2025-06-10-Jefferies-良品计画（7453）_无印良品5月海外月度报告_促销活动成效显著_11页_550kb

Japan Retailers: Equity Research on Ryohin Keikaku (MUJI)

• May 2025 overseas sales show strong performance: East Asia like-for-like (LFL) growth +17.5% (driven by China's +21.4%), Other Asia LFL +6.4%, and Europe & Americas LFL +15.7%. Promotions and MUJI week contributed to higher traffic.
• Total revenue rose significantly, with China and East Asia leading growth. Q3 results exceeded plans in key regions, with household goods and apparel boosting sales.
• Valuation updates: Equity Research maintains a "Buy" rating and raises the price target to ¥7,000 (from ¥6,400), based on positive trends and forecasts. 5-year revenue CAGR is 9%, operating profit (OP) at 11.7%.
• Key growth drivers: Effective price hikes, supply chain improvements, and steady unit expansion. Potential challenges include supply chain issues and global recession risks.
• Investment thesis highlights strong margin recovery and market share gains, supported by brand strengths and execution in key regions. Risks include geopolitical conflicts and economic downturns.
• SOTP-based price target implies 35x forward PER, higher than sector average. Analyst certification underscores objectivity concerns due to potential conflicts.