Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech largely down in the US after AMD's AI event failed to impress with somewhat conflicting CPI and jobless data.</li>
<li>A strong print for Fast Retailing will add to short-seller woes although some brokers have started cutting estimates after the outsized move.</li>
<li>7&amp;I announced a flurry of restructuring initiatives aimed at raising corporate value and fending off Couche-Tard before its too late.</li>
</ul>


Tech largely down in the US after AMD's AI event failed to impress with somewhat conflicting CPI and jobless data.
A strong print for Fast Retailing will add to short-seller woes although some brokers have started cutting estimates after the outsized move.
7&amp;I announced a flurry of restructuring initiatives aimed at raising corporate value and fending off Couche-Tard before its too late.


Japan Morning Connection: 7&I Continues Restructuring Plan

<ul>
<li>Risk on sentiment takes hold ahead of key CPI print tomorrow; yen weakness will drive the NKY higher.</li>
<li>Big gains for Japanese department store duty-free sales over the Chinese Golden week holiday bodes well for the likes of Isetan Mitsukoshi.</li>
<li>Cat 5 Hurricane Milton making landfall should put further pressure on the JP non-life/P&amp;C plays Sompo, MS&amp;AD and Tokio Marine.</li>
</ul>


Risk on sentiment takes hold ahead of key CPI print tomorrow; yen weakness will drive the NKY higher.
Big gains for Japanese department store duty-free sales over the Chinese Golden week holiday bodes well for the likes of Isetan Mitsukoshi.
Cat 5 Hurricane Milton making landfall should put further pressure on the JP non-life/P&amp;C plays Sompo, MS&amp;AD and Tokio Marine.


Japan Morning Connection: Risk-On Sentiment and Yen Weakness to Drive the NKY Higher

<ul>
<li>NVDA lifts markets on comments from Hon Hai Chairman that demand for Blackwell was 'crazy'.</li>
<li>Oil related names in JP will follow US lower on the drop in oil, despite Hurricane Milton having the potential to disrupt production.</li>
<li>HK futures finding off the lows overnight should point to upside for related China names in Japan to start; Gamers to be sold heavily after PIF sale.</li>
</ul>


NVDA lifts markets on comments from Hon Hai Chairman that demand for Blackwell was 'crazy'.
Oil related names in JP will follow US lower on the drop in oil, despite Hurricane Milton having the potential to disrupt production.
HK futures finding off the lows overnight should point to upside for related China names in Japan to start; Gamers to be sold heavily after PIF sale.


Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names

<ul>
<li>Japan to follow US higher on the much better-than-expected jobs report and the yen back to 148.9</li>
<li>Exporters including the Autos with high US exposures as well as Inbound related laggards such as Isetan Mitsukoshi and Shiseido/Kose should see sentiment improve</li>
<li>The strong US data should also help the JP Shippers rebound after dropping -8.2% on Fri on the end of the US port workers strike</li>
</ul>


Japan to follow US higher on the much better-than-expected jobs report and the yen back to 148.9
Exporters including the Autos with high US exposures as well as Inbound related laggards such as Isetan Mitsukoshi and Shiseido/Kose should see sentiment improve
The strong US data should also help the JP Shippers rebound after dropping -8.2% on Fri on the end of the US port workers strike


Japan Morning Connection: Expect Rebound After Strong US Job Data

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. 

<ul>
<li>Something remarkable has happened in the department store sector. A year ago, both big city stores and those in the regions were all still well behind sales levels in 2010. </li>
<li>But stores in the largest 10 cities exceeded 2010 sales levels by 2% last year. Emphasising the yawning gap, regional stores extended their losses with sales down 42% on 2010.</li>
<li>The elite have also suddenly started making money. A lot of it. We now have a (very profitable) luxury retail sector and a (poor returning) middle-market general merchandise store sector.</li>
</ul>


Something remarkable has happened in the department store sector. A year ago, both big city stores and those in the regions were all still well behind sales levels in 2010. 
But stores in the largest 10 cities exceeded 2010 sales levels by 2% last year. Emphasising the yawning gap, regional stores extended their losses with sales down 42% on 2010.
The elite have also suddenly started making money. A lot of it. We now have a (very profitable) luxury retail sector and a (poor returning) middle-market general merchandise store sector.


Japanese Department Stores: The Elite Profit Machines

Japan

Isetan Mitsukoshi Holdings Ltd. is a holding company established through a merger of Mitsukoshi and Isetan. The group operates department stores nationwide, selling clothing, foods, household goods, cosmetics and general merchandise.

Price Gauge
52-week Range	0.00 - 0.00
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Isetan Mitsukoshi Holdings Ltd (3099 JP)

Japan Morning Connection: 7&I Continues Restructuring Plan

Tech down in the US after conflicting CPI and jobless data, Fast Retailing's strong print beat streat estimates, 7&I announced further plans to...

Andrew Jackson

Japan Morning Connection: Risk-On Sentiment and Yen Weakness to Drive the NKY Higher

Risk on sentiment ahead of CPI print and yen weakness to drive up NKY, gains during Chinese Golden week bode well for Isetan Mutsukoshi, Cat 5...

Andrew Jackson

Japan Morning Connection: Expect Rebound After Strong US Job Data

Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

Andrew Jackson

Japanese Department Stores: The Elite Profit Machines

Dept. stores in big cities have grown 2% since 2010, but regional are down 42%, a massive gap. The elite luxury sector is thriving, with big...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: 7&I Continues Restructuring Plan

​Tech down in the US after conflicting CPI and jobless data, Fast Retailing's strong print beat streat estimates, 7&I announced further plans to...

Andrew Jackson

Japan Morning Connection: Risk-On Sentiment and Yen Weakness to Drive the NKY Higher

​Risk on sentiment ahead of CPI print and yen weakness to drive up NKY, gains during Chinese Golden week bode well for Isetan Mutsukoshi, Cat 5...

Andrew Jackson

Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names

NVDA +4.1% on comments from Hon Hai that demand for Blackwell chips was ‘crazy’, Oil related will follow US lower, HK futures off the lows should...

Andrew Jackson

Japan Morning Connection: Expect Rebound After Strong US Job Data

​Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

Andrew Jackson

Japanese Department Stores: The Elite Profit Machines

​Dept. stores in big cities have grown 2% since 2010, but regional are down 42%, a massive gap. The elite luxury sector is thriving, with big...

Michael Causton

Tech down in the US after conflicting CPI and jobless data, Fast Retailing's strong print beat streat estimates, 7&I announced further plans to...

Risk on sentiment ahead of CPI print and yen weakness to drive up NKY, gains during Chinese Golden week bode well for Isetan Mutsukoshi, Cat 5...

Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

Dept. stores in big cities have grown 2% since 2010, but regional are down 42%, a massive gap. The elite luxury sector is thriving, with big...