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>Japan's drugstore sector is in the midst of consolidation through organic expansion and M&amp;A but who are the leaders and how do they compare?</li>
<li>We provide snapshot profiles on each of the key players, their current strategies and future outlook.</li>
<li>With the sector increasingly threatening the supermarket and convenience store sectors, many of these names will come to dominate Japanese retailing in the next decade.</li>
</ul>


Japan's drugstore sector is in the midst of consolidation through organic expansion and M&amp;A but who are the leaders and how do they compare?
We provide snapshot profiles on each of the key players, their current strategies and future outlook.
With the sector increasingly threatening the supermarket and convenience store sectors, many of these names will come to dominate Japanese retailing in the next decade.


<ul>
<li>The big merger between Welcia and Tsuruha is part of a wider concentration of market share in the drugstore sector as the leaders take on supermarkets and even convenience stores.</li>
<li>Japan's drugstores have morphed into multiple sub-formats, selling food and other FMCG products in ever higher ratios, creating massive pressure for other sectors. </li>
<li>The net effect is the emergence of a powerful new retail sector that is impacting all other FMCG retail formats and even lifestyle categories like cosmetics.</li>
</ul>


The big merger between Welcia and Tsuruha is part of a wider concentration of market share in the drugstore sector as the leaders take on supermarkets and even convenience stores.
Japan's drugstores have morphed into multiple sub-formats, selling food and other FMCG products in ever higher ratios, creating massive pressure for other sectors. 
The net effect is the emergence of a powerful new retail sector that is impacting all other FMCG retail formats and even lifestyle categories like cosmetics.


Japan Drugstores: More M&A as Sector Attacks Supermarkets and Conbini

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> , established in 1929, operates a chain of drugstores.</li>
<li>In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.</li>
<li>In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.</li>
</ul>



Tsuruha Holdings (3391 JP) , established in 1929, operates a chain of drugstores.
In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.
In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.


Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Apart from being mildly EPS accretive, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> firms a decade-high-plus Offer price for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> - this is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul>


Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. 

Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) - this is done.

Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?


Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

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.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>'s prices its US$550 million secondary offering and <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> IPO.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/aozora-bank-ltd" target="_blank" data-smartkarma-citation="entities:6483:1" rel="noopener">Aozora Bank Ltd (8304 JP)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services Internation (APM AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Toei Animation (4816 JP)'s prices its US$550 million secondary offering and Trial Holdings (5882 JP) IPO.
Event-Driven developments: Aozora Bank Ltd (8304 JP), Outsourcing Inc (2427 JP), Tsuruha Holdings (3391 JP), Samsonite (1910 HK), Alumina Ltd (AWC AU), APM Human Services Internation (APM AU). 


Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

Japan

WELCIA HOLDINGS CO.,LTD. is a holding company established through a merger of Welcia Kanto and Takada Pharmacy.  The Group mainly operates drug chain stores which sell medicines, health foods, cosmetics, nursery items and daily necessity goods.

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Welcia Holdings (3141 JP)

Leaders of Japan's Drugstore Sector

Japan's drugstore sector is consolidating through organic growth and M&A, with key players poised to dominate retailing in the next decade. But...

Michael Causton

Japan Drugstores: More M&A as Sector Attacks Supermarkets and Conbini

The merger of Welcia and Tsuruha reflects market consolidation in Japan's drugstore sector, with major attacks on supermarkets and even conbinis....

Michael Causton

Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance

Tsuruha Holdings operates a chain of drugstores. Despite strong financials in FY05/23, the company is adapting to a changing industry landscape by...

Shared Research

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

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

Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

Last week, notable developments occurred in Event-Driven (Aozora, Outsourcing, Tsuruha, Toei, ESR, Samsonite, Weiqiao Textile, Adbri, Alumina, CSR)...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Leaders of Japan's Drugstore Sector

​Japan's drugstore sector is consolidating through organic growth and M&A, with key players poised to dominate retailing in the next decade. But...

Michael Causton

Japan Drugstores: More M&A as Sector Attacks Supermarkets and Conbini

​The merger of Welcia and Tsuruha reflects market consolidation in Japan's drugstore sector, with major attacks on supermarkets and even conbinis....

Michael Causton

Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance

Tsuruha Holdings operates a chain of drugstores. Despite strong financials in FY05/23, the company is adapting to a changing industry landscape by...

Shared Research

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

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

Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

Last week, notable developments occurred in Event-Driven (Aozora, Outsourcing, Tsuruha, Toei, ESR, Samsonite, Weiqiao Textile, Adbri, Alumina, CSR)...

Arun George

Japan's drugstore sector is consolidating through organic growth and M&A, with key players poised to dominate retailing in the next decade. But...

The merger of Welcia and Tsuruha reflects market consolidation in Japan's drugstore sector, with major attacks on supermarkets and even conbinis....