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Takashimaya / 8233 Takashimaya / 8233 COVERAGE INITIATED ON: 2012.06.21 LAST UPDATE: 2019.10.25 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. Takashimaya / 8233 RCoverage LAST UPDATE: 2019.10.25 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp 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. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 6 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------ 6 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 8 Monthly trends ----------------------------------------------------------------------------------------------------------------------------------------------------- 8 Quarterly trends and results --------------------------------------------------------------------------------------------------------------------------------- 10 Forecasts for FY02/20 ------------------------------------------------------------------------------------------------------------------------------------------ 19 Growth strategy and long-term business plan --------------------------------------------------------------------------------------------------------- 30 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 35 Business description -------------------------------------------------------------------------------------------------------------------------------------------- 35 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 46 Market and value chain ---------------------------------------------------------------------------------------------------------------------------------------- 47 Strategy ------------------------------------------------------------------------------------------------------------------------------------------------------------- 50 Financial statements ------------------------------------------------------------------------------------------------------------------------------- 51 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 51 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 54 Statement of cash flows --------------------------------------------------------------------------------------------------------------------------------------- 55 Other information ---------------------------------------------------------------------------------------------------------------------------------- 56 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 56 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 57 Top management ----------------------------------------------------------------------------------------------------------------------------------------------- 58 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 58 Dividends and shareholder returns ------------------------------------------------------------------------------------------------------------------------ 58 Investor relations ------------------------------------------------------------------------------------------------------------------------------------------------ 59 By the way --------------------------------------------------------------------------------------------------------------------------------------------------------- 59 Historical performance and news -------------------------------------------------------------------------------------------------------------- 60 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 60 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 73 Company profile ------------------------------------------------------------------------------------------------------------------------------------------------- 75 02/76 Takashimaya / 8233 RCoverage LAST UPDATE: 2019.10.25 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Executive summary ◤ Takashimaya is the operator of one of the largest department store chains in Japan. It has 17 domestic stores comprising 13 stores run by the parent—including the Osaka, Tokyo (Nihombashi), Yokohama, and Shinjuku stores—and four stores owned by subsidiaries. Being one of the oldest department stores in Japan, Takashimaya has many long-time customers. The building that houses the Nihombashi store was given the status of a historic building and later designated as one of Japan’s Important Cultural Properties. Overseas, it has stores in Singapore (opened in 1993), Shanghai, China (2012), Ho Chi Minh City, Vietnam (2016), and Bangkok, Thailand (2018). ◤ The company breaks down its business into five reporting segments: Department Stores, Real Estate, Finance, Contract and Design, and Others. Of the FY02/19 operating revenue of JPY26.7bn, Department Stores accounted for JPY8.7bn (32.6% of total), Real Estate JPY9.4bn (35.3%), Finance JPY4.9bn (18.3%), and Contract and Design JPY727mn (2.7%). The Real Estate business is involved in the development and operation of shopping centers, and real estate development overseas. The Finance business mainly handles the credit card business, and the Contract and Design business deals with interior decorating for the company properties as well as for hotels and luxury brand boutiques. ◤ In the Department Stores business, sales to inbound tourists have been the growth driver in recent years. Almost 20% of sales at the Osaka and Shinjuku stores come from sales to inbound tourists. An issue the company faces, however, is the downtrend in gross margins on merchandise sales. Apparel sales, which boast high margins and have become the source of profit at the company’s department stores, have continued to decline, and the profitability of other product categories seems to be falling gradually as well. The company plans to work on initiatives aimed at cutting costs while enhancing the appeal of its department stores, merchandises, and services. ◤ The Finance and overseas businesses are gaining attention as the drivers of the medium- and long-term growth. The company has positioned the Finance business as a business highly compatible with the Department Stores business, and intends to strengthen its relationships with customers through offering financial products that cater to customers’ important life events. Overseas, the company aims to expand department store sales in Shanghai (China), Vietnam, and Thailand, and targets medium- to long-term growth through real estate development in surrounding regions. Trends and outlook ◤ In FY02/19, Takashimaya reported consolidated operating revenue of JPY912.8bn (+0.6% YoY), operating profit of JPY26.7bn (-24.5% YoY), and net income attributable to owners of the parent of JPY16.4bn (-30.5% YoY). Sales growth at domestic department stores and smaller losses at its airport duty-free shops could not cover the factors that weighed on profit, including higher expenses at the domestic department store business, the dropout of the gain on the condominium sales booked in FY02/18, the increase in expenses related to the opening of the Nihombashi Takashimaya Shopping Center and the Siam Takashimaya, the decline in the gross margin on merchandise sales at domestic department stores, and the decline in earnings at subsidiaries. ◤ In FY02/20, the company forecasts operating revenue of JPY933.0bn (+2.2% YoY), operating profit of JPY28.0bn (+5.0% YoY), net income of JPY17.0bn (+3.4% YoY), and EPS of JPY99.3. It expects
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