Announces Capital Alliance with ¥300bn Equity Investment through 3rd-party Allotment and ¥400bn Share Buyback

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M

Update

July 31, 2026 03:48 PM GMT

Seven & i Holdings (3382) | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Ai Furukawa

Equity Analyst

Announces Capital Alliance with

¥300bn Equity Investment

through 3rd-party Allotment

and ¥400bn Share Buyback

Hiroshi Koba

Equity Analyst

Seven & i Holdings (3382.T, 3382 JT)

Convenience Stores | Japan

Key Takeaways

The substance of the equity investment and business alliance announced by the

company is in line with media reports in early July.

Because the equity ratio will be limited, it is not clear at this point whether the

Stock Rating

Industry View

Price target

Shr price, close (Jul 31, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Equal-weight

In-Line

¥2,300

¥2,109

¥5,493.0

¥15.1

collaboration will be on the same scale see at industry peers; we will be looking

to confirm the outlook and earnings going forward.

The ¥400bn buyback is to be conducted via ToSTNet-3 (results to be disclosed

on Aug 3). The buyback is to mitigate the dilution resulting from the third-party

allotment of shares.

According to the company, the ¥300bn corresponding to the dilution resulting

from the equity investment is not included as part of its commitment to

repurchase a total of ¥2trn in shares between F2/26 and F2/31.

Thus, the pure buyback amount in the latest announcement is ¥100bn, and the

remaining cumulative buyback framework for F2/26-F2/31 is ¥1.3trn, after

deducting the amount executed in F2/26 (¥600bn) and the amount associated

with the latest announcement.

SoftBank (covered by Tetsuro Tsusaka), PayPay (covered by Mia Nagasaka), and

Sumitomo Mitsui Card, a subsidiary of Sumitomo Mitsui Financial Group (also

covered by Mia Nagasaka), are to invest a total of ¥300bn in Seven & i (stake to

be held by each company is 2.27% based on the number of outstanding shares

excluding treasury stock as of end-F2/26). Seven & i plans to use the ¥300bn for

medium/long-term investments between Sep 2026 and Feb 2031, for new store

…