MatsukiyoCocokara

MatsukiyoCocokara (3088) | Triple Booster of Merger Synergies, Domestic Recovery, & Tourism

Equity Bottom-Up
158 Views, 09 May 2022 09:03
EXECUTIVE SUMMARY
  • Merger synergies such as integrated purchasing will result in higher gross margins. A more efficient cost structure and sales synergies will boost the bottom line 
  • We expect consumption to normalize in Japan as people get used to "living with covid."  Higher foot traffic will drive a resumption of high margin cosmetics 
  • Inbound travel should be partially normalized this year and we believe the market will quickly price this in once borders reopen. We see 21% upside 
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Mark Chadwick
Japan Specialist
JapanEquitiesESG

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing com... 

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