Inbound Tourism & Consumption
7 companies
42.7M visitors in 2025 (record, +34% vs 2019). ¥9.5T total spending. China arrivals -61% Jan 2026 but South Korea/Taiwan/US filling gaps. Per-capita spend ¥229K — growth is volume-driven. Tax-free shopping system revision from November 2026 (refund-based). Yen weakness creates structural price arbitrage for tourist purchases. Duty-free sales recovering: +5.4% at department stores March 2026 after -14% December 2025 China-driven slump.
Recent Updates
Experience-layer exploration added 3 new stocks closing the theme-park, transport-infrastructure, and IP/merchandise gaps: Oriental Land/Tokyo Disney (HIGH, 10%), Japan Airport Terminal/Haneda (HIGH, 8%), Sanrio (MEDIUM, 7%). Theme expanded from 4 to 7 stocks; weight deployed grew from 32% to 57%.
Updated: 4661.T, 9706.T, 8136.T
Supply chain exploration added 3 new stocks: PPIH/Don Quijote (HIGH, 10%), MatsukiyoCocokara (HIGH, 8%), Isetan Mitsukoshi (MEDIUM, 6%). Theme expanded from 1 to 4 stocks covering discount retail, drugstore, and luxury department store segments of the tourism value chain.
Updated: 7532.T, 3088.T, 3099.T
3088.T MatsukiyoCocokara DOWNGRADED HIGH→MEDIUM: FY2026 results solid but inbound tourism deteriorating sharply (China -56.8% April), tax-free system change Nov 2026
Updated: 3088.T
Evolve DD June 2: Pan Pacific DOWNGRADED HIGH→MEDIUM. Nikkei inclusion exhausted, Chinese tourist boycott (-61%) new structural risk, Nov 2026 tax-free reform headwind. Q3 operating income +30% — strong fundamentals but new headwinds.
Updated: 7532.T
Supply Chain Map
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Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| ABC-Mart,Inc. | 2670.T | MEDIUM | 14.78 | — | 1.75 | 12.1% | 16.5% | N/A | 2.9% | +¥28B |
| Pan Pacific International Holdings | 7532.T | MEDIUM | 26.6 | 20.5 | N/A | 17.0% | 7.1% | N/A | N/A | N/A |
| MatsukiyoCocokara & Co | 3088.T | MEDIUM | 16.8 | — | 1.77 | 10.6% | 7.6% | 0.0 | 2.1% | N/A |
| Isetan Mitsukoshi | 3099.T | MEDIUM | 31.36 | ~28 | N/A | 9.7% | ~5.7% | N/A | 2.7% | N/A |
| Oriental Land (Tokyo Disney Resort) | 4661.T | HIGH | 37.51 | ~40-48 | high single digits | 13% | 23.9% | low | 0.5% | positive but capex-heavy |
| Japan Airport Terminal | 9706.T | HIGH | 16.1 | — | 2.31 | 14.7-22.3% | 13.2% | moderate | 1.9% | positive |
| Sanrio Company | 8136.T | MEDIUM | 21.01 | ~24 | 8.45 | 44.0% | 44.7% | low | 1.21% | positive |
Companies
ABC-Mart,Inc.
2670.TMEDIUMCore
Fortress balance sheet: zero debt, ¥213.6B net cash (31% of market cap). High-margin retail (OpMar 16.5%) with consistent returns (ROE 12%). Tourist r...
Pan Pacific International Holdings
7532.TMEDIUMCore
Japan's premier tourist discount retailer (Don Quijote / Don Don Donki). Q3 FY2026 (9m ended March 2026): cumulative operating income +30% YoY — excep...
MatsukiyoCocokara & Co
3088.TMEDIUMCore
Japan's largest drugstore chain (3,328+ stores). FY2026 results: Revenue ¥1,117.4B (+5.3%), OP ¥84.9B (+3.5%), NI ¥55.7B (+2.0%). FY2027 guidance: ¥1,...
Isetan Mitsukoshi
3099.TMEDIUMSatellite
Japan's premier luxury department store operator is the high-end tourist spending play. Isetan Shinjuku is the most famous luxury retail destination f...
Oriental Land (Tokyo Disney Resort)
4661.THIGHCore
Operator of Tokyo Disneyland and Tokyo DisneySea under a perpetual exclusive Disney license — the most irreplaceable single asset in the Japanese tour...
Japan Airport Terminal
9706.THIGHCore
Operates Tokyo Haneda passenger terminal buildings — Asia's #1 traffic airport. Three segments: Facilities Management, Merchandise Sales (duty-free), ...
Sanrio Company
8136.TMEDIUMCore
Globally recognized Japanese character IP company — Hello Kitty 50th anniversary, Kuromi/My Melody anniversary cycle drove H1 FY3/26 sales +39.6%, OP ...