引领基调

Investment Rating - The report maintains a positive outlook on the stock of Pan-Pacific International Holdings (PPIH), expecting robust demand for discount retail formats and sustained strength in inbound consumption [5]. Core Insights - PPIH has reported a continuous increase in same-store sales for 43 months, achieving a year-on-year growth of 3.0% in December despite a high base of 6.9% in November [5]. - The discount business grew by 3.7% on a high base of 6.6%, while the general merchandise store (GMS) segment saw a growth of 1.2% on a base of 3.5% [5]. - The company plans to open 25 new discount stores in FY2026, indicating a strategy to expand its footprint in the current inflationary environment [5]. - The report highlights that despite negative calendar effects, both discount and GMS segments continue to grow, with overall store sales increasing by 4.3% [5]. Summary by Sections Sales Performance - Same-store sales have shown resilience with a 4.3% year-on-year increase, although the previous month's growth was 8.5% [5]. - The total number of stores increased by 26 to 662, with discount stores increasing by 28 to 533 [5]. Consumer Behavior - The report notes a 1.4% increase in foot traffic for discount stores and a 2.2% increase in average transaction value [5]. - The demand for private label (PB) products is expected to remain strong due to consumer price sensitivity, potentially allowing the company to gain market share [5]. Product Category Performance - In terms of product categories, electronics saw a decline of 4.9%, while groceries and food categories grew by 5.7% and 4.6%, respectively [5]. - The discount business is projected to have sufficient growth potential despite a rising base, with expectations of 3% growth in discount business and 2% in GMS for FY2026 [5]. Strategic Factors - Key factors influencing the company's performance include the ability to maintain revenue growth momentum and the impact of inbound consumption on the discount store segment [6]. - The report emphasizes the importance of the sustainability of the private label growth story and the company's cost control measures [6].