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. 

Event-Driven

<ul>
<li>Seven Eleven's future usually gets outlined as: Japan ex-growth and only growth is overseas. This is wrong. While the CVS sector is saturated, Seven Eleven itself has not reached saturation.</li>
<li>There are major areas of growth, both territorially and new offshoot businesses.  Seven is already 32% more efficient than Lawson but more to come.</li>
<li>Here we take a deep dive into the state of CVS retailing in Japan and how Seven Eleven does, and will, fit into this – and how it will grow.</li>
</ul>


Seven Eleven's future usually gets outlined as: Japan ex-growth and only growth is overseas. This is wrong. While the CVS sector is saturated, Seven Eleven itself has not reached saturation.
There are major areas of growth, both territorially and new offshoot businesses.  Seven is already 32% more efficient than Lawson but more to come.
Here we take a deep dive into the state of CVS retailing in Japan and how Seven Eleven does, and will, fit into this – and how it will grow.


Even in Japan, Significant Growth Potential for Seven Eleven and Other CVS

Equity Bottom-Up

<ul>
<li>TSI Holdings long managed to get away with half-hearted reforms because it was so rich.</li>
<li>Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.</li>
<li>The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.</li>
</ul>


TSI Holdings long managed to get away with half-hearted reforms because it was so rich.
Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.
The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.


TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

<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

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

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.

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

Mitsui & Co Ltd (8031 JP)

Even in Japan, Significant Growth Potential for Seven Eleven and Other CVS

Contrary to popular belief, Seven Eleven in Japan is not saturated and has room for growth both territorially and new ventures. We look at Seven's...

Michael Causton

TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Michael Causton

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Even in Japan, Significant Growth Potential for Seven Eleven and Other CVS

​Contrary to popular belief, Seven Eleven in Japan is not saturated and has room for growth both territorially and new ventures. We look at Seven's...

Michael Causton

TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

​TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Michael Causton

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

Contrary to popular belief, Seven Eleven in Japan is not saturated and has room for growth both territorially and new ventures. We look at Seven's...

TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

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...