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>If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.</li>
<li>Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.</li>
<li>Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.</li>
</ul>


If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.
Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.
Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.


Japan Retail Update: Winners and Losers as FY2023 Ends

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keiyo-co-ltd" target="_blank" data-smartkarma-citation="entities:14415:1" rel="noopener">Keiyo Co Ltd (8168 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:13042:1" rel="noopener">DCM Holdings (3050 JP)</a>’s tender offer of JPY1,300 per share, a 58.3% premium to the undisturbed price (29 September).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 35.68% ownership ratio.</li>
<li>Irrevocables represent a 0.88% ownership ratio. The minimum acceptance condition (lower limit) requires a 50.4% minority acceptance rate, which is achievable as the offer price represents a ten-year high.</li>
</ul>



Keiyo Co Ltd (8168 JP) has recommended DCM Holdings (3050 JP)’s tender offer of JPY1,300 per share, a 58.3% premium to the undisturbed price (29 September).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 35.68% ownership ratio.
Irrevocables represent a 0.88% ownership ratio. The minimum acceptance condition (lower limit) requires a 50.4% minority acceptance rate, which is achievable as the offer price represents a ten-year high.


Keiyo (8168 JP): DCM’s JPY1,300 Tender Offer

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS. SPX +1.1% rebounds on Tech and Consumer led rally post strong housing, consumer confidence numbers; AI led names back strong after recent profit taking; China Primier says more stimulus</li>
<li>JAPAN. NKY Futs +0.8% vs Cash; USDJPY 144.1;  Speculation grows on MoF Yen intervention as Japan appoints official who led last years intervention; Nintendo Family Office prevails over Toyo Construction</li>
<li>NUGGET. KEPCO(9503) formed a 50-50 JV with US DataCenter specialist CyrusOne. Will look to get 900MW over then next 10 years.  Could be significant future earnings driver for KEPCO.</li>
</ul>


OVERSEAS. SPX +1.1% rebounds on Tech and Consumer led rally post strong housing, consumer confidence numbers; AI led names back strong after recent profit taking; China Primier says more stimulus
JAPAN. NKY Futs +0.8% vs Cash; USDJPY 144.1;  Speculation grows on MoF Yen intervention as Japan appoints official who led last years intervention; Nintendo Family Office prevails over Toyo Construction
NUGGET. KEPCO(9503) formed a 50-50 JV with US DataCenter specialist CyrusOne. Will look to get 900MW over then next 10 years.  Could be significant future earnings driver for KEPCO.


Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

<ul>
<li>Inbound tourism only got going again from October but the pent up demand to visit Japan has meant a surge in visitors. </li>
<li>Since many tourists also have stuffed wallets due to curtailed spending during the pandemic and the Yen is at very low levels, there is much higher spending. </li>
<li>Key beneficiaries are listed below among department stores, premium fashion stores and drugstores.</li>
</ul>


Inbound tourism only got going again from October but the pent up demand to visit Japan has meant a surge in visitors. 
Since many tourists also have stuffed wallets due to curtailed spending during the pandemic and the Yen is at very low levels, there is much higher spending. 
Key beneficiaries are listed below among department stores, premium fashion stores and drugstores.


Inbound Tourism up 50%, Spending Almost at 2019 Levels

<ul>
<li>As outlined in an overview on Japanese drugstores, the sector has outperformed all retail formats and grown 30% since 2015.</li>
<li>The sector continues to consolidate too, with greater share for a smaller number of leading firms.</li>
<li>This is being driven by organic expansion in and outside drugstores as well as M&amp;A, with a lot more of both to come.</li>
</ul>


As outlined in an overview on Japanese drugstores, the sector has outperformed all retail formats and grown 30% since 2015.
The sector continues to consolidate too, with greater share for a smaller number of leading firms.
This is being driven by organic expansion in and outside drugstores as well as M&amp;A, with a lot more of both to come.


Japan

SUGI HOLDINGS CO., LTD. operates a chain of drug stores located mainly in Aichi Prefecture.  The Company sells prescription and nonprescription medicine, cosmetics, health foods, and general merchandise.

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Sugi Holdings (7649 JP)

Japan Retail Update: Winners and Losers as FY2023 Ends

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Keiyo (8168 JP): DCM’s JPY1,300 Tender Offer

The minimum acceptance condition (lower limit) requires a 50.4% minority acceptance rate, which is achievable as the offer price represents a ten...

Arun George

Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

US stocks rebound on strong Macro; NKY Futs +0.8% vs Cash; USDJPY 144.1; Speculation grows on MoF Yen intervention; Nintendo Family Office...

Mark Chadwick

Inbound Tourism up 50%, Spending Almost at 2019 Levels

Of course inbound tourism will rebound in Japan in 2023 but spending per visitor may well exceed 2019 levels due to the weak Yen and full wallets....

Michael Causton

Drugstores in Japan: Winners and Losers

Japan's drugstore sector continues to grow but only a few retailers will emerge as winners as competitors carve out greater market share.

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Retail Update: Winners and Losers as FY2023 Ends

​Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Keiyo (8168 JP): DCM’s JPY1,300 Tender Offer

The minimum acceptance condition (lower limit) requires a 50.4% minority acceptance rate, which is achievable as the offer price represents a ten...

Arun George

Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

US stocks rebound on strong Macro; NKY Futs +0.8% vs Cash; USDJPY 144.1; Speculation grows on MoF Yen intervention; Nintendo Family Office...

Mark Chadwick

Inbound Tourism up 50%, Spending Almost at 2019 Levels

Of course inbound tourism will rebound in Japan in 2023 but spending per visitor may well exceed 2019 levels due to the weak Yen and full wallets....

Michael Causton

Drugstores in Japan: Winners and Losers

Japan's drugstore sector continues to grow but only a few retailers will emerge as winners as competitors carve out greater market share.

Michael Causton

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...