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>This is an in-depth review of Japanese e-commerce in the last 18 months, a time when e-commerce expanded rapidly and by 2023, e-commerce will be Japan’s single biggest retail channel.</li>
<li>We are now riding a wave of change as retailers integrate the e-commerce channel into their businesses, increasingly approaching a true omnichannel model.</li>
<li>And this is important in Japan because, although e-commerce penetration appears low, this overlooks the importance, convenience and ease of access to physical shops and integration with online.</li>
</ul>


This is an in-depth review of Japanese e-commerce in the last 18 months, a time when e-commerce expanded rapidly and by 2023, e-commerce will be Japan’s single biggest retail channel.
We are now riding a wave of change as retailers integrate the e-commerce channel into their businesses, increasingly approaching a true omnichannel model.
And this is important in Japan because, although e-commerce penetration appears low, this overlooks the importance, convenience and ease of access to physical shops and integration with online.


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.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP)</a>’s recovery during the last two years went unnoticed as the market though that the recovery was a temporary thing driven by COVID-19.</li>
<li>The company’s OP has increased by more than 3.0x from the FY19 level but the share price is currently at ¥386.0 per share, 27% below the FY19 price.  </li>
<li>At ¥85.0bn regular OP, we think Yamada Denki should trade north of ¥660.0 per share, which suggests an upside of over 70%.</li>
</ul>



Yamada Denki (9831 JP)’s recovery during the last two years went unnoticed as the market though that the recovery was a temporary thing driven by COVID-19.
The company’s OP has increased by more than 3.0x from the FY19 level but the share price is currently at ¥386.0 per share, 27% below the FY19 price.  
At ¥85.0bn regular OP, we think Yamada Denki should trade north of ¥660.0 per share, which suggests an upside of over 70%.


Yamada Denki: 70+% Upside With 65% of The Medium Term OP Target

Private Capital Markets

<ul>
<li>Yodobashi Camera will build up to 20 new fulfilment centres within the next five years. The aim is to offer same or next day delivery nationwide. </li>
<li>In the past year, the unlisted company has massively grown its online capacity – it already has more coverage than Rakuten and 2x the online sales of Seven &amp; I.</li>
<li>It is set to build on its existing position as the largest e-commerce operation outside the big, pure play malls.</li>
</ul>


Yodobashi Camera will build up to 20 new fulfilment centres within the next five years. The aim is to offer same or next day delivery nationwide. 
In the past year, the unlisted company has massively grown its online capacity – it already has more coverage than Rakuten and 2x the online sales of Seven &amp; I.
It is set to build on its existing position as the largest e-commerce operation outside the big, pure play malls.


Yodobashi Camera: 50% Online in 5 Years with Nationwide Delivery

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Japan Post, Singapore Press, Siam Future, 51job, Kunlun, Shinsei Bank

Last Week in Event SPACE: Singapore Air, Evergrande/Hopson, HomeCo/Aventus, Irongate, Shinsei Bank

Japan

YAMADA DENKI CO., LTD. operates consumer electronic mass sales stores throughout Japan.  The Company sells home appliances, audio & visual systems, office automation equipment, telecommunication equipment, software, and computers. The Company also provides repair services for its merchandises.

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Yamada Denki (9831 JP)

E-Commerce in Japan: The Big Review

Japan's e-commerce sector expanded rapidly in the last 18 months. The following is a complete review and analysis of the major trends as well as...

Michael Causton

Yamada Denki: 70+% Upside With 65% of The Medium Term OP Target

Although, the company’s OP increased from ¥38.3bn in FY20 to ¥92.1bn in FY21, the share price movement suggests that the market is expecting this...

Oshadhi Kumarasiri

Yodobashi Camera: 50% Online in 5 Years with Nationwide Delivery

Consumers are shifting purchases of electronics online and, while the big consumer electronics chains had a good pandemic, this won't last....

Michael Causton

Last Week in Event SPACE: Japan Post, Singapore Press, Siam Future, 51job, Kunlun, Shinsei Bank

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: Singapore Air, Evergrande/Hopson, HomeCo/Aventus, Irongate, Shinsei Bank

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)