Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>I was screening for names yesterday and started by limited the universe to names above ¥50bn mkt-cap. This parameter reduced the universe to 1,121 names in Japan. I then limited the screen to companies with 5 or more analysts with coverage. This brought my universe down to 428 names. It was crazy that 693 names were immediately eliminated from the screen. </p><p>So we decided to screen for names that have very little coverage on the Street. Instead of consensus we used company guidance for FY1 PE and…</p>

I was screening for names yesterday and started by limited the universe to names above ¥50bn mkt-cap. This parameter reduced the universe to 1,121 names in Japan. I then limited the screen to companies with 5 or more analysts with coverage. This brought my universe down to 428 names. It was crazy that 693 names were immediately eliminated from the screen. So we decided to screen for names that have very little coverage on the Street. Instead of consensus we used company guidance for FY1 PE and…

Good Stocks You Don't Hear About. Mainly Because There Is Very Little to No Coverage....

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. 

Equity Bottom-Up

<ul>
<li>Geo, once a simple video rental chain, now operates more than 2,000 stores, half of which sell reuse clothing and interiors. </li>
<li>With used clothing sales alone up 16.6% last year and its used phone business also on the up, Geo will change its name next year to reflect this focus.</li>
<li>Its ambition is to become a global leader in reuse retailing.</li>
</ul>


Geo, once a simple video rental chain, now operates more than 2,000 stores, half of which sell reuse clothing and interiors. 
With used clothing sales alone up 16.6% last year and its used phone business also on the up, Geo will change its name next year to reflect this focus.
Its ambition is to become a global leader in reuse retailing.


Geo Focuses on Reuse Market Under New Name

<ul>
<li>Mercard, the credit card launched by Mercari in late 2022, is a success, helping the the CtoC platform grow its user base and help add to Mercari's financial services business.</li>
<li>The rate of growth in online flea markets has slowed and competition has increased so relying on the CtoC platform alone won't deliver sufficient growth.</li>
<li>Mercari will introduce a new gig-work service this Spring to further differentiate its business from the likes of Rakuma and Yahoo Flea Market.</li>
</ul>


Mercard, the credit card launched by Mercari in late 2022, is a success, helping the the CtoC platform grow its user base and help add to Mercari's financial services business.
The rate of growth in online flea markets has slowed and competition has increased so relying on the CtoC platform alone won't deliver sufficient growth.
Mercari will introduce a new gig-work service this Spring to further differentiate its business from the likes of Rakuma and Yahoo Flea Market.


Mercari's Credit Card Boosts Sales, New Gig Worker Service to Add New Revenue Stream

<ul>
<li>Consumption of used products is rising fast as exemplified by the rise of 2nd Street. </li>
<li>Operated by <a href="https://www.smartkarma.com/entities/geo-holdings-corp" target="_blank" data-smartkarma-citation="entities:2453:1" rel="noopener">Geo Holdings (2681 JP)</a>, once just a DVD rental business, it is now Japan’s largest used goods retailer.</li>
<li>Sales are booming in a market increasingly focused on thrift and re-use, allowing 2nd Street to even take on the might of Mercari.</li>
</ul>


Consumption of used products is rising fast as exemplified by the rise of 2nd Street. 
Operated by Geo Holdings (2681 JP), once just a DVD rental business, it is now Japan’s largest used goods retailer.
Sales are booming in a market increasingly focused on thrift and re-use, allowing 2nd Street to even take on the might of Mercari.


Geo Holdings: Plenty of Money in Old Rope

<ul>
<li>Komehyo, the secondhand retailer, opened a new flagship last month on Chuo-dori in Ginza, replacing a less visible store. </li>
<li>The company expects to sell ¥3 billion a year in the 500 sqm store, which should be feasible given the return of inbound tourists, but the company continues to underperform.</li>
<li>Competitors are circling too, with their own upscale stores and online rivals are also growing fast.</li>
</ul>


Komehyo, the secondhand retailer, opened a new flagship last month on Chuo-dori in Ginza, replacing a less visible store. 
The company expects to sell ¥3 billion a year in the 500 sqm store, which should be feasible given the return of inbound tourists, but the company continues to underperform.
Competitors are circling too, with their own upscale stores and online rivals are also growing fast.


Komehyo New Ginza Flagship Opens as Tourists Return

Japan

GEO Holdings Corporation operates stores that rent and sell videos, CDs, DVDs, games, and books nationwide. The Company also buys and sells used books and CDs. GEO operates its own stores and also franchise stores.

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Geo Holdings (2681 JP)

Good Stocks You Don't Hear About. Mainly Because There Is Very Little to No Coverage....

I was screening for names yesterday and started by limited the universe to names above ¥50bn mkt-cap. This parameter reduced the universe to 1,121...

Custom Products Group

Geo Focuses on Reuse Market Under New Name

Geo, formerly a video rental chain, now focuses on reuse retailing with over 2,000 stores selling secondhand clothing and interiors, aiming to...

Michael Causton

Mercari's Credit Card Boosts Sales, New Gig Worker Service to Add New Revenue Stream

Mercari's Mercard, is boosting the user base and fintech revenues, while the start of a gig-work service could mean a 3rd major revenue stream....

Michael Causton

Geo Holdings: Plenty of Money in Old Rope

Consumption of used products is on the rise, with 2nd Street emerging as Japan's largest used goods retailer, challenging the dominance of Mercari.

Michael Causton

Komehyo New Ginza Flagship Opens as Tourists Return

Komehyo's new Ginza flagship is timely and should benefit from high domestic demand for luxury goods as well as a resurgent inbound trade. The...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Good Stocks You Don't Hear About. Mainly Because There Is Very Little to No Coverage....

I was screening for names yesterday and started by limited the universe to names above ¥50bn mkt-cap. This parameter reduced the universe to 1,121...

Custom Products Group

Geo Focuses on Reuse Market Under New Name

​Geo, formerly a video rental chain, now focuses on reuse retailing with over 2,000 stores selling secondhand clothing and interiors, aiming to...

Michael Causton

Mercari's Credit Card Boosts Sales, New Gig Worker Service to Add New Revenue Stream

​Mercari's Mercard, is boosting the user base and fintech revenues, while the start of a gig-work service could mean a 3rd major revenue stream....

Michael Causton

Geo Holdings: Plenty of Money in Old Rope

​Consumption of used products is on the rise, with 2nd Street emerging as Japan's largest used goods retailer, challenging the dominance of Mercari.

Michael Causton

Komehyo New Ginza Flagship Opens as Tourists Return

Komehyo's new Ginza flagship is timely and should benefit from high domestic demand for luxury goods as well as a resurgent inbound trade. The...

Michael Causton

Geo, formerly a video rental chain, now focuses on reuse retailing with over 2,000 stores selling secondhand clothing and interiors, aiming to...

Mercari's Mercard, is boosting the user base and fintech revenues, while the start of a gig-work service could mean a 3rd major revenue stream....

Consumption of used products is on the rise, with 2nd Street emerging as Japan's largest used goods retailer, challenging the dominance of Mercari.