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>The big 3 convenience stores in Japan control 90% of the sector and share will climb as they mop up some of the remaining chains and collaborate with the rest.</li>
<li>Seven Eleven is by far the best performer of the three but both Lawson and Familymart are innovating to create quite different retail operations.</li>
<li>All are seeing the benefits of digitisation of store and supply chain operations, which should enhance profitability, enhanced by new services and revenue streams like retail media.</li>
</ul>


The big 3 convenience stores in Japan control 90% of the sector and share will climb as they mop up some of the remaining chains and collaborate with the rest.
Seven Eleven is by far the best performer of the three but both Lawson and Familymart are innovating to create quite different retail operations.
All are seeing the benefits of digitisation of store and supply chain operations, which should enhance profitability, enhanced by new services and revenue streams like retail media.


Conbini Wars: Seven Vs Lawson Vs Familymart

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

Rakuten Securities / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the not-so-positive aspects of the deal.


Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Rakuten Securities (RAKUSEC JP), the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the positive aspects of the deal.


Rakuten Securities IPO Early Look - The Positives - Has Been Gaining Market Share

Equity Bottom-Up

Pan Pacific International Holdings / Equity Bottom-Up

<ul>
<li>Itochu, Familymart, PPI (Don Quijote) and their data analytics partners have come together in the first case of cross-retailer ad platform development.</li>
<li>Itochu provides the central relationship that ties these companies together, and other deals are likely given the significant potential for retail media.</li>
<li>The opportunity for brands to market to these retailers’ customers through highly targeted ads will become ever more compelling, delivering new revenue streams for Donki and Familymart.</li>
</ul>


Itochu, Familymart, PPI (Don Quijote) and their data analytics partners have come together in the first case of cross-retailer ad platform development.
Itochu provides the central relationship that ties these companies together, and other deals are likely given the significant potential for retail media.
The opportunity for brands to market to these retailers’ customers through highly targeted ads will become ever more compelling, delivering new revenue streams for Donki and Familymart.


Itochu and Donki Tie on Retail Media to Create Major New Revenue Stream

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Global managers are at their lowest ever allocation in Asian equities.  From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.</li>
<li>Declines were led by China &amp; HK Consumer Discretionary and Communication Services, whilst investors also scaled back exposure to Japan Communication Services, Industrials, Health Care and Consumer Staples</li>
<li>Among Global investors, overweight the benchmark in Asia is by far the non-consensus trade.</li>
</ul>


Global managers are at their lowest ever allocation in Asian equities.  From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.
Declines were led by China &amp; HK Consumer Discretionary and Communication Services, whilst investors also scaled back exposure to Japan Communication Services, Industrials, Health Care and Consumer Staples
Among Global investors, overweight the benchmark in Asia is by far the non-consensus trade.


Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

Conbini Wars: Seven Vs Lawson Vs Familymart

The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...

Michael Causton

Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing. In this note, we talk...

Sumeet Singh

Itochu and Donki Tie on Retail Media to Create Major New Revenue Stream

Retail media is just emerging but will become a major source of new revenues for retailers in Japan thanks to their high footfall and customer...

Michael Causton

Asia: Global Investors Lose Faith

Global managers are at their lowest ever allocation in Asian equities. From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Conbini Wars: Seven Vs Lawson Vs Familymart

​The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...

Michael Causton

Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing. In this note, we talk...

Sumeet Singh

Rakuten Securities IPO Early Look - The Positives - Has Been Gaining Market Share

Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.

Sumeet Singh

Itochu and Donki Tie on Retail Media to Create Major New Revenue Stream

Retail media is just emerging but will become a major source of new revenues for retailers in Japan thanks to their high footfall and customer...

Michael Causton

Asia: Global Investors Lose Faith

Global managers are at their lowest ever allocation in Asian equities. From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.

Steven Holden

The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...