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

<ul>
<li>Goldwin has big plans for both The North Face in the Japanese and Korean markets and for its own brand globally.</li>
<li>But there are worries about saturation for the former in Japan, slowing brand development, and lack of expertise in overseas markets to build its own brand.</li>
<li>Goldwin has had an amazing run but can it build a global brand? If it can, it will feed into high levels of demand for Japan-tech sports brands.</li>
</ul>


Goldwin has big plans for both The North Face in the Japanese and Korean markets and for its own brand globally.
But there are worries about saturation for the former in Japan, slowing brand development, and lack of expertise in overseas markets to build its own brand.
Goldwin has had an amazing run but can it build a global brand? If it can, it will feed into high levels of demand for Japan-tech sports brands.


Goldwin: 50% Growth in 5 Years? Possible but Some Challenges

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Haitong Securities Co Ltd (H) / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a>/<a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a> merger is a done deal.  The key risk, as with<a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a>'s Offer, is one of timing.</li>
<li>IF you are an arbitrageur,  Buy <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> vs A Basket of FHC Peers (not including Taishin).</li>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a>'s 46.2% share of <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>at delisting last year was worth ~US$1.25bn. It is now potentially worth ~US$3.21bn. </li>
</ul>


The Guotai Junan Securities (2611 HK)/Haitong Securities Co Ltd (H) (6837 HK) merger is a done deal.  The key risk, as withTCM (570 HK)'s Offer, is one of timing.
IF you are an arbitrageur,  Buy Shin Kong Financial Holding (2888 TT) vs A Basket of FHC Peers (not including Taishin).

First Pacific Co (142 HK)'s 46.2% share of Metro Pacific Investments Co (MPI PM)at delisting last year was worth ~US$1.25bn. It is now potentially worth ~US$3.21bn. 


Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E'way

<ul>
<li>Seven &amp; I released 1H24 earnings today as well as details on planned restructuring of its business. Results included some one-off items hitting operating profit as well as lower footfall.</li>
<li>The bigger news was the plan to hive off the non-CVS retail operations into a new company, York Holdings, leaving a newly named 7-Eleven Corporation running CVS globally.</li>
<li>Unusually, Seven also mentioned the possibility of new strategic partners investing in York, including even the "original founding families", suggesting one way of holding on to control.</li>
</ul>


Seven &amp; I released 1H24 earnings today as well as details on planned restructuring of its business. Results included some one-off items hitting operating profit as well as lower footfall.
The bigger news was the plan to hive off the non-CVS retail operations into a new company, York Holdings, leaving a newly named 7-Eleven Corporation running CVS globally.
Unusually, Seven also mentioned the possibility of new strategic partners investing in York, including even the "original founding families", suggesting one way of holding on to control.


7-Eleven Corporation: A Clear Strategy for Long-Term Value, Founding Family Return to Super-Stores

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

Catur Sentosa Adiprana Tbk / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana (CSAP IJ)</a> has grown rapidly from a building material distribution company into the leading retailer in building materials and home improvement through Mitra10 and shop-in-shop Atria. </li>
<li>The company already has 52 Mitra10 superstores in Indonesia, with six distribution centres across the country, selling a range of home decoration products, with an increasing portion of private labels.</li>
<li>CSAP has seen a market improvement in margins for Mitra10 through more private label and scale benefits, and margins will continue to improve. Valuations are attractive with earnings growth accelerating. </li>
</ul>



Catur Sentosa Adiprana (CSAP IJ) has grown rapidly from a building material distribution company into the leading retailer in building materials and home improvement through Mitra10 and shop-in-shop Atria. 
The company already has 52 Mitra10 superstores in Indonesia, with six distribution centres across the country, selling a range of home decoration products, with an increasing portion of private labels.
CSAP has seen a market improvement in margins for Mitra10 through more private label and scale benefits, and margins will continue to improve. Valuations are attractive with earnings growth accelerating. 


PT Catur Sentosa Adiprana - One-Stop Shop for Homemakers

Travis Lundy

<ul>
<li>On Friday 13 September, the Ministry of Finance of Japan released revisions to the list (<a href="https://www.mof.go.jp/policy/international_policy/gaitame_kawase/press_release/20240913.html" target="_blank" rel="noopener">Japanese</a>, <a href="https://www.mof.go.jp/english/policy/international_policy/fdi/Related_Guidance_and_Documents/20240913.html" target="_blank" rel="noopener">English</a>) of company classifications under the Foreign Exchange and Foreign Trade Act (FEFTA)</li>
<li>It appears 72 names were newly upgraded to "Core" ("3"), 21 newly listed companies (since the last list in Nov 2021) were labeled "3", and six lost their Type3 designation. </li>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> saw breathless news articles Friday suggesting a foreign takeover became more difficult. Not really. </li>
</ul>


On Friday 13 September, the Ministry of Finance of Japan released revisions to the list (Japanese, English) of company classifications under the Foreign Exchange and Foreign Trade Act (FEFTA)
It appears 72 names were newly upgraded to "Core" ("3"), 21 newly listed companies (since the last list in Nov 2021) were labeled "3", and six lost their Type3 designation. 

Seven &amp; I Holdings (3382 JP) saw breathless news articles Friday suggesting a foreign takeover became more difficult. Not really. 


The New FEFTA List (With 7&I (3382) As "Core") Is Not a Big Hurdle for Couche-Tard

Japan

MITSUI & CO., LTD. is a general trading company.  The Company has operating groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals, Foods, Energy, Textiles, and General Merchandise.  Mitsui also operates real estate and overseas development projects.

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Mitsui & Co Ltd (8031 JP)

Goldwin: 50% Growth in 5 Years? Possible but Some Challenges

Goldwin aims to further expand The North Face while building a global brand of its own. There is very strong potential but it faces challenges due...

Michael Causton

Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E'way

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

7-Eleven Corporation: A Clear Strategy for Long-Term Value, Founding Family Return to Super-Stores

Seven & I showed some falls in SSS and income in 1H. Plans to restructure business by creating York Holdings for non-CVS retail ops, with the...

Michael Causton

PT Catur Sentosa Adiprana - One-Stop Shop for Homemakers

Catur Sentosa Adiprana (CSAP IJ) has grown from a building material distribution company into the leading Indonesian retailer in building materials...

Angus Mackintosh

The New FEFTA List (With 7&I (3382) As "Core") Is Not a Big Hurdle for Couche-Tard

The Japan Ministry of Finance made an updated FEFTA classification list on Friday. 7 and i got "upgraded" to Type 3 as Core. That doesn't change...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Goldwin: 50% Growth in 5 Years? Possible but Some Challenges

​Goldwin aims to further expand The North Face while building a global brand of its own. There is very strong potential but it faces challenges due...

Michael Causton

Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E'way

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

7-Eleven Corporation: A Clear Strategy for Long-Term Value, Founding Family Return to Super-Stores

​Seven & I showed some falls in SSS and income in 1H. Plans to restructure business by creating York Holdings for non-CVS retail ops, with the...

Michael Causton

PT Catur Sentosa Adiprana - One-Stop Shop for Homemakers

Catur Sentosa Adiprana (CSAP IJ) has grown from a building material distribution company into the leading Indonesian retailer in building materials...

Angus Mackintosh

The New FEFTA List (With 7&I (3382) As "Core") Is Not a Big Hurdle for Couche-Tard

The Japan Ministry of Finance made an updated FEFTA classification list on Friday. 7 and i got "upgraded" to Type 3 as Core. That doesn't change...

Travis Lundy

Goldwin aims to further expand The North Face while building a global brand of its own. There is very strong potential but it faces challenges due...

Seven & I showed some falls in SSS and income in 1H. Plans to restructure business by creating York Holdings for non-CVS retail ops, with the...