泛太平洋国际控股：PPIH第四季度：蛰伏更深，跳跃更晚

研报英文原文证据摘录

18 August 2026

Yugo Shima

Japan Consumer

Pan Pacific International Holdings

Ran Yang

Rating

Outperform

Ayumi Di-Costanzo

Price Target

7532.JP

1,000.00 JPY (1,100.00 OLD)

PPIH 4Q: Crouching deeper, jumping later

Guidance kept, the street just missed. PPIH printed an unexciting Q4, with revenue

of JPY2,445bn (+8.8%) topping the raised full-year plan but full-year OP of JPY174.8bn

(+7.7%) falling c.1% short of both our and consensus estimates. Q4 OP of JPY37.3bn grew

11% year-on-year but missed the street by c.5%, which we put down to M&A-related costs,

new-store openings and stepped-up promotion in the quarter — by the company's own

account. Net profit crossed JPY100bn for the first time (JPY110.1bn, +21.6%), absorbing

JPY14.0bn of Q4 impairments. Gross margin was down 0.5ppt YoY at 31.4%, but 0.4ppt of

this is Kanemi consolidation; the underlying margin held broadly flat despite the deliberate

price investment.

FY27 guidance is the renovation bill. OP guidance of JPY179bn (+2.4%) lands below

both consensus and our JPY194bn — but composition matters more than the headline. ExOlympic, the company plans JPY184bn (+5.2%) on flat margins, extending its margin-fortraffic trade. Olympic's loss widens to JPY5bn (from JPY2.4bn) as PPIH compresses the

Uny playbook — invented over six years — into three: 98 stores converted (33/40/25 by

year), 56 of them into Robin Hood — the food-led banner that lifts the group's fresh-food

doors in Greater Tokyo from 41 to 118 — JPY32bn of capex peaking in year two, break-even

in FY28, and JPY200bn of revenue at a 6% margin by FY31. Management frames FY27

as an investment year for a bigger jump; the crouch gets deeper before it gets shorter. H1

guidance (+0.5%; NP -7.2%) confirms the front-loading.

Close Date

18 Aug 2026

7532.JP Close Price (JPY)

915.50

Price Target (JPY)

1,000.00

Upside/(Downside)

9%

52-Week Range

1,139.40/793.60

JPL

2,729.57

FYE

Jun

Div Yield

1.1%

Market Cap (JPY) (B)

2,908.82

EV (JPY) (B)

3,157.27

Performance

YTD

1M

6M

12M

Absolute (%)

(1.8)

3.0

(4.3)

(14.4)

JPL (%)

23.7

7.2

11.5

36.1

Relative (%)

(25.5)

(4.3)

(15.8)

(50.6)

Source: Bloomberg, Bernstein estimates and analysis.

Price Performance, 1YR

¥1200

3000

2800

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