Cost Savings to Boost Near-Term Profit Growth, Yet Underlying Sales Growth Remains Soft
We have increased our fair value estimate for no-moat FamilyMart Uny to JPY 8,000, up from JPY 7,050, after becoming slightly more optimistic about potential cost savings generated from the closure of underperforming stores and system integration over the next two years. While we remain skeptical about the outlook of the underlying C-store and general merchandise store businesses and foresee limited profit growth through top-line expansion, we expect cost savings from store restructuring to sust...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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