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>There’s been something of a reversal of fortunes in online shopping malls, as Yahoo Shopping regains some of the losses of the past 18 months while Rakuten suffers a setback.</li>
<li>Much of Yahoo Shopping's bounce back has come on the back of marketing through loyalty point programmes.</li>
<li>Both companies expect further gains going forward from more cross-use and expansion of categories, including a new tie-up between Rakuten and Nihon L’Oreal.</li>
</ul>


There’s been something of a reversal of fortunes in online shopping malls, as Yahoo Shopping regains some of the losses of the past 18 months while Rakuten suffers a setback.
Much of Yahoo Shopping's bounce back has come on the back of marketing through loyalty point programmes.
Both companies expect further gains going forward from more cross-use and expansion of categories, including a new tie-up between Rakuten and Nihon L’Oreal.


Yahoo Shopping up and Rakuten Ichiba Down

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>Internet advertising revenue growth has come in below expectations for Google, Meta and CyberAgent as ad budgets appear to be shrinking</li>
<li>There is an indirect read-across to Z Holdings which has almost always posted slower ad growth although it has some insulation from volatility with eCommerce and LINE official accounts</li>
<li>Sill, management targets for ad revenue growth of 5-10% look increasingly challenging which is an issue when Media generates c. 80% of profitability. We remain cautious</li>
</ul>


Internet advertising revenue growth has come in below expectations for Google, Meta and CyberAgent as ad budgets appear to be shrinking
There is an indirect read-across to Z Holdings which has almost always posted slower ad growth although it has some insulation from volatility with eCommerce and LINE official accounts
Sill, management targets for ad revenue growth of 5-10% look increasingly challenging which is an issue when Media generates c. 80% of profitability. We remain cautious


Z Holdings (Neutral) - Quick Thoughts on the Read Across from Google, Meta, and CyberAgent

Thematic (Sector/Industry)

<ul>
<li>The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.</li>
<li>FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. </li>
<li>We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.</li>
</ul>


The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.
FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. 
We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.


Japanese Retailing 2021-22: What's Really Going on and What's Next?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The new article on <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> from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.</li>
<li>
<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. </li>
<li>Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in <a href="https://www.smartkarma.com/entities/ubtech-robotics-limited" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTech Robotics (9880 HK)</a> will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.</li>
</ul>


The new article on Seven &amp; I Holdings (3382 JP) from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.

CPMC Holdings (906 HK)'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. 
Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in UBTech Robotics (9880 HK) will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.


Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a>'s Yahoo Shopping looks to be in trouble after five straight quarters of negative growth while Amazon and Rakuten move ahead.</li>
<li>Despite a revenue increase in 4Q2023, Yahoo Shopping continues to struggle with merchant fraud and a lack of a clear USP.</li>
<li>If effective integration between the many parts of LY is not forthcoming soon, the company may eventually attract demands for better synergies, as well as a stick-wielding Softbank.</li>
</ul>



LY (4689 JP)'s Yahoo Shopping looks to be in trouble after five straight quarters of negative growth while Amazon and Rakuten move ahead.
Despite a revenue increase in 4Q2023, Yahoo Shopping continues to struggle with merchant fraud and a lack of a clear USP.
If effective integration between the many parts of LY is not forthcoming soon, the company may eventually attract demands for better synergies, as well as a stick-wielding Softbank.


Yahoo Still Falling Further Behind Amazon and Rakuten

Japan

LY Corporation operates as an internet search engine "Yahoo! JAPAN". The Company provides electronic commerce and settlement finance services for small medium enterprises and individuals. LY also operates media business including search linked advertising and display advertising services.

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LY (4689 JP)

Yahoo Shopping up and Rakuten Ichiba Down

Yahoo Shopping sees a resurgence with loyalty point programs, while Rakuten faces setbacks. Both companies anticipate growth through cross-use and...

Michael Causton

Z Holdings (Neutral) - Quick Thoughts on the Read Across from Google, Meta, and CyberAgent

Industry ad revenue growth has disappointed which could put Z Holding's target of 5-10% growth at risk. Unique exposure to eCommerce monetization...

Kirk Boodry

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Yahoo Still Falling Further Behind Amazon and Rakuten

LY Corp's Yahoo Shopping faces challenges with negative growth in many recent quarters and lack of USP, risking pressure for better integration...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yahoo Shopping up and Rakuten Ichiba Down

​Yahoo Shopping sees a resurgence with loyalty point programs, while Rakuten faces setbacks. Both companies anticipate growth through cross-use and...

Michael Causton

Z Holdings (Neutral) - Quick Thoughts on the Read Across from Google, Meta, and CyberAgent

Industry ad revenue growth has disappointed which could put Z Holding's target of 5-10% growth at risk. Unique exposure to eCommerce monetization...

Kirk Boodry

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Yahoo Still Falling Further Behind Amazon and Rakuten

​LY Corp's Yahoo Shopping faces challenges with negative growth in many recent quarters and lack of USP, risking pressure for better integration...

Michael Causton

Yahoo Shopping sees a resurgence with loyalty point programs, while Rakuten faces setbacks. Both companies anticipate growth through cross-use and...

LY Corp's Yahoo Shopping faces challenges with negative growth in many recent quarters and lack of USP, risking pressure for better integration...