Retail: Transfer of coverage (ABC-Mart 2670, SHIMAMURA 8227, and ST HD 2685, United Arrows 7606)

Owing to the reallocation of resources, J.P. Morgan transfers coverage of ABC-Mart (2670), and ST HD (2685), United Arrows (7606), and SHIMAMURA (8227) to Ami Terai. There are no changes to ratings, price targets, or estimates with this transfer. The report details the investment thesis, valuation and risks for each company: ABC-Mart is rated Overweight with a Dec-26 price target of ¥3,200 (about 16x FY2027 EPS), based on larger store formats such as Grand Stage and multi-format development supporting stable sales growth, with the shares considered undervalued on P/E and other measures. SHIMAMURA is Neutral with a ¥3,600 target (15.5x FY2027 EPS), as merchandise strategies centered on private brand and joint development brand items and social-media sales promotions should keep earnings firm, but the stock is fairly valued. and ST HD is Neutral with a ¥3,200 target (about 12x FY2027 EPS);