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Stock Analysis & ValuationRetail Partners Co., Ltd. (8167.T)

Professional Stock Screener
Previous Close
¥1,350.00
Sector Valuation Confidence Level
Low
Valuation methodValue, ¥Upside, %
Artificial intelligence (AI)2487.0484
Intrinsic value (DCF)1005.16-26
Graham-Dodd Method2115.3457
Graham Formula1665.0323

Strategic Investment Analysis

Company Overview

Retail Partners Co., Ltd. (8167.T) is a leading Japanese supermarket operator headquartered in Hofu, Japan. Founded in 1954 and formerly known as Marukyu Co., Ltd., the company rebranded in 2015 to reflect its expanded retail operations. Retail Partners manages a network of supermarkets across Japan, catering to the daily needs of consumers with a focus on groceries and household essentials. As part of the Consumer Defensive sector, the company benefits from stable demand, given the essential nature of its products. With a market capitalization of approximately ¥57.5 billion, Retail Partners maintains a strong regional presence, supported by efficient supply chain management and a customer-centric approach. The company’s financials demonstrate resilience, with steady revenue growth and disciplined cost management, positioning it as a reliable player in Japan’s competitive grocery retail market.

Investment Summary

Retail Partners Co., Ltd. presents a stable investment opportunity within Japan’s defensive grocery sector. The company’s low beta (0.495) suggests lower volatility compared to the broader market, appealing to risk-averse investors. With ¥266.7 billion in revenue and ¥5.2 billion in net income, the firm maintains profitability, supported by strong operating cash flow (¥8.8 billion). However, the competitive landscape and thin margins typical of the grocery industry pose challenges. The dividend yield, at ¥28 per share, adds income appeal, but investors should monitor debt levels (¥13.6 billion) against cash reserves (¥24.4 billion). Overall, Retail Partners is a conservative pick for exposure to Japan’s resilient consumer staples market.

Competitive Analysis

Retail Partners Co., Ltd. operates in Japan’s highly competitive grocery sector, where scale, pricing power, and operational efficiency are critical. The company’s regional focus allows for localized supply chain advantages, but it faces intense competition from national giants like Aeon and Seven & i Holdings, which benefit from greater economies of scale and diversified retail formats. Retail Partners’ competitive edge lies in its mid-sized agility, enabling quicker adaptation to regional consumer preferences compared to larger peers. However, its lack of a strong private-label program or e-commerce integration could limit growth as consumer habits shift online. The company’s financial discipline (evidenced by positive operating cash flow) supports store upgrades and modest expansions, but it may struggle to match the pricing and innovation of deeper-pocketed rivals. Its defensive positioning is a strength, but long-term success will depend on strategic investments in digital capabilities and differentiation.

Major Competitors

  • Aeon Co., Ltd. (8267.T): Aeon is Japan’s largest supermarket chain, with a vast network of stores and diversified retail formats, including hypermarkets and convenience stores. Its scale allows for superior purchasing power and private-label offerings, but its sprawling operations can lead to inefficiencies. Aeon’s dominance pressures smaller players like Retail Partners on pricing.
  • Seven & i Holdings Co., Ltd. (3382.T): Seven & i operates 7-Eleven and Ito-Yokado, blending convenience stores with supermarkets. Its strong brand and logistics network are formidable, but its focus on urban areas leaves gaps in regional markets where Retail Partners competes. Seven & i’s innovation in digital and delivery services sets a high bar for smaller rivals.
  • Three F Co., Ltd. (7544.T): Three F runs discount-focused supermarkets, competing aggressively on price. Its cost leadership appeals to budget-conscious shoppers, but its narrower margins and limited geographic reach contrast with Retail Partners’ balanced regional presence. Three F’s growth depends on price-sensitive demand cycles.
  • Lawson, Inc. (2651.T): Lawson is a convenience store giant expanding into fresh food and groceries. Its dense urban footprint and tech-driven initiatives (e.g., cashierless stores) challenge traditional supermarkets. However, Retail Partners’ larger-format stores offer broader assortments, catering to different shopping missions.
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