零售：2025年6月宏观月报：关于收入、价格、消费者信心和行业投资立场等因素的最新情况

Asia Pacific Equity Research06 June 2025JPMORGANwww.jpmorganmarkets.comJapan Equity ResearchRetailDairo Murata AC(81-3) 6736 8620dairo.murata@jpmorgan.comAmi Terai(81-3) 6736-8660ami.terai@jpmorgan.comKazuha Matsuo(81-3) 6736-8614kazuha.matsuo@jpmorgan.comJPMorgan Securities Japan Co., Ltd.•Subsectors and stocks to watch: Figure 2 shows our current preference rankings for subsectors and individual stocks. There are no major changes in this report. Based on the current environment, we highlight our OW ratings on PPIH, Ryohin Keikaku, Sugi Holdings, Marui Group, and Sundrug. Also, assuming that the stock market environment normalizes in the second half of the year, we recommend Fast Retailing and Asics. Conversely, we recommend a cautious stance relative to other sector stocks for Aeon and Askul. •Expected healthy inflation cycle: There are concerns that real wages will stagnate due to continued inflation, centering on food products. And there appears to be a growing view that cost-push