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>As we have been tracking in recent months, the market for rapid home delivery of FMCG and food is hotting up, with much of the action at convenience stores.</li>
<li>The CVS sector was one of the hardest hit by the pandemic but with a network of 56,000 stores, there is an opportunity to use these stores as supply points.</li>
<li>CVS need to engage with delivery services given the growing number of firms creating their own dark store networks which compete with local supermarkets and CVS.</li>
</ul>


As we have been tracking in recent months, the market for rapid home delivery of FMCG and food is hotting up, with much of the action at convenience stores.
The CVS sector was one of the hardest hit by the pandemic but with a network of 56,000 stores, there is an opportunity to use these stores as supply points.
CVS need to engage with delivery services given the growing number of firms creating their own dark store networks which compete with local supermarkets and CVS.


Quick Commerce and Unmanned Stores Challenge Japanese Convenience Retailing

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Q3 21 in-line for revenue but well ahead for EBITDA on solid advertising growth leading to an upgrade in management's full-year EBITDA target.</li>
<li>Operational results were encouraging with double-digit gains in ad sales and 7% eCommerce growth despite strong year-ago comps.</li>
<li>Impairment losses for equity associate Demae-Can sting but the overall story is positive.</li>
</ul>


Q3 21 in-line for revenue but well ahead for EBITDA on solid advertising growth leading to an upgrade in management's full-year EBITDA target.
Operational results were encouraging with double-digit gains in ad sales and 7% eCommerce growth despite strong year-ago comps.
Impairment losses for equity associate Demae-Can sting but the overall story is positive.


Z Holdings (Buy) Q3 21 Results Reaction: Mostly Positive as Ad Sales Continues to Impress

<ul>
<li>Convenience stores are bouncing back after a difficult 18 months, aided by efforts to find new ways to meet demand for home deliveries.</li>
<li>While conbini are ideally placed to do this, their less flexible business model means that competitors like food delivery companies are making the first moves.</li>
<li>These firms are already setting up dark stores for local deliveries and could grow into a new form of competition for convenience stores and local supermarkets.</li>
</ul>


Convenience stores are bouncing back after a difficult 18 months, aided by efforts to find new ways to meet demand for home deliveries.
While conbini are ideally placed to do this, their less flexible business model means that competitors like food delivery companies are making the first moves.
These firms are already setting up dark stores for local deliveries and could grow into a new form of competition for convenience stores and local supermarkets.


Home Delivery Next Evolution for Japan's Conbini Sector?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>On January 14 (Fri.), I attended the 1QFY8/2022 earnings presentation of Demae-Can (2484), followed by the recent accounting scandal and update the profitability of the Company.</li>
<li>GMV in 1QFY8/2022 slows to grow in QoQ. Also, the take rate in QoQ was flat from 4QFY8/2021, which seems to have risen as much as GMV slightly decreased.</li>
<li>The focus will still be on when the end of competition will bring promotional expenses to an equilibrium level and allow the E-Commerce Model to return to profitability.</li>
</ul>


On January 14 (Fri.), I attended the 1QFY8/2022 earnings presentation of Demae-Can (2484), followed by the recent accounting scandal and update the profitability of the Company.
GMV in 1QFY8/2022 slows to grow in QoQ. Also, the take rate in QoQ was flat from 4QFY8/2021, which seems to have risen as much as GMV slightly decreased.
The focus will still be on when the end of competition will bring promotional expenses to an equilibrium level and allow the E-Commerce Model to return to profitability.


Japan's Governance: Demae-Can (2484) 1QFY8/2022 Briefing

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The new market structure of the Tokyo Stock Exchange (TSE) consisting of Prime and Standard Sections is about to become functional in a few months.</li>
<li>Some companies have already announced their desired Market Sections under this new structure. However, some companies are yet to make such announcements.</li>
<li>In this insight, we take a look at those who are yet to make such announcements to identify attractive TOPIX Inclusion Pre-event candidates. </li>
</ul>


The new market structure of the Tokyo Stock Exchange (TSE) consisting of Prime and Standard Sections is about to become functional in a few months.
Some companies have already announced their desired Market Sections under this new structure. However, some companies are yet to make such announcements.
In this insight, we take a look at those who are yet to make such announcements to identify attractive TOPIX Inclusion Pre-event candidates. 


Japan

Demae-can Co., Ltd. operates websites offering comprehensive delivery services.  The Company's websites allow users to order food, dry cleaning, and repair and recycling services through the Internet.

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Demae-Can Co., Ltd. (2484 JP)

Quick Commerce and Unmanned Stores Challenge Japanese Convenience Retailing

As we have been tracking in recent months, the market for rapid home delivery of FMCG and food is hotting up, with much of the action at...

Michael Causton

Z Holdings (Buy) Q3 21 Results Reaction: Mostly Positive as Ad Sales Continues to Impress

This was a good quarter with better-than-expected growth in eCommerce, ad sales and cashless payments and an upgrade to the full-year EBITDA target...

Kirk Boodry

Home Delivery Next Evolution for Japan's Conbini Sector?

Food delivery is evolving fast in Japan but not just for takeaways. Local delivery of essentials by food delivery firms is becoming a new source of...

Michael Causton

Japan's Governance: Demae-Can (2484) 1QFY8/2022 Briefing

The focus is on when the end of competition will bring promotional expenses to an equilibrium level and allow E-Commerce Model to return to profit....

Metrical Inc

TOPIX Inclusions: Who Is READY? 4.0

In this insight, we take a look at potential pre-event candidates who could move to the First Section of the Tokyo Stock Exchange in the next few...

Janaghan Jeyakumar, CFA

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