Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
 Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the trading day in Japan.</li>
<li>
US stock rally fizzles as Red Wave  downgraded to a mere ripple. Bitcoin meltdown takes center stage as market suddenly cares. Disney hit hard but META +5% on job cuts </li>
<li>NKY futs  indicate-70bp vs cash.  8th COVID Wave - but no restrictions. S&amp;I sells Seibu &amp; Sogo; PE bid for Uzabase; Speculation of Softbank going private; Big NEXON buyback</li>
</ul>



 Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the trading day in Japan.

US stock rally fizzles as Red Wave  downgraded to a mere ripple. Bitcoin meltdown takes center stage as market suddenly cares. Disney hit hard but META +5% on job cuts 
NKY futs  indicate-70bp vs cash.  8th COVID Wave - but no restrictions. S&amp;I sells Seibu &amp; Sogo; PE bid for Uzabase; Speculation of Softbank going private; Big NEXON buyback


Good Morning Japan | Crypto Thursday - Crash Continues

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>In search of ¥1 trillion in ‘digital-related’ sales by 2026, Aeon opened its first, built-from-scratch online-offline marketing store in Yokohama this month. </li>
<li>The new Aeon SC introduces a range of features and processes to make e-commerce a natural supplement to the store and the shopping experience.</li>
<li>Aeon has a way to go to reach its targets for e-commerce but is moving in the right direction and has a clearer direction than rival, Seven &amp; I.</li>
</ul>


In search of ¥1 trillion in ‘digital-related’ sales by 2026, Aeon opened its first, built-from-scratch online-offline marketing store in Yokohama this month. 
The new Aeon SC introduces a range of features and processes to make e-commerce a natural supplement to the store and the shopping experience.
Aeon has a way to go to reach its targets for e-commerce but is moving in the right direction and has a clearer direction than rival, Seven &amp; I.


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>With OP up by 22% YoY to beat the consensus estimate by ¥2.0bn, Seven &amp; I turned in a strong 2QFY23 along with a considerable upgrade to FY23 guidance.</li>
<li>However, the post-earnings price reaction seems to suggest that the market is a bit worried about the short-term performance of <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>’s US convenience store business.</li>
<li>In addition, the struggling non-core businesses whose future remains undecided could also be weighing in on Seven &amp; I’s price performance.</li>
</ul>


With OP up by 22% YoY to beat the consensus estimate by ¥2.0bn, Seven &amp; I turned in a strong 2QFY23 along with a considerable upgrade to FY23 guidance.
However, the post-earnings price reaction seems to suggest that the market is a bit worried about the short-term performance of Seven &amp; I Holdings (3382 JP)’s US convenience store business.
In addition, the struggling non-core businesses whose future remains undecided could also be weighing in on Seven &amp; I’s price performance.


Seven & I – The US Is About to Hit the Brakes

<ul>
<li>1H results, OP up +26% YoY, were good but in line with the recent Nikkei preview. </li>
<li>The U.S. convenience store operation was the standout performer and the reason for the full year guidance raise</li>
<li>We remain bullish on the stock. It is just too cheap relative to global peers</li>
</ul>


1H results, OP up +26% YoY, were good but in line with the recent Nikkei preview. 
The U.S. convenience store operation was the standout performer and the reason for the full year guidance raise
We remain bullish on the stock. It is just too cheap relative to global peers


Seven & I (3382) | U.S. Gas Margins Offset Rising Energy Costs at Home

<ul>
<li>After raising guidance yet again in 1QFY23 through stronger than expected performance in the overseas business, Seven &amp; I is scheduled to release Q2 results on 6th October 2022.</li>
<li>We are optimistic that 2QFY23 could provide the platform for Seven &amp; I to break the ¥6,100 level, at which the share-price has been stuck for the first 9-months 2022.</li>
<li>This is because, we are seeing a significant improvement in Seven &amp; I’s domestic performance while, North America is carrying the growth momentum that been there since the Speedway-acquisition.</li>
</ul>


After raising guidance yet again in 1QFY23 through stronger than expected performance in the overseas business, Seven &amp; I is scheduled to release Q2 results on 6th October 2022.
We are optimistic that 2QFY23 could provide the platform for Seven &amp; I to break the ¥6,100 level, at which the share-price has been stuck for the first 9-months 2022.
This is because, we are seeing a significant improvement in Seven &amp; I’s domestic performance while, North America is carrying the growth momentum that been there since the Speedway-acquisition.


Seven & I: More Upside as Momentum Turns Positive in the Domestic Market

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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

Seven & I Holdings (3382 JP)

Good Morning Japan | Crypto Thursday - Crash Continues

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the...

Mark Chadwick

Aeon: Making Omnichannel a Reality

Between Aeon and Seven & I, Aeon is clearly way ahead on e-commerce development and integration. Its latest store has e-commerce and digital...

Michael Causton

Seven & I – The US Is About to Hit the Brakes

With OP up by 22% YoY to beat the consensus estimate by more than ¥2.0bn, Seven & I turned in a strong quarter yet again in 2QFY23 along with a...

Oshadhi Kumarasiri

Seven & I (3382) | U.S. Gas Margins Offset Rising Energy Costs at Home

Strong 1H results and upward revision to full year guidance. SEI remains the key earnings driver and group valuations should rise to global peers...

Mark Chadwick

Seven & I: More Upside as Momentum Turns Positive in the Domestic Market

Sentiment seems to be turning positive on the domestic convenience store business with strong domestic demand and a possibility for a return of...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)