Research

Can Do: AEON's listed 100-yen shop subsidiary, now held directly

CAN DO CO., LTD. (2698) · Initiated coverage 2026-10-19 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • Can Do operates 100-yen shops selling household goods and processed food in Japan. It reports a single segment. Most revenue comes from directly operated stores; the remainder is wholesale to franchisees and to overseas retailers. A wholly owned subsidiary, Axis, wholesales household goods.
  • Many directly operated stores are tenancies inside general merchandise stores and shopping centers, including facilities run by AEON subsidiaries. The company lists the store policies of these landlords, and the cost of exiting sites, as its first business risk.
  • The 100-yen item remains the core range. Higher-priced items, reintroduced in 2020, are positioned as a selected add-on; the company does not disclose their share of sales.
  • The fiscal year-end moved from November to February to align with AEON; the period ended February 2023 covers 15 months and is not directly comparable with the 12-month years around it.

Investment case

  1. Control is settled. AEON acquired shares in late 2021, followed with a tender offer, and became the parent in January 2022 by combining its stake with an affiliate's block. In June 2026 the affiliate transferred that block to AEON as a dividend in kind, so AEON now holds the majority directly (see Shareholders). The stated policy at the time of the tender offer was to keep Can Do listed.
  2. The medium-term plan uses AEON-group sites as the main channel for new stores and AEON's scale for product development and sourcing. Related-party disclosures show store rents paid to AEON Retail and AEON Mall, and equipment bought on installment terms financed by AEON Financial Service.
  3. Margin recovery is the measurable question. Operating income rose in the year to February 2026 on higher same-store sales at directly operated stores and a wider gross margin (see Performance & Balance). The company's long-term targets for operating margin and ROE sit well above current levels, and the medium-term plan to February 2031 sets interim targets below them.
  4. The president is the second-largest shareholder (see Shareholders) and chairs the governance committee that reviews transactions where AEON's and minority shareholders' interests may conflict.

Bear case

  1. Profit fell in the first half of the year to February 2027 despite higher sales. Gross margin narrowed on raw material costs and currency, and the SG&A ratio rose on wages, rents, cashless payment fees, and depreciation and maintenance from store refurbishment and DX investment. The full-year forecast was left unchanged.
  2. A fixed price point limits the pass-through of cost inflation; the response so far has been to adjust the mix between 100-yen and higher-priced items.
  3. Openings and closures depend on landlord decisions, including AEON's, rather than on the company alone.
  4. Trading value is small (see Trading liquidity), and AEON's and the president's holdings leave a limited free float.

Catalysts

  • Full-year results for the year to February 2027 against the unchanged company forecast.
  • Progress on the medium-term plan to February 2031: store count, operating margin and the shift toward group-site openings.
  • AEON's policy toward its listed subsidiaries. Any transaction in Can Do shares involving AEON would come before the governance committee.

Key risks

  • Related-party transactions with the AEON group (rents, installment financing, sourcing). Terms are described as set by negotiation with reference to market prices. Review sits with a governance committee of the president and two independent directors; the filings do not mention a special committee.
  • Raw material, energy and currency costs, both indirectly through domestic vendors and directly through the subsidiary's imports.
  • Labor availability and wage costs across a large store network.
  • Franchise owners' ageing and lack of successors, which the company cites as a risk to the franchise business.
  • Part of store takings is deposited with shopping-center developers before remittance, which creates credit exposure to those landlords.

Trading liquidity

Median daily trading value US$0.23mn
Average daily volume 13,578 shares

2025-09-30 to 2026-10-16 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • Debt on the Performance & Balance slide comprises bank borrowings and lease obligations. Installment payables to AEON Financial Service are not included; net cash would be lower if they were (see the annual securities report, schedule of borrowings).
  • Ownership is as of end-August 2026 (semi-annual report). The annual report for the year to February 2026 lists AEON and its affiliate separately because the transfer took place in June 2026.
  • Qualitative statements are taken from the annual securities report for the year to February 2026 and the second-quarter earnings release and semi-annual report filed on 9 October 2026.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Overview
Retail Trade

CAN DO CO.,LTD.

Can★Do operates a nationwide chain of 100-yen variety stores in Japan, offering daily household goods and processed food products through both directly managed stores and franchise (FC) member stores. The company handles product planning and procurement in-house, conducts retail sales at company-owned outlets, provides wholesale supply to FC franchisees, and also engages in wholesale exports to overseas retailers. As a subsidiary of Aeon Co., Ltd., Can★Do leverages its parent's retail infrastructure while expanding its lifestyle-oriented store concept under the 'New Can★Do' format.

Market Cap
¥51.2B
US$326M
EV
¥51.5B
US$328M
Stock¥3,200▼-0.78%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
20.9
x
LTM EV/EBIT
42.7
x
LTM PER
254.8
x
LTM PBR
4.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-34.0%pt
100
Oct 22, 25 – Oct 22, 26StockTOPIX
MC → EV Bridge
51.2BUS$326MMarket Cap3.91BUS$24.9M+ Debt3.65BUS$23.2M− Cash0.00BUS$0.00M− Inv. Sec.51.5BUS$328MEV
AI Briefing
100-yen variety chain (Can★Do) runs FC and directly-managed stores under 51% owner Aeon, migrating fleet to 'New Can★Do' lifestyle format. FY26/2 revenue ¥87.1B with OP margin recovering to 1.8%, steady improvement off FY24/2 trough. Market cap ¥51.3B vs EBITDA LTM ¥2.5B reflects rich multiple; no tender offer in data, so read as a controlled, thinly-traded subsidiary story rather than a standalone re-rating case.
Performance & Balance
Revenue 5Y (¥B)
73.1US$466M'21/1193.2US$593M'23/280.4US$512M'24/283.4US$531M'25/287.1US$554M'26/2
EBITDA 5Y (¥B)
2.17US$13.8M'21/111.94US$12.4M'23/21.26US$8.05M'24/21.92US$12.2M'25/22.74US$17.4M'26/2
Net Income 5Y (¥B)
0.19US$1.24M'21/11-0.34-US$2.18M'23/2-1.17-US$7.42M'24/2-0.16-US$1.04M'25/20.45US$2.84M'26/2
Capital Structure
73%
27%
EquityD/E 0.36xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
3.16US$20.1M0.02US$0.11M'21/113.05US$19.4M0.81US$5.15M'23/22.83US$18.0M3.80US$24.2M'24/22.03US$12.9M3.90US$24.8M'25/24.64US$29.6M3.52US$22.4M'26/2
Shareholders
Top 10 hold 70.9%
1
AEON CO.,LTD.
51.02%
2
Kazuya KIDO
10.95%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
3.45%
4
CAN DO CO.,LTD. Business Partners' Stock Ownership Association
2.38%
5
SMBC Nikko Securities Inc.
1.13%
6
Keiko KIDO
0.94%
7
Daiso Industries Co., Ltd.
0.28%
8
Okazaki Co., Ltd.
0.25%
9
UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)
0.24%
10
CAN DO CO.,LTD. Employee Stock Ownership Association
0.24%
Management
7 officers
Kazuya KIDO
Representative Director, President
Apr 2007 Joined Can Do Co., Ltd. Sep 2007 Deputy General Manager, Merchandise Department, Can Do Co., Ltd. Nov 2009 General Manager, Management Planning Office, Can Do Co., Ltd. Feb 2010 Director, General Manager, Management Planning Office, Can Do Co., Ltd. Feb 2011 Representative Director, Can Do Co., Ltd. Sep 2019 Representative Director, President, Can Do Co., Ltd. (current) Representative Director, President, Axis Co., Ltd. (current) Chairman, Nomination and Compensation Committee (currently Governance Committee), Can Do Co., Ltd. (current)
1985-07-09
Sonoe MOCHIZUKI
Director, in charge of DX, Business Reform Promotion and Store Development
Mar 1988 Joined Tokyo Style Co., Ltd. Mar 2007 General Manager, Style Com Business Division, Tokyo Style Co., Ltd. Mar 2009 Executive Officer, in charge of Coordinator Design Office, Tokyo Style Co., Ltd. Mar 2010 Executive Officer, General Manager, General Merchandise Planning Office, in charge of Design Office, Tokyo Style Co., Ltd. Sep 2010 Executive Officer, General Manager, General Merchandise Planning Office, in charge of Design Office and Marketing Department, Tokyo Style Co., Ltd. Sep 2011 Executive Officer, General Manager, General Merchandise Planning Office, in charge of Marketing Department, Tokyo Style Co., Ltd. Sep 2013 Joined Can Do Co., Ltd. Oct 2013 General Manager, Merchandise Strategy Office, Can Do Co., Ltd. Jun 2014 Deputy General Manager, Merchandise Department, Can Do Co., Ltd. Dec 2015 Executive Officer, General Manager, Merchandise Department, Can Do Co., Ltd. Feb 2017 Director, in charge of Merchandise and Direct Store Operations, Can Do Co., Ltd. Dec 2020 Director, General Manager, Merchandise Department, Can Do Co., Ltd. Feb 2022 Director, in charge of Merchandise and Logistics, Can Do Co., Ltd. Jan 2023 Director, General Manager, Merchandise Planning Headquarters, Can Do Co., Ltd. Oct 2023 Director, General Manager, Merchandise Planning Headquarters, in charge of Merchandise Planning and Store Operations, Can Do Co., Ltd. May 2025 Director, in charge of DX and Business Reform Promotion, Can Do Co., Ltd. May 2026 Director, in charge of DX, Business Reform Promotion and Store Development, Can Do Co., Ltd. (current)
1966-03-07
Hiroshi OKADA
Director (Full-time Audit and Supervisory Committee Member)
Oct 1997 Joined Can Do Co., Ltd. Dec 2012 General Manager, Internal Audit Office, Can Do Co., Ltd. Dec 2013 Financial Section Chief, Accounting and Finance Department, Administration Division, in charge of IR, Can Do Co., Ltd. Mar 2018 General Manager, Internal Audit Office, Can Do Co., Ltd. May 2025 Director, Full-time Audit and Supervisory Committee Member, Can Do Co., Ltd. (current) Corporate Auditor, Axis Co., Ltd. (current)
1963-02-01
Yasuyuki FURUSAWA
Non-Executive Director
Apr 1995 Joined Jusco Co., Ltd. (now AEON Co., Ltd.) Mar 2011 General Manager, Strategy Department, AEON Co., Ltd. May 2014 President, Beijing AEON Feb 2018 Representative Director, President, Maibasket Co., Ltd. Mar 2025 Director, President, AEON Vietnam Executive Officer, in charge of Vietnam, AEON Co., Ltd. Executive Officer, in charge of GMS Business, AEON Co., Ltd. (current) May 2026 Representative Director, President, AEON Retail Co., Ltd. (current) Director, AEON Hokkaido Co., Ltd. (current) Director, AEON Tohoku Co., Ltd. (current) Director, AEON Kyushu Co., Ltd. (current) Non-Executive Director, Can Do Co., Ltd. (current)
1972-10-21
Tomosaki KUSAJIMA
Director
Apr 1988 Joined Sega Enterprises, Ltd. (now Sega Corporation) Nov 2011 General Manager, Information Systems Department, Corporate Division, Sega Corporation Sep 2018 Representative Director, With Sophia Co., Ltd. (current) Jun 2019 Outside Director, Shuppin Co., Ltd. (current) May 2023 Outside Director, AEON Fantasy Co., Ltd. (current) May 2025 Outside Director, Can Do Co., Ltd. (current)
1965-04-08
Naoki IIDA
Director (Audit and Supervisory Committee Member)
Feb 2002 Registered as attorney-at-law Outside Director, Traders Securities Co., Ltd. (now Traders Holdings Co., Ltd.) Oct 2008 Corporate Auditor, Yamano Music Co., Ltd. (current) Nov 2009 Outside Director, Bunkyodo Group Holdings Co., Ltd. (current) Jun 2011 Outside Corporate Auditor, Fujibo Holdings, Inc. Sep 2018 Outside Director (Audit and Supervisory Committee Member), Can Do Co., Ltd. (current) Partner Attorney, Kuroda Law Office (current) Sep 2019 Member, Nomination and Compensation Committee (currently Governance Committee), Can Do Co., Ltd. (current)
1965-02-14
Yukiko NAKAGAWA
Director (Audit and Supervisory Committee Member)
Oct 1994 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Apr 2000 Established Nakagawa CPA Office; Office Head (current) Apr 2004 Lecturer, Tax Accountant Special Course, Faculty of Economics, Aoyama Gakuin University Jan 2006 Joined Vector Inc. Jun 2023 Outside Corporate Auditor, Legal Corporation Co., Ltd. (current) Jun 2024 Outside Corporate Auditor, Heian Ray Service Co., Ltd. (current) May 2025 Outside Director (Audit and Supervisory Committee Member), Can Do Co., Ltd. (current) Member, Governance Committee, Can Do Co., Ltd. (current)
1969-02-16
Large Shareholding Reports
AEON Co., Ltd.
2026-07-06
35.55%→48.70%
Annual report (as of 2026-08-31): 51.02%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-09
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
TDnet
2026-10-09
Q2 Earnings Flash
FY ending Feb 2027
TDnet
2026-07-09
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-05-25
Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2026-01-08
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-10-10
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2025-07-10
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-26
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-09
Q3 Earnings Flash
FY ending Feb 2025
TDnetAmended
2024-10-08
Q1 Earnings Flash
EDINETAmended
2024-10-08
Amended Annual Securities Report
Period: Mar 2023 – Feb 2024
EDINETAmended
2024-10-08
Amended Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-10-08
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2024-07-11
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-07-11
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINETAmended
2024-05-24
Amended Annual Securities Report
Period: Dec 2018 – Nov 2019
EDINET
2024-05-24
Annual Securities Report
Period: Mar 2023 – Feb 2024
EDINETAmended
2024-05-24
Amended Annual Securities Report
Period: Dec 2019 – Nov 2020
EDINETAmended
2024-05-24
Amended Annual Securities Report
Period: Dec 2017 – Nov 2018
EDINETAmended
2024-05-24
Amended Annual Securities Report
Period: Dec 2020 – Nov 2021
EDINETAmended
2024-05-24
Amended Annual Securities Report
Period: Dec 2021 – Feb 2023
EDINET
2024-01-10
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINETAmended
2023-10-19
Amended Annual Securities Report
Period: Dec 2021 – Feb 2023
EDINET
2023-10-10
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINETAmended
2023-10-10
Amended Annual Securities Report
Period: Dec 2021 – Feb 2023
EDINET
2023-07-11
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-05-24
Annual Securities Report
Period: Dec 2021 – Feb 2023
EDINET
2023-01-12
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINET
2022-10-04
Quarterly Securities Report
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