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>Goldwin has big plans for both The North Face in the Japanese and Korean markets and for its own brand globally.</li>
<li>But there are worries about saturation for the former in Japan, slowing brand development, and lack of expertise in overseas markets to build its own brand.</li>
<li>Goldwin has had an amazing run but can it build a global brand? If it can, it will feed into high levels of demand for Japan-tech sports brands.</li>
</ul>


Goldwin has big plans for both The North Face in the Japanese and Korean markets and for its own brand globally.
But there are worries about saturation for the former in Japan, slowing brand development, and lack of expertise in overseas markets to build its own brand.
Goldwin has had an amazing run but can it build a global brand? If it can, it will feed into high levels of demand for Japan-tech sports brands.


Goldwin: 50% Growth in 5 Years? Possible but Some Challenges

Japan Specialist

Mark Chadwick

<ul>
<li>Growth Inflection: Goldwin's mid-term plan targets ¥190 billion in sales, driven by The North Face's expansion and a transformation of the Goldwin brand globally.</li>
<li>Profitability: Shifting from wholesale to direct-to-consumer, Goldwin has achieved significant margin growth, expanding operating margins to 19%, with further gains expected.</li>
<li>Strong Capital Position: Goldwin's robust balance sheet and anticipated ¥100 billion free cash flow support shareholder returns, alongside a proven management track record of delivering on growth objectives.</li>
</ul>


Growth Inflection: Goldwin's mid-term plan targets ¥190 billion in sales, driven by The North Face's expansion and a transformation of the Goldwin brand globally.
Profitability: Shifting from wholesale to direct-to-consumer, Goldwin has achieved significant margin growth, expanding operating margins to 19%, with further gains expected.
Strong Capital Position: Goldwin's robust balance sheet and anticipated ¥100 billion free cash flow support shareholder returns, alongside a proven management track record of delivering on growth objectives.


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech and semis sharply lower as investors go risk off, although Coreweave bucks the trend to jump another 19%.</li>
<li>Infineon buoyed sentiment for power semi's somewhat after announcing tie up with NVDA for HVDC data center systems.</li>
<li>Expect a rough ride for Home builders and construction related plays such as Sumitomo Forestry and Shin Etsu.</li>
</ul>


Tech and semis sharply lower as investors go risk off, although Coreweave bucks the trend to jump another 19%.
Infineon buoyed sentiment for power semi's somewhat after announcing tie up with NVDA for HVDC data center systems.
Expect a rough ride for Home builders and construction related plays such as Sumitomo Forestry and Shin Etsu.


Japan Morning Connection: Markets Creaking Under the Weight of Poor Demand for US Bonds

<ul>
<li>Huge losses for tech/AI/banks in the biggest selloff since Covid.</li>
<li>Intel gaining after reports it has agreed to a JV with TSMC for their Fab business.</li>
<li>Sec. of State Rubio pushing EU leaders to shoulder a higher defence burden; European plays higher.</li>
</ul>


Huge losses for tech/AI/banks in the biggest selloff since Covid.
Intel gaining after reports it has agreed to a JV with TSMC for their Fab business.
Sec. of State Rubio pushing EU leaders to shoulder a higher defence burden; European plays higher.


Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a> has announced that <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener">Itochu Corp (8001 JP)</a>’s tender offer precondition has been satisfied. The offer terms are unchanged at JPY4,350 per share. </li>
<li>The offer is arguably light due to the peer re-rating and historical trading ranges. It is also below the midpoint of the special committee’s IFA DCF valuation range. </li>
<li>Nevertheless, the offer will likely succeed. There is no vocal opposition, the volume traded through terms is low, and the offer implies a premium multiple compared to peers. </li>
</ul>



Descente Ltd (8114 JP) has announced that Itochu Corp (8001 JP)’s tender offer precondition has been satisfied. The offer terms are unchanged at JPY4,350 per share. 
The offer is arguably light due to the peer re-rating and historical trading ranges. It is also below the midpoint of the special committee’s IFA DCF valuation range. 
Nevertheless, the offer will likely succeed. There is no vocal opposition, the volume traded through terms is low, and the offer implies a premium multiple compared to peers. 


Descente (8114 JP): Itochu’s (8001 JP) Tender Offer Launches

Japan

GOLDWIN INC. manufactures and markets sportswear for skiing, snowboarding, soccer, tennis, swimming, and other outdoor activities.

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Goldwin Inc (8111 JP)

Goldwin: 50% Growth in 5 Years? Possible but Some Challenges

Goldwin aims to further expand The North Face while building a global brand of its own. There is very strong potential but it faces challenges due...

Michael Causton

Goldwin (8111) | Scaling New Peaks

Goldwin aims for ¥190 billion in sales through The North Face expansion and global brand transformation, with a shift to direct-to-consumer...

Mark Chadwick

Japan Morning Connection: Markets Creaking Under the Weight of Poor Demand for US Bonds

Investors shift to risk-off mode due to concerns over US's fiscal stability. Banks, R/E, consumer disc and home builders fall. Infineon's NVDA...

Andrew Jackson

Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate

Tech/AI/banks suffer big losses in selloff, Intel gains on agreement with TSMC, Secretary of State Rubio urges EU to increase defense spending.

Andrew Jackson

Descente (8114 JP): Itochu’s (8001 JP) Tender Offer Launches

While light the offer will likely succeed. There is no vocal opposition, the volume traded through terms is low, and the offer implies a premium...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Goldwin: 50% Growth in 5 Years? Possible but Some Challenges

​Goldwin aims to further expand The North Face while building a global brand of its own. There is very strong potential but it faces challenges due...

Michael Causton

Goldwin (8111) | Scaling New Peaks

​Goldwin aims for ¥190 billion in sales through The North Face expansion and global brand transformation, with a shift to direct-to-consumer...

Mark Chadwick

Japan Morning Connection: Markets Creaking Under the Weight of Poor Demand for US Bonds

​Investors shift to risk-off mode due to concerns over US's fiscal stability. Banks, R/E, consumer disc and home builders fall. Infineon's NVDA...

Andrew Jackson

Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate

​Tech/AI/banks suffer big losses in selloff, Intel gains on agreement with TSMC, Secretary of State Rubio urges EU to increase defense spending.

Andrew Jackson

Descente (8114 JP): Itochu’s (8001 JP) Tender Offer Launches

While light the offer will likely succeed. There is no vocal opposition, the volume traded through terms is low, and the offer implies a premium...

Arun George

Goldwin aims to further expand The North Face while building a global brand of its own. There is very strong potential but it faces challenges due...

Goldwin aims for ¥190 billion in sales through The North Face expansion and global brand transformation, with a shift to direct-to-consumer...

Investors shift to risk-off mode due to concerns over US's fiscal stability. Banks, R/E, consumer disc and home builders fall. Infineon's NVDA...

Tech/AI/banks suffer big losses in selloff, Intel gains on agreement with TSMC, Secretary of State Rubio urges EU to increase defense spending.