Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754:1" rel="noopener">Shidax Corp (4837 JP)</a> is under offer for a partial tender by <a href="https://www.smartkarma.com/entities/oisix-ra-daichi-inc" target="_blank" data-smartkarma-citation="entities:10145:1" rel="noopener">Oisix ra daichi (3182 JP)</a>. Unison Capital is expected to tender their shares.  </li>
<li>Unison may not want to go against the board but a direct transfer (i.e. not tender offer) is still possible. </li>
<li>Some Independent Board Members have suggested the company buy Unison's shares back. This might work BUT the end game is still the same. </li>
</ul>



Shidax Corp (4837 JP) is under offer for a partial tender by Oisix ra daichi (3182 JP). Unison Capital is expected to tender their shares.  
Unison may not want to go against the board but a direct transfer (i.e. not tender offer) is still possible. 
Some Independent Board Members have suggested the company buy Unison's shares back. This might work BUT the end game is still the same. 


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>E-Commerce sales of physical goods in Japan jumped nearly 9% in FY2021.</li>
<li>Although this was well down on the pandemic-induced surge the year before, it is still higher than in any year since 2016.</li>
<li>This leaves the sector well on track to become the largest single format channel. Total sales finished above ¥20.6 trillion.</li>
</ul>


E-Commerce sales of physical goods in Japan jumped nearly 9% in FY2021.
Although this was well down on the pandemic-induced surge the year before, it is still higher than in any year since 2016.
This leaves the sector well on track to become the largest single format channel. Total sales finished above ¥20.6 trillion.


E-Commerce in Japan 2021-22: Another High Growth Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754:1" rel="noopener">Shidax Corp (4837 JP)</a> is a food service business in the midst of a so-far reasonably successful restructuring. The family had a partner in Unison and hoped to extend. </li>
<li>The founding family and Unison now have ~60% together, and they vote together. Unison wants out. The family wants <a href="https://www.smartkarma.com/entities/oisix-ra-daichi-inc" target="_blank" data-smartkarma-citation="entities:10145:1" rel="noopener">Oisix ra daichi (3182 JP)</a> in. So Oisix has tendered.</li>
<li>But SHiDAX sees the conflict and minorities getting hosed. So they object. The "easy" solution is a full MBO with Oisix support. </li>
</ul>



Shidax Corp (4837 JP) is a food service business in the midst of a so-far reasonably successful restructuring. The family had a partner in Unison and hoped to extend. 
The founding family and Unison now have ~60% together, and they vote together. Unison wants out. The family wants Oisix ra daichi (3182 JP) in. So Oisix has tendered.
But SHiDAX sees the conflict and minorities getting hosed. So they object. The "easy" solution is a full MBO with Oisix support. 


Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy

<ul>
<li>Recently, the e-commerce retail market for goods had had more consistent growth than the overall online market, which saw a contraction in BtoB transactions during Covid. </li>
<li>In 2021, online sales of physical goods continued to grow, despite a correction following the spike in sales in 2020 when sales rose 21.7%.</li>
<li>Merchandise sales are set to grow by a similar amount in 2022, with food, fashion and consumer gadgets the highest growth categories.</li>
</ul>


Recently, the e-commerce retail market for goods had had more consistent growth than the overall online market, which saw a contraction in BtoB transactions during Covid. 
In 2021, online sales of physical goods continued to grow, despite a correction following the spike in sales in 2020 when sales rose 21.7%.
Merchandise sales are set to grow by a similar amount in 2022, with food, fashion and consumer gadgets the highest growth categories.


Japanese Merchandise E-Commerce to Grow 6.6% in 2022

Equity Bottom-Up

<ul>
<li>Aeon has finally published numbers on its e-commerce growth and performance.</li>
<li>It has a ¥1 trillion target for FY2025 and while this is still a far off target, Aeon is making progress. </li>
<li>Digital sales have doubled in the past two years and Aeon is now well ahead of Seven &amp; I which continues to fail to present a coherent e-commerce plan.</li>
</ul>


Aeon has finally published numbers on its e-commerce growth and performance.
It has a ¥1 trillion target for FY2025 and while this is still a far off target, Aeon is making progress. 
Digital sales have doubled in the past two years and Aeon is now well ahead of Seven &amp; I which continues to fail to present a coherent e-commerce plan.


Aeon Shows up Seven & I in E-Commerce Growth and Strategy

Japan

Oisix ra daichi Inc. sells various food products online. Among other products, the company sells vegetables, fruits, fish, meat, milk, and ready-made food.

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Oisix ra daichi (3182 JP)

SHiDAX Board-Oisix-Shida Family Scrap

Some independent board members want the Shida family to accept that the company would buy back Unison's shares. This makes some sense if Unison...

Travis Lundy

E-Commerce in Japan 2021-22: Another High Growth Year

E-commerce sales grew strongly in 2021-22 despite the surge in 2020 showing the vigour of the channel – but physical stores will always be more...

Michael Causton

Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy

SHiDax' founders wants Oisix to buy Unison's stake. SHiDAX thinks there is a conflict with minorities. There is. Unison has asked SHiDAX board...

Travis Lundy

Japanese Merchandise E-Commerce to Grow 6.6% in 2022

Japan's e-commerce market continued to grow in 2021 despite the surge in 2020 (up 21%) and is forecast to grow further in 2022, with food one of...

Michael Causton

Aeon Shows up Seven & I in E-Commerce Growth and Strategy

Aeon is now showing up Seven & I in e-commerce. While both retailers are behind specialty retailers in online share of sales, Aeon is now far ahead...

Michael Causton

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