Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The situation at Paris Miki has been relatively non-salutary the last many years til 2022. The stock has underperformed peers in sales growth and has dropped sales points. </li>
<li>The company has a decent relationship with one of its main suppliers, global eyewear giant <a href="https://www.smartkarma.com/entities/luxottica-group-spa" target="_blank" data-smartkarma-citation="entities:21203:1" rel="noopener">Luxottica Group (LUX IM)</a>, which just added to their stake recently, aggressively. </li>
<li>The company is getting slow-kicked out of TOPIX, but revival appears in the works. It kind of looks like a setup for an MBO.</li>
</ul>


The situation at Paris Miki has been relatively non-salutary the last many years til 2022. The stock has underperformed peers in sales growth and has dropped sales points. 
The company has a decent relationship with one of its main suppliers, global eyewear giant Luxottica Group (LUX IM), which just added to their stake recently, aggressively. 
The company is getting slow-kicked out of TOPIX, but revival appears in the works. It kind of looks like a setup for an MBO.


Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

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. 

<ul>
<li>EssilorLuxottica has always played a long game in Japan but since 2018 the eyewear giant has been investing in local production and a growing store network.</li>
<li>As reported by <a href="https://www.smartkarma.com/profiles/mark-chadwick-b029e12b-877a-4796-9fc2-726aa7084ed5" target="_blank" data-smartkarma-citation="accounts:10765" rel="noopener">Mark Chadwick,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> and myself, Luxottica has a stake in <a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki Holdings (7455 JP)</a> and the Japanese firm is a key strategic interest for EssilorLuxottica.</li>
<li>That Luxottica is increasing its investments in Japan retail through acquisition is evidenced by its takeover of Washin Optical, a 70-store eyewear chain, last month.</li>
</ul>


EssilorLuxottica has always played a long game in Japan but since 2018 the eyewear giant has been investing in local production and a growing store network.
As reported by Mark Chadwick,Travis Lundy and myself, Luxottica has a stake in Paris Miki Holdings (7455 JP) and the Japanese firm is a key strategic interest for EssilorLuxottica.
That Luxottica is increasing its investments in Japan retail through acquisition is evidenced by its takeover of Washin Optical, a 70-store eyewear chain, last month.


Luxottica Buys Washin Optical, Paris Miki Next?

David Blennerhassett

<ul>
<li>There is <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> buyback risk that might cause <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/JPB unwinds; though probably a H2 risk.</li>
<li>
<a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> has consistently traded through <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a>'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.</li>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. </li>
</ul>


There is Japan Post Bank (7182 JP) buyback risk that might cause Japan Post Holdings (6178 JP)/JPB unwinds; though probably a H2 risk.

Great Eastern Holdings (GE SP) has consistently traded through OCBC (OCBC SP)'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.

L'Occitane (973 HK)'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. 


Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

<ul>
<li>As totally expected, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> extended its expected start date for the Tender Offer on <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>.</li>
<li>The possibility of a fourth Offer attempt by the Queks is raised as Elliott surprisingly exits its position in <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a><a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener"></a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> is eminently bumpable, But unless investors force the issue, don't expect a bump.</li>
</ul>


As totally expected, Dai Ichi Life Insurance (8750 JP) extended its expected start date for the Tender Offer on Benefit One Inc (2412 JP).
The possibility of a fourth Offer attempt by the Queks is raised as Elliott surprisingly exits its position in Guoco Group Ltd (53 HK).

Outsourcing Inc (2427 JP) is eminently bumpable, But unless investors force the issue, don't expect a bump.


Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Overseas: SPX +1%, Micron +8% after the chipmaker revealed a bte Q2 revenue forecast and higher prices in 2024</li>
<li>
Today: Japan's domestic M&amp;A spending has surged to an 18-year high in 2023</li>
<li>
Japan: Luxottica continues to build a stake in Paris Miki. It could be interesting if the family want out.</li>
</ul>



Overseas: SPX +1%, Micron +8% after the chipmaker revealed a bte Q2 revenue forecast and higher prices in 2024

Today: Japan's domestic M&amp;A spending has surged to an 18-year high in 2023

Japan: Luxottica continues to build a stake in Paris Miki. It could be interesting if the family want out.


Ohayo Japan | Micron Fuels Rally; Paris Miki in Luxottica’s Vision

Japan

Laox CO., LTD. operates a chain store known as Laox specialized in household appliances and computers based in Kanto region.  The Company also sells import goods, watch, and musical instruments.

SAC'S BAR HOLDINGS INC. retails women's leather handbags through chain stores mainly in Kanto area.  The Company also sells sundry goods made of leather. Tokyo Derica also designs and sells own brand goods.  Tokyo Derica also operates real estate business.

MANDARAKE INC. sells new and used books and magazines, specialized in comic and animation.  The Company also sells animation cells, videos, LDs, postcards, and  toys.

CIMA Co., Ltd. sells primarily bridal diamond rings and jewelry.  The Company has its own brands such as Ginza Diamond Shiraishi, Exelco Diamond, and White Bell.  The Company procures diamonds from Israel.

SUNDAY CO., LTD. operates a chain of home center stores which specializes in providing home improvement products, leisure goods, and sundry goods.  The Company has stores in primarily Aomori Prefecture, and also in Hokkaido and the Tohoku region.

Bookoff Group Holding Ltd. operates book stores. The Company retails books, periodicals, compact discs, digital video disks, and other products. Bookoff Group Holding markets its products throughout Japan.

HARD OFF CORPORATION Co., Ltd. operates a chain of secondhand goods stores based in Niigata.  The Company buys and sells PCs, audio & visual products, cameras, musical instruments, watches, CDs, and game software.  HARD OFF operates its own stores and also franchise stores.

GFOOT CO., LTD. operates a shoe store chain in mainly in Aichi Prefecture, and Tokyo, Kanagawa, and Saitama Prefectures.  The Company sells shoes for men, women and children, sports shoes, and rain shoes.

SOU Inc. operates merchandise stores. The Company mainly purchases and sells branded goods, precious metals, antique items, and other products. SOU offers services in Japan.

HIMARAYA Co., Ltd. operates a chain of sporting goods stores based in the Chubu region.  The Company mainly sells ski, snowboard, golf, and camping equipment.

GOME Retail Holdings Limited retails household appliances. The Company provides televisions, washing machines, computers, mobile phones, digital devices, air conditioners, and other products. GOME Retail Holdings also provides equipment repairing, recycling, and other services.

Guangzhou Canudilo Fashion & Accessories Company Limited designs and develops own-brand high-end men's clothing, brand promotion, retail management and acts as a sales agent of international brands of apparel products. The Company's main product is high-end men's clothing.

Guangzhou Canudilo Fshn And Acsrs (002656 CH)

Goldlion Holdings Limited, through its subsidiaries, distributes and manufactures garments and accessories.  The Company also invests in properties and operates a commercial center with restaurants and a business center.

Lotte Himart Company, Ltd. offers retailing and distribution services for consum er electronics and household appliances.  The Company offers a wide range of ele ctronic goods including TV, cell phones, computers, printers, GPS, digital camer as and MP3 as well as household appliances including refrigerators, microwaves, hair dryers and vacuum cleaners.

Tsann Kuen Enterprise Co., Ltd. manufactures and markets home appliances such as irons, coffee makers, outdoor barbecue grills, citrus juicers, vacuum cleaners, toasters, and related parts.  The Company sells its products under the EUPA, Swift, and Fujimaru brand names.  Tsann Kuen also operates chain stores and sells personal computers and communication products.

Atlan Holdings Berhad is an investment holding company which provides management, financial, technical, and other ancillary services.  The Company, through its subsidiaries, manufactures stamped metal components, electronic and electrical components, metal furniture, punch and dies, and precision engineering components. Atlan Holdings also operates an education center.

Emperor Watch & Jewellery Ltd retails luxurious branded watches, and offers design and sales of jewellery products.

The Colonial Motor Company Limited distributes Ford Motor vehicles to car dealerships in New Zealand. The Company also invests in and develops property which will be used to construct dealerships and other types of car facilities.

Michael Hill International Limited manufactures, wholesales, and distributes jewelry. The Company offers rings, pendants, necklaces, bangles, earrings, bracelets, watches, and other accessories. Michael Hill operates stores in New Zealand, Australia, Canada, and the United States.

Baby Bunting Group Limited operates as a nursery retailer and one-stop-baby shop. The Company offers prams, car seats, cots, nursery furniture, high chairs, change tables, portable cots, home safety, toys, feeding, monitors, baby wear, and related products.

PARIS MIKI HOLDINGS Inc. is a retailer of eyeglasses, contact lenses and other related goods.  The Company operates chain stores in Japan and overseas markets. Paris Miki also sells hearing aid.

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Paris Miki Holdings (7455 JP)

Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Paris Miki Holdings has a great profile of a small cap having figured out what it was doing wrong for over a decade. It has cash. Growth plans. A...

Travis Lundy

Luxottica Buys Washin Optical, Paris Miki Next?

EssilorLuxottica is investing in local production and expanding its store network in Japan, buying Washin Optical last month for example. Is Paris...

Michael Causton

Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Ohayo Japan | Micron Fuels Rally; Paris Miki in Luxottica’s Vision

Micron's positive Q2 revenue forecast boosts SPX and Micron stock prices. Japan experiences a surge in domestic M&A spending. Luxottica sets its...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Paris Miki Holdings has a great profile of a small cap having figured out what it was doing wrong for over a decade. It has cash. Growth plans. A...

Travis Lundy

Luxottica Buys Washin Optical, Paris Miki Next?

​EssilorLuxottica is investing in local production and expanding its store network in Japan, buying Washin Optical last month for example. Is Paris...

Michael Causton

Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Ohayo Japan | Micron Fuels Rally; Paris Miki in Luxottica’s Vision

​Micron's positive Q2 revenue forecast boosts SPX and Micron stock prices. Japan experiences a surge in domestic M&A spending. Luxottica sets its...

Mark Chadwick

EssilorLuxottica is investing in local production and expanding its store network in Japan, buying Washin Optical last month for example. Is Paris...

Micron's positive Q2 revenue forecast boosts SPX and Micron stock prices. Japan experiences a surge in domestic M&A spending. Luxottica sets its...