Kobe Bussan (3038): Announced capital and business alliance with Makiya, a Gyomu Super FC owner

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Kobe Bussan (3038): Announced capital and business alliance with Makiya, a Gyomu Super FC owner

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Kobe Bussan (3038)

Announced capital and business alliance

with Makiya, a Gyomu Super FC owner

Maintain Rating: BUY | PO: 4,150 JPY | Price: 2,639 JPY

Voting rights ratio to be 19.8% 26 May 2026

Kobe Bussan announced the acquisition of shares in Makiya (9890). The post-investment Equity

voting rights ratio will be 19.8%, such that Makiya will not become an equity-method

affiliate of Kobe Bussan (¥1,198 per share; total investment of ¥1.677bn). ArashiResearchNishizawaAnalyst >>

BofAS Japan

Operates 54 Gyomu Super stores across four prefectures +81arashi.nishizawa@bofa.com3 6225 6402

As of end-Mar 2026, Makiya operated 54 Gyomu Super stores (37 in Shizuoka, two in Daisuke Aikawa >>

Kanagawa, seven in Saitama, and eight in Yamanashi). It also operates 21 ESPOT Research Analyst

discount stores, 13 POTATO/Mammy farmers’ market stores, seven HARD OFF reuse BofAS+81 3 6225Japan7196

stores, three e.comode lifestyle goods stores, and 13 Daiso stores. Gyomu Super sales daisuke.aikawa@bofa.com

totaled ¥23.6bn, accounting for around 25% of Makiya’s overall sales.

Focus on outpack and urban small-format synergies Stock Data

We believe this capital and business alliance/share acquisition stems from the founding

family’s asset management company’s intention to sell shares in Makiya, and does not Price 2,639 JPY

imply a change in Kobe Bussan’s strategy or its approach to the franchise system. Price Objective 4,150 JPY

Meanwhile, Kobe Bussan cites the following three potential synergies: (1) introducing Date Established 25-May-2026

Makiya’s outpack products, an area of strength for Makiya, into Kobe Bussan Group’s Investment Opinion B-1-7