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)

<ul>
<li>Amazon Japan continues to lead in online merchandise sales, with GTVs rising faster than Rakuten in 2021 and far ahead of Z Holdings. </li>
<li>Nevertheless both the domestic incumbents are fighting hard to overcome their weaknesses and use their strengths in mobile networks, loyalty points and cashless payments to win share.</li>
<li>Rakuten is also now making it possible to consolidate orders from multiple merchants and plans to open this service to any online merchant – a game changer for online platforms. </li>
</ul>


Amazon Japan continues to lead in online merchandise sales, with GTVs rising faster than Rakuten in 2021 and far ahead of Z Holdings. 
Nevertheless both the domestic incumbents are fighting hard to overcome their weaknesses and use their strengths in mobile networks, loyalty points and cashless payments to win share.
Rakuten is also now making it possible to consolidate orders from multiple merchants and plans to open this service to any online merchant – a game changer for online platforms. 


Japan E-Commerce Wars Intensify Among the Big 3 Online Platforms

<ul>
<li>OniGo only opened its first dark store in the middle of last year and along with competitors is expanding rapidly.</li>
<li>But it also recently signed up to deliver orders from Lawson Store 100 and is running a trial from Comfort Market, Seven &amp; I’s concept store in Setagaya.  </li>
<li>In both cases, online orders are picked, not by store staff, but by OniGo’s own staff, to increase the speed of order preparation and to tie to store’s inventory systems.</li>
</ul>


OniGo only opened its first dark store in the middle of last year and along with competitors is expanding rapidly.
But it also recently signed up to deliver orders from Lawson Store 100 and is running a trial from Comfort Market, Seven &amp; I’s concept store in Setagaya.  
In both cases, online orders are picked, not by store staff, but by OniGo’s own staff, to increase the speed of order preparation and to tie to store’s inventory systems.


Dark Store Delivery in Japan Takes Off – Collaborating with Retailers

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd's (SE US)</a> decision to exit India came as a surprise but looks like a prudent move given the heightened risk for Shopee there post the <em>FreeFire</em> ban.</li>
<li>The move will allow <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> to focus its attention and resources on a more profitable markets such as Brazil, which is already seen as a core market.</li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd's</a> growth model is intact with losses in its core e-commerce markets declining fast on a per order basis. Valuations are less challenging on 3.4x FY2023E EV/Sales.</li>
</ul>



Sea Ltd's (SE US) decision to exit India came as a surprise but looks like a prudent move given the heightened risk for Shopee there post the FreeFire ban.
The move will allow Sea Ltd (SE US) to focus its attention and resources on a more profitable markets such as Brazil, which is already seen as a core market.

Sea Ltd's growth model is intact with losses in its core e-commerce markets declining fast on a per order basis. Valuations are less challenging on 3.4x FY2023E EV/Sales.


Sea Ltd (SE US) - An Indian Odyssey Brings Experience

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings (BIGC US)</a>  slipped below the IPO price of <strong>$24.00</strong> per share, and at current valuation, we see limited downside risk for BigCommerce stock investors.  </li>
<li>In 2020, <a href="https://www.smartkarma.com/entities/intuit-inc" target="_blank" data-smartkarma-citation="entities:8235:1" rel="noopener">Intuit Inc (INTU US)</a>  offered to acquire BigCommerce for $1.5 billion, according to CNBC and other public sources. Both BigCommerce and Intuit didn’t provide a comment.</li>
<li>Insider selling activity has slowed down noticeably over the past three months and <a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings (BIGC US)</a>  insiders sold ~$5 million worth of shares. </li>
</ul>


Shares of BigCommerce Holdings (BIGC US)  slipped below the IPO price of $24.00 per share, and at current valuation, we see limited downside risk for BigCommerce stock investors.  
In 2020, Intuit Inc (INTU US)  offered to acquire BigCommerce for $1.5 billion, according to CNBC and other public sources. Both BigCommerce and Intuit didn’t provide a comment.
Insider selling activity has slowed down noticeably over the past three months and BigCommerce Holdings (BIGC US)  insiders sold ~$5 million worth of shares. 


BigCommerce: Stock Selloff Looks Finished As Valuation Hit $1.5 Billion

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.</li>
<li>In <a href="https://www.smartkarma.com/insights/goto-gojek-tokopedia-ipo-initiation-island-shopping" target="_blank" data-smartkarma-citation="insights:67047" rel="noopener">GoTo Gojek Tokopedia IPO Initiation: Island Shopping</a>, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. </li>
<li>Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. </li>
</ul>



GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.
In GoTo Gojek Tokopedia IPO Initiation: Island Shopping, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. 
Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. 


GoTo Gojek Tokopedia IPO: Valuation Insights

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Japan E-Commerce Wars Intensify Among the Big 3 Online Platforms

The intensity of competition between the big 3 in e-commerce (Amazon, Rakuten, Z Holdings) means that all are investing heavily. Amazon leads but...

Michael Causton

Dark Store Delivery in Japan Takes Off – Collaborating with Retailers

Dark stores are taking off, set up by delivery firms to ship food and basic daily use products. Some are competing with retailers but others are...

Michael Causton

Sea Ltd (SE US) - An Indian Odyssey Brings Experience

Sea Ltd's growth model is intact with losses in its core e-commerce markets declining fast on a per order basis. Valuations are less challenging on...

Angus Mackintosh

BigCommerce: Stock Selloff Looks Finished As Valuation Hit $1.5 Billion

Our analysis suggests risk/reward for BigCommerce shares looks strong, and downside potential may be limited as BigCommerce stock is undervalued...

Andrei Zakharov

GoTo Gojek Tokopedia IPO: Valuation Insights

Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. Books will close on 21 March....

Arun George

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