| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 961.62 | 101 |
| Intrinsic value (DCF) | 9282.87 | 1842 |
| Graham-Dodd Method | 708.89 | 48 |
| Graham Formula | 2951.67 | 518 |
Hamee Corp. (3134.T) is a Japan-based e-commerce and platform business specializing in mobile goods, smartphone accessories, and cloud-based e-commerce solutions. Founded in 1997 and headquartered in Odawara, the company operates through two primary segments: wholesale and retail of mobile accessories, and its proprietary Next Engine platform—a cloud-based back-end solution for e-commerce businesses. Hamee serves both domestic and international markets, leveraging Japan’s strong e-commerce infrastructure and growing demand for digital retail solutions. As part of the Consumer Cyclical sector and Specialty Retail industry, Hamee benefits from Japan’s high smartphone penetration and the increasing shift toward online shopping. The company’s dual focus on physical products and digital services provides diversification, while its Next Engine platform positions it as a tech-enabled retail facilitator. With a market cap of ¥21.6 billion, Hamee remains a niche but strategically positioned player in Japan’s competitive e-commerce landscape.
Hamee Corp. presents a mixed investment case. On the positive side, the company operates in Japan’s robust e-commerce sector, supported by high smartphone adoption and digital retail growth. Its Next Engine platform adds a scalable, high-margin software component to its traditional wholesale business. Financially, Hamee reported ¥17.6 billion in revenue and ¥1.1 billion in net income for FY 2024, with a healthy cash position of ¥4 billion. However, risks include intense competition in both mobile accessories and e-commerce solutions, limited international diversification, and modest operating cash flow (¥886 million) relative to capital expenditures (¥477 million). The dividend yield (~1.5% based on a ¥22.5 per share payout) is modest, and the stock’s beta of 0.988 suggests market-average volatility. Investors should weigh its niche positioning against scalability challenges.
Hamee Corp. competes in two distinct but overlapping markets: mobile accessories retail and e-commerce SaaS. In mobile accessories, its wholesale and retail operations face competition from larger Japanese electronics retailers like Yodobashi Camera and Bic Camera, as well as global e-commerce platforms (e.g., Amazon Japan). Hamee’s differentiation lies in its curated product selection and integration with its Next Engine platform, which offers back-end solutions for small e-commerce businesses. However, Next Engine competes with more established SaaS players like Shopify (in global markets) and domestic alternatives like Rakuten’s e-commerce tools. Hamee’s competitive advantage stems from its dual revenue streams—physical goods provide steady cash flow, while Next Engine offers growth potential. Yet, its smaller scale limits R&D and marketing budgets compared to global SaaS giants. The company’s domestic focus is both a strength (deep market knowledge) and a weakness (limited global reach). To sustain growth, Hamee must expand Next Engine’s functionality and partnerships while defending its retail margins against price-driven competitors.