QUICK Corp.

Equity Bottom-Up

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In 1Q, UNY and overseas were strong, covering the impact of the disappearance of duty-free sales demand at Don Quijote, and OP increased by 10%
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Overseas OP composition ratio rose to 12% Consolidated OP for the 1Q was JPY23.2bn (+10% YoY). UNY was doing well against the backdrop of the desire to return to eating at home, overseas grew due to the popularity of Japanese agricultural products in Asia and demand for stay-at-home in North America, and the format conversion stores (from "Apita" and…</li>
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Notes: This is translated from our Japanese report issued on 17 Aug 2020.
In FY6/21, the company expects the business format conversion at UNY and overseas growth to make up for the dropout of tax-free sales
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Exhibits responsiveness to change and is doing well except for tax-free sales The consolidated OP for FY6/20 was JPY76bn (company outlook JPY71bn), an increase of 20% from the previous term. It increased by 50% YoY in 1H, but decreased by 7% in 2H. In addition to the benefits from the merger…</li>
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Morningstar

Morningstar, Inc.

Narrow-moat Pan Pacific International Holding’s (previously Don Quijote) third-quarter operating profits were slightly below our expectation but seem largely in line with its guidance. A profit decline in the moaty discount store business is attributable to the shortfall as increased personnel and utilities expenses depressed profits. We have marginally lowered our profit forecasts to reflect increased staff hiring for supporting the top-line growth but raised our earnings estimate for 2019…

Narrow-moat Pan Pacific International’s, or PPI's (previously Don Quijote) second-quarter profits were in line with expectations although sales trended slightly above the company’s target and our estimate. The revised profit guidance incorporating Uny’s contribution from the third quarter is 2% below our forecasts but given management’s tendency for guiding to a conservative outlook, we maintain our forecast and fair value estimate of JPY 6,500. While we are convinced that PPI will be able to…

Narrow-moat Donki’s first-quarter profits were largely in line with our expectations. Management has raised its firsthalf guidance as we had expected. While the revised sales target (up to 10.6% year on year from 8.7%) is catching up our forecast, revised growth in operating profits (up to 2.6% from 0.9%) remains lower than our projection of a doubledigit growth. Despite the negative flood and quake impacts in Western Japan and Hakkaido, it posted a solid 1.6% growth in same-store sales thanks…

Japan

Pan Pacific International Holdings Corporation operates discount stores which sell consumer electronics, daily necessities, groceries, watches, and sporting goods. The Company mostly operates small scale stores based in Tokyo.

Pan Pacific International Holdings (7532 JP)

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