# Pan Pacific International Holdings (7532.JP)

Canonical: https://gigainvestors.com/s/7532.JP

Analysis as of: 2026-10-15T07:11:25.298Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 731.20 per share; close as of 2026-10-15.

Estimated value: low JPY 503.17 per share, central JPY 695.22 per share, high JPY 807.05 per share. Buy at or below the central value JPY 695.22 per share. Valuation as of 2026-10-15T07:11:25.298Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.07×

- FY2025: 0.07×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.0%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 29.4%

- Recent gross margin (lower of latest and 3-year median): 31.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 7.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.0%

- FY2018: 6.9%

- FY2019: 6.9%

- FY2020: 7.4%

- FY2021: 9.1%

- FY2022: 7.7%

- FY2023: 9.0%

- FY2024: 11.7%

- FY2025: 13.3%

- FY2026: 14.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 417B

- Net income, five-year total: JPY 417B

- Return on incremental invested capital: 44.7%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 1.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 13.3%

- Per-share earnings: 10.46 to 30.32 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: JPY 1.79T

- Cumulative retained earnings: JPY 499B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.2%

- Per-share value change: JPY 19.86

- Per-share value, starting three-year median: JPY 10.46

- Per-share value, ending three-year median: JPY 30.32

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 3.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 98B

- Cumulative net income, 10 years: JPY 638B

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 13.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 10.46

- FY2018: JPY 11.51

- FY2019: JPY 14.87

- FY2020: JPY 15.76

- FY2021: JPY 16.95

- FY2022: JPY 20.53

- FY2023: JPY 22.19

- FY2024: JPY 29.73

- FY2025: JPY 30.32

- FY2026: JPY 36.84

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.6%

- FY2018: -1.2%

- FY2019: -4.3%

- FY2020: -1.2%

- FY2021: -1.9%

- FY2022: -2.4%

- FY2023: -4.8%

- FY2024: -4.1%

- FY2025: -2.7%

- FY2026: -3.2%

## Holders

## Price story

Down 31% since Aug 2025 · sales +8.8%

Story as of 2026-10-16T10:00:14.622Z; price observation 2026-10-15.

Price needs cash profits to grow 7.2% a year for ten years

### Sales · FY2025–2026

sales +8.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z42G.pdf; observed 2026-09-25.

- FY2017: JPY 829B 

- FY2018: JPY 942B 

- FY2019: JPY 1.33T 

- FY2020: JPY 1.68T 

- FY2021: JPY 1.71T 

- FY2022: JPY 1.83T 

- FY2023: JPY 1.94T 

- FY2024: JPY 2.10T 

- FY2025: JPY 2.25T 

- FY2026: JPY 2.45T 

### Gross margin · FY2026

gross margin 31.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z42G.pdf; observed 2026-09-25.

- FY2017: 26.4% 

- FY2018: 25.9% 

- FY2019: 27.9% 

- FY2020: 28.6% 

- FY2021: 29.1% 

- FY2022: 29.7% 

- FY2023: 31.0% 

- FY2024: 31.6% 

- FY2025: 31.9% 

- FY2026: 31.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in discount stores; annual sales are JPY 2.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z42G.pdf (filed 2026-09-25); FY2026: revenue 2445260000000; grossProfit 768446000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 31.4% to 31.9% during 2024–26; it earns 9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2024: grossProfit / revenue = 31.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2025: grossProfit / revenue = 31.9%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z42G.pdf (filed 2026-09-25); FY2026: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); 10-year return on capital observations [[2017,0.09018501389775582],[2018,0.0691122563616882],[2019,0.06859975759651733],[2020,0.07449396610224784],[2021,0.09103621329125082],[2022,0.07747621912366709],[2023,0.0900827983601537],[2024,0.11680850687944681],[2025,0.13314863834553936],[2026,0.14518756743404468]]; median 0.09013390612895476. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 30% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z42G.pdf (filed 2026-09-25); Gross margin observations: [[2021,0.29101358686905043],[2022,0.2967257874273732],[2023,0.309993427245076]]; range within 2 percentage points.

### Where the cash goes

Spends 9.3% of cash earnings on expansion; earns 44.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2017: growth capex 24304000000; upkeep 15952000000; owner earnings 33082000000. Growth capex / owner earnings = 0.7346593313584426.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2018: growth capex 36658000000; upkeep 17378000000; owner earnings 36405000000. Growth capex / owner earnings = 1.0069495948358742.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2019: growth capex 22411000000; upkeep 23722000000; owner earnings 47066000000. Growth capex / owner earnings = 0.4761611354268474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2020: growth capex 6120000000; upkeep 29391000000; owner earnings 49927000000. Growth capex / owner earnings = 0.12257896528932241.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2021: growth capex 10428804416.434692; upkeep 34545195583.56531; owner earnings 50718804416.43469. Growth capex / owner earnings = 0.20562007595461754.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2022: growth capex 12487000000; upkeep 38229000000; owner earnings 61928000000. Growth capex / owner earnings = 0.2016373853507299.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2023: growth capex 17301000000; upkeep 42261000000; owner earnings 66167000000. Growth capex / owner earnings = 0.26147475327580216.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2024: growth capex 48362000000; upkeep 46231000000; owner earnings 88701000000. Growth capex / owner earnings = 0.5452249692788131.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); FY2025: growth capex 4244000000; upkeep 47889000000; owner earnings 90512000000. Growth capex / owner earnings = 0.04688881032349302.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z42G.pdf (filed 2026-09-25); FY2026: growth capex 10249000000; upkeep 53599000000; owner earnings 110088000000. Growth capex / owner earnings = 0.09309824867378824.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); Incremental return on capital 0.44677057327246567, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); Dividend observations: [[2017,3479000000],[2018,4113000000],[2019,5854000000],[2020,6651000000],[2021,9509000000],[2022,10034000000],[2023,10734000000],[2024,12529000000],[2025,20297000000],[2026,24495000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 7.2% yearly over ten years; actual growth was 16.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-25); Ten-year compound average after fade. Initial solved rate 0.08993571368291897. Price 731.2000122070312; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 7.876082344533139 → FY2026 36.84. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 218.75 per share

- 2016-12: JPY 216.25 per share

- 2017-01: JPY 204.75 per share

- 2017-02: JPY 199.00 per share

- 2017-03: JPY 193.00 per share

- 2017-04: JPY 203.25 per share

- 2017-05: JPY 216.50 per share

- 2017-06: JPY 213.00 per share

- 2017-07: JPY 200.75 per share

- 2017-08: JPY 208.75 per share

- 2017-09: JPY 210.25 per share

- 2017-10: JPY 236.75 per share

- 2017-11: JPY 268.50 per share

- 2017-12: JPY 294.50 per share

- 2018-01: JPY 302.50 per share

- 2018-02: JPY 300.50 per share

- 2018-03: JPY 305.50 per share

- 2018-04: JPY 295.00 per share

- 2018-05: JPY 290.00 per share

- 2018-06: JPY 266.00 per share

- 2018-07: JPY 261.00 per share

- 2018-08: JPY 270.00 per share

- 2018-09: JPY 287.50 per share

- 2018-10: JPY 338.00 per share

- 2018-11: JPY 344.50 per share

- 2018-12: JPY 341.00 per share

- 2019-01: JPY 316.50 per share

- 2019-02: JPY 332.00 per share

- 2019-03: JPY 366.50 per share

- 2019-04: JPY 358.50 per share

- 2019-05: JPY 336.00 per share

- 2019-06: JPY 342.00 per share

- 2019-07: JPY 348.00 per share

- 2019-08: JPY 332.20 per share

- 2019-09: JPY 361.00 per share

- 2019-10: JPY 341.40 per share

- 2019-11: JPY 354.80 per share

- 2019-12: JPY 362.20 per share

- 2020-01: JPY 353.40 per share

- 2020-02: JPY 357.60 per share

- 2020-03: JPY 409.80 per share

- 2020-04: JPY 416.40 per share

- 2020-05: JPY 434.20 per share

- 2020-06: JPY 473.80 per share

- 2020-07: JPY 480.60 per share

- 2020-08: JPY 498.20 per share

- 2020-09: JPY 490.00 per share

- 2020-10: JPY 444.40 per share

- 2020-11: JPY 493.40 per share

- 2020-12: JPY 477.60 per share

- 2021-01: JPY 470.00 per share

- 2021-02: JPY 499.00 per share

- 2021-03: JPY 522.20 per share

- 2021-04: JPY 471.00 per share

- 2021-05: JPY 431.20 per share

- 2021-06: JPY 461.20 per share

- 2021-07: JPY 456.60 per share

- 2021-08: JPY 419.40 per share

- 2021-09: JPY 463.60 per share

- 2021-10: JPY 477.20 per share

- 2021-11: JPY 387.20 per share

- 2021-12: JPY 317.40 per share

- 2022-01: JPY 308.60 per share

- 2022-02: JPY 376.00 per share

- 2022-03: JPY 392.80 per share

- 2022-04: JPY 402.20 per share

- 2022-05: JPY 396.60 per share

- 2022-06: JPY 433.00 per share

- 2022-07: JPY 413.40 per share

- 2022-08: JPY 501.00 per share

- 2022-09: JPY 512.00 per share

- 2022-10: JPY 488.20 per share

- 2022-11: JPY 476.80 per share

- 2022-12: JPY 490.60 per share

- 2023-01: JPY 478.80 per share

- 2023-02: JPY 498.00 per share

- 2023-03: JPY 511.80 per share

- 2023-04: JPY 506.80 per share

- 2023-05: JPY 475.80 per share

- 2023-06: JPY 514.60 per share

- 2023-07: JPY 561.80 per share

- 2023-08: JPY 580.90 per share

- 2023-09: JPY 627.60 per share

- 2023-10: JPY 581.30 per share

- 2023-11: JPY 640.80 per share

- 2023-12: JPY 672.80 per share

- 2024-01: JPY 641.40 per share

- 2024-02: JPY 705.00 per share

- 2024-03: JPY 810.60 per share

- 2024-04: JPY 745.20 per share

- 2024-05: JPY 807.40 per share

- 2024-06: JPY 752.80 per share

- 2024-07: JPY 788.20 per share

- 2024-08: JPY 741.60 per share

- 2024-09: JPY 739.00 per share

- 2024-10: JPY 765.60 per share

- 2024-11: JPY 761.40 per share

- 2024-12: JPY 863.20 per share

- 2025-01: JPY 866.40 per share

- 2025-02: JPY 795.60 per share

- 2025-03: JPY 817.80 per share

- 2025-04: JPY 882.00 per share

- 2025-05: JPY 947.80 per share

- 2025-06: JPY 991.80 per share

- 2025-07: JPY 1,013.80 per share

- 2025-08: JPY 1,067.20 per share

- 2025-09: JPY 975.00 per share

- 2025-10: JPY 917.80 per share

- 2025-11: JPY 947.10 per share

- 2025-12: JPY 932.30 per share

- 2026-01: JPY 915.90 per share

- 2026-02: JPY 1,040.00 per share

- 2026-03: JPY 968.20 per share

- 2026-04: JPY 889.40 per share

- 2026-05: JPY 878.20 per share

- 2026-06: JPY 823.00 per share

- 2026-07: JPY 902.20 per share

- 2026-08: JPY 807.00 per share

- 2026-09: JPY 715.50 per share

- 2026-10: JPY 709.50 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 123.42 per share, central JPY 138.12 per share, high JPY 157.69 per share

- FY2019: low JPY 208.72 per share, central JPY 231.13 per share, high JPY 260.97 per share

- FY2020: low JPY 251.64 per share, central JPY 279.97 per share, high JPY 317.69 per share

- FY2021: low JPY 247.53 per share, central JPY 276.30 per share, high JPY 314.59 per share

- FY2022: low JPY 270.86 per share, central JPY 301.80 per share, high JPY 342.99 per share

- FY2023: low JPY 366.81 per share, central JPY 494.77 per share, high JPY 569.29 per share

- FY2024: low JPY 366.68 per share, central JPY 505.02 per share, high JPY 585.58 per share

- FY2025: low JPY 392.11 per share, central JPY 541.90 per share, high JPY 629.13 per share

- FY2026: low JPY 503.17 per share, central JPY 695.22 per share, high JPY 807.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z42G.pdf); period 2026-06-30, filed 2026-09-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.