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Ryohin Keikaku / 7453 R Ryohin Keikaku / 7453 COVERAGE INITIATED ON: 2014.05.09 LAST UPDATE: 2018.01.26 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Ryohin Keikaku / 7453 R LAST UPDATE: 2018.01.26 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 3 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 4 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------4 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 5 Monthly trends and results -------------------------------------------------------------------------------------------------------------------------------------5 Quarterly trends and results -----------------------------------------------------------------------------------------------------------------------------------6 Reference data --------------------------------------------------------------------------------------------------------------------------------------------------- 24 Full-year outlook (initial estimates) ------------------------------------------------------------------------------------------------------------------------ 28 Revisions as of Q1 ----------------------------------------------------------------------------------------------------------------------------------------------- 36 Revisions as of Q2 ----------------------------------------------------------------------------------------------------------------------------------------------- 36 Medium-term management plan (initial targets as of FY02/18) --------------------------------------------------------------------------------- 38 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 48 Market and value chain ---------------------------------------------------------------------------------------------------------------------------- 49 Business of Ryohin Keikaku: design-driven retailing ------------------------------------------------------------------------------------------------- 52 Ryohin Keikaku: corporate milestones -------------------------------------------------------------------------------------------------------------------- 53 Domestic business ---------------------------------------------------------------------------------------------------------------------------------------------- 55 Financial statements-------------------------------------------------------------------------------------------------------------------------------- 79 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 79 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 80 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 81 ROE, ROA, ROIC ------------------------------------------------------------------------------------------------------------------------------------------------- 82 Other information ---------------------------------------------------------------------------------------------------------------------------------- 84 Corporate timeline ---------------------------------------------------------------------------------------------------------------------------------------------- 84 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 84 Top management ----------------------------------------------------------------------------------------------------------------------------------------------- 85 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 85 Products that shaped MUJI ----------------------------------------------------------------------------------------------------------------------------------- 86 Historical performance ---------------------------------------------------------------------------------------------------------------------------- 87 Reference data ------------------------------------------------------------------------------------------------------------------------------------------------- 115 News and topics ----------------------------------------------------------------------------------------------------------------------------------------------- 119 Profile -------------------------------------------------------------------------------------------------------------------------------------------------------------- 120 02/121 Ryohin Keikaku / 7453 R LAST UPDATE: 2018.01.26 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage Key financial data Income statement FY02/06 FY02/07 FY02/08 FY02/09 FY02/10 FY02/11 FY02/12 FY02/13 FY02/14 FY02/15 FY02/16 FY02/17 FY02/18 FY02/18 (JPYmn) Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Est. Init. Est. Operating revenue 140,890 157,063 162,840 163,757 164,341 169,748 178,186 188,350 220,620 260,254 307,532 333,281 377,800 373,900 YoY 9.7% 11.5% 3.7% 0.6% 0.4% 3.3% 5.0% 5.7% 17.1% 18.0% 18.2% 8.4% 13.4% 12.2% Sales 140,185 156,204 162,060 162,814 163,733 169,137 177,532 187,693 220,029 259,655 307,199 332,581 376,800 372,900 YoY 9.7% 11.4% 3.7% 0.5% 0.6% 3.3% 5.0% 5.7% 17.2% 18.0% 18.3% 8.3% 13.3% 12.1% Gross profit 61,751 68,721 74,133 73,923 73,956 76,660 80,943 86,719 101,074 122,232 150,118 165,160 187,000 183,900 YoY 10.0% 11.3% 7.9% -0.3% 0.0% 3.7% 5.6% 7.1% 16.6% 20.9% 22.8% 10.0% 13.2% 11.3% GPM (% of sales) 44.0% 44.0% 45.7% 45.4% 45.2% 45.3% 45.6% 46.2% 45.9% 47.1% 48.9% 49.7% 49.6% 49.3% Operating gross profit 62,455 69,580 74,912 74,866 74,565 77,271 81,596 87,376 101,665 122,831 150,451 184,900 188,000 184,900 YoY 10.1% 11.4% 7.7% -0.1% -0.4% 3.6% 5.6% 7.1% 16.4% 20.8% 22.5% 22.9% 1.7% - Op. GPM (% of op. revenue) 44.3% 44.3% 46.0% 45.7% 45.4% 45.5% 45.8% 46.4% 46.1% 47.2% 48.9% 55.5% 49.8% 49.5% Operating profit 15,234 16,582 18,579 17,223 14,134 13,900 15,438 18,351 20,916 23,846 34,439 38,278 42,600 42,300 YoY 32.7% 8.8% 12.0% -7.3% -17.9% -1.7% 11.1% 18.9% 14.0% 14.0% 44.4% 11.1% 11.3% 10.5% OPM (% of op. revenue) 10.8% 10.6% 11.4% 10.5% 8.6% 8.2% 8.7% 9.7% 9.5% 9.2% 11.2% 11.5% 11.3% 11.3% Recurring profit 15,653 16,931 18,666 17,358 14,608 14,229 16,135 19,760 23,047 26,602 32,700 38,582 42,800 42,500 YoY 32.2% 8.2% 10.2% -7.0% -15.8% -2.6% 13.4% 22.5% 16.6% 15.4% 22.9% 18.0% 10.9% 10.2% RPM (% of op. revenue) 11.1% 10.8% 11.5% 10.6% 8.9% 8.4% 9.1% 10.5% 10.4% 10.2% 10.6% 11.6% 11.3% 11.4% Net in co me 9,344 9,313 10,689 6,936 7,506 7,859 8,850 10,970 17,096 16,623 21,718 25,831 28,800 28,500 YoY 47.2% -0.3% 14.8% - - 4.7% 12.6% 24.0% 55.8% -2.8% 30.7% 18.9% 11.5% 10.3% Net margin (% of op. revenue) 6.6% 5.9% 6.6% 4.2% 4.6% 4.6% 5.0% 5.8% 7.7% 6.4% 7.1% 7.8% 7.6% 7.6% Per share data (JPY) Shares issued (year end; '000) 28,078 28,078 28,078 28,078 28,078 28,078 28,078 28,078 28,078 28,078 28,078 28,078 - EPS 338 337 385 250 270 286 330 409 645 628 818 975 1,098 1,079 EPS (fully dilut ed) 337 336 385 249 270 285 329 408 642 625 816 972 - Dividend per share 80 90 97 110 110 110 110 110 155 190 246 293 324 324 Book value per share 1,951 2,208 2,439 2,523 2,718 2,871 3,056 3,488 4,072 4,724 5,248 5,792 - Balance sheet (JPYmn) Cash and cash equivalents 24,063 23,473 26,960 22,242 28,194 23,295 25,045 31,586 25,226 33,044 43,692 38,555 Total current assets 43,309 45,606 50,229 50,486 56,246 54,802 59,833 72,556 77,290 106,316 119,547 131,435 T angible fixed asset s 10,904 11,988 11,806 12,884 13,046 12,044 11,743 14,236 22,178 35,252 37,712 38,613 Investment and other assets 11,827 16,484 22,821 25,056 26,663 27,036 27,020 28,454 28,376 31,807 29,817 31,128 Int angible fixed asset s 3,406 4,752 4,257 3,574 3,424 3,596 3,696 4,113 12,383 13,570 13,841 13,528 Total assets 69,447 78,831 89,115 92,000 99,381 97,481 100,293 119,360 140,229 186,947 200,919 214,705 Accounts payable 6,465 8,049 8,839 12,529 11,607 9,840 8,933 10,155 12,752 21,562 17,382 19,096 Short-term debt - 161 240
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