Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As totally expected, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> extended its expected start date for the Tender Offer on <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>.</li>
<li>The possibility of a fourth Offer attempt by the Queks is raised as Elliott surprisingly exits its position in <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a><a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener"></a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> is eminently bumpable, But unless investors force the issue, don't expect a bump.</li>
</ul>


As totally expected, Dai Ichi Life Insurance (8750 JP) extended its expected start date for the Tender Offer on Benefit One Inc (2412 JP).
The possibility of a fourth Offer attempt by the Queks is raised as Elliott surprisingly exits its position in Guoco Group Ltd (53 HK).

Outsourcing Inc (2427 JP) is eminently bumpable, But unless investors force the issue, don't expect a bump.


Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

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>If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.</li>
<li>Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.</li>
<li>Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.</li>
</ul>


If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.
Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.
Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.


Japan Retail Update: Winners and Losers as FY2023 Ends

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> owns 13% of <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>. Oasis owns 13% too. Oasis ran a governance campaign but lost last summer's AGM. Aeon supported Tsuruha.</li>
<li>Tsuruha shares popped in November when Tsuruha said it was looking at its strategic options. BBG reported PE firms were circling. Now Aeon wants to buy Oasis' stake. </li>
<li>That would put Aeon in a near-blocking position without consolidating. And it would mean minorities stayed minorities. The real question is whether this is what Tsuruha wants.</li>
</ul>



Aeon Co Ltd (8267 JP) owns 13% of Tsuruha Holdings (3391 JP). Oasis owns 13% too. Oasis ran a governance campaign but lost last summer's AGM. Aeon supported Tsuruha.
Tsuruha shares popped in November when Tsuruha said it was looking at its strategic options. BBG reported PE firms were circling. Now Aeon wants to buy Oasis' stake. 
That would put Aeon in a near-blocking position without consolidating. And it would mean minorities stayed minorities. The real question is whether this is what Tsuruha wants.


Aeon (8267) Wants To Buy a Bigger Stake in Tsuruha (3391); What Does Tsuruha Want?

<ul>
<li>Japan’s consumer markets had a remarkably good year in 2023, despite the spectres of inflation and negative real wage growth marring consumer confidence. </li>
<li>These fears were offset by a desire to get out and spend some of the mounting savings. Those savings still rose a cumulative average of ¥1.45 million in 2023.</li>
<li>Covid and inflation forced major change and provided a solid footing for what is expected to be a good 2024 on the back of hopes for genuine real wage growth.</li>
</ul>


Japan’s consumer markets had a remarkably good year in 2023, despite the spectres of inflation and negative real wage growth marring consumer confidence. 
These fears were offset by a desire to get out and spend some of the mounting savings. Those savings still rose a cumulative average of ¥1.45 million in 2023.
Covid and inflation forced major change and provided a solid footing for what is expected to be a good 2024 on the back of hopes for genuine real wage growth.


2023-24 Japanese Consumer Market Trends Review

<ul>
<li>Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. </li>
<li>The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.</li>
<li>Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.</li>
</ul>


Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. 
The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.
Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.


Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Japan

AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. The Company is also engaged in women's and casual clothing store business, development business of commercial property, and financing service through the subsidiaries.

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Aeon Co Ltd (8267 JP)

Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

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

Japan Retail Update: Winners and Losers as FY2023 Ends

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Aeon (8267) Wants To Buy a Bigger Stake in Tsuruha (3391); What Does Tsuruha Want?

Aeon today said it was negotiating to buy activist Oasis' 13% stake in Tsuruha. Aeon wants to own a dominant position in drug stores. It could. The...

Travis Lundy

2023-24 Japanese Consumer Market Trends Review

Despite concerns about inflation and negative real wage growth, Japan's consumer markets had a successful year in 2023 and sets the stage for a...

Michael Causton

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

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

Japan Retail Update: Winners and Losers as FY2023 Ends

​Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Aeon (8267) Wants To Buy a Bigger Stake in Tsuruha (3391); What Does Tsuruha Want?

Aeon today said it was negotiating to buy activist Oasis' 13% stake in Tsuruha. Aeon wants to own a dominant position in drug stores. It could. The...

Travis Lundy

2023-24 Japanese Consumer Market Trends Review

​Despite concerns about inflation and negative real wage growth, Japan's consumer markets had a successful year in 2023 and sets the stage for a...

Michael Causton

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

​Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Despite concerns about inflation and negative real wage growth, Japan's consumer markets had a successful year in 2023 and sets the stage for a...

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...