Japan Essentials - 12 May 2026

研报英文原文证据摘录

Japan Essentials - 12 May 2026

Flashnote

11 May 2026

Consumer Discret Dist & Retail

Ryohin Keikaku Japan

Overseas Apr: Traffic-led growth across all regions

Maki Linda

Shinozaki Huang, CFA

What's new

• Strong performance continues, driven by traffic, with all regions exceeding 7453 JP Outperform

Price (at 11 May 2026) YEN3,643 plan. 12-month target ¥3,800.00

• In East Asia, the company topped last year’s MUJI Week high base. 12-month TSR (%) 5.2

Volatility Index Medium

• While May 2025 benefited from new Labour Day promotions and the Market Cap (Local) (m) 2,045,763

618 campaign focus, May 2026 also appears to have started on a strong Market Cap (USD) (m) 13,061

footing. Free Float (%) 89

30-day avg turnover (USD) (m) 111.2

Why it matters Investment Fundamentals

Year end 31 Aug 2025A 2026E 2027E 2028E

• East Asia: SSSg remained strong at +18.4% (traffic +17.6%, ticket +0.7%), Revenue (bn) 784.6 865.5 949.7 1,039

while China delivered SSSg of +14.3% and total sales growth of +23.1%. Revenue growth (%) 18.6 10.3 9.7 9.4

Despite facing a high hurdle from last year’s MUJI Week, performance EBIT (bn) 73.8 83.4 93.1 103.0 EBIT growth (%) 31.5 12.9 11.7 10.7

in China remained robust, suggesting an improvement in the underlying Reported profit (bn) 50.8 58.9 63.4 70.5

business level. Household goods and food performed well, with skincare Adjusted profit (bn) 50.8 58.9 63.4 70.5

products and cooling bedding items showing solid demand. In apparel, EPS rep [¥] 54.8 111.0 119.5 132.9

innerwear benefited from rising temperatures, while hemp-based materials EPS rep growth (%) (30.2) 102.4 7.7 11.2

Net debt/equity (%) (9.8) (20.6) (27.0) (32.5)

gained traction. In Taiwan and Korea, momentum further accelerated during ROA (%) 13.8 13.4 13.0 12.9