TSURUHA Holdings Inc (JP:3391)
:3391
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TSURUHA Holdings
(3391)
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Rating:62Neutral
Price Target:
¥2,072.00
▼(-5.86% Downside)
Action:Reiterated
Date:04/10/26
The score is driven primarily by solid top-line growth, offset by pressured earnings, a 2026 step-up in leverage and lower ROE, and historically volatile cash flow despite a strong 2026 improvement. Technicals remain a headwind with the stock trading below key moving averages, while valuation and dividend yield are broadly supportive but not standout.
Positive Factors
Sustained Revenue Growth
TSURUHA's multi-year top-line expansion culminating in a ~32% 2026 surge signals durable demand and successful store/assortment execution. Persistent revenue growth supports scale economics, stronger supplier leverage and gives management room to invest in operations and network over the next several quarters.
Negative Factors
Earnings Decline Despite Sales
Net income falling amid a large revenue increase suggests margin compression, higher operating costs, or one-off charges that erode profitability. Persisting inability to convert revenue into stable net earnings would impair ROE, limit reinvestment capacity and weaken long-term shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
TSURUHA's multi-year top-line expansion culminating in a ~32% 2026 surge signals durable demand and successful store/assortment execution. Persistent revenue growth supports scale economics, stronger supplier leverage and gives management room to invest in operations and network over the next several quarters.
Read all positive factors
TSURUHA Holdings (3391) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥893.73B
Dividend Yield1.72%
Average Volume (3M)886.23K
Price to Earnings (P/E)21.6
Beta (1Y)0.33
Revenue GrowthN/A
EPS GrowthN/A
CountryJP
Employees11,620
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)144.56
Shares Outstanding454,358,000
10 Day Avg. Volume988,040
30 Day Avg. Volume886,226
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)0.88
Price to Sales (P/S)0.53
P/FCF Ratio12.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,690.00Price Target Upside22.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)102.44
Revenue Forecast (FY)¥2.55T
TSURUHA Holdings Business Overview & Revenue Model
Company Description
Headquartered in Sapporo, Japan, Tsuruha Holdings Inc. is a retailer primarily engaged in managing a large chain of pharmacies throughout Japan. These establishments offer a comprehensive selection of medicinal and beauty products. As of October 1...
How the Company Makes Money
TSURUHA Holdings primarily makes money through retail sales at its group-operated drugstores. The core revenue stream is point-of-sale revenue from (1) pharmaceuticals (including over-the-counter medicines), (2) health and wellness products, (3) c...
TSURUHA Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | Feb 2025 | May 2024 | May 2023 | May 2022 | May 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.45T | 1.07T | 1.03T | 970.08B | 915.70B |
| Gross Profit | 443.99B | 326.40B | 312.28B | 293.36B | 271.48B |
| EBITDA | 93.73B | 67.62B | 65.15B | 62.13B | 55.23B |
| Net Income | 42.67B | 21.81B | 21.74B | 25.26B | 21.39B |
Balance Sheet | |||||
| Total Assets | 1.65T | 583.36B | 549.55B | 539.83B | 562.36B |
| Cash, Cash Equivalents and Short-Term Investments | 202.13B | 92.74B | 58.69B | 79.05B | 127.03B |
| Total Debt | 208.49B | 63.76B | 50.04B | 54.86B | 55.52B |
| Total Liabilities | 752.27B | 276.98B | 244.25B | 235.68B | 278.31B |
| Stockholders Equity | 875.82B | 282.10B | 281.58B | 278.35B | 260.31B |
Cash Flow | |||||
| Free Cash Flow | 59.69B | 44.53B | 19.97B | -23.90B | 15.11B |
| Operating Cash Flow | 84.58B | 64.64B | 51.96B | 804.00M | 35.83B |
| Investing Cash Flow | -19.79B | -19.71B | -36.07B | -29.77B | -28.41B |
| Financing Cash Flow | -39.05B | -10.87B | -36.26B | -19.00B | 3.07B |
TSURUHA Holdings Technical Analysis
Negative
2201.00
Price Trends
2150.13
Negative
2328.14
Negative
2442.04
Negative
Market Momentum
-48.88
Negative
44.68
Neutral
53.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3391, the sentiment is Negative. The current price of 2201 is above the 20-day moving average (MA) of 2009.53, above the 50-day MA of 2150.13, and below the 200-day MA of 2442.04, indicating a bearish trend. The MACD of -48.88 indicates Negative momentum. The RSI at 44.68 is Neutral, neither overbought nor oversold. The STOCH value of 53.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3391.
TSURUHA Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥204.51B | 12.51 | ― | 2.35% | 7.84% | 17.59% | |
68 Neutral | ¥440.92B | 14.05 | 11.37% | 3.04% | 5.08% | 2.07% | |
67 Neutral | ¥348.71B | 18.01 | ― | 0.41% | 14.59% | 7.84% | |
66 Neutral | ¥537.25B | 11.47 | 15.71% | 0.96% | 15.07% | 72.98% | |
62 Neutral | ¥893.73B | 21.61 | ― | 1.72% | ― | ― | |
60 Neutral | ¥461.84B | 14.65 | ― | 0.93% | 6.74% | 6.60% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
JP:3391
TSURUHA Holdings
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TSURUHA Holdings Corporate Events
TSURUHA Affirms Autonomy as AEON Lifts Stake to Controlling Majority
May 29, 2026
TSURUHA Holdings, a major Japanese drugstore chain under the umbrella of AEON Co., Ltd., confirmed that AEON now holds a controlling 50.9% voting rights stake, cementing TSURUHA’s position within the Aeon retail group while it continues to o...
Tsuruha Holdings Targets Stronger Board Oversight to Bolster Corporate Value
Apr 21, 2026
Tsuruha Holdings has disclosed the results of its latest evaluation of the effectiveness of its Board of Directors, conducted through self-assessment questionnaires completed by all directors and supplemented by analysis from an external third par...
TSURUHA Holdings to Revise Articles to Support Business Diversification
Apr 16, 2026
TSURUHA Holdings plans to partially amend its Articles of Incorporation, with the board approving a proposal to be submitted at the 64th Annual General Meeting of Shareholders on May 22, 2026. The core change is a reorganization and clarification ...
TSURUHA Holdings to Reclassify ¥612 Billion Capital Reserve for Greater Financial Flexibility
Apr 16, 2026
TSURUHA Holdings has proposed a major reclassification of its equity, planning to reduce ¥612.1 billion of its capital reserve and transfer the entire amount to other capital surplus under the Companies Act. The move, which is subject to shar...
TSURUHA Holdings Overhauls Board With New Director Lineup
Apr 16, 2026
TSURUHA Holdings has nominated three new directors, including internal executive Yoshihiro Kobashi and external candidates Akio Yoshida and Toshiko Tamaki, to be voted on at its 64th Annual General Meeting of Shareholders on May 22, 2026. Kobashi,...
Aeon Secures Majority Control of Tsuruha to Drive Health & Wellness Expansion
Apr 15, 2026
Aeon Co., Ltd. has completed additional market purchases of TSURUHA Holdings shares, lifting its stake to 50.9 percent of the company’s voting rights after an earlier tender offer fell short of this threshold. TSURUHA confirmed receipt of Ae...
TSURUHA Sets 2029 Profitability Targets in New Medium-Term Plan
Apr 9, 2026
TSURUHA Holdings has unveiled a new Medium-Term Management Plan covering the fiscal years ending February 2027 to February 2029, positioning it as the first phase in building a foundation for long-term value creation. The company aims to evolve it...
Tsuruha Books ¥10.8 Billion Impairment on Underperforming Stores
Apr 9, 2026
Tsuruha Holdings will book an extraordinary loss of ¥10.8 billion for the fiscal year ended February 28, 2026, after recognizing impairment on fixed assets tied to underperforming stores whose invested amounts are deemed unlikely to be recove...
TSURUHA Holdings Lifts Sales and Cash Position, Signals Mixed Profit Outlook for 2027
Apr 9, 2026
TSURUHA Holdings reported consolidated net sales of ¥1.45 trillion and net income attributable to owners of the parent of ¥42.67 billion for the fiscal year ended February 28, 2026, with EBITDA at ¥93.26 billion and operating income...
TSURUHA Holdings Posts Steady Sales Growth on Strong Dispensing Business After Integration
Mar 12, 2026
TSURUHA Holdings reported February 2026 monthly flash sales showing continued year-on-year growth for the integrated Tsuruha Group, with all-store net sales and existing-store net sales both rising and average spending per customer increasing, par...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.