摩根士丹利：交通运输_新加坡和香港海外机构投资者关注的议题

Investment Ratings - Airlines: Industry View Attractive [2] - Marine Transportation: Industry View Cautious [2] - Diversified Services: Industry View No Rating [2] - Logistics: Industry View Attractive [2] - Tourism: Industry View In-Line [2] - Railways: Industry View In-Line [2] Core Insights - There is a strong interest from overseas institutional investors in railways and tourism, while airlines, logistics, and marine transportation attract relatively low interest [5][6] - Specific stocks such as JR Kyushu, JR East, Seibu HD, and Keisei Electric Railway are highlighted for their strong appeal among overseas investors [6] - Concerns regarding the performance of Fuji Kyuko and the potential for a rebound in tourism demand are discussed, indicating a cautious outlook [7] - Yamato HD and SG HD are noted for their underperformance, with no immediate catalysts for price recovery identified [8] Summary by Industry Airlines - The report indicates a rising certainty of yen appreciation and low oil prices, which could enhance investment appeal, but it is noted that this scenario is not yet priced in [11] Marine Transportation - Companies such as Kawasaki Kisen, Mitsui O.S.K. Lines, and Nippon Yusen are rated Underweight, indicating a cautious outlook for the sector [33] Diversified Services - Japan Post Holdings is rated Overweight, suggesting a positive outlook for the company [34] Logistics - Companies like Fukuyama Transporting and Yamato Holdings are rated Underweight and Equal-weight respectively, indicating mixed sentiments in the logistics sector [35] Tourism - Fuji Kyuko is rated Overweight, reflecting optimism about its potential for growth, while other companies like Oriental Land are rated Underweight [36] Railways - Central Japan Railway is rated Underweight, while Kyushu Railway and Tokyu are rated Overweight, indicating varied expectations across different railway companies [37]