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EDINET 8173 Neutral Risk Analyzed 📈 Growth 5/10

Joshin Co., Ltd.

Annual Securities Report - 78th Term(2025/04/01 - 2026/03/31) ／ 2026-06-23 12:50

Covers EDINET statutory filings (TDNET timely disclosures / earnings flashes are not included).

EarningsGuidance UpRestructuringM&ANew ProductMarginNew MarketM&A/Alliance
AI Summary 2026-06-23 12:56

Joshin (formerly Joshin Co.) projects FY2026 revenue +0.3%, operating profit +10.7%. The company rebranded on April 1, 2026. JT-2028 Plan targets FY2028 OP ¥10B+, ROE 7.0%+ via retail store strength, 10% PB product share, and marketing innovation.

KEY POINTS
  • FY2026 guidance: Revenue +0.3% (¥404.1B), OP +10.7% (¥40.0B+), NI +6.7%
  • JT-2028 Mid-term Plan (FY2026-2028): Target FY2028 OP ¥10B+, ROE 7.0%+, dividend payout ratio 40.0%+
  • April 1, 2026 name change to Joshin Co., Ltd.; shift to audit committee system; acquisition of DO's remodeling business; 215 physical stores nationwide
📊 Revenue
Revenue +0.3% (YoY, FY2026 guidance ¥404.1B)
💰 Operating profit
OP +10.7% (YoY, FY2026 guidance ¥40.0B+)
🔮 Outlook
FY2028 OP ¥10B+, ROE 7.0%+, dividend payout 40.0%+. FY2026 OP ¥40.0B+ (+10.7%). 3-year cumulative OCF ¥35-40B.
📈 Growth outlook 📈 Growth 5/10
Moderate growth expected through retail store profitability enhancement and PB product expansion (10% target). Integration of remodeling business and EC synergy drive new revenue streams. Market competition and uncertain consumer demand may limit upside.
Growth drivers
  • Retail store profitability enhancement via scrap-and-build strategy
  • Full-scale entry into PB products (10% revenue target)
  • New customer acquisition through remodeling business integration
  • Omnichannel customer engagement expansion (EC + retail synergy)
Risk and growth scores and tags are AI-generated estimates from analyzing the disclosure. They are not guarantees of fact, nor investment advice or recommendations. Make investment decisions at your own discretion.
⚠️ Extracted Risk Factors
CategoryDescriptionScoreNew
Demographic Decline Risk Declining population, household reduction, and rising aged single-person households cause structural market contraction. Labor shortage increases staffing and operational costs. 8/10
Intensified Competition Risk Intensifying competition among appliance retailers as business model transformation becomes industry-wide necessity. Late-mover risk in PB product entry and omnichannel strategies. 7/10
Consumer Sentiment Deterioration Risk Geopolitical risks, commodity inflation, and real income stagnation dampen consumer demand for durable goods. Long-term market contraction due to aging society. 7/10
Natural Disaster Risk Intensifying earthquakes, floods, typhoons threaten store facilities and supply chain. Physical climate risk estimated at ¥1,460M impact. 7/10
Cybersecurity Risk Large-scale customer data management (loyalty cards) exposed to cyber attacks. Data breach could cause reputational damage and operational disruption. 6/10
Product Safety & Installation Risk Product defects, misuse, or installation damage expose company to customer claims and litigation. Quality control of subcontractors is critical. 5/10
Supplier Rebate Risk Earnings dependent on supplier rebates. Volume declines or contract changes threaten profitability. 5/10
Infectious Disease Risk Large-scale pandemic could force store closures, alter consumer behavior, and disrupt supply chains again. 5/10
8/10 Demographic Decline Risk
Declining population, household reduction, and rising aged single-person households cause structural market contraction. Labor shortage increases staffing and operational costs.
7/10 Intensified Competition Risk
Intensifying competition among appliance retailers as business model transformation becomes industry-wide necessity. Late-mover risk in PB product entry and omnichannel strategies.
7/10 Consumer Sentiment Deterioration Risk
Geopolitical risks, commodity inflation, and real income stagnation dampen consumer demand for durable goods. Long-term market contraction due to aging society.
7/10 Natural Disaster Risk
Intensifying earthquakes, floods, typhoons threaten store facilities and supply chain. Physical climate risk estimated at ¥1,460M impact.
6/10 Cybersecurity Risk
Large-scale customer data management (loyalty cards) exposed to cyber attacks. Data breach could cause reputational damage and operational disruption.
5/10 Product Safety & Installation Risk
Product defects, misuse, or installation damage expose company to customer claims and litigation. Quality control of subcontractors is critical.
5/10 Supplier Rebate Risk
Earnings dependent on supplier rebates. Volume declines or contract changes threaten profitability.
5/10 Infectious Disease Risk
Large-scale pandemic could force store closures, alter consumer behavior, and disrupt supply chains again.
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