Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

Genky DrugStores Co Ltd / Equity Bottom-Up

<p>Although counted as a drugstore, <a href="https://www.smartkarma.com/entities/genky-drugstores-co-ltd" target="_blank" data-smartkarma-citation="entities:29203:1" rel="noopener">Genky DrugStores Co Ltd (9267 JP)</a> is one of Japan’s most food-focused discount retailers. The chain has grown rapidly in recent years, with sales up 19% in FY2019 to June alone. It now plans to double that volume over the next three years.</p><p>Of these new stores, some will be pure supermarkets (of a discount variety) as the company moves beyond drugstores. Last month, Genky opened its first supermarket or <strong>"delicious drugstore"</strong> as it calls it.</p><p>As indicated in other insights here, the Japanese discount sector is on a roll and likely to continue to do so for the next decade thanks to vast unsatisfied demand from consumer households under pressure.</p><p>Genky looks like being one of the beneficiaries.</p>

Although counted as a drugstore, Genky DrugStores Co Ltd (9267 JP) is one of Japan’s most food-focused discount retailers. The chain has grown rapidly in recent years, with sales up 19% in FY2019 to June alone. It now plans to double that volume over the next three years.Of these new stores, some will be pure supermarkets (of a discount variety) as the company moves beyond drugstores. Last month, Genky opened its first supermarket or "delicious drugstore" as it calls it.As indicated in other insights here, the Japanese discount sector is on a roll and likely to continue to do so for the next decade thanks to vast unsatisfied demand from consumer households under pressure.Genky looks like being one of the beneficiaries.

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/693/original/2020-09-14_09-50-37.png?1600044664" class="editor-image img-responsive" data-smartkarma-image-id="158693"></figure><div class="content-caption">Source for all charts &amp; tables except as stated: Japan Analytics</div><p><strong>EQUITY-DRIVEN</strong> - Japan's aggregate Shareholders' Equity has appreciated by 45% since 2014 - an annual rate of 5.5% and has been one of the key achievements of the 'Abe era'. For the five years before 2012, Shareholders Equity was unchanged, buffeted by the 2008/9 financial crisis and the 3/11.  Although the equity market has responded well to the change in reserves, Japan's PBR has remained within a range of 1.05 to 1.38 over the last decade and is unchanged compared to 2010. In prior post-bubble 'lost' decades, the average PBR was 1.8 times. In other markets, the rise of intangible assets has called the use of Book/Price as a metric and the S&amp;P 500 PBR is now almost three times that of the Japan aggregate having bottomed at 1.78 in March 2009.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/694/original/File%202020-09-14%2010%2007%2037.jpeg?1600045681" class="editor-image img-responsive" data-smartkarma-image-id="158694"></figure><div class="content-caption">Source: multpl.com</div><p><strong>BOOK VALUE PER SHARE </strong>- In this Insight, we shall look at Japan's larger-cap companies (current market value &gt;¥100 billion) through the 'lens' of book value per share. Our focus will be less on the 'winners' and 'losers' than on those companies that have seen the least change in 'BVPS' over the last seven years. Our share count excludes treasury shares which is to the benefit of companies such as <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> which has seen a 20% reduction in Net Shares Outstanding, but only a 9% increase in Shareholders' Equity. A BVPS growth metric does, however, flatter serial issuers of equity with declining share prices, such as <a href="https://www.smartkarma.com/entities/sosei-group-corp" target="_blank" data-smartkarma-citation="entities:770:1" rel="noopener">Sosei (4565 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/696/original/2020-09-14_10-26-48.png?1600046818" class="editor-image img-responsive" data-smartkarma-image-id="158696"></figure><p><strong>WINNERS</strong> - As many may ask and for the record, our 'winning' thirty companies contains many of Japan's best-performing businesses and 'priciest 'stocks, such as <a href="https://www.smartkarma.com/entities/monotaro-co-ltd" target="_blank" data-smartkarma-citation="entities:15441:1" rel="noopener">Monotaro (3064 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway (3769 JP)</a>, and <a href="https://www.smartkarma.com/entities/kobe-bussan-co-ltd" target="_blank" data-smartkarma-citation="entities:4701:1" rel="noopener">Kobe Bussan (3038 JP)</a>. Some of the more surprising entries are <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">mixi (2121 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:15457:1" rel="noopener">Tokyo Electric Power (9501 JP)</a>.  As an equally-weighted portfolio, this group has outperformed by 30% over one year and by 11% over the last three months.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/697/original/2020-09-14_10-33-13.png?1600047204" class="editor-image img-responsive" data-smartkarma-image-id="158697"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/698/original/2020-09-14_10-33-41.png?1600047231" class="editor-image img-responsive" data-smartkarma-image-id="158698"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/701/original/2020-09-14_10-47-56.png?1600048087" class="editor-image img-responsive" data-smartkarma-image-id="158701"></figure><p><strong>LOSERS</strong> - Our list of losers, who have collectively underperformed by 9% over one year, have many of Japan's weaker business models (shipping, oil &amp; gas, paper, copiers, gaming machines. The list also features some of the less-astute management 'teams' (<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a>, <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin (2503 JP)</a>, <a href="https://www.smartkarma.com/entities/lixil-group-corp" target="_blank" data-smartkarma-citation="entities:454:1" rel="noopener">Lixil (5938 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>).  Also among the latter are two medical-related business - the now remained <a href="https://www.smartkarma.com/entities/h-u-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:16580:1" rel="noopener">H.U. Group (4544 JP)</a> (formerly Miraca) and recent Bain PE target <a href="https://www.smartkarma.com/entities/nichii-gakkan-co" target="_blank" data-smartkarma-citation="entities:6790:1" rel="noopener">Nichii Gakkan (9792 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/706/original/2020-09-14_10-57-45.png?1600048692" class="editor-image img-responsive" data-smartkarma-image-id="158706"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/707/original/2020-09-14_10-59-22.png?1600048774" class="editor-image img-responsive" data-smartkarma-image-id="158707"></figure><p>In the <strong>DETAIL</strong> section below, we all review the large companies that have seen the least change in BVPS over the last seven years and those with the lowest BVPS volatility over the same period. Our lists contain quite a few surprises.</p>

Source for all charts &amp; tables except as stated: Japan AnalyticsEQUITY-DRIVEN - Japan's aggregate Shareholders' Equity has appreciated by 45% since 2014 - an annual rate of 5.5% and has been one of the key achievements of the 'Abe era'. For the five years before 2012, Shareholders Equity was unchanged, buffeted by the 2008/9 financial crisis and the 3/11.  Although the equity market has responded well to the change in reserves, Japan's PBR has remained within a range of 1.05 to 1.38 over the last decade and is unchanged compared to 2010. In prior post-bubble 'lost' decades, the average PBR was 1.8 times. In other markets, the rise of intangible assets has called the use of Book/Price as a metric and the S&amp;P 500 PBR is now almost three times that of the Japan aggregate having bottomed at 1.78 in March 2009.Source: multpl.comBOOK VALUE PER SHARE - In this Insight, we shall look at Japan's larger-cap companies (current market value &gt;¥100 billion) through the 'lens' of book value per share. Our focus will be less on the 'winners' and 'losers' than on those companies that have seen the least change in 'BVPS' over the last seven years. Our share count excludes treasury shares which is to the benefit of companies such as NTT (9432 JP) which has seen a 20% reduction in Net Shares Outstanding, but only a 9% increase in Shareholders' Equity. A BVPS growth metric does, however, flatter serial issuers of equity with declining share prices, such as Sosei (4565 JP).WINNERS - As many may ask and for the record, our 'winning' thirty companies contains many of Japan's best-performing businesses and 'priciest 'stocks, such as Monotaro (3064 JP), M3 (2413 JP), GMO Payment Gateway (3769 JP), and Kobe Bussan (3038 JP). Some of the more surprising entries are mixi (2121 JP) and Tokyo Electric Power (9501 JP).  As an equally-weighted portfolio, this group has outperformed by 30% over one year and by 11% over the last three months.LOSERS - Our list of losers, who have collectively underperformed by 9% over one year, have many of Japan's weaker business models (shipping, oil &amp; gas, paper, copiers, gaming machines. The list also features some of the less-astute management 'teams' (Toshiba (6502 JP), Nissan (7201 JP), Kirin (2503 JP), Lixil (5938 JP), and Aeon (8267 JP)).  Also among the latter are two medical-related business - the now remained H.U. Group (4544 JP) (formerly Miraca) and recent Bain PE target Nichii Gakkan (9792 JP).In the DETAIL section below, we all review the large companies that have seen the least change in BVPS over the last seven years and those with the lowest BVPS volatility over the same period. Our lists contain quite a few surprises.

🇯🇵 Japan • Every Shareholder Left Behind - The Book Value Per Share Metric

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/456/original/2020-09-12_13-08-43.png?1599883751" class="editor-image img-responsive" data-smartkarma-image-id="158456"></figure><div class="content-caption">Source for all Charts: Japan Analytics</div><p><strong>YET TO BOTTOM OUT</strong> - As we finish the first batch of results covering the period from May to July, our scoring of Results, Annual, and Interim Revisions has yet to see a bottoming out in momentum. Nevertheless, the market, aided by ample liquidity, has already discounted the first six months of a potential recovery. The market's optimism is supported by the Cabinet Office Leading Indicator of Business Conditions which, as of July, had seen two months of recovery.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/458/original/2020-09-12_13-20-58.png?1599884472" class="editor-image img-responsive" data-smartkarma-image-id="158458"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/459/original/2020-09-12_13-31-24.png?1599885118" class="editor-image img-responsive" data-smartkarma-image-id="158459"></figure><p></p><hr><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/449/original/2020-09-12_10-38-08.png?1599874697" class="editor-image img-responsive" data-smartkarma-image-id="158449"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/451/original/2020-09-12_10-40-00.png?1599874819" class="editor-image img-responsive" data-smartkarma-image-id="158451"></figure><p>Our picks of the 'best' from Friday's announcements are logistics infrastructure company <a href="https://www.smartkarma.com/entities/cre-inc-japan" target="_blank" data-smartkarma-citation="entities:25924:1" rel="noopener">CRE (3458 JP)</a> and personal products provider <a href="https://www.smartkarma.com/entities/ya-man-ltd" target="_blank" data-smartkarma-citation="entities:16129:1" rel="noopener">Ya Man (6630 JP)</a>. The 'worst' results were from Ai gaming company <a href="https://www.smartkarma.com/entities/heroz-inc" target="_blank" data-smartkarma-citation="entities:27106:1" rel="noopener">Heroz (4382 JP)</a> and commercial design and display specialist <a href="https://www.smartkarma.com/entities/tanseisha-co-ltd" target="_blank" data-smartkarma-citation="entities:10898:1" rel="noopener">Tanseisha (9743 JP)</a>, the latter due to a severe downward revision for the full year. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/452/original/2020-09-12_10-41-46.png?1599874918" class="editor-image img-responsive" data-smartkarma-image-id="158452"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/453/original/2020-09-12_10-43-21.png?1599875013" class="editor-image img-responsive" data-smartkarma-image-id="158453"></figure><p style="text-align: center;"></p><div>
<hr>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><div class="content-highlight"><p style="text-align: left;"><strong>PERCENTAGES</strong> -<strong>50%</strong> of quarterly results, <strong>66%</strong> of annual forecasts/revisions and<strong> 69%</strong> of interim forecasts have negative Scores. <strong>29%</strong> of companies reporting lost money for the quarter.</p></div></div><hr><div><p style="text-align: center;"><strong>48 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Results Score:</strong> 46% Positive / 4% Neutral / 50% Negative</li>
<li>
<strong>Average Results Score Change:</strong> +0.9 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -5.8% Quarter YoY / -3.7% Rolling TTM YoY </li>
<li>Average Operating Profit Margin Change: -4.1ppt</li>
<li>Percentage Making Quarterly Losses: 29%</li>
</ul></div><hr><div><p style="text-align: center;"><strong>29 Annual • 13 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Annual Forecast/Revision Score:</strong> 31% Positive / 3% Neutral / 66% Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 23% Positive / 8% Neutral / 69% Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -6.9 points</li>
</ul></div>

Source for all Charts: Japan AnalyticsYET TO BOTTOM OUT - As we finish the first batch of results covering the period from May to July, our scoring of Results, Annual, and Interim Revisions has yet to see a bottoming out in momentum. Nevertheless, the market, aided by ample liquidity, has already discounted the first six months of a potential recovery. The market's optimism is supported by the Cabinet Office Leading Indicator of Business Conditions which, as of July, had seen two months of recovery.• BEST &amp; WORST •Our picks of the 'best' from Friday's announcements are logistics infrastructure company CRE (3458 JP) and personal products provider Ya Man (6630 JP). The 'worst' results were from Ai gaming company Heroz (4382 JP) and commercial design and display specialist Tanseisha (9743 JP), the latter due to a severe downward revision for the full year. 

DAILY STATS
PERCENTAGES -50% of quarterly results, 66% of annual forecasts/revisions and 69% of interim forecasts have negative Scores. 29% of companies reporting lost money for the quarter.48 Quarterly Results

Results Score: 46% Positive / 4% Neutral / 50% Negative

Average Results Score Change: +0.9 points

Average % Change in Revenue: -5.8% Quarter YoY / -3.7% Rolling TTM YoY 
Average Operating Profit Margin Change: -4.1ppt
Percentage Making Quarterly Losses: 29%
29 Annual • 13 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 31% Positive / 3% Neutral / 66% Negative

Interim Forecast/Revision Score Change: 23% Positive / 8% Neutral / 69% Negative

Average Forecast/Revision Score Change: -6.9 points


🇯🇵 JAPAN • Results & Revisions 09/​​​​​11 - CRE, Ya-Man, JM, Halows, Tanseisha

<div>
<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/338/original/2020-09-11_06-10-01.png?1599772225" class="editor-image img-responsive" data-smartkarma-image-id="158338"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/339/original/2020-09-11_06-11-10.png?1599772281" class="editor-image img-responsive" data-smartkarma-image-id="158339"></figure><div class="content-caption">Source for all charts: Japan Analytics</div>
<strong>BEST &amp; WORST</strong> - As the pace of announcements for the January/April/July/October year-end cohort increases,  <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul (4384 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-dome-corp" target="_blank" data-smartkarma-citation="entities:6421:1" rel="noopener">Tokyo Dome (9681 JP)</a> were the best and worst-scoring of the larger companies that reported yesterday. The former is aiming to bring commercial printing int to the digital age but is yet t achieve sustainable profitability. The latter is another 'activist trap'  struggling with the fallout from COVID-19.<hr>
</div><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p><strong>PERCENTAGES</strong> -<strong>53%</strong> of quarterly results, <strong>53%</strong> of annual forecasts/revisions and only <strong>29%</strong> of interim forecasts have negative Scores.<strong> 28%</strong> of companies reporting lost money for the quarter.</p></div><hr><div><p style="text-align: center;"><strong>32 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Results Score:</strong> 34% Positive / 13% Neutral / 53% Negative</li>
<li>
<strong>Average Results Score Change: </strong>-1.4 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -14.9% Quarter YoY / -5.1% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -2.6ppt</li>
<li>
<strong>Percentage Making Quarterly Losses</strong>: 28%</li>
</ul></div><hr><div><p style="text-align: center;"><strong>17 Annual • 7 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Annual Forecast/Revision Score:</strong> 35% Positive / 12% Neutral / 53% Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 71% Positive / 0% Neutral / 29% Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -1.3 points</li>
</ul></div>


• BEST &amp; WORST •
Source for all charts: Japan Analytics
BEST &amp; WORST - As the pace of announcements for the January/April/July/October year-end cohort increases,  Raksul (4384 JP) and Tokyo Dome (9681 JP) were the best and worst-scoring of the larger companies that reported yesterday. The former is aiming to bring commercial printing int to the digital age but is yet t achieve sustainable profitability. The latter is another 'activist trap'  struggling with the fallout from COVID-19.
DAILY STATSPERCENTAGES -53% of quarterly results, 53% of annual forecasts/revisions and only 29% of interim forecasts have negative Scores. 28% of companies reporting lost money for the quarter.32 Quarterly Results

Results Score: 34% Positive / 13% Neutral / 53% Negative

Average Results Score Change: -1.4 points

Average % Change in Revenue: -14.9% Quarter YoY / -5.1% Rolling TTM YoY 

Average Operating Profit Margin Change: -2.6ppt

Percentage Making Quarterly Losses: 28%
17 Annual • 7 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 35% Positive / 12% Neutral / 53% Negative

Interim Forecast/Revision Score Change: 71% Positive / 0% Neutral / 29% Negative

Average Forecast/Revision Score Change: -1.3 points


🇯🇵 JAPAN • Results & Revisions 09/​​​​10 - Sekisui House, Kobe Bussan, Japan Display, Kamakura Sh.

<p>It hasn’t been easy selling clothing in the last six months or even in the months before, unless, that is, you are <a href="https://www.smartkarma.com/entities/workman-co-ltd" target="_blank" data-smartkarma-citation="entities:8467:1" rel="noopener">Workman Co Ltd (7564 JP)</a>.</p>
<p>The workwear to sports retailer delivered six straight months of sales growth peaking at 44% year-on-year thanks to low price cost performance, relentless expansion of private brands and investment in new franchisees.</p>
<p>Workman's share price is up more than 3x since we first recommended the retailer in late 2018 but we have been fans of the company for more than a decade for its disciplined focus on low-cost operations, merchandise quality and efforts to understand and produce for its core customer target.</p>
<p>It also helps that Workman is a franchise operation and one that, like Benetton and McDonald's and other successful franchises over time, buys the land its franchisees operate stores on. The franchise deal keeps costs way lower than competitors and also means personnel costs are for the most part variable while its competitors face fixed staff costs – a huge advantage especially now.</p>
<p>These are core qualities for a retailer and in all aspects, Workman continues to improve. Sales have risen as much as 44% a month since March and as explained below, there are very strong reasons to expect both sales and profit margins to grow much, much further. The share price may have dipped in recent days but the fundamentals remain strong: more growth is to come.</p>

It hasn’t been easy selling clothing in the last six months or even in the months before, unless, that is, you are Workman Co Ltd (7564 JP).
The workwear to sports retailer delivered six straight months of sales growth peaking at 44% year-on-year thanks to low price cost performance, relentless expansion of private brands and investment in new franchisees.
Workman's share price is up more than 3x since we first recommended the retailer in late 2018 but we have been fans of the company for more than a decade for its disciplined focus on low-cost operations, merchandise quality and efforts to understand and produce for its core customer target.
It also helps that Workman is a franchise operation and one that, like Benetton and McDonald's and other successful franchises over time, buys the land its franchisees operate stores on. The franchise deal keeps costs way lower than competitors and also means personnel costs are for the most part variable while its competitors face fixed staff costs – a huge advantage especially now.
These are core qualities for a retailer and in all aspects, Workman continues to improve. Sales have risen as much as 44% a month since March and as explained below, there are very strong reasons to expect both sales and profit margins to grow much, much further. The share price may have dipped in recent days but the fundamentals remain strong: more growth is to come.

Japan's Retail Star: Workman Thrives in Crisis

Japan

KOBE BUSSAN CO., LTD. is a supermarket franchise store operator which mainly deals in foods stuffs.  The Company also has direct-run stores.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kobe Bussan (3038 JP)

Genky: Another Japanese Discount Winner

Although counted as a drugstore, Genky is one of Japan’s most food-focused, discount retailers. The chain ihas grown rapidly in recent years, with...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 09/11 - CRE, Ya-Man, JM, Halows, Tanseisha

• BEST & WORST • DAILY STATS PERCENTAGES -53% of quarterly results, 53% of annual forecasts/revisions and only 29% of interim forecasts...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/10 - Sekisui House, Kobe Bussan, Japan Display, Kamakura Sh.

DAILY STATS PERCENTAGES - 75% of quarterly results, 75% of annual forecasts/revisions and 50% of interim forecasts have negative Scores....

Campbell Gunn

Japan's Retail Star: Workman Thrives in Crisis

It hasn’t been easy selling clothing in the last six months or even in the months before, unless, that is, you are Workman. The workwear to sports...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Genky: Another Japanese Discount Winner

Although counted as a drugstore, Genky is one of Japan’s most food-focused, discount retailers. The chain ihas grown rapidly in recent years, with...

Michael Causton

🇯🇵 Japan • Every Shareholder Left Behind - The Book Value Per Share Metric

EQUITY-DRIVEN - Japans

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/​​​​​11 - CRE, Ya-Man, JM, Halows, Tanseisha

• BEST & WORST • DAILY STATS PERCENTAGES -53% of quarterly results, 53% of annual forecasts/revisions and only 29% of interim forecasts...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/​​​​10 - Sekisui House, Kobe Bussan, Japan Display, Kamakura Sh.

DAILY STATS PERCENTAGES - 75% of quarterly results, 75% of annual forecasts/revisions and 50% of interim forecasts have negative Scores....

Campbell Gunn

Japan's Retail Star: Workman Thrives in Crisis

It hasn’t been easy selling clothing in the last six months or even in the months before, unless, that is, you are Workman. The workwear to sports...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 09/11 - CRE, Ya-Man, JM, Halows, Tanseisha

🇯🇵 JAPAN • Results & Revisions 09/10 - Sekisui House, Kobe Bussan, Japan Display, Kamakura Sh.