Solid growth in domestic customers; focus on CRM strategy for overseas customers

研报英文原文证据摘录

Solid growth in domestic customers; focus on CRM strategy for overseas customers

19 May 2026

Mizuho Securities Equity Research Retail

Price Objective Change

Isetan Mitsukoshi Holdings (3099)

Rating: Neutral Price Objective ¥3,000 ¥3,300

Spotlight: See Figure 3 for the ACT: Focus on CRM for overseas customers

company’s medium-term plan and our We revise our earnings forecasts for Isetan Mitsukoshi Holdings based on

forecasts the company’s FY3/26 results announced on 13 May. Given the uncertain

outlook for inbound tourist demand and other factors, we revise our sales

Share price (18 May) ¥3,231 and OP forecasts to be more conservative. However, we still expect profitsImplied upside +2%

to be supported by the company’s firmly ingrained "scientific approach"TSE Segment Prime

to department store operations and focus of management resources on

Major indicators (E = Mizuho estimates) attracting highly discerning customers seeking quality products. Sales toMarket capitalization (¥b) 1,187.22

Shares outstanding (m) 367.45 domestic customers are growing steadily thanks to the company promoting

Potential share dilution (m) – customer identification through apps and cards as well as implementingDaily turnover (thou, mo. avg.) 1,558.22

Foreign ownership (%, 9/25) 20.8 effective strategies. Our focus is on potential progress in building a

DPS(¥, 3/27E) 85.0 business model that is more resilient to changes in the external businessDividend Yield(%, 3/27E) 2.6

Payout ratio(%, 3/27E) 45.6 environment, such as forex rates, as the company ramps up CRM for

Equity ratio(%, 3/27E) 51.1 individuals via an app for overseas customers. We lower our NP forecastsBPS(¥, 3/27E) 1,899.8

PBR(x, 3/27E) 1.7 to reflect changes to our assumptions for tax effects. We are still upbeat on