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San-Ei Corporation Research Memo (3): Developing store sales focused on OEM from major clients represented by Muji and imported brands.
■Business Overview 1. Trends in the Furniture and Household Products Business San-Ei Corporation <8119> has its largest business segment in the Furniture and Household Products sector. This business has a high ratio of OEM, accounting for around 90% of revenue, and has grown alongside the business expansion of major clients such as Ryohin Keikaku. The revenue composition ratio from Ryohin Keikaku and its subsidiaries is 52.0% (for the fiscal year ending March 2024, total of all segments), indicating a significant presence. The company's own sales channels are expected to see further growth.
Sanei Corporation Research Memo (1): For the interim period ending March 2025, significant increases in revenue and profit are expected. The full year is also expected to see increases in revenue and profit, with Financial Estimates of operating income at
■Summary San-Ei Corporation <8119> has a history of 78 years and is a multifunctional trading company primarily dealing in high value-added products. It handles a wide range of everyday goods and engages extensively in the supply chain from manufacturing, import and export, to wholesale and retail. The company has 17 overseas bases and 29 directly operated retail stores in Japan. Its uniqueness is clear in dealing with high value-added products, such as the introduction of European brands into Japan and the OEM supply of products represented by Ryohin Keikaku <7453>. The revenue ratio of the OEM business accounts for about 70%.
J.P. Morgan Sticks to Their Buy Rating for Ryohin Keikaku Co (RYKKF)
Yokan HD, Casio, ETC (additional) Rating
Upgraded - Bullish Code Stock Name Brokerage Firm Previous After ------------------------------------------------------------- <3291> Iida GHD Morgan Stanley "Underweight" "Equal Weight" <9021> JR West Japan SMBC Nikko "3" "2" <9502> Chubu Electric Mizuho "Hold" "Buy" Downgraded - Bearish Code Stock Name Brokerage Firm Previous After ------------------------
The Nikkei Average started with a 477 yen increase, and Recruit HD, Ryohin Keikaku, etc. rose
[Nikkei Stock Average, TOPIX (table)] Nikkei Average; 39849.97; +477.74TOPIX; 2775.82; +26.51 [Close Overview] The Nikkei Average on the 12th rose 477.74 yen to 39849.97 yen for 4 days and began trading. The US stock market the day before, on the 11th, was mixed. The Dow average closed at 44148.56 dollars, which was 99.27 dollars lower, and the NASDAQ closed at 20034.90, which was 347.65 points higher. November Consumer Price Index (
Nikkei Average Contribution Ranking (Closing) ~ The Nikkei Average rises slightly for the third consecutive day, with Fast Retailing and Suzuki contributing about 24 yen.
As of the market close on the 11th, the number of advancers and decliners in the Nikkei average constituent stocks was 129 advancing, 94 declining, and 2 unchanged. The U.S. stock market continued to decline on the 10th. The Dow Inc average closed down 154.10 points at 44,247.83 dollars, while the Nasdaq finished down 49.45 points at 19,687.24. Due to a lack of material, buying and selling fluctuated, resulting in mixed movements after the opening. The Dow was pressured by selling due to concerns about high prices, leading to a weak performance throughout the day. The Nasdaq saw temporary gains from Alphabet.
