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. 

Thematic (Sector/Industry)

<p>Mitsubishi Shoji Fashion, part of <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP),</a> is one of the biggest “OEM” fashion manufacturers in Japan and backer of many of Japan’s top retailers like <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> from their earliest days through years of unprecedented growth.</p><p>The venerable supplier has now decided to become a retailer itself – with a difference.</p><p>It has just launched a clothing chain where the shops are entirely stocked with samples and all orders are made online, a format that is likely to become pervasive in Japan.</p><p>If so, there will be a dramatic impact on operating margins for retailers as showrooming stores like this can operate in much smaller spaces with far fewer staff.</p>

Mitsubishi Shoji Fashion, part of Mitsubishi Corp (8058 JP), is one of the biggest “OEM” fashion manufacturers in Japan and backer of many of Japan’s top retailers like Fast Retailing (9983 JP) from their earliest days through years of unprecedented growth.The venerable supplier has now decided to become a retailer itself – with a difference.It has just launched a clothing chain where the shops are entirely stocked with samples and all orders are made online, a format that is likely to become pervasive in Japan.If so, there will be a dramatic impact on operating margins for retailers as showrooming stores like this can operate in much smaller spaces with far fewer staff.

Mitsubishi, Backer of Uniqlo and Adastria, Launches Own Chain

'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.

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>Our best and worst pair is child apparel specialist <a href="https://www.smartkarma.com/entities/nishimatsuya-chain-co-ltd" target="_blank" data-smartkarma-citation="entities:13375:1" rel="noopener">Nishimatsuya Chain (7545 JP)</a> and food ingredients maker <a href="https://www.smartkarma.com/entities/riken-vitamin-co-ltd" target="_blank" data-smartkarma-citation="entities:20980:1" rel="noopener">Riken Vitamin (4526 JP)</a>. </p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/162/836/original/2020-10-01_06-09-42.png?1601500212" class="editor-image img-responsive" data-smartkarma-image-id="162836"></figure><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/162/837/original/2020-10-01_06-13-47.png?1601500441" class="editor-image img-responsive" data-smartkarma-image-id="162837"></figure><p>Source for all charts &amp; tables: Japan Analytics</p>
</div>
<hr>
<div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div>
<hr>
<div><p style="text-align: center;"><strong>20 Quarterly Results</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 30% Positive / 10% Neutral / 60% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> -1.9 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -7.5% Quarter YoY / -9.9% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -10.1ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 20%</p></li>
</ul></div>
<hr>
<div><p style="text-align: center;"><strong>15 Annual • 7 Interim Forecasts/Revisions</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p>Annual Forecast/Revision Score: 35% Positive / 6% Neutral / 59% Negative</p></li>
<li><p>Interim Forecast/Revision Score Change: 60% Positive / 0% Neutral / 40% Negative</p></li>
<li><p>Average Forecast/Revision Score Change: +0.6 points</p></li>
</ul></div>
</div>

• BEST &amp; WORST •
Our best and worst pair is child apparel specialist Nishimatsuya Chain (7545 JP) and food ingredients maker Riken Vitamin (4526 JP). 

Source for all charts &amp; tables: Japan Analytics


DAILY STATS

20 Quarterly Results

Results Score: 30% Positive / 10% Neutral / 60% Negative
Average Results Score Change: -1.9 points
Average % Change in Revenue: -7.5% Quarter YoY / -9.9% Rolling TTM YoY 
Average Operating Profit Margin Change: -10.1ppt
Percentage Making Quarterly Losses: 20%


15 Annual • 7 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 35% Positive / 6% Neutral / 59% Negative
Interim Forecast/Revision Score Change: 60% Positive / 0% Neutral / 40% Negative
Average Forecast/Revision Score Change: +0.6 points



🇯🇵 JAPAN • Results & Revisions 09/​​​30 - Nishimatsuya Chain, Adastria, Strike, Riken Vitamin

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/525/original/2020-07-17_06-19-01.png?1594934496" class="editor-image img-responsive" data-smartkarma-image-id="146525"></figure><div class="content-caption">Source • Japan Analytics</div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/527/original/2020-07-17_06-37-29.png?1594935664" class="editor-image img-responsive" data-smartkarma-image-id="146527"></figure><div class="content-caption">Source • ZOOM</div><p><strong><a href="https://www.smartkarma.com/entities/zoom-corp" target="_blank" data-smartkarma-citation="entities:28943:1" rel="noopener">ZOOM (6694 JP)</a></strong>- Micro-cap ZOOM, not to be confused with <a href="https://www.smartkarma.com/entities/zoom-technologies-inc" target="_blank" data-smartkarma-citation="entities:28002:1" rel="noopener">ZOOM</a> US, although it appears many did just that in June, makes mobile audio recording equipment (as shown above) and was the only company that reported yesterday. The company has struggled in the wake of COVID-19 with parts shortages in China and the insolvency of two distribution companies in Europe which resulted in a ¥240 million impairment loss. Zoom has recently bought out the minorities in Zoom North America and will book a re-valuation gain which accounts for ¥178 million or two-thirds of the upward revision. Zoom has not generated positive operating cash flow since listing in March 2017 and has invested significantly in inventory and fixed assets for marginal residual returns. Despite yesterday's highly prescient 6.7% gain in Soom shares, we do not expect a second strike of lighting.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/528/original/2020-07-17_06-43-09.png?1594936605" class="editor-image img-responsive" data-smartkarma-image-id="146528"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/529/original/2020-07-17_06-55-14.png?1594936629" class="editor-image img-responsive" data-smartkarma-image-id="146529"></figure><div style="text-align: center;" class="content-caption">Source • Japan Analytics</div><hr><p></p><p style="text-align: center;"><strong>• COVID-19 •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/536/original/File%202020-07-17%202%2039%2040.jpeg?1594937209" class="editor-image img-responsive" data-smartkarma-image-id="146536"></figure><div class="content-caption">Source • Our World In Data</div><p><strong>IN OTHER NEWS</strong> - Tokyo recorded a new recorded high in daily confirmed cases of COVID-19 yesterday, and Japan overall is back in the red-zone in the chart above with greater than 3% increase in the seven0day rolling average. In the last month, Japan has seen one of the fastest rates in case -count growth globally, and the reimposition of restrictions on social activity will soon be necessary. Such a change in direction is not yet discounted in the stock market. </p><div>
<hr>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><p style="text-align: center;"><br><strong>6 Annual • 2 Interim Forecasts/Revision</strong>s</p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 1 Positive / 1 Neutral / 4 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 1 Positive / 0 Neutral / 1 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> 0.8</li>
</ul></div>

Source • Japan AnalyticsSource • ZOOMZOOM (6694 JP)- Micro-cap ZOOM, not to be confused with ZOOM US, although it appears many did just that in June, makes mobile audio recording equipment (as shown above) and was the only company that reported yesterday. The company has struggled in the wake of COVID-19 with parts shortages in China and the insolvency of two distribution companies in Europe which resulted in a ¥240 million impairment loss. Zoom has recently bought out the minorities in Zoom North America and will book a re-valuation gain which accounts for ¥178 million or two-thirds of the upward revision. Zoom has not generated positive operating cash flow since listing in March 2017 and has invested significantly in inventory and fixed assets for marginal residual returns. Despite yesterday's highly prescient 6.7% gain in Soom shares, we do not expect a second strike of lighting.Source • Japan Analytics• COVID-19 •Source • Our World In DataIN OTHER NEWS - Tokyo recorded a new recorded high in daily confirmed cases of COVID-19 yesterday, and Japan overall is back in the red-zone in the chart above with greater than 3% increase in the seven0day rolling average. In the last month, Japan has seen one of the fastest rates in case -count growth globally, and the reimposition of restrictions on social activity will soon be necessary. Such a change in direction is not yet discounted in the stock market. 

DAILY STATS
 6 Annual • 2 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 1 Positive / 1 Neutral / 4 Negative

Interim Forecast/Revision Score Change: 1 Positive / 0 Neutral / 1 Negative

Average Forecast/Revision Score Change: 0.8


🇯🇵 JAPAN • Results & Revisions 16th July - The Other Zoom, ISI-D, Adastria

<p>Retail sales slumped again in May, but only because people are not buying clothes, visiting department stores and shopping centres, or buying their lunches at convenience stores.</p><p>Although this led to another major drop in total sales, several sectors did very well and in June there was a surge in spending at some speciality chains and a return to some semblance of normality for many.</p>

Retail sales slumped again in May, but only because people are not buying clothes, visiting department stores and shopping centres, or buying their lunches at convenience stores.Although this led to another major drop in total sales, several sectors did very well and in June there was a surge in spending at some speciality chains and a return to some semblance of normality for many.

Japan Retail: Essentials Strong in May but in June Even Discretionary Bounces Back

<div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/143/669/original/2020-07-01_05-28-36.png?1593548938" class="editor-image img-responsive" data-smartkarma-image-id="143669"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/143/673/original/2020-07-01_06-01-59.png?1593550949" class="editor-image img-responsive" data-smartkarma-image-id="143673"></figure><div class="content-caption">Source • Japan Analytics</div>
<p><strong>WASTE NOT.</strong>.- Waste treatment company <a href="https://www.smartkarma.com/entities/daiseki-co-ltd" target="_blank" data-smartkarma-citation="entities:2330:1" rel="noopener">Daiseki (9793 JP)</a>'s first-quarter results saw Net Income decline by 17% on a 1% decline in sales. However, the 19% and 24% cuts to both Operating and Net Income for the first half and full-year highlight the current decline in industrial activity in Japan is likely to be prolonged and, possibly, similar to that seen in 2009. The outlook for Daiseki's listed subsidiary <a href="https://www.smartkarma.com/entities/daiseki-eco-solution-co-ltd" target="_blank" data-smartkarma-citation="entities:13776:1" rel="noopener">Daiseki Eco. Solution (1712 JP)</a> is equally subdued.  Meanwhile, <a href="https://www.smartkarma.com/entities/japan-display-inc" target="_blank" data-smartkarma-citation="entities:8280:1" rel="noopener">Japan Display (6740 JP)</a> annual losses 'improved' to only ¥101 billion at the net level on ¥504 billion in sales, while <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona (2168 JP)</a> revised down the soon-to-be-declared FY2020 Net Income by 66% relative to TTM on further Anime theme park write-offs. LCD/SPE specialist <a href="https://www.smartkarma.com/entities/marumae-co-ltd" target="_blank" data-smartkarma-citation="entities:16671:1" rel="noopener">Marumae (6264 JP)</a> produced the best results of the day driven by a 38% year-on-year increase in quarterly sales.</p>
<hr>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
<hr>
</div><div><p style="text-align: center;"><strong>21 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 6 Positive / 3 Neutral / 12 Negative</li>
<li>
<strong>Average Results Score Change:</strong>-3.2</li>
<li>
<strong>Average % Change in Revenue:</strong> +0.2% Quarter YoY / -5.9% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change</strong>: 0.0ppt</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>13 Annual • 8 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 4 Positive / 2 Neutral / 7 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 2 Positive / 1 Neutral / 5 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -5.6</li>
</ul></div>


Source • Japan Analytics
WASTE NOT..- Waste treatment company Daiseki (9793 JP)'s first-quarter results saw Net Income decline by 17% on a 1% decline in sales. However, the 19% and 24% cuts to both Operating and Net Income for the first half and full-year highlight the current decline in industrial activity in Japan is likely to be prolonged and, possibly, similar to that seen in 2009. The outlook for Daiseki's listed subsidiary Daiseki Eco. Solution (1712 JP) is equally subdued.  Meanwhile, Japan Display (6740 JP) annual losses 'improved' to only ¥101 billion at the net level on ¥504 billion in sales, while Pasona (2168 JP) revised down the soon-to-be-declared FY2020 Net Income by 66% relative to TTM on further Anime theme park write-offs. LCD/SPE specialist Marumae (6264 JP) produced the best results of the day driven by a 38% year-on-year increase in quarterly sales.

DAILY STATS

21 Quarterly Results

Results Score: 6 Positive / 3 Neutral / 12 Negative

Average Results Score Change:-3.2

Average % Change in Revenue: +0.2% Quarter YoY / -5.9% Rolling TTM YoY

Average Operating Profit Margin Change: 0.0ppt
 13 Annual • 8 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 4 Positive / 2 Neutral / 7 Negative

Interim Forecast/Revision Score Change: 2 Positive / 1 Neutral / 5 Negative

Average Forecast/Revision Score Change: -5.6


🇯🇵 JAPAN • Results & Revisions 30th June - Waste Not..

Japan

Adastria Co., Ltd. operates a chain of clothing stores in Japan. The Company also operates stores in China, Taiwan, Hong Kong and Korea.

Price Gauge
52-week Range	0.00 - 0.00
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Adastria Co Ltd (2685 JP)

Mitsubishi, Backer of Uniqlo and Adastria, Launches Own Chain

Showrooming stores offer fashion retailers the chance to slash store sizes and staff numbers while making their shops relevant again – Mitsubishi,...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 09/30 - Nishimatsuya Chain, Adastria, Strike, Riken Vitamin

• BEST & WORST • Our best and worst pair is home centre Keiyo (8168 JP) and the department store J Front Retailing (3086 JP) although the...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 16th July - The Other Zoom, ISI-D, Adastria

ZOOM (6694 JP)- Micro-cap ZOOM, not to be confused with ZOOM US, although it appears many did just that in June, makes mobile audio recording...

Campbell Gunn

Japan Retail: Essentials Strong in May but in June Even Discretionary Bounces Back

Retail sales slumped again in May, but only because people are not buying clothes, visiting department stores and shopping centres, or buying their...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 30th June - Waste Not..

WASTE NOT..- Waste treatment company Daiseki (9793 JP)'s first-quarter results saw Net Income decline by 17% on a 1% decline in sales. However,...

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mitsubishi, Backer of Uniqlo and Adastria, Launches Own Chain

Showrooming stores offer fashion retailers the chance to slash store sizes and staff numbers while making their shops relevant again – Mitsubishi,...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 09/​​​30 - Nishimatsuya Chain, Adastria, Strike, Riken Vitamin

• BEST & WORST • Our best and worst pair is home centre Keiyo (8168 JP) and the department store J Front Retailing (3086 JP) although the...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 16th July - The Other Zoom, ISI-D, Adastria

ZOOM (6694 JP)- Micro-cap ZOOM, not to be confused with ZOOM US, although it appears many did just that in June, makes mobile audio recording...

Campbell Gunn

Japan Retail: Essentials Strong in May but in June Even Discretionary Bounces Back

Retail sales slumped again in May, but only because people are not buying clothes, visiting department stores and shopping centres, or buying their...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 30th June - Waste Not..

WASTE NOT..- Waste treatment company Daiseki (9793 JP)'s first-quarter results saw Net Income decline by 17% on a 1% decline in sales. However,...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/30 - Nishimatsuya Chain, Adastria, Strike, Riken Vitamin