Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Event-Driven

TSURUHA HOLDINGS INC. is a holding company which manages subsidiaries that operate drug stores in Hokkaido and the Tohoku area.  The Company's product line includes drugs, cosmetics, and household utensils.

<ul>
<li>The Tsuruha-Welcia merger creates Japan's largest drugstore alliance, poised for long-term growth and market dominance, driven by an expected JPY 50B in synergies over three years.</li>
<li>A two-step corporate action—share exchange (Dec 1, 2025) followed by an Aeon TOB—provides structural certainty and strategic backing, securing the combined entity's market leadership.</li>
<li>These catalysts establish a large market leader in the consumer staples space, suggesting a timely opportunity to gain exposure to the new entity.</li>
</ul>


The Tsuruha-Welcia merger creates Japan's largest drugstore alliance, poised for long-term growth and market dominance, driven by an expected JPY 50B in synergies over three years.
A two-step corporate action—share exchange (Dec 1, 2025) followed by an Aeon TOB—provides structural certainty and strategic backing, securing the combined entity's market leadership.
These catalysts establish a large market leader in the consumer staples space, suggesting a timely opportunity to gain exposure to the new entity.


Tsuruha-Welcia Merger to Form Biggest Drugstore Alliance, +Aeon TOB

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

<ul><li>ICBP’s recent selloff appears overdone, while fundamentals remain intact and 4Q25 should see a seasonal uplift from festive demand.</li><li>We maintain our expectation of improving growth outlook in FY26F, with +6% revenue growth and gradual margin recovery.</li><li>Low funds positioning and trough-level valuation make ICBP an appealing Buy ahead of an improving outlook.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICBP’s recent selloff appears overdone, while fundamentals remain intact and 4Q25 should see a seasonal uplift from festive demand.We maintain our expectation of improving growth outlook in FY26F, with +6% revenue growth and gradual margin recovery.Low funds positioning and trough-level valuation make ICBP an appealing Buy ahead of an improving outlook.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indofood CBP (ICBP.IJ) A Compelling Entry Point Ahead of the Expected FY26 Recovery

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. 

<ul>
<li>The Tsuruha and Welcia merger before the year’s close, backed by Aeon, is targeting ¥50 billion in cost savings over three years. </li>
<li>As well as the massive economies of scale, consolidated procurement, revamped private brands and a unified points and customer‑ID strategy are central to this.</li>
<li>However, weak food offerings, legacy stores and IT complexity still threaten sustainable profit recovery as is the question of who will be in charge.</li>
</ul>


The Tsuruha and Welcia merger before the year’s close, backed by Aeon, is targeting ¥50 billion in cost savings over three years. 
As well as the massive economies of scale, consolidated procurement, revamped private brands and a unified points and customer‑ID strategy are central to this.
However, weak food offerings, legacy stores and IT complexity still threaten sustainable profit recovery as is the question of who will be in charge.


Tsuruha-Welcia: Will Scale Translate into Profit?

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Showa Sangyo Co., Ltd. produces and sells flour for breads, noodles, and processed foods.  The Company also makes cooking oils from soy beans, sesames, and other vegetables, confectionery products such as pancake mixes, spaghetti sauces, macaronis, and other prepared foods.

<ul>
 <li>
<a href="https://smartkarma.com/entities/showa-sangyo-co-ltd">Showa Sangyo</a> is a major Japanese food company with a diversified business portfolio centered on grain processing, including flour milling, edible oils, starches, and sweeteners. This diversification provides a degree of stability against fluctuations in any single market segment.</li>
 <li>The company is strategically focused on strengthening its core businesses and expanding into new areas, including overseas markets and the growing frozen foods sector. This is outlined in their long-term vision, "SHOWA Next Stage for 2025".</li>
 <li>Financial performance has shown strong net income and earnings per share growth over the past three years, alongside a consistent increase in dividend payouts, indicating a commitment to shareholder returns.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Showa Sangyo is a major Japanese food company with a diversified business portfolio centered on grain processing, including flour milling, edible oils, starches, and sweeteners. This diversification provides a degree of stability against fluctuations in any single market segment.
  The company is strategically focused on strengthening its core businesses and expanding into new areas, including overseas markets and the growing frozen foods sector. This is outlined in their long-term vision, "SHOWA Next Stage for 2025".
  Financial performance has shown strong net income and earnings per share growth over the past three years, alongside a consistent increase in dividend payouts, indicating a commitment to shareholder returns.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Showa Sangyo (2004 JP) - Dec 2025