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. 

Equity Bottom-Up

<ul>
<li>Aeon’s main GMS arm, Aeon Retail, is on track to post a net profit in FY2023 after a 4-fold increase in OP in 1H2022.</li>
<li>This is largely thanks to stronger sales and footfall and the success of efficiency measures introduced over the past few years.</li>
<li>The improvements look sustainable and should lead to improved results for Aeon longer-term adding to the already good results from the drugstore, real estate and overseas businesses.</li>
</ul>


Aeon’s main GMS arm, Aeon Retail, is on track to post a net profit in FY2023 after a 4-fold increase in OP in 1H2022.
This is largely thanks to stronger sales and footfall and the success of efficiency measures introduced over the past few years.
The improvements look sustainable and should lead to improved results for Aeon longer-term adding to the already good results from the drugstore, real estate and overseas businesses.


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.

Event-Driven

<ul>
<li>
<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> is looking to trim its stake in <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> by a third, as per Reuters. </li>
<li>The deal would be worth around US$9bn and could come as soon as next month.</li>
<li>In this note, we talk about the news and take an early look at the possible selldown.</li>
</ul>



Japan Post Holdings (6178 JP) is looking to trim its stake in Japan Post Bank (7182 JP) by a third, as per Reuters. 
The deal would be worth around US$9bn and could come as soon as next month.
In this note, we talk about the news and take an early look at the possible selldown.


Japan Post Bank Possible Placement - Here We Go Again with the US$9bn Overhang

Equity Capital Markets

Amvis Holdings Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amvis-holdings-inc" target="_blank" data-smartkarma-citation="entities:31511:1" rel="noopener">Amvis Holdings Inc (7071 JP)</a> (AH)’s founder aims to raise around US$250m via a secondary follow-on offering.</li>
<li>The deal will increase the free-float of the stock and will lead to the stock being transferred to the Prime segment.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Amvis Holdings Inc (7071 JP) (AH)’s founder aims to raise around US$250m via a secondary follow-on offering.
The deal will increase the free-float of the stock and will lead to the stock being transferred to the Prime segment.
In this note, we will talk about the placement and run the deal through our ECM framework.


Amvis Holdings Placement - Has Done Exceptionally Well, Now It's Prime Time

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>’s 4Q22 results were not all that great with operating loss exceeding consensus by ¥8.4bn mainly through fair value losses in minority investments.</li>
<li>The domestic e-commerce and fintech businesses did reasonably well with 23.4% and 16.4% YoY OP growth while the mobile business managed to narrow its quarterly loss by ¥8.2bn.</li>
<li>However, we think the main catalysts for shares to rise 12% following earnings are Rakuten Symphony, Rakuten Energy and a possibly attractive valuation for the Rakuten Bank IPO.</li>
</ul>



Rakuten Inc (4755 JP)’s 4Q22 results were not all that great with operating loss exceeding consensus by ¥8.4bn mainly through fair value losses in minority investments.
The domestic e-commerce and fintech businesses did reasonably well with 23.4% and 16.4% YoY OP growth while the mobile business managed to narrow its quarterly loss by ¥8.2bn.
However, we think the main catalysts for shares to rise 12% following earnings are Rakuten Symphony, Rakuten Energy and a possibly attractive valuation for the Rakuten Bank IPO.


Rakuten: Bank IPO On the Cusp of Int Rate Cycle, Symphony & Energy to Reduce Scepticism on Mobile

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal</a> <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener"></a>is set to make its debut in the coming week.</li>
<li>Placements picked up pace this week, with multiple deals across geographies.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Pertamina Geothermal is set to make its debut in the coming week.
Placements picked up pace this week, with multiple deals across geographies.


ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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

Rakuten (4755 JP)

Aeon Retail: Profits Again After 4 Years

Aeon looks set to see consistent and sustained improvements in operating profit following the news that the core Aeon Retail division, long a drag...

Michael Causton

Japan Post Bank Possible Placement - Here We Go Again with the US$9bn Overhang

Japan Post Holdings (6178 JP) is looking to trim its stake in Japan Post Bank (7182 JP) by a third, as per Reuters. The deal could be worth US$9bn...

Sumeet Singh

Amvis Holdings Placement - Has Done Exceptionally Well, Now It's Prime Time

Amvis Holdings Inc (7071 JP) (AH)’s founder aims to raise around US$250m via a secondary follow-on offering. In this note, we will run the deal...

Sumeet Singh

Rakuten: Bank IPO On the Cusp of Int Rate Cycle, Symphony & Energy to Reduce Scepticism on Mobile

The market is generally underappreciative of Rakuten’s smaller businesses. However, the bank IPO could unlock a great deal of value in Rakuten’s...

Oshadhi Kumarasiri

ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)