excluding gains from cross-shareholding sales is around 5%, below the 6-7% cost of equity.

• PER is around 10x, below market average, but forecasted to rise to 22x in FY2026; equity ratio is stable at about 60%.

• Core profitability is below cost of equity, highlighting the need for value creation from core operations.

Initiatives to enhance corporate value

• Targeting ROE over 10% and PBR over 1.5x by FY2030 through growth strategies and reducing management uncertainty.

• Focus on sustainable value enhancement by improving core business profitability.

Execution of growth strategy

• Logistics business profit target: ¥12.0bn in FY2024 to ¥29.0bn by FY2030, with focus on medical, food, automotive, materials, and consumer goods.

• Real estate business aims for over ¥80bn AUM by FY2030, with asset management subsidiary and fund formation.

• Overseas sales to double by FY2030, with expansion in ASEAN, North America, India, and Europe.

• Adoption of robotics, AI, and open innovation; strengthening human capital and asset management.

• Entry into grid electricity storage business, targeting ¥10bn revenue by FY2030.