クリスのレポート
ローソンを利用して日本中に拡大。財務状態が良好かつ海外進出も上手い良品計画
Chris's Report
Expanding throughout Japan using Lawson, Ryohin Keikaku is in a good financial state and proficient in overseas expansion.
コロナで売上が下がっていたが堅調に回復し最高益。純利益は減少傾向にある。売上高当期純利益率は3.8％。流動比率2.28、
自己資本率70％と健全。ROE、ROA共に8.25％。営業キャッシュフローも500億円程度ある。
セグメント別売上は日本60％、東アジア30％、東南アジア5％、欧米6％と海外進出が進んでいる。
PERは業界平均程度だがプロダクトの良さ、海外出店の力があるため今後も成長が期待できると考える。
Although sales had declined due to COVID, they have now robustly recovered, reaching record profits. However, there is a decreasing
trend in net income. The net profit margin on sales is 3.8%. The current ratio is 2.28, and the equity ratio is 70%, indicating
financial health. Both ROE and ROA are 8.25%. Operating cash flow is also around 50 billion yen. Segment-wise sales are 60%
in Japan, 30% in East Asia, 5% in Southeast Asia, and 6% in Europe and America, showing progress in overseas expansion. The P/E
ratio is around the industry average, but due to the quality of the products and the strength of overseas store openings, we expect
continued growth in the future.
インサイト Insight
ローソンで売っている文房具類が使いやすい。プロダクトへのこだわりや顧客接点の強化がなされている。
The stationery sold at Lawson is user-friendly. There is a commitment to product quality and an emphasis on strengthening customer
engagement.
業界 専門複合小売業
Industry: Specialized Diversified Retail
業界平均でPERを調べた企業
ファーストリテリング、ヤマダホールディングス、しまむら、アスクル、三越伊勢丹
Companies researched for industry average PER:
Fast Retailing, Yamada Holdings, Shimamura, Askul, Mitsukoshi Isetan.
ミナの判断
海外展開に強いので将来的な売上のベースを海外に伸ばせる可能性がある。PERも平均値で高くはないので購入検討しても良い。
最低購入株数が100株のため20-30万円程度。ファンド全体（1000万円）の2−3％程度保有しても問題はない。
Mina's Judgment
The company is strong in overseas expansion, so there's potential to extend its future sales base abroad. PER is not high
compared to the average, so it might be worth considering a purchase. The minimum number of shares to buy is 100, which would
cost about 200,000 to 300,000 yen. Holding about 2-3% of the total fund, which is 10 million yen, should not be a problem.
