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)

Interbrand’s annual valuation of top brands saw growing numbers of Japanese firms in retail and FMCG (Fast Moving Consumer Goods) enter its global brand ranking.
At home, online companies like Zozo and Mercari are also climbing the rankings.

Interbrand’s annual valuation of top brands saw growing numbers of Japanese firms in retail and FMCG (Fast Moving Consumer Goods) enter its global brand ranking.
At home, online companies like Zozo and Mercari are also climbing the rankings.

Uniqlo Japan’s Most Valuable Retail Brand

Japan Equity Analyst, all sectors

David Rubenstein

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Equity Bottom-Up

Life behind bars
We believe that Asahi has an interesting secular growth story unrealized by most institutional investors. At a Y37bn market cap, this small cap punches above its weight, trading $2 million dollars per day. However, we believe that the real value has yet to be unleashed. Asahi is the only listed pure-play bicycle retailer in Japan. It has the top market share at 18-20% and continues to increase share every year by opening new stores and expanding existing stores footprint.
Why we want to ride Asahi’s bicycles:
<ul>
<li>Secular growth: Solid, stable growth by ASP rise and store expansion.</li>
<li>Scale merit: smashing the local bike shops; procures low-cost China product.</li>
<li>Defensive: domestic play, anti-currency.</li>
<li>Carbon footprint low: Largest bike seller in Japan, could attract green funds.</li>
<li>Valuation attractive: PB of 1.4x is near all-time low.</li>
<li>Currency hedge: JPY strength against the RMB is a tailwind for earnings.</li>
</ul>

Life behind bars
We believe that Asahi has an interesting secular growth story unrealized by most institutional investors. At a Y37bn market cap, this small cap punches above its weight, trading $2 million dollars per day. However, we believe that the real value has yet to be unleashed. Asahi is the only listed pure-play bicycle retailer in Japan. It has the top market share at 18-20% and continues to increase share every year by opening new stores and expanding existing stores footprint.
Why we want to ride Asahi’s bicycles:

Secular growth: Solid, stable growth by ASP rise and store expansion.
Scale merit: smashing the local bike shops; procures low-cost China product.
Defensive: domestic play, anti-currency.
Carbon footprint low: Largest bike seller in Japan, could attract green funds.
Valuation attractive: PB of 1.4x is near all-time low.
Currency hedge: JPY strength against the RMB is a tailwind for earnings.


Asahi (3333 Jp): I Want to Ride My Bicycle

Japan

ASAHI CO., LTD. retails mountain, racing, and children's bicycles, parts, and related accessories.  The Company also provides maintenance and repair services. ASAHI operates stores in the Kanto, Chubu, and Kansai regions.

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Asahi Co Ltd (3333 JP)

Uniqlo Japan’s Most Valuable Retail Brand

Interbrand’s annual valuation of top brands saw growing numbers of Japanese firms in retail and FMCG (Fast Moving Consumer Goods) enter its global...

Michael Causton

Asahi (3333 Jp): I Want to Ride My Bicycle

Life behind bars We believe that Asahi has an interesting secular growth story unrealized by most institutional investors. At a Y37bn market cap,...

David Rubenstein

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)