• Rotated out due to relative attractiveness compared to other retail opportunities • Sharp profitability decline with operating income margin narrowing to just 0.95%, while operating profit is projected to decrease dramatically from ¥16.5 billion (FY2021) to ¥3.7 billion (FY2025) • EBITDA contracted by ~14% despite positive revenue growth of 5.9% • Current P/E of 22.6× appears elevated given the profit trajectory, with adjusted forward P/E reaching 32.7× • Several concerning non-financial developments including legal issues may be impacting business stability • Maintains some positive attributes: consistent revenue growth (8.8% quarterly), attractive 3.7% dividend yield, and trading below book value (P/B: 0.67) • This change reflects portfolio rotation, not a sell signal