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>Major food-drugstores like Kusuri no Aoki and Genky Drugstores continue to pressure local supermarket competition. </li>
<li>The model of funding discount foods and FMCG via high profit pharmaceutical and cosmetics ranges is one that traditional food chains cannot match.</li>
<li>Now the largest players are creating brands and expanding into new regions. Many analysts have predicted saturation in the sector in the last decade. They continue to be wrong.</li>
</ul>


Major food-drugstores like Kusuri no Aoki and Genky Drugstores continue to pressure local supermarket competition. 
The model of funding discount foods and FMCG via high profit pharmaceutical and cosmetics ranges is one that traditional food chains cannot match.
Now the largest players are creating brands and expanding into new regions. Many analysts have predicted saturation in the sector in the last decade. They continue to be wrong.


Japan's Drugstores Taking on – and Beating – Supermarkets

Japan Specialist

Mark Chadwick

<ul>
<li>
Market: The broader Topix Index ended the week 59 points, or -2.6%,</li>
<li>
Movers: Kusuri No Aoki Holdings shares rose sharply this week after the Japanese drugstore operator's first-quarter profit climbed (+49% yoy)</li>
<li>
Activist Watch: Dalton have also taken significant positions in Rinnai and Nitta</li>
</ul>



Market: The broader Topix Index ended the week 59 points, or -2.6%,

Movers: Kusuri No Aoki Holdings shares rose sharply this week after the Japanese drugstore operator's first-quarter profit climbed (+49% yoy)

Activist Watch: Dalton have also taken significant positions in Rinnai and Nitta


Japan Weekly | Kusuri No Aoki, Inpex, Mit Motors, Rinnai

<ul>
<li>OVERSEAS. SPX new 52W highs on Bank earnings, AI (thx to MSFT), and Resilient Retail print; MSFT prices Copilot at high end; US bank CEOs showing optimism. </li>
<li>JAPAN. NKY Futures +0.8% vs Cash; USDJPY 138.8; Look for continued follow through in Japan equity bid; Bank bid thematic gaining more traction on BOJ tweak view;   Kishida cabinet reshuffle?</li>
<li>NUGGET. Isuzu(7202) - Big EV Spending but Still looks Cheap at 1x PBR. A 15% FY3/26 ROE as per mid term plan makes this look interesting for LT investors here.</li>
</ul>


OVERSEAS. SPX new 52W highs on Bank earnings, AI (thx to MSFT), and Resilient Retail print; MSFT prices Copilot at high end; US bank CEOs showing optimism. 
JAPAN. NKY Futures +0.8% vs Cash; USDJPY 138.8; Look for continued follow through in Japan equity bid; Bank bid thematic gaining more traction on BOJ tweak view;   Kishida cabinet reshuffle?
NUGGET. Isuzu(7202) - Big EV Spending but Still looks Cheap at 1x PBR. A 15% FY3/26 ROE as per mid term plan makes this look interesting for LT investors here.


Ohayo Japan | Bullish Banks, Ai , US Consumer; NUGGET: Isuzu(7202) - EV Outlook Better for Trucks

<ul>
<li>OVERSEAS.  Strong close to Month, Quarter and Half Year as SPX rose +1.2% on Friday; AI Trade Back as NDX100 hit  $5trn Mkt cap; Apple now &gt;$3 trill !</li>
<li>JAPAN. NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo Inflation print 3.2% raises questions on national inflation and BOJ's next steps;  Tokyo heats up as Power conservation measures implemented</li>
<li>NUGGET.  We believe Toyota's concerns regarding BEVs are valid. We see them having the technology and manufacturing prowess at scale, strong branding, and global reach to eventually overtake Tesla</li>
</ul>


OVERSEAS.  Strong close to Month, Quarter and Half Year as SPX rose +1.2% on Friday; AI Trade Back as NDX100 hit  $5trn Mkt cap; Apple now &gt;$3 trill !
JAPAN. NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo Inflation print 3.2% raises questions on national inflation and BOJ's next steps;  Tokyo heats up as Power conservation measures implemented
NUGGET.  We believe Toyota's concerns regarding BEVs are valid. We see them having the technology and manufacturing prowess at scale, strong branding, and global reach to eventually overtake Tesla


Ohayo Japan | Bull Mkt - Nasdaq 100 Stunning +39%YTD ! NUGGET: Toyota(7203) BEV Strategy - A Defense

<ul>
<li>Inflation remains the biggest headwind but most retail formats will see growth in 2023 with e-commerce expected to become the largest channel in the next 18 months.</li>
<li>Supermarkets are ripe for consolidation as new competitors emerge from the discount sector and online while convenience stores will consolidate further in a saturated sector.</li>
<li>Department stores will rebound further but only the leading firms will survive in a contracting sector.</li>
</ul>


Inflation remains the biggest headwind but most retail formats will see growth in 2023 with e-commerce expected to become the largest channel in the next 18 months.
Supermarkets are ripe for consolidation as new competitors emerge from the discount sector and online while convenience stores will consolidate further in a saturated sector.
Department stores will rebound further but only the leading firms will survive in a contracting sector.


Japan

Kusuri no Aoki Holdings Co., Ltd. operates as a holding company. The Company, through its subsidiaries, provides medicines, cosmetics, health foods, beauty care, and household products. Kusuri no Aoki Holdings serves customers in Japan.

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Kusuri no Aoki Holdings (3549 JP)

Japan's Drugstores Taking on – and Beating – Supermarkets

Major food-drugstores dominate local supermarkets, leveraging high-profit pharmaceutical and cosmetics to discount foods. These players are...

Michael Causton

Japan Weekly | Kusuri No Aoki, Inpex, Mit Motors, Rinnai

Japanese market declines as Topix Index falls 2.6%, while Kusuri No Aoki Holdings sees profit rise and Dalton takes positions in Rinnai and Nitta.

Mark Chadwick

Ohayo Japan | Bullish Banks, Ai , US Consumer; NUGGET: Isuzu(7202) - EV Outlook Better for Trucks

US equities hit new highs on bank and AI optimism; NKY Futures +0.8% vs Cash; USDJPY 138.8; Bank bid thematic gaining more traction on BOJ tweak...

Mark Chadwick

Ohayo Japan | Bull Mkt - Nasdaq 100 Stunning +39%YTD ! NUGGET: Toyota(7203) BEV Strategy - A Defense

Strong US Close despite the spectre of inflation/Fed hikes; NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo May Inflation print 3.2% - BOJ's next...

Mark Chadwick

Outlook for Japanese Retail in 2023

Most Japanese retailers can look forward to a good year in 2023 but there will be challenges for formats like supermarkets where consolidation is...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan's Drugstores Taking on – and Beating – Supermarkets

​Major food-drugstores dominate local supermarkets, leveraging high-profit pharmaceutical and cosmetics to discount foods. These players are...

Michael Causton

Japan Weekly | Kusuri No Aoki, Inpex, Mit Motors, Rinnai

​Japanese market declines as Topix Index falls 2.6%, while Kusuri No Aoki Holdings sees profit rise and Dalton takes positions in Rinnai and Nitta.

Mark Chadwick

Ohayo Japan | Bullish Banks, Ai , US Consumer; NUGGET: Isuzu(7202) - EV Outlook Better for Trucks

US equities hit new highs on bank and AI optimism; NKY Futures +0.8% vs Cash; USDJPY 138.8; Bank bid thematic gaining more traction on BOJ tweak...

Mark Chadwick

Ohayo Japan | Bull Mkt - Nasdaq 100 Stunning +39%YTD ! NUGGET: Toyota(7203) BEV Strategy - A Defense

Strong US Close despite the spectre of inflation/Fed hikes; NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo May Inflation print 3.2% - BOJ's next...

Mark Chadwick

Outlook for Japanese Retail in 2023

Most Japanese retailers can look forward to a good year in 2023 but there will be challenges for formats like supermarkets where consolidation is...

Michael Causton

Major food-drugstores dominate local supermarkets, leveraging high-profit pharmaceutical and cosmetics to discount foods. These players are...

Japanese market declines as Topix Index falls 2.6%, while Kusuri No Aoki Holdings sees profit rise and Dalton takes positions in Rinnai and Nitta.