Pan Pacific's Profits Growth Depressed by Increased Expenses; Uny Turnaround a Midterm Driver
Narrow-moat Pan Pacific International Holding’s (previously Don Quijote) third-quarter operating profits were slightly below our expectation but seem largely in line with its guidance. A profit decline in the moaty discount store business is attributable to the shortfall as increased personnel and utilities expenses depressed profits. We have marginally lowered our profit forecasts to reflect increased staff hiring for supporting the top-line growth but raised our earnings estimate for 2019 afte...Don Quijote Holdings is a holding company mainly engaged in the operation of discount stores. The Retail segment is engaged in the operation discount stores offering electrical appliances, daily commodities, foods, apparel, sporting goods and leisure equipment under the name of "Don Quijote" and "MEGA Don Quijote." It also operates general merchandise stores under the name of "Nagasakiya" and do-it-yourself stores under the name of "Doit." It operates 368 stores as of June 30 2017. The Tenant Leasing segment is engaged in the leasing and management of commercial facilities.
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