Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The situation at Paris Miki has been relatively non-salutary the last many years til 2022. The stock has underperformed peers in sales growth and has dropped sales points. </li>
<li>The company has a decent relationship with one of its main suppliers, global eyewear giant <a href="https://www.smartkarma.com/entities/luxottica-group-spa" target="_blank" data-smartkarma-citation="entities:21203:1" rel="noopener">Luxottica Group (LUX IM)</a>, which just added to their stake recently, aggressively. </li>
<li>The company is getting slow-kicked out of TOPIX, but revival appears in the works. It kind of looks like a setup for an MBO.</li>
</ul>


The situation at Paris Miki has been relatively non-salutary the last many years til 2022. The stock has underperformed peers in sales growth and has dropped sales points. 
The company has a decent relationship with one of its main suppliers, global eyewear giant Luxottica Group (LUX IM), which just added to their stake recently, aggressively. 
The company is getting slow-kicked out of TOPIX, but revival appears in the works. It kind of looks like a setup for an MBO.


Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Sales increased 3.6% YoY to JPY26.1bn, while operating profit decreased 25.3% YoY to JPY1.2bn.</li><li>Japan segment sales rose 4.2% YoY to JPY23.2bn, driven by inbound demand and higher unit prices.</li><li>SG&A expenses grew 4.1% YoY to JPY16.5bn, with a 0.4pp increase in the SG&A ratio to 63.3%.</li></ul>

Sales increased 3.6% YoY to JPY26.1bn, while operating profit decreased 25.3% YoY to JPY1.2bn.Japan segment sales rose 4.2% YoY to JPY23.2bn, driven by inbound demand and higher unit prices.SG&A expenses grew 4.1% YoY to JPY16.5bn, with a 0.4pp increase in the SG&A ratio to 63.3%.

Paris Miki Holdings (7455 JP): 1H FY03/25 report update

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>EssilorLuxottica has always played a long game in Japan but since 2018 the eyewear giant has been investing in local production and a growing store network.</li>
<li>As reported by <a href="https://www.smartkarma.com/profiles/mark-chadwick-b029e12b-877a-4796-9fc2-726aa7084ed5" target="_blank" data-smartkarma-citation="accounts:10765" rel="noopener">Mark Chadwick,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> and myself, Luxottica has a stake in <a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki Holdings (7455 JP)</a> and the Japanese firm is a key strategic interest for EssilorLuxottica.</li>
<li>That Luxottica is increasing its investments in Japan retail through acquisition is evidenced by its takeover of Washin Optical, a 70-store eyewear chain, last month.</li>
</ul>


EssilorLuxottica has always played a long game in Japan but since 2018 the eyewear giant has been investing in local production and a growing store network.
As reported by Mark Chadwick,Travis Lundy and myself, Luxottica has a stake in Paris Miki Holdings (7455 JP) and the Japanese firm is a key strategic interest for EssilorLuxottica.
That Luxottica is increasing its investments in Japan retail through acquisition is evidenced by its takeover of Washin Optical, a 70-store eyewear chain, last month.


Luxottica Buys Washin Optical, Paris Miki Next?

<ul><li>Sales increased by 3.6% YoY to JPY26.1bn, but operating profit decreased by 25.3% YoY to JPY1.2bn.</li><li>Paris Miki Inc. sales rose 4.2% YoY to JPY23.2bn, with 13 store openings and nine closures.</li><li>China subsidiary faced a sales decline of 0.9% YoY to JPY3.0bn, resulting in an operating loss.</li></ul>

Sales increased by 3.6% YoY to JPY26.1bn, but operating profit decreased by 25.3% YoY to JPY1.2bn.Paris Miki Inc. sales rose 4.2% YoY to JPY23.2bn, with 13 store openings and nine closures.China subsidiary faced a sales decline of 0.9% YoY to JPY3.0bn, resulting in an operating loss.

Paris Miki Holdings (7455 JP): 1H FY03/25 flash update

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>The Japanese eyewear company <a href="https://www.smartkarma.com/entities/intermestic-inc" target="_blank" data-smartkarma-citation="entities:43929:1" rel="noopener">Intermestic (262A JP)</a> has set the terms for its Tokyo IPO and plans to raise US$121m through the IPO.</li>
<li>Our analysis shows that the company’s IPO is valued attractively compared to <a href="https://www.smartkarma.com/entities/jins-holdings-inc" target="_blank" data-smartkarma-citation="entities:12002:1" rel="noopener">JINS Inc (3046 JP)</a> , who offers eyewear at a similar price range to Intermestic.</li>
<li>Japanese eyewear makers who have aggressively expanded into overseas markets seems to be suffering from falling sales and margins, particularly in China due to economic slowdown.</li>
</ul>


The Japanese eyewear company Intermestic (262A JP) has set the terms for its Tokyo IPO and plans to raise US$121m through the IPO.
Our analysis shows that the company’s IPO is valued attractively compared to JINS Inc (3046 JP) , who offers eyewear at a similar price range to Intermestic.
Japanese eyewear makers who have aggressively expanded into overseas markets seems to be suffering from falling sales and margins, particularly in China due to economic slowdown.


Japan

PARIS MIKI HOLDINGS Inc. is a retailer of eyeglasses, contact lenses and other related goods.  The Company operates chain stores in Japan and overseas markets. Paris Miki also sells hearing aid.

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Paris Miki Holdings (7455 JP)

Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Paris Miki Holdings has a great profile of a small cap having figured out what it was doing wrong for over a decade. It has cash. Growth plans. A...

Travis Lundy