Yamazawa Co., Ltd.
9993.T · JPX
Company research
Yamazawa Co., Ltd. (9993.T) is a Japan-based retail company principally engaged in the operation of food supermarkets, with a dominant presence in Yamagata prefecture and additional stores in Miyagi prefecture, totaling 62 locations as of February 2026. Founded in 1962 and headquartered in Yamagata, Japan, the company holds the leading position in Yamagata in terms of store count, sales, and market share among local supermarket operators. Beyond its core supermarket segment, Yamazawa also operates drugstores and dispensing pharmacies through subsidiaries, and manufactures and distributes a variety of food products including milk, tofu, natto, noodles, sushi, and rice-based products. Listed on the Tokyo Stock Exchange (JPX) under the Consumer Defensive sector, the company reported trailing twelve-month revenues of approximately JPY 103.65 billion and employs around 1,268 full-time staff.
Research reports
Bitget provides a structured overview of Yamazawa’s regional supermarket and drugstore operations, highlighting its FY2026 return to profitability, solid equity ratio, and a medium-term “Challenge 100” plan focused on private-brand expansion, digital transformation, and logistics optimization. The note argues the stock offers defensive value with improving financial health, while flagging demographic decline, cost inflation, and reliance on recent non-recurring gains as key risks that investors must monitor.
Tokyo Deep Value (Substack) · April 5, 2026A 63-year-old Yamagata supermarket chain at 43 cents on the dollar, with ¥27.6B in equity backing an ¥11.9B stockTokyo Deep Value presents Yamazawa as a deeply undervalued regional grocery chain, emphasizing its roughly 0.5x price-to-tangible book value, high free cash flow yield, and real-estate-backed balance sheet versus a depressed market capitalization. The report’s thesis is that normalized EBITDA and operating cash flow can support dividends and potential buybacks once earnings recover, with major risks centered on depopulating core markets, intense price competition, margin pressure, and the recent impairment-driven loss year.