Cost savings and Third-Party Cash-Back Campaigns Driving FamilyMart's Profit Growth
No-moat FamilyMart’s profit came in above our expectations mainly because of a delay in marketing spending during later quarters in conjunction with the launch of its cashless payment app FamiPay. We still believe the cost savings it has made after closing unprofitable stores will boost its profit growth in 2019 but the organic profit growth will decelerate beyond 2019 when the benefits of store closures and C-store integration reach full cycle. We maintain our forecasts and fair value estimate...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.
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