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>Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. </li>
<li>The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.</li>
<li>Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.</li>
</ul>


Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. 
The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.
Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.


Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Invincible Investment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invincible-investment-corp" target="_blank" data-smartkarma-citation="entities:3617:1" rel="noopener">Invincible Investment (8963 JP)</a> plans to raise around US$230m to fund the acquisition of six hotel assets in Japan.</li>
<li>The stock has done well over the past year and so have most of its deals which we have covered in the past.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Invincible Investment (8963 JP) plans to raise around US$230m to fund the acquisition of six hotel assets in Japan.
The stock has done well over the past year and so have most of its deals which we have covered in the past.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Japan Real Estate Investment / Event-Driven

<ul>
<li>Today after market close, one of Japan's largest office JREITs <a href="https://www.smartkarma.com/entities/japan-real-estate-investment" target="_blank" data-smartkarma-citation="entities:16867:1" rel="noopener">Japan Real Estate Investment (8952 JP)</a> announced a US$150mn follow-on equity offering to fund their recent acquisition of two properties.</li>
<li>The primary offer quantity will be 35,200 units and there is an over-allotment quantity of 2,464 units.</li>
<li>In this insight, we take a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Today after market close, one of Japan's largest office JREITs Japan Real Estate Investment (8952 JP) announced a US$150mn follow-on equity offering to fund their recent acquisition of two properties.
The primary offer quantity will be 35,200 units and there is an over-allotment quantity of 2,464 units.
In this insight, we take a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Japan Real Estate Investment (8952 JP) : Offering Could Be a Catalyst for Outperformance Vs Peers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/mori-trust-sogo-reit-inc" target="_blank" data-smartkarma-citation="entities:8985:1" rel="noopener">Mori Trust Sogo Reit (8961 JP)</a> (MTR) and <a href="https://www.smartkarma.com/entities/mori-trust-hotel-reit-inc" target="_blank" data-smartkarma-citation="entities:23754:1" rel="noopener">Mori Trust Hotel Reit (3478 JP)</a> (MTH) announced a merger to be effective 1 March 2023. MTR will be the survivor.</li>
<li>The ratio is 1.00 : 0.92 MTR:MTH but MTR will conduct a 2:1 stock split on effective date to make it 1.00 : 1.84 to allow retail to continue holding.</li>
<li>This will effectively increase the size of MTR by 35%, and re-distributes earnings structure. There will be index consequences.</li>
</ul>


Yesterday, Mori Trust Sogo Reit (8961 JP) (MTR) and Mori Trust Hotel Reit (3478 JP) (MTH) announced a merger to be effective 1 March 2023. MTR will be the survivor.
The ratio is 1.00 : 0.92 MTR:MTH but MTR will conduct a 2:1 stock split on effective date to make it 1.00 : 1.84 to allow retail to continue holding.
This will effectively increase the size of MTR by 35%, and re-distributes earnings structure. There will be index consequences.


Mori Trust Sogo - Mori Trust Hotel REIT Merger

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-excellent-inc" target="_blank" data-smartkarma-citation="entities:12745:1" rel="noopener">Japan Excellent (8987 JP)</a> has been the worst-performing Office J-REIT amongst the existing crop since the end of 2019.</li>
<li>Today, we got news of a possible flow event - a buyer.</li>
<li>There is room here for Japan Excellent to outperform over the next several months.</li>
</ul>



Japan Excellent (8987 JP) has been the worst-performing Office J-REIT amongst the existing crop since the end of 2019.
Today, we got news of a possible flow event - a buyer.
There is room here for Japan Excellent to outperform over the next several months.


Japan Excellent REIT (8987) - Possible Sustained Flow Event

Japan

MORI HILLS REIT INVESTMENT CORPORATION is a real estate investment trust (REIT). The Company invests in real estate properties such as commercial and office buildings.

Mori Hills REIT Investment Corporation (3234 JP)

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

Mori Hills REIT Investment Corporation (3234 JP)

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Invincible Investment plans to raise around US$230m to fund the acquisition of six hotel assets in Japan. In this note, we talk about the deal...

Sumeet Singh

Japan Real Estate Investment (8952 JP) : Offering Could Be a Catalyst for Outperformance Vs Peers

Large-cap Office JREIT JRE has launched a US$150mn follow-on equity offering after nearly five years. This could act as a catalyst for...

Janaghan Jeyakumar, CFA

Mori Trust Sogo - Mori Trust Hotel REIT Merger

Mori Trust Sogo REIT and Mori Trust Hotel REIT have decided to merge. MTR will be the survivor. This should get done without issue. There will be...

Travis Lundy

Japan Excellent REIT (8987) - Possible Sustained Flow Event

Japan Excellent is a mid-range (but small) office J-REIT. Slightly under-levered. Slightly high dividend. The sponsor wants greater investor...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

​Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Invincible Investment plans to raise around US$230m to fund the acquisition of six hotel assets in Japan. In this note, we talk about the deal...

Sumeet Singh

Japan Real Estate Investment (8952 JP) : Offering Could Be a Catalyst for Outperformance Vs Peers

Large-cap Office JREIT JRE has launched a US$150mn follow-on equity offering after nearly five years. This could act as a catalyst for...

Janaghan Jeyakumar, CFA

Mori Trust Sogo - Mori Trust Hotel REIT Merger

Mori Trust Sogo REIT and Mori Trust Hotel REIT have decided to merge. MTR will be the survivor. This should get done without issue. There will be...

Travis Lundy

Japan Excellent REIT (8987) - Possible Sustained Flow Event

Japan Excellent is a mid-range (but small) office J-REIT. Slightly under-levered. Slightly high dividend. The sponsor wants greater investor...

Travis Lundy

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...