'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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.

Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p style="text-align: left;">Drugstore <a href="https://www.smartkarma.com/entities/cawachi-ltd" target="_blank" data-smartkarma-citation="entities:19359:1" rel="noopener">Cawachi (2664 JP)</a> had the 'best' trailing results announcement; however, our scoring methodology highlights the decline in earnings momentum - while the revised full-year forecasts fall short of TTM implying pre-COVID levels of profitability. <a href="https://www.smartkarma.com/entities/tokyo-steel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:16195:1" rel="noopener">Tokyo Steel (5423 JP)</a> is the obvious 'worst' pick. Both, however, should be of interest to Japan value investors.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/184/319/original/2021-01-25_05-29-27.png?1611520184" class="editor-image img-responsive" data-smartkarma-image-id="184319"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/184/320/original/2021-01-25_05-40-08.png?1611520819" class="editor-image img-responsive" data-smartkarma-image-id="184320"></figure></section><div class="content-caption"> Source for all charts &amp; tables: Japan Analytics</div>

• BEST &amp; WORST •Drugstore Cawachi (2664 JP) had the 'best' trailing results announcement; however, our scoring methodology highlights the decline in earnings momentum - while the revised full-year forecasts fall short of TTM implying pre-COVID levels of profitability. Tokyo Steel (5423 JP) is the obvious 'worst' pick. Both, however, should be of interest to Japan value investors. Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​22 - Cawachi & Tokyo Steel

<p style="text-align: center;"><strong>• $ BREAKOUT •</strong></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/831/original/2021-01-11_09-50-40.png?1610326256" class="editor-image img-responsive" data-smartkarma-image-id="181831"></figure></section><p><strong>NEW $ HIGH</strong> - The TOPIX index posted a new post-bubble high in US dollar terms on Friday, exceeding the previous high of January 31st 2018. A new high in Yen terms is only 3% away and, given the current sentiment, should also be reached this month. As the market factors in the possibility of a return to commodity inflation and digests another State of Emergency, the <strong>Technology Hardware</strong> Sector joins <strong>Electrical Equipment</strong> and <strong>Machinery</strong> in Overbought territory. <strong>Energy</strong> and<strong> Metals</strong> stocks have seen a significant rebound while the COVID 'losers' <strong>Restaurants</strong>, <strong>Transportation</strong>, <strong>Real Estate</strong> &amp; <strong>REITs</strong>, and <strong>Consumer Service</strong>s Sectors search for new relative lows.   </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/832/original/2021-01-11_10-55-08.png?1610330120" class="editor-image img-responsive" data-smartkarma-image-id="181832"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/833/original/2021-01-11_10-55-34.png?1610330145" class="editor-image img-responsive" data-smartkarma-image-id="181833"></figure></section><p><strong>MARKET PER 33X</strong> -The market rally has pushed the forward earnings multiple back up to 33 times discounting one or more years of recovery.  </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/875/original/2021-01-11_14-38-44.png?1610343543" class="editor-image img-responsive" data-smartkarma-image-id="181875"></figure></section><p><strong>SECTOR OP TRENDS</strong> - The only Sectors with rising operating income over the last three months are<strong> Energy</strong>, <strong> Internet Content &amp; Services</strong>, <strong>Food Beverages &amp; Tobacco</strong>,  <strong>Utilities</strong> and <strong>Other Consumer Products</strong>. The largest declines are in<strong> Consumer Services</strong>,<strong> Transport</strong>, <strong>Restaurants</strong>, <strong>Healthcare</strong> and <strong>Telecommunications</strong>.   </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/876/original/2021-01-11_14-54-40.png?1610344493" class="editor-image img-responsive" data-smartkarma-image-id="181876"></figure></section><section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/878/original/2021-01-11_14-58-55.png?1610344748" class="editor-image img-responsive" data-smartkarma-image-id="181878"></figure></section><p><strong>REVISIONS ▲ RESULTS ►</strong> - Our momentum-based scoring methodology has seen a strong upturn in the Forecast/Revision Score and a more muted recovery in the trailing Results Score. The Sectors with the strongest upward momentum are <strong>Autos</strong>, <strong>Machinery</strong>,<strong> Electrical Equipment</strong>, <strong>Metals</strong> and <strong>Multi-Industry</strong>-  all but the last have outperformed over the last three months. Lagging Sectors include <strong><a href="https://www.dropbox.com/s/efjcusx11m46con/2021-01-11_15-29-27.png?dl=0" target="_blank" rel="noopener">Media</a></strong>, <strong>Non-Bank Finance</strong>,<strong> Information Technology</strong>, <strong>Retail</strong>, <strong>Energy</strong> and <strong>Transportation</strong>. </p></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/880/original/2021-01-11_15-14-41.png?1610345693" class="editor-image img-responsive" data-smartkarma-image-id="181880"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/881/original/2021-01-11_15-29-27.png?1610346581" class="editor-image img-responsive" data-smartkarma-image-id="181881"></figure></section><hr><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p style="text-align: left;">Friday's best and worst large-cap pairing is cutting-tool specialist <a href="https://www.smartkarma.com/entities/osg-corp" target="_blank" data-smartkarma-citation="entities:19178:1" rel="noopener">OSG (6136 JP)</a> and drugstore <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia (3141 JP)</a>.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/937/original/2021-01-12_06-44-33.png?1610401488" class="editor-image img-responsive" data-smartkarma-image-id="181937"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/181/938/original/2021-01-12_06-45-03.png?1610401520" class="editor-image img-responsive" data-smartkarma-image-id="181938"></figure></section>

• $ BREAKOUT •NEW $ HIGH - The TOPIX index posted a new post-bubble high in US dollar terms on Friday, exceeding the previous high of January 31st 2018. A new high in Yen terms is only 3% away and, given the current sentiment, should also be reached this month. As the market factors in the possibility of a return to commodity inflation and digests another State of Emergency, the Technology Hardware Sector joins Electrical Equipment and Machinery in Overbought territory. Energy and Metals stocks have seen a significant rebound while the COVID 'losers' Restaurants, Transportation, Real Estate &amp; REITs, and Consumer Services Sectors search for new relative lows.   MARKET PER 33X -The market rally has pushed the forward earnings multiple back up to 33 times discounting one or more years of recovery.  SECTOR OP TRENDS - The only Sectors with rising operating income over the last three months are Energy,  Internet Content &amp; Services, Food Beverages &amp; Tobacco,  Utilities and Other Consumer Products. The largest declines are in Consumer Services, Transport, Restaurants, Healthcare and Telecommunications.   REVISIONS ▲ RESULTS ► - Our momentum-based scoring methodology has seen a strong upturn in the Forecast/Revision Score and a more muted recovery in the trailing Results Score. The Sectors with the strongest upward momentum are Autos, Machinery, Electrical Equipment, Metals and Multi-Industry-  all but the last have outperformed over the last three months. Lagging Sectors include Media, Non-Bank Finance, Information Technology, Retail, Energy and Transportation. • BEST &amp; WORST •Friday's best and worst large-cap pairing is cutting-tool specialist OSG (6136 JP) and drugstore Welcia (3141 JP).

🇯🇵 JAPAN • New Post Bubble $ High + Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​08

<div>
<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p>
<p>The best and worst pair from yesterday's announcements is call centre <a href="https://www.smartkarma.com/entities/bell-system24-holdings-inc" target="_blank" data-smartkarma-citation="entities:27224:1" rel="noopener">Bell System24 (6183 JP)</a> and the very Overbought <a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">JCR Pharmaceuticals (4552 JP)</a>.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/985/original/2020-10-08_05-56-30.png?1602104205" class="editor-image img-responsive" data-smartkarma-image-id="163985"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/986/original/2020-10-08_05-55-56.png?1602104228" class="editor-image img-responsive" data-smartkarma-image-id="163986"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>
<strong>AEON GROUP</strong> - Wednesday was 'Aeonday' as the majority of group companies reported, and a majority are still showing trailing losses. Parent Aeon's revenues were stable but trailing operating income is still declining at a double-digit rate, something the market is content to 'look through'. At 2.33 Aeon's Relative Price Score is close to a fifteen-year high; its PBR is twice that of <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 (3382 JP)</a> whose Residual Core Return is six times Aeon's. We would trade the 'pair'.</div><div></div><div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/987/original/2020-10-08_06-17-52.png?1602105492" class="editor-image img-responsive" data-smartkarma-image-id="163987"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/988/original/2020-10-08_06-22-24.png?1602105757" class="editor-image img-responsive" data-smartkarma-image-id="163988"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/989/original/2020-10-08_06-25-33.png?1602105947" class="editor-image img-responsive" data-smartkarma-image-id="163989"></figure><p></p>
</div><div>
<hr>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><p style="text-align: center;"><strong>21 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 62% Positive / 10% Neutral / 28% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> +1.5 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> +8.2% Quarter YoY / +9.1% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -3.0ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 33%</p></li>
</ul></div><hr><div><p style="text-align: center;"><strong>15 Annual • 3 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 47% Positive / 6% Neutral / 47% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 0% Positive / 0% Neutral / 100% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -6.8 point</p></li>
</ul></div>


• BEST &amp; WORST •
The best and worst pair from yesterday's announcements is call centre Bell System24 (6183 JP) and the very Overbought JCR Pharmaceuticals (4552 JP).
Source for all charts &amp; tables: Japan Analytics
AEON GROUP - Wednesday was 'Aeonday' as the majority of group companies reported, and a majority are still showing trailing losses. Parent Aeon's revenues were stable but trailing operating income is still declining at a double-digit rate, something the market is content to 'look through'. At 2.33 Aeon's Relative Price Score is close to a fifteen-year high; its PBR is twice that of Seven &amp; I (3382 JP) whose Residual Core Return is six times Aeon's. We would trade the 'pair'.



DAILY STATS
21 Quarterly Results
Results Score: 62% Positive / 10% Neutral / 28% Negative
Average Results Score Change: +1.5 points
Average % Change in Revenue: +8.2% Quarter YoY / +9.1% Rolling TTM YoY 
Average Operating Profit Margin Change: -3.0ppt
Percentage Making Quarterly Losses: 33%
15 Annual • 3 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 47% Positive / 6% Neutral / 47% Negative
Interim Forecast/Revision Score Change: 0% Positive / 0% Neutral / 100% Negative
Average Forecast/Revision Score Change: -6.8 point


🇯🇵 JAPAN • Results & Revisions - 10/​​​​​​​​07 Aeon Group, BS24, Welcia, JCR Pharma

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. 

<p>At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of financial results for FY2019-20.</p>
<p>Even with the crisis, results were generally better than for FY2018 – although there are big variations by sector.</p>
<p>Those differences are more or less what we’ve come to expect, with traditional formats like department stores continuing to struggle, while those formats that have adopted modern management are doing well.</p>
<p>The following is an in-depth review of Japan's retail sector, providing:</p>
<ul>
<li>An overview of consumer demand and retail performance</li>
<li>Format by format reviews showing growth and profit performance across all the main formats: convenience stores, supermarkets, GMS, consumer electronics, drugstores, homecentres, department stores, apparel, home and other specialty  formats.</li>
<li>Rankings:
<ul>
<li>Market share and size by sector/format</li>
<li>By sales for all retailers with sales over ¥250 billion</li>
<li>By gross and operating margins, split by format and category.</li>
</ul>
</li>
</ul>
<p>As this is an in-depth insight, the review is split into two parts to make it easier to read.  This is Part II which provides snapshot reviews of each format/sector. <a href="https://www.smartkarma.com/insights/the-japan-retail-review-winners-and-losers-in-japanese-retailing-part-i" target="_blank" rel="noopener">Part I, which provides a quick overview of all retailing, can be read here</a>.</p>

At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of financial results for FY2019-20.
Even with the crisis, results were generally better than for FY2018 – although there are big variations by sector.
Those differences are more or less what we’ve come to expect, with traditional formats like department stores continuing to struggle, while those formats that have adopted modern management are doing well.
The following is an in-depth review of Japan's retail sector, providing:

An overview of consumer demand and retail performance
Format by format reviews showing growth and profit performance across all the main formats: convenience stores, supermarkets, GMS, consumer electronics, drugstores, homecentres, department stores, apparel, home and other specialty  formats.
Rankings:

Market share and size by sector/format
By sales for all retailers with sales over ¥250 billion
By gross and operating margins, split by format and category.



As this is an in-depth insight, the review is split into two parts to make it easier to read.  This is Part II which provides snapshot reviews of each format/sector. Part I, which provides a quick overview of all retailing, can be read here.

Japan Retail Review 2019-20 Part II: A Sector by Sector Review of Winners and Losers

Event-Driven

<p>Itochu's plans for Familymart are about a lot more than control – it has had effective control for years anyway.</p>
<p>There is a much bigger story: the fact that food is the one last hold out of traditional distribution practices with multiple layers of importers, wholesalers and a fragmented retail sector, resulting in gross inefficiencies. </p>
<p>Japan's biggest trading companies, particularly <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP),</a> have been major beneficiaries of this system, capturing margins at all stages of the channel, from raw material imports to retail. </p>
<p>Pressure on the food sector to modernise has been building for a decade and this is now happening in the form of retailers building to national scale to finally take on this supply-side dominance and also learning to source direct, cutting out wholesalers. The trading companies know this and are themselves beginning to build what are in effect vertically integrated food distribution businesses, at the same time as pivoting themselves as the main suppliers to Japan's biggest food-based retailers.</p>
<p><strong>Itochu and Mitsubishi are spearheading this change. This rivalry in the food sector between the two venerable trading firms is as important as the rivalry between their proxies in convenience store retailing, Familymart and Lawson.</strong></p>
<p>Absorbing Familymart is the basis for a much bigger consolidation of Itochu's interests which include stakes in numerous food retailers as well as role as the biggest food wholesaler when all its subsidiaries are taking into account.</p>
<p>Sadly, current Familymart shareholders won't benefit from this consolidation nor the likely spike in operating margins as some of the fat in food distribution is finally cut.</p>
<p>In Japan, where food prices have been kept so high for so long by entrenched interests (Japanese love food but the 24% of consumption budgets spent on food (much, much higher than most  equivalent markets) is much more about high prices than being a gourmet nation), the potential to cut costs is staggeringly large.</p>
<p>Even within CVS retailing, Itochu will likely benefit from the continued growth of the big three retailers – despite format saturation.</p>
<p>For the sector as a whole, 2019 saw the highest average daily sales per store so far of ¥590,794, a 12.1% increase on 2010. In the same decade, total store numbers increased by 33.4%, but total sales increased by 50.2%.</p>
<p><strong>CVS have not just expanded in number, but their position and ability to exploit the market have improved dramatically too. Based on METI figures, CVS market share of retailing has expanded from 6% to 8.4% in the same period.</strong></p>
<p><strong>In other words, saturation is important but not that important because CVS are finding new ways to expand both their share of retailing and influence.</strong></p>

Itochu's plans for Familymart are about a lot more than control – it has had effective control for years anyway.
There is a much bigger story: the fact that food is the one last hold out of traditional distribution practices with multiple layers of importers, wholesalers and a fragmented retail sector, resulting in gross inefficiencies. 
Japan's biggest trading companies, particularly Itochu Corp (8001 JP) and Mitsubishi Corp (8058 JP), have been major beneficiaries of this system, capturing margins at all stages of the channel, from raw material imports to retail. 
Pressure on the food sector to modernise has been building for a decade and this is now happening in the form of retailers building to national scale to finally take on this supply-side dominance and also learning to source direct, cutting out wholesalers. The trading companies know this and are themselves beginning to build what are in effect vertically integrated food distribution businesses, at the same time as pivoting themselves as the main suppliers to Japan's biggest food-based retailers.
Itochu and Mitsubishi are spearheading this change. This rivalry in the food sector between the two venerable trading firms is as important as the rivalry between their proxies in convenience store retailing, Familymart and Lawson.
Absorbing Familymart is the basis for a much bigger consolidation of Itochu's interests which include stakes in numerous food retailers as well as role as the biggest food wholesaler when all its subsidiaries are taking into account.
Sadly, current Familymart shareholders won't benefit from this consolidation nor the likely spike in operating margins as some of the fat in food distribution is finally cut.
In Japan, where food prices have been kept so high for so long by entrenched interests (Japanese love food but the 24% of consumption budgets spent on food (much, much higher than most  equivalent markets) is much more about high prices than being a gourmet nation), the potential to cut costs is staggeringly large.
Even within CVS retailing, Itochu will likely benefit from the continued growth of the big three retailers – despite format saturation.
For the sector as a whole, 2019 saw the highest average daily sales per store so far of ¥590,794, a 12.1% increase on 2010. In the same decade, total store numbers increased by 33.4%, but total sales increased by 50.2%.
CVS have not just expanded in number, but their position and ability to exploit the market have improved dramatically too. Based on METI figures, CVS market share of retailing has expanded from 6% to 8.4% in the same period.
In other words, saturation is important but not that important because CVS are finding new ways to expand both their share of retailing and influence.

Keeping It in the Family: Why Familymart Is Worth so Much More to Itochu

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)

🇯🇵 JAPAN • Results & Revisions 01/22 - Cawachi & Tokyo Steel

Drugstore Cawachi (2664 JP) had the 'best' trailing results announcement; however, our scoring methodology highlights the decline in earnings...

Campbell Gunn

🇯🇵 JAPAN • New Post Bubble $ High + Results & Revisions 01/08

NEW $ HIGH - The TOPIX index posted a new post-bubble high in US dollar terms on Friday, exceeding the previous high of January 31st 2018. A new...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions - 10/07 Aeon Group, BS24, Welcia, JCR Pharma

• BEST & WORST • The best and worst pair from sday's announcements is consumer electronics retailer Bic Camera (3048 JP) and Japan's largest...

Campbell Gunn

Japan Retail Review 2019-20 Part II: A Sector by Sector Review of Winners and Losers

At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of...

Michael Causton

Keeping It in the Family: Why Familymart Is Worth so Much More to Itochu

Itochu's plans for Familymart are about a lot more than control – it has had effective control for years anyway. There is a much bigger story: the...

Michael Causton

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52-week Range

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🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​22 - Cawachi & Tokyo Steel

Drugstore Cawachi (2664 JP) had the 'best' trailing results announcement; however, our scoring methodology highlights the decline in earnings...

Campbell Gunn

🇯🇵 JAPAN • New Post Bubble $ High + Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​08

NEW $ HIGH - The TOPIX index posted a new post-bubble high in US dollar terms on Friday, exceeding the previous high of January 31st 2018. A new...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions - 10/​​​​​​​​07 Aeon Group, BS24, Welcia, JCR Pharma

• BEST & WORST • The best and worst pair from sday's announcements is consumer electronics retailer Bic Camera (3048 JP) and Japan's largest...

Campbell Gunn

Japan Retail Review 2019-20 Part II: A Sector by Sector Review of Winners and Losers

At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of...

Michael Causton

Keeping It in the Family: Why Familymart Is Worth so Much More to Itochu

Itochu's plans for Familymart are about a lot more than control – it has had effective control for years anyway. There is a much bigger story: the...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 01/22 - Cawachi & Tokyo Steel

🇯🇵 JAPAN • New Post Bubble $ High + Results & Revisions 01/08

🇯🇵 JAPAN • Results & Revisions - 10/07 Aeon Group, BS24, Welcia, JCR Pharma