| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 299.98 | 76 |
| Intrinsic value (DCF) | 125.41 | -26 |
| Graham-Dodd Method | 287.07 | 69 |
| Graham Formula | 16.40 | -90 |
Yamaki Co., Ltd. is a leading Japanese apparel manufacturer specializing in high-quality men's and women's shirts under well-known brands such as LANVIN, LORDSON by CHOYA, and CHOYA 1886. Founded in 1946 and headquartered in Osaka, the company operates a vertically integrated business model encompassing design, manufacturing, and retail distribution through its branded shops. Yamaki caters primarily to the domestic Japanese market, emphasizing craftsmanship and premium materials. As part of the Consumer Cyclical sector, Yamaki competes in the competitive apparel manufacturing industry, where brand reputation and retail presence are key differentiators. The company’s diverse portfolio, including luxury (LANVIN) and accessible premium segments (CHOYA SHIRT FACTORY), positions it to capture varying consumer segments. With a market cap of ¥2.31 billion, Yamaki remains a niche player with a focus on sustainable growth in Japan’s mature apparel market.
Yamaki Co., Ltd. presents a mixed investment profile. On the positive side, the company maintains a stable revenue stream (¥11.45 billion in FY2024) and a modest net income (¥214 million), supported by its strong brand portfolio and domestic retail footprint. Its low beta (0.03) suggests resilience to market volatility, appealing to conservative investors. However, challenges include high total debt (¥4.37 billion) relative to cash reserves (¥2.03 billion) and thin profit margins, reflecting intense competition in Japan’s apparel sector. The dividend yield is modest (¥3 per share), and diluted EPS of ¥15.04 indicates limited earnings growth. Investors should weigh Yamaki’s brand equity against its leveraged balance sheet and stagnant market conditions.
Yamaki Co., Ltd. competes in Japan’s mid-to-premium shirt market, leveraging its heritage brands (e.g., LANVIN and CHOYA) and direct retail channels. Its competitive advantage lies in vertical integration—controlling design, production, and distribution—which ensures quality and brand consistency. However, the company faces stiff competition from global fast-fashion giants (e.g., Uniqlo) and domestic rivals with stronger scale economies. Yamaki’s niche positioning in formal and luxury shirts differentiates it from mass-market players, but its reliance on Japan’s shrinking apparel market limits growth potential. The company’s debt burden further restricts agility in pricing and innovation compared to cash-rich competitors. While its LANVIN association adds prestige, Yamaki lacks the international reach of larger peers, leaving it vulnerable to domestic economic headwinds.