Report
Jeanie Chen
EUR 100.00 For Business Accounts Only

Quarterly Results for FamilyMart Indicating Limited Returns Yielded by Merger Synergies

No-moat Uny FamilyMart’s third-quarter earnings results were slightly below our expectations but in line with the company’s guidance. The company revised up the guidance for operating profit by 1.5% and net profits by 6.4%. We have made a marginal change in our estimate of operating profit but maintained our fair value estimate of JPY 6,650 as the upward revision closed the gap between our net income estimate and the company’s previous guidance. While FamilyMart has achieved cost savings in proc...
Underlying
FamilyMart Co. Ltd.

FamilyMart UNY Holdings is a holding company mainly engaged in the operation of convenience chain stores and general merchandise stores. Convenience Store segment is involved in the operation of convenience chain stores under the name of "FamilyMart" throughout Japan as well as in Taiwan, Thailand, China, Viet Nam, Indonesia, the Philippines and Malaysia through direct management and franchise systems. General Merchandise Store segment is engaged in the operation of general merchandise stores under the names of "APITA" and "PIAGO" in Tokai, Kanto, Hokuriku, Koshinetsu, Kansai and Tohoku regions as well as in Hong Kong. As of Feb 28 2017, Co. maintains total 24,710 stores.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Jeanie Chen

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