Rail Transportation

Canadian Pacific Kansas City set new September and third-quarter records for grain transportation, moving 2.94 million metric tons in Canada and 2.51 million metric tons in the United States during September. Both countries set new third-quarter records, surpassing the previous records set in 2020. Through Week 8 of the 2026-2027 crop year, CP has moved more than 4.99 million metric tons and 51,268 carloads of Canadian grain. CP's shares have gained 16.8% year to date, compared with 20.3% growth for the Transportation - Rail industry, and the stock carries a Zacks Rank #3 (Hold).

Hankyu Hanshin Holdings announced on the 2nd that it is expanding its share buyback, raising the maximum acquisition limit to 12 million shares, or 50 billion yen, equivalent to 5.16% of its outstanding shares. The previous limit, decided in May, had set a maximum of 7.5 million shares and 30 billion yen. The expansion amounts to 20 billion yen. With the buyback completed ahead of schedule, the company aims to further enhance shareholder returns and improve capital efficiency. The acquisition period, originally scheduled to end on October 29, has been extended to March 31, 2027.

Canadian Pacific Kansas City has reached a tentative, five-year agreement with 250 train operators in Minnesota, Iowa, Illinois, and Missouri. The deal with the Brotherhood of Locomotive Engineers and Trainmen provides higher wages and more flexible work rules. Shares of Canadian Pacific Kansas City were inactive in Thursday's premarket trading after falling more than 1% on Wednesday to a 3-month low.

Canadian Pacific Kansas City said it has reached a new tentative five-year collective agreement with the Brotherhood of Locomotive Engineers and Trainmen. The tentative agreement, which provides increased wages and more flexible work rules, covers approximately 250 train and engine employees on the southern portion of the Dakota, Minnesota and Eastern property operating trains in Minnesota, Iowa, Illinois and Missouri. CPKC President and Chief Executive Officer Keith Creel said the company was very pleased to reach the latest tentative collective agreement benefiting more of its railroaders in the United States, and thanked BLET leadership for working with the company at the bargaining table. The tentative agreement is pending ratification by the union's membership.

Piya Techakul, Chief Executive Officer of ATP30 Public Company Limited, or ATP30, disclosed that although flooding has forced temporary closures of some route sections in Prachin Buri and Rayong provinces within its service areas, the company has adjusted its bus operations plan and fleet management to match the situation. It assesses the impact as short-term only and not materially affecting overall operations. For routes constrained by water levels, the company can switch from electric buses to diesel buses suited to road conditions, so that it can continue providing employee shuttle services for its customers. On 18 September 2026, an extraordinary shareholders' meeting approved the company's expansion of its business objectives to officially accommodate the sale of electricity from its commercial Solar Roof & Smart Charger stations, building on the infrastructure it invested in and uses to support ATP30's own EV fleet. It plans to open its first commercial service in Nakhon Nayok province in October 2026, with a power output of 120 kilowatts from two charging units, before expanding charging stations to other potential areas such as Saraburi, Lopburi, Chonburi and Rayong provinces within 2027, in order to improve asset utilisation and create opportunities for additional revenue.

ATP30 Public Company Limited, or ATP30, received approval from an extraordinary shareholders' meeting on 18 September 2026 to expand its business objectives to officially support the sale of electricity from commercial Solar Roof & Smart Charger stations, building on the infrastructure the company invested in and uses to support ATP30's own EV fleet. The company plans to open its first commercial service in Nakhon Nayok province in October 2026, with a power output of 120 kilowatts and two charging units, before expanding charging stations to potential areas such as Saraburi, Lopburi, Chonburi and Rayong provinces within 2027, in order to improve asset utilisation efficiency and create opportunities for additional revenue recognition. Chief Executive Officer Piya Techakul said that the current flooding situation has forced temporary closures of some routes in Prachinburi and Rayong provinces that fall within the company's service areas. The company has adjusted its route plans and fleet management in line with the situation, and can switch from electric buses to diesel buses on routes limited by water levels. It assesses the impact as short-term only and not materially affecting overall operations.

Hankyu Hanshin Holdings' full-year results for the fiscal year ending March 2026 showed operating revenue of 1.2035 trillion yen, operating profit of 127.1 billion yen, ordinary profit of 124.5 billion yen, and net profit attributable to owners of the parent of 78.5 billion yen, all setting record highs. Three pillars drove the profit increase: a sharp rise in condominium sales revenue in the real estate business, demand captured by the urban transportation and hotel businesses from the Osaka-Kansai Expo, and strong performance in the sports business, including the Hanshin Tigers' league championship. By segment, real estate posted the largest operating profit at 67.1 billion yen, while urban transportation, including railways, came to just 35.2 billion yen, making clear that real estate now earns roughly twice the profit of urban transportation. The company said it expects lower operating profit for the fiscal year ending March 2027, as the one-off boost from the Expo and the professional baseball championship fades and the situation in the Middle East weighs on results, and it plans operating revenue of 1.265 trillion yen, operating profit of 121.7 billion yen, ordinary profit of 114 billion yen, and net profit of 79 billion yen. In the first quarter of the fiscal year ending March 2027, operating revenue was 339 billion yen, operating profit 49.5 billion yen, ordinary profit 52.3 billion yen, and net profit 36.8 billion yen, with operating profit reaching 40.7 percent of the full-year plan, a start well ahead of the one-quarter pace.

ATP30 Public Company Limited, or ATP30, a provider of employee shuttle services in the eastern and central industrial estates, continues to serve its customers without interruption despite flooding in several areas. Chief Executive Officer Piya Techakul said the floods forced the temporary closure of some routes in Prachin Buri and Rayong provinces, which are within the company's service areas. The company therefore adjusted its route plans and fleet management to match the situation, including switching from electric buses to diesel buses on routes limited by water levels, in order to maintain continuity in transporting client employees. It assesses the impact as short-term only and not materially affecting overall operations. In addition, on 18 September 2026, an extraordinary shareholders' meeting approved an expansion of the company's business objectives to officially support the sale of electricity from commercial Solar Roof & Smart Charger stations, an extension of the infrastructure the company invested in and uses for ATP30's EV fleet. It plans to open its first commercial service in Nakhon Nayok province in October 2026, with a power output of 120 kilowatts from two charging units, before expanding charging stations to potential areas such as Saraburi, Lop Buri, Chon Buri and Rayong provinces within 2027, in order to improve asset utilisation and create opportunities for additional revenue.

BTS announced the success of its 1/2026 bond offering, comprising three tranches with a total value of 15 billion baht, drawing an overwhelmingly strong response from retail investors. The result reflects confidence in the company's business potential and financial strength as the operator of the BTS Skytrain, recognised as the world's number one sustainable rail transport company. Meanwhile, NCL has cleared another major case after the Supreme Court declined to allow the plaintiff's petition, bringing a case worth 23.07 million baht to a close, with NCL bearing no liability under the claim. The company is awaiting a positive accounting reversal, which, combined with an earlier dispute worth 25.08 million baht, gives NCL the chance to record a total accounting reversal of approximately 48 million baht by the end of this year. SUSCO, for its part, is continuing to pass on assistance to people affected by the flooding, donating SUSCO drinking water through the Bangkok Metropolitan Administration donation point at Bangkok City Hall in Din Daeng, and opening up space at its service stations so that members of the public can park their cars and motorcycles, reducing the risk and damage that flooding might cause.

BTS Group Holdings successfully offered its first bond issue of 2026, with a total value of 15 billion baht, divided into 3 tranches. The first tranche has a 2-year term with a fixed interest rate of 3.20% per year, maturing in 2028. The second tranche has a 3-year term with a fixed interest rate of 3.55% per year, maturing in 2029. The third tranche has a 4-year term with a fixed interest rate of 3.75% per year, maturing in 2030. Interest is paid every 6 months throughout the life of the bonds. Subscription opened on 25 and 28-29 September 2026, with the bond issuance date set for 30 September 2026. Chawadee Rungruang, Chief Financial Officer, said the company plans to use the proceeds to repay debt in order to strengthen its financial position. The bonds and the company received a credit rating from TRIS Rating of BBB+, which is in the Investment Grade category, on 24 August 2026, with a negative credit outlook. This offering had 13 leading financial institutions serving as joint arrangers.

BTS Group Holdings Public Company Limited successfully offered its 1/2026 series of debentures in three tranches with a combined value of 15 billion baht, drawing an enthusiastic response from general investors. All three tranches are registered, unsubordinated, unsecured debentures with a debenture holders' representative. Tranche 1 has a two-year term with a fixed interest rate of 3.20% per year and matures in 2028. Tranche 2 has a three-year term with a fixed interest rate of 3.55% per year and matures in 2029. Tranche 3 has a four-year term with a fixed interest rate of 3.75% per year and matures in 2030. Interest is payable every six months throughout the life of the debentures. Investors were able to subscribe between September 25 and September 28 to 29, 2026, through leading financial institutions appointed as joint lead managers, with the debentures issued on September 30, 2026. Chawadee Rungruang, Chief Financial Officer of BTS Group, said the debentures and the company received a credit rating of BBB+ from TRIS Rating, placing them in the investment grade category, on August 24, 2026, with a negative credit outlook. The company plans to use the proceeds from this debenture offering to repay debt, strengthening its financial position, and will continue to expand its business as the world's number one sustainable rail transport system operator, while working with the government to support the common ticket scheme, for which it is currently developing the relevant systems. BTS Group thanked the 13 leading financial institutions that took part in this success.

BTS Group Holdings Public Company Limited, or BTS, successfully offered 3 tranches of bonds in its first issuance of 2026, with a total value of 15 billion baht, meeting its target, drawing strong interest from general investors. Ms. Chawadee Rungruang, the company's Chief Financial Officer, disclosed that the three tranches are registered, unsubordinated, unsecured bonds with a bondholders' representative. Tranche 1 has a 2-year term with a fixed interest rate of 3.20% per year, maturing in 2028. Tranche 2 has a 3-year term with a fixed interest rate of 3.55% per year, maturing in 2029. Tranche 3 has a 4-year term with a fixed interest rate of 3.75% per year, maturing in 2030. Interest is payable every 6 months throughout the life of the bonds. The company opened subscriptions to investors on 25 and 28-29 September 2026 through financial institutions appointed as bond distribution managers, with the bonds scheduled for issuance on 30 September 2026. BTS and the bonds received a credit rating from TRIS Rating Co., Ltd. at BBB+, which is in the Investment Grade category, with a negative rating outlook as of 24 August 2026. Ms. Chawadee said the company plans to use the proceeds from this bond offering to repay debt in order to strengthen its financial position, while continuing to expand its rail transport business and seek new business opportunities to support long-term growth. In addition, BTS is in the process of developing related systems to support the common ticket measure, preparing for connectivity with electric train networks and operating systems to accommodate future cooperation with the government sector.

BTS Group successfully closed the sale of its 1/2026 debentures, comprising 3 tranches with a total value of 15,000 million baht, receiving an overwhelming response from general investors. All 3 tranches are registered, unsubordinated, unsecured debentures with a debenture holders' representative. Tranche 1 has a 2-year term with a fixed interest rate of 3.20% per year, maturing in 2028. Tranche 2 has a 3-year term with a fixed interest rate of 3.55% per year, maturing in 2029. Tranche 3 has a 4-year term with a fixed interest rate of 3.75% per year, maturing in 2030. Interest is paid every 6 months throughout the life of the debentures, with the issue date set for 30 September 2026. Miss Chawadee Rungruang, Chief Financial Officer of BTS Group Holdings Public Company Limited, revealed that the company will use the proceeds to repay debt in order to strengthen its financial position, while continuing to operate its business as the BTS skytrain service provider, recognised as the world's number 1 sustainable rail transport company, and stands ready to cooperate with the government sector to support the common ticket measure, for which the related systems are currently being developed. The debentures and the company received credit ratings from TRIS Rating Co., Ltd. at BBB+, which is in the Investment Grade category, on 24 August 2026, with a negative credit outlook. A total of 13 leading financial institutions acted as joint arrangers of the debenture offering.

Alstom has received an order from Västtrafik for 35 additional Avelia Stream Nordic X80 trains through an option worth approximately €350 million exercised under an existing frame contract, bringing the total fleet Alstom will deliver to Västtrafik to 80 trains. The option exercise follows the successful entry into service of the first Avelia Stream Nordic trains and reflects Västtrafik's continued confidence in Alstom's ability to deliver a modern, reliable and sustainable regional fleet. The order will be booked in the second quarter of Alstom's fiscal year 2026/27. The trains have a top speed of 200 km/h and 270 seats across three cars, with step-free boarding, dedicated spaces for wheelchairs and strollers, and real-time information systems, and can operate through 80 cm of snow and in temperatures down to -40°C. The first trains were delivered in spring 2026 and are now operating on the regional rail network in Västra Götaland, and Alstom is also performing maintenance of Västtrafik's fleet, which currently comprises both the new trains and older generation rolling stock.

The Surface Transportation Board unanimously rejected opponents' requests to dismiss the revised merger application between Union Pacific Corporation and Norfolk Southern Corporation on September 22, keeping the transaction on track for expected completion in the second half of 2027. If approved, the deal will create America's first transcontinental railroad, converting 10,000 interline lanes into single-line service and offering Committed Gateway Pricing to expand customer access. A union agreement with SMART-MD guarantees lifetime job security for existing union members, securing majority labor support. Union Pacific posted record Q2 2026 net income of $2.0 billion, up 6% year-over-year, and adjusted diluted EPS of $3.41, while Norfolk Southern reported record Q2 2026 railway operating revenues of $3.5 billion, up 11% year-over-year on a 4% volume increase. Norfolk Southern's reported Q2 2026 operating ratio deteriorated by 540 basis points year-over-year to 67.6%, or 65.5% adjusted, while fuel cost volatility hit Union Pacific's Q2 operating ratio by 120 basis points.

JR Kyushu and SBI Holdings announced on September 25 that they will jointly develop a financial super app, tentatively named "JQ BANK," aiming to begin offering it during fiscal 2027. The plan assumes JR Kyushu will obtain a banking agency license with SBI Shinsei Bank as its affiliated bank, and it will leverage SBI Shinsei Bank's functions for banking and SBI Securities' functions for the securities segment. The financial platform underpinning JQ BANK will extend to crypto assets, FX, and stablecoin payments, with AI agents and media features also under consideration. Building on existing customer bases such as JR Kyushu Web members, the transit IC card SUGOCA, the JQ CARD credit card, and the JR Kyupo point service, the companies are considering offering perks tied to JR Kyushu Group services in station buildings, real estate, hotels, retail, and dining based on customers' use of financial services. Preferential mortgage rates are also under consideration, with JR Kyushu positioning itself not as a creator of financial products but as the holder of the gateway connecting finance and customers.

Kyushu Railway Company and SBI Holdings officially announced on September 25 a basic agreement toward a business partnership, disclosing plans to jointly develop JQ BANK, a financial super app exclusively for JR Kyushu web members, with the aim of launching the service during fiscal 2027. The underlying financial platform will include banking, securities, and insurance, as well as crypto assets, foreign exchange margin trading, and stablecoin payments, with AI agents and media functions also part of the concept. It is said to be the first financial app in the railway industry to combine banking functions with securities and other services. In this official announcement, along with the app's name and target membership, specific offerings such as deposits, home loans, investment trust accumulation plans, and point-based investing were revealed. For the banking functions, the app will use a system that lets users access SBI Shinsei Bank's deposit and payment services within the JR Kyushu app, and it will offer free allowances for convenience store ATM withdrawal fees and transfer fees to other banks, while also considering the introduction of the yen deposit service SBI Hyper Deposit. To begin the service, JR Kyushu must obtain a banking agency license with SBI Shinsei Bank as its affiliated bank.

JR Kyushu announced on the 25th that it will partner with SBI Holdings to launch a financial services business. The company aims to develop a members-only app called 'JQ BANK' (provisional name) that allows centralized use of financial functions such as deposits and payments, and to offer it by fiscal 2027. JR Kyushu has previously rolled out transit IC cards and other services, but will obtain a banking agency license and make a full-scale entry into the financial business. The aim is to improve customer convenience by combining rail services with financial services. The app will be exclusively for web members and will provide banking and securities services handled by SBI Group's SBI Shinsei Bank and SBI Securities, as well as services such as insurance and crypto assets. The company is also considering linking the app with its own point service and awarding points based on deposit balances.

JR Kyushu announced on the 25th that it will partner with SBI Holdings to launch a financial services business. The company plans to develop a members-only app called JQ BANK (provisional name) that will allow users to access banking, payment, and other financial functions in one place, with the goal of offering it during fiscal 2027. JR Kyushu has previously rolled out transit IC cards and other services, but will now obtain a banking agency license and make a full-scale entry into the financial business. The aim is to combine rail services with financial services to improve customer convenience. The app will be exclusively for web members and will offer banking and securities services handled by SBI Group's SBI Shinsei Bank and SBI Securities, as well as insurance, crypto assets, and other services. It will also be linked with the company's own point service, and JR Kyushu is considering awarding points based on deposit balances.

ATP30 Public Company Limited, or ATP30, a provider of personnel transport bus services, has unveiled its three-year JUMP+ Plan to increase corporate value over 2026–2028, targeting net profit of approximately 120 million baht by 2028, up from 58.50 million baht in 2025, or more than double. It also targets revenue growth of 10% in 2026, accelerating to 11% in 2027 and 13% in 2028, while the gross profit margin is targeted to rise from 21.06% in 2025 to 22.44%, 22.80% and 23.96% respectively. The net profit margin is targeted to move from 7.26% to 10.43% by 2028. The heart of the investment plan is the expansion of the electric bus fleet by an additional 100 vehicles by 2028, with total investment of approximately 570 million baht. In 2026, it will invest in 30 EV buses with a budget of 170 million baht, install a 120-kilowatt solar rooftop system and develop two charging stations, before adding another 35 EV buses for 200 million baht in 2027 and another 35 vehicles for approximately 200 million baht in 2028. The company expects the clean energy transport business to generate revenue of approximately 200 million baht in 2028. In addition, the company is preparing to build a new S-Curve through its VVS, or VIP Vehicle Services, business, planning to invest in 14 vehicles worth 40 million baht in 2026, add another 17 vehicles for 50 million baht in 2027 and another 17 vehicles for 50 million baht in 2028, targeting revenue of approximately 49 million baht in 2028. It is also pressing ahead with its AQS, or A Quick Service, business, expanding to a total of five branches with investment of approximately 60 million baht, comprising one branch in 2026 with investment of 12 million baht, two more branches in 2027 with investment of 24 million baht, and two more branches in 2028 with investment of 24 million baht, targeting total AQS revenue of approximately 74 million baht in 2028. Another key strategy is improving the efficiency of existing assets, with ATP30 set to accelerate the efficiency of its existing fleet of 760 vehicles by raising the utilization rate, reducing empty trips and retaining its existing customer base through continuous renewal of key contracts.

Jifeng Shares announced that its controlling subsidiary has secured a passenger car seat assembly project nomination, with an estimated total lifecycle value of 9.2 billion yuan. On the same evening, Halo New Network plans to make an additional investment of 1.265 billion yuan in the Helinger Intelligent Computing Center project, China Life plans to contribute no more than 4.5 billion yuan to participate in a partnership enterprise investing in high-quality unlisted equity in the artificial intelligence and semiconductor sectors, and Digital Zhengtong's wholly-owned second-tier subsidiary plans to purchase servers for 576 million yuan. Biwin Storage completed its first buyback of 1.0447 million shares on the same day at a cost of 222 million yuan; Seres' largest shareholder and its concert parties increased their holdings by 4.1501 million shares, Inovance Technology's largest shareholder plans to increase holdings by 150 million to 200 million yuan, and Chacha Food plans to buy back shares worth 50 million to 100 million yuan. China Railway Signal and Communication won three important railway market projects from July to August, with a total value of approximately 976 million yuan; ST Yitong will have its delisting risk warning removed starting September 29. In addition, Montage Technology's third-largest shareholder WLT plans to reduce its holdings by no more than 2.33 million shares, and Sanan Optoelectronics' actual controller Lin Xiucheng has been criminally detained on suspicion of embezzlement and misappropriation of funds.

Canadian National Railway has shipped the first unit train from Total Grain Marketing's recently expanded grain elevator at Lis, Illinois, on Sept. 16, 2026. The project includes a new 115-car loop track that replaces the existing 25-car footprint, along with extended receiving, storage and shipping capacity. The expansion adds 3.1 million bushels of grain storage capacity and three truck dump pits, enabling the facility to receive up to 85,000 bushels of grain per hour, with the new shipping capacity expected to load unit trains in just eight hours. Sandra Ellis, vice-president, Bulk, Industrial and Business Development at CNI, said the company is proud to work closely with TGM on the project and looks forward to creating value for both TGM and its customers. The railroad also reported that it moved 2.50 MMT of grain in August 2026, exceeding the previous August record of 2.34 MMT set in 2020.

Union Pacific Corporation and Norfolk Southern Corporation said their proposed combination to create America's first transcontinental railroad gained momentum after the Surface Transportation Board unanimously denied merger opponents' requests to dismiss the companies' revised merger application. With those requests rejected, the board can continue its review of what the companies call the most comprehensive merger analysis ever submitted in support of a major rail transaction, and the railroads said the combined network would remove more than 2 million truckloads from taxpayer-funded highways. Separately, the International Association of Sheet Metal, Air, Rail and Transportation's Railroad Mechanical Department entered a jobs-for-life agreement with the railroads, giving the merger the support of a majority of unions representing Union Pacific and Norfolk Southern employees. Union Pacific CEO Jim Vena said the momentum behind the transaction continues to build, while Norfolk Southern President and CEO Mark George said the combination will create new opportunities for customers across merchandise, bulk and intermodal markets. The transaction remains subject to Surface Transportation Board review and approval and to continued board oversight after closing, with the companies expecting completion in the second half of 2027.

BTS Group Holdings Public Company Limited, or BTS, plans to offer its first long-term bond issue of 2026 in three tranches to general investors. The bonds are registered, unsubordinated, unsecured, and have a bondholders' representative. Subscription is scheduled for September 25 and September 28-29, 2026. The first tranche has a 2-year maturity with a fixed coupon of 3.20% per year, the second tranche has a 3-year maturity with a fixed coupon of 3.55% per year, and the third tranche has a 4-year maturity with a fixed coupon of 3.75% per year. On its financial position, the company said that as of the first quarter of its 2026/27 fiscal year, BTS held cash and highly liquid investments totaling more than 54.5 billion baht, along with cash flow from long-term electric train operations and maintenance contracts, known as O&M. TRIS Rating assigned the company a credit rating of BBB+ with a negative outlook on August 24, 2026, which remains at Investment Grade level. Interested investors can subscribe to the bonds through 13 financial institutions: Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, Government Savings Bank, Kiatnakin Phatra Securities, Krungthai XSpring Securities, Maybank Securities (Thailand), YuanTa Securities (Thailand), Asia Plus Securities, KGI Securities (Thailand), Bluebell Securities, and Dao Securities (Thailand).

BTS Group Holdings is preparing to issue long-term bonds, its first offering of 2026, in three tranches for sale to general investors. The first tranche has a 2-year maturity with a fixed coupon of 3.20% per year, the second has a 3-year maturity with a fixed coupon of 3.55% per year, and the third has a 4-year maturity with a fixed coupon of 3.75% per year. The bonds are registered, unsubordinated, unsecured, and have a bondholders' representative. On its financial position in the first quarter of the 2026/27 fiscal year, the company held more than 54.5 billion baht in cash and highly liquid investments, with steady cash inflows from long-term electric train operating contracts, along with a credit rating from TRIS Rating at BBB+ with a negative outlook as of August 24, 2026. The company will open subscriptions on September 25 and September 28-29, 2026, through 13 leading financial institutions, including Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, Government Savings Bank, and eight securities firms.

Odakyu Electric Railway announced on August 7 its first-quarter results for the fiscal year ending March 2027, reporting revenue of 101.735 billion yen (up 3.5% year on year), operating profit of 16.34 billion yen (up 6.9%), and ordinary profit of 16.214 billion yen (up 1.1%), with both operating profit and ordinary profit securing gains. Net profit fell 16.6% to 11.622 billion yen, but this reflects the reversal of gains on the sale of investment securities recorded in the same period a year earlier and does not indicate weakness in the core business. Among the three business segments, the transportation business posted operating revenue of 47.199 billion yen (up 4.2%), operating profit of 11.455 billion yen (up 9.1%), and an operating profit margin of 24.3%, far outpacing the others and accounting for about 70% of the total segment operating profit of 16.334 billion yen. The railway business benefited from higher passenger numbers and the bus business from fare revisions, while sales of the Hakone Free Pass reached a record high for a first quarter (up 7.4%), and sales to inbound tourists also hit a quarterly record high (up 6.6%). Against the company's full-year forecast of 461.3 billion yen in revenue, 54 billion yen in operating profit, 47.9 billion yen in ordinary profit, and 38.3 billion yen in net profit, the first-quarter progress rate stands at 30.3% for operating profit and 33.8% for ordinary profit, outpacing the standard 25% pace, and the company plans to raise its annual dividend forecast to 60 yen from the previous year's actual dividend of 55 yen.

More than 500 customers across nearly every segment of the American freight economy have publicly backed the proposed Union Pacific and Norfolk Southern combination, with support growing through recent Surface Transportation Board filings. Recent filings included more than 150 new letters from customers, first responder organizations, community leaders and elected officials, adding to the more than 2,000 statements submitted with the railroads' amended application. Twenty-three new shippers from industries including agriculture, energy, fertilizer, forest products, food and automotive cited benefits of a single, integrated coast-to-coast rail network, including expanded market access, stronger supply chains, improved reliability and new growth opportunities. Union Pacific and Norfolk Southern say the combined railroad, described as America's first seamless coast-to-coast freight rail network, is expected to generate approximately $3.5 billion in annual savings and shift an estimated 2.1 million truckloads from highways to rail each year. The transaction remains subject to Surface Transportation Board review and approval, with the two companies expecting completion in the third or fourth quarter of 2027.

Canadian National Railway's U.S. subsidiaries have reached an agreement with Amtrak to resolve a decade-long dispute over passenger service delays, equipment issues, and late station departures. Canadian National Railway is the parent company of U.S. rail subsidiaries Illinois Central Railroad Company and Grand Trunk Western Railroad Company, which own the lines Amtrak uses for intercity routes including the City of New Orleans, Illini, Saluki, and Wolverine. The dispute centered on Amtrak blaming CNI for prioritizing freight over passenger routes, while CNI blamed Amtrak for freight delays tied to equipment issues or late station departures, and CNI had pushed proposals to the Surface Transportation Board that would hold Amtrak financially responsible for delays. Under their eight-year operating agreement, the two sides agreed to a revised performance payment system more closely aligned to the Federal Railroad Administration's on-time performance standard, regular reviews of Amtrak's schedules, and a process to address operational issues and resolve disputes, and they will also work together to equip Amtrak trains with Onboard Shunt Enhancers. Canadian National COO Patrick Whitehead said the company is pleased to have reached agreements that allow it to move forward with a clear framework for safely and efficiently sharing its network, adding that together with the deployment of OSE technology, these agreements will support safer grade crossings and reliable passenger and freight service. Although the agreement ends the decade-long dispute, Canadian National shares are lower as the negotiations highlight the railroad's persistent on-time performance challenges.

CN's U.S. rail subsidiaries and Amtrak have reached agreements that strengthen their partnership and support safe, reliable passenger and freight service on CN's U.S. rail network. The parties signed a new eight-year operating agreement governing Amtrak service on CN-owned rail lines, resolving a more than decade-long proceeding before the Surface Transportation Board concerning terms and conditions for Amtrak services such as the City of New Orleans, Illini/Saluki, and Wolverine. The agreement establishes a revised performance payment system more closely aligned with the Federal Railroad Administration's on-time performance standard, regular reviews of Amtrak's schedules, and processes to address operational issues and resolve disputes. In addition, the parties will work together on a process for Amtrak to equip its trains operating on CN's network with Onboard Shunt Enhancers, a technology that improves how trains are detected as they approach rail grade crossings and helps ensure crossing warning systems activate when they should. Installation of the OSEs is supported through FRA funding and builds on more than a decade of research and testing led by CN, Amtrak and the FRA.

UBS upgraded Union Pacific to a Buy rating on Wednesday, lifting the rail stock from Neutral. Analyst Thomas Wadewitz said the firm's analysis of key customer markets points to a second year of strong volume growth setting up for Union Pacific in 2027, with low inventories signaling further growth in steel volumes and elevated energy prices expected to keep supporting the petroleum and products segment. Wadewitz and his team forecast EPS of $13.41 for 2026 and $14.90 for 2027, both above consensus. UBS sees the combination of solid EPS delivery and optionality on a potential merger with Norfolk Southern supporting attractive upside over the next 12 months, though Wadewitz expects the regulatory review process to be challenging with an uncertain outcome. Shares of Union Pacific rose 0.5% to $285.39 at 11:59 a.m., against a 52-week high of $315.99.

UBS upgraded Union Pacific Corp. to Buy from Neutral and raised its price target to $339 from $310, sending the shares up 1.57% in premarket trading. The new target sits roughly 19% above current prices. The firm forecasts earnings of $13.41 per share in 2026 and $14.90 in 2027, running 3% and 5% above consensus, and models 2028 earnings of $16.15 per share against roughly $13.60 implied by the current price at 21x earnings. UBS expects 10% EBIT growth in 2027 and projects 3.5% volume growth that year, with intermodal up 6% to 7% on current trends and the relationship between intermodal performance and the truckload pricing cycle. The firm said low inventories should lift steel volumes while elevated energy prices support petroleum and products, and noted that rail pricing typically lags truck, pointing to stronger pricing for Union Pacific and making price and mix against inflation a neutral rather than a headwind.

SK Hynix and Intel shares each rose more than 2.5% premarket after a Reuters report that SK Hynix was in talks with Intel to manufacture memory chips in the U.S. for the first time, though SK Hynix said no decisions have been made regarding any partnership with Intel. J.B. Hunt Transport Services tumbled more than 11% after warning that its earnings may fall between 5% and 10% in the third quarter compared to the previous three-month period, a decline it attributed to internal adjustments for rising rates of purchase transportation. Expedia fell more than 2.5% after Morgan Stanley downgraded the stock to underweight, citing a weak risk/reward profile and greater exposure to a potentially weaker consumer. Energy stocks moved lower as U.S. oil prices fell 2% following a report that energy inventories rose last week, with Diamondback Energy down almost 4%, Occidental Petroleum off 1%, and ExxonMobil and Devon Energy each down almost 1%. Paychex rose more than 1% on a Wolfe Research upgrade to peer perform, while Union Pacific gained 1.5% after UBS upgraded the stock to buy.

Daqin Railway announced on the evening of September 14 that it had repurchased 12.4915 million shares for the first time that day through the Shanghai Stock Exchange trading system via centralized bidding, accounting for 0.0629% of the company's total share capital of 19.863 billion shares. The highest repurchase price was 4.83 yuan per share and the lowest was 4.78 yuan per share, with total funds paid of 59.99995 million yuan excluding transaction fees. The buyback plan was approved at the second meeting of the company's eighth board of directors on August 3, 2026, and at the second extraordinary shareholders' meeting of 2026 on August 20. The repurchase amount is between 400 million yuan and 500 million yuan, with a price ceiling of 7.10 yuan per share. The repurchased shares will be cancelled to reduce the company's registered capital, and the implementation period is within six months from the date of shareholder approval, from August 20, 2026, to February 19, 2027. The company said it will implement further repurchases within the buyback period based on market conditions and fulfill information disclosure obligations in a timely manner. The 2026 semi-annual report released the same day showed that the company achieved operating revenue of 39.597 billion yuan in the first half of the year, up 6.20% year on year. Net profit attributable to shareholders of the listed company was 4.255 billion yuan, up 3.40% year on year. The company plans to distribute a cash dividend of 0.08 yuan per share before tax, totaling 1.589 billion yuan, accounting for 37.35% of first-half net profit attributable to the parent company.

Surapong Laoha-Unya, Executive Director and Chief Executive Officer of the MOVE business line at BTS Group Holdings Public Company Limited, or BTS, told the Stock Vision news team that total rail system ridership continues to grow even as the overall economy slows. The Green Line, both the northern and southern sections, averages more than 800,000 passengers per day, and when the Green Line, Pink Line, and Yellow Line are combined, total system ridership stands at about 1 million passengers per day. The Yellow Line continues to show improving growth, while the Pink Line has seen ridership rise to nearly 100,000 passengers per day. The company is pressing ahead with marketing and promotion strategies, including new ticket products such as monthly passes and tickets valid for a set number of days, and is organizing events along rail routes to generate revenue during event periods. In the advertising business on the Pink and Yellow lines, the focus is on train wrap advertising. The Mix & Match business is trending better this year. For business expansion, BTS sees opportunities in the country's rail infrastructure, aiming to expand in Bangkok, the surrounding provinces, and the regions, and is open to both public-private partnership models, or PPP, and contracts to manage and operate trains. It is especially interested in the Phuket rail project. As for the U-Tapao airport project, work is under way to push forward the portions that can proceed immediately without waiting solely for the high-speed rail link connecting three airports to be ready, since the project has already been running for more than six years.