Zensho Starts Releasing Monthly Data for Hamasushi as Well as Sukiya; Some Effects of Weather & Calendar Layout, but Favorable Trends Continue

Research evidence excerpt

Zensho Starts Releasing Monthly Data for Hamasushi as Well as Sukiya; Some Effects of Weather & Calendar Layout, but Favorable Trends Continue

Update

July 1, 2026 08:19 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MZensho Holdings (7550) | Japan Katsumi Arai

Equity Analyst

Zensho Starts Releasing Katsumi.Arai@morganstanleymufg.comNatsuko Seto +81 3 6836-8918

Research Associate

Natsuko.Seto@morganstanleymufg.com +81 3 6836-8940

Monthly Data for Hamasushi as

Well as Sukiya; Some Effects of

Weather & Calendar Layout, but

Zensho Holdings (7550.T, 7550 JP)

Mid Small Cap/Non-Manufacturer | Japan

Favorable Trends Continue Stock Rating Overweight

Industry View In-Line

Price target ¥12,000

Jun domestic Sukiya same-store sales +12.5% YoY. Year-earlier hurdles remained low Shr price, close (Jul 1, 2026) ¥8,012

after issues relating to foreign objects found in dishes came to a close in March last Mkt cap, curr, basic (bn) ¥1,253.9

Avg daily trading value (bn) ¥5.2

year. Reasons for the weaker growth than May's +15.9% were 1 fewer weekend day/

holiday YoY (May had 2 more YoY) and adverse weather effects including weekend

typhoon disruption. But even without these special factors the trend remained

favorable. June 4 saw the introduction of a Tonjiru Miso Ramen option (unit price

¥360), which appears to have boosted spend/customer when sold in sets with

gyudon beef bowls, for example.

Domestic YoY SSS growth for Hamasushi was weaker than May's +15.4%, at +5.5%,

hit harder than Sukiya by the unfavorable calendar and weather effects. Price

increases from May 26 included an increase from ¥110 to ¥132 for tuna plates,

though the firm said this appears to have had little effect on diner numbers. This is

the first time that Zensho has started disclosing monthly sales for Hamasushi, an