Table of Contents
Executive Summary .................................................................3
Chapter 1: Drugstore Industry.................................................5
Chapter 2: Financial Analysis of Drugstore Industry..........15
Chapter 3: Valuations.............................................................19
Chapter 4: Individual Companies..........................................29
Sundrug (9989) .......................................................................30
Sugi Holdings (7649) ..............................................................46
Matsumotokiyoshi Holdings (3088) ......................................65
Tsuruha Holdings (3391)........................................................83
Create SD Holdings (3148).....................................................99
cocokara fine Holdings (3098).............................................113
Growell Holdings (3141).......................................................133