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

<p>Last year saw the launch of a new netsuper by <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> and <a href="https://www.smartkarma.com/entities/life-corp" target="_blank" data-smartkarma-citation="entities:1743:1" rel="noopener">Life Corp (8194 JP)</a>. The combination of the leading e-commerce retailer and the country’s top supermarket chain makes this one of the strongest contenders in the race for online food sales, particularly as Life is under the control 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> – although <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a> and <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a> aren’t standing still.</p>
<p>Amazon is now expanding its tie-up with Life and plans to bring in Valor as a new partner later this year and is highly likely to add further partnerships going forward.</p>

Last year saw the launch of a new netsuper by Amazon.com Inc (AMZN US) and Life Corp (8194 JP). The combination of the leading e-commerce retailer and the country’s top supermarket chain makes this one of the strongest contenders in the race for online food sales, particularly as Life is under the control of Mitsubishi Corp (8058 JP) – although Rakuten Inc (4755 JP) and Z Holdings (4689 JP) aren’t standing still.
Amazon is now expanding its tie-up with Life and plans to bring in Valor as a new partner later this year and is highly likely to add further partnerships going forward.

Amazon Adds Partnership with Valor in Race for Japan Online Food Retail Leadership

Thematic (Sector/Industry)

<p><strong>The following is an in-depth review of the retail sector by format with a brief overview of incomes and consumption trends and metrics before that. For any investor looking at the Japanese consumer/retail space, this insight will provide a rapid overview of all the major trends.</strong></p><p>2020 was a year to remember, although not for good reasons. While the news was overwhelmingly negative given the devastation that the pandemic caused to so many lives, for Japan as a country the experience could become a catalyst to spur positive change.</p><p>No matter how much we might never wish to repeat the last 12 months, those governments and companies that learn from the experience will be better positioned whenever a new pandemic emerges.</p><p>Department stores, convenience stores, and most fashion chains had a horrible year as so many people stayed away from major shopping areas, but many other retailers actually had stellar years, with further upside still to come. </p>

The following is an in-depth review of the retail sector by format with a brief overview of incomes and consumption trends and metrics before that. For any investor looking at the Japanese consumer/retail space, this insight will provide a rapid overview of all the major trends.2020 was a year to remember, although not for good reasons. While the news was overwhelmingly negative given the devastation that the pandemic caused to so many lives, for Japan as a country the experience could become a catalyst to spur positive change.No matter how much we might never wish to repeat the last 12 months, those governments and companies that learn from the experience will be better positioned whenever a new pandemic emerges.Department stores, convenience stores, and most fashion chains had a horrible year as so many people stayed away from major shopping areas, but many other retailers actually had stellar years, with further upside still to come. 

Japan Retail Full Review 2020-2021: Some Retail Sectors Outperform in a Pandemic

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “<em>lower for longer stance around interest rates</em>”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. </p>

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

'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.

<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p style="text-align: left;">As Japan re-enters its muted, month-long and region-specific version of 'lockdown', our best and worst larger-cap pairing for Thursday is the second-hand car dealer <a href="https://www.smartkarma.com/entities/nextage-co-ltd" target="_blank" data-smartkarma-citation="entities:10326:1" rel="noopener">Nextage (3186 JP)</a> and GM retailer <a href="https://www.smartkarma.com/entities/izumi-co-ltd" target="_blank" data-smartkarma-citation="entities:13173:1" rel="noopener">Izumi (8273 JP)</a>. We expect the 'lockdown' to be extended in both area and time later in January, capping the upside to fourth-quarter earnings for many listed companies. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/378/original/2021-01-08_05-51-53.png?1610052724" class="editor-image img-responsive" data-smartkarma-image-id="181378"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/379/original/2021-01-08_05-52-46.png?1610052777" class="editor-image img-responsive" data-smartkarma-image-id="181379"></figure></section><div style="text-align: center;" class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>

• BEST &amp; WORST •As Japan re-enters its muted, month-long and region-specific version of 'lockdown', our best and worst larger-cap pairing for Thursday is the second-hand car dealer Nextage (3186 JP) and GM retailer Izumi (8273 JP). We expect the 'lockdown' to be extended in both area and time later in January, capping the upside to fourth-quarter earnings for many listed companies. Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​07 - Izumi, Shift, NEXTAGE

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>The best and worst pair from yesterday's announcements is general retailer <a href="https://www.smartkarma.com/entities/izumi-co-ltd" target="_blank" data-smartkarma-citation="entities:13173:1" rel="noopener">Izumi (8273 JP) </a>and movie house <a href="https://www.smartkarma.com/entities/toho-co-ltd" target="_blank" data-smartkarma-citation="entities:7806:1" rel="noopener">Toho (9602 JP)</a>. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/165/091/original/2020-10-14_06-31-16.png?1602624693" class="editor-image img-responsive" data-smartkarma-image-id="165091"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/165/090/original/2020-10-14_06-29-48.png?1602624602" class="editor-image img-responsive" data-smartkarma-image-id="165090"></figure><p></p></section>
</div><div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></div><hr><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p style="text-align: center;"><strong>49 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 55% Positive / 8% Neutral / 37% Negative</p></li>
<li><p><strong>Average Results Score Change: </strong>+1.6 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -5.6% Quarter YoY / -1.8% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -1.8ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 24%</p></li>
</ul></div><hr><div><p style="text-align: center;"><strong>25 Annual • 10 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 36% Positive / 0% Neutral / 64% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 50% Positive / 0% Neutral / 40% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -4.1 point</p></li>
</ul></div>

• BEST &amp; WORST •
The best and worst pair from yesterday's announcements is general retailer Izumi (8273 JP) and movie house Toho (9602 JP). 

Source for all charts &amp; tables: Japan AnalyticsDAILY STATS49 Quarterly Results
Results Score: 55% Positive / 8% Neutral / 37% Negative
Average Results Score Change: +1.6 points
Average % Change in Revenue: -5.6% Quarter YoY / -1.8% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.8ppt
Percentage Making Quarterly Losses: 24%
25 Annual • 10 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 36% Positive / 0% Neutral / 64% Negative
Interim Forecast/Revision Score Change: 50% Positive / 0% Neutral / 40% Negative
Average Forecast/Revision Score Change: -4.1 point


🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​13 - Toho, Izumi, J Front Retailing, Koshidaka

Japan

IZUMI CO., LTD. operates shopping centers mainly in the Chugoku area, selling food products, clothing, and household utensils.  The Company also operates real estate business and credit card services.

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

Izumi Co Ltd (8273 JP)

Amazon Adds Partnership with Valor in Race for Japan Online Food Retail Leadership

Amazon is reaching out to the leading supermarkets in each region to create a network of supply and delivery points for its online supermarket in...

Michael Causton

Japan Retail Full Review 2020-2021: Some Retail Sectors Outperform in a Pandemic

An in-depth update for investors in Japan's retail and consumer space on Japan's retail sector by retail type as well as a review of the impact of...

Michael Causton

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

🇯🇵 JAPAN • Results & Revisions 01/07 - Izumi, Shift, NEXTAGE

As Japan re-enters its muted, month-long and region-specific version of 'lockdown', our best and worst larger-cap pairing for Thursday is Nextage...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 10/13 - Toho, Izumi, J Front Retailing, Koshidaka

The best and worst pair from yesterday's announcements is general retailer Izumi (8273 JP) and movie house Toho (9602 JP).

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amazon Adds Partnership with Valor in Race for Japan Online Food Retail Leadership

Amazon is reaching out to the leading supermarkets in each region to create a network of supply and delivery points for its online supermarket in...

Michael Causton

Japan Retail Full Review 2020-2021: Some Retail Sectors Outperform in a Pandemic

An in-depth update for investors in Japan's retail and consumer space on Japan's retail sector by retail type as well as a review of the impact of...

Michael Causton

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​07 - Izumi, Shift, NEXTAGE

As Japan re-enters its muted, month-long and region-specific version of 'lockdown', our best and worst larger-cap pairing for Thursday is Nextage...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​13 - Toho, Izumi, J Front Retailing, Koshidaka

The best and worst pair from yesterday's announcements is general retailer Izumi (8273 JP) and movie house Toho (9602 JP).

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 01/07 - Izumi, Shift, NEXTAGE

🇯🇵 JAPAN • Results & Revisions 10/13 - Toho, Izumi, J Front Retailing, Koshidaka