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>The eyewear market hasn’t grown much in the past decade even as unit volumes have increased. </li>
<li>This is because price points have been held down by chains like JINS and Zoff but even for JINS, growth at home is proving harder to find. </li>
<li>But the stable Japanese market provides a secure haven from which JINS is developing formats to go global.</li>
</ul>


The eyewear market hasn’t grown much in the past decade even as unit volumes have increased. 
This is because price points have been held down by chains like JINS and Zoff but even for JINS, growth at home is proving harder to find. 
But the stable Japanese market provides a secure haven from which JINS is developing formats to go global.


JINS Targets Foreigners in Stagnant Local Market

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 28th. The aggregated net margin trading position is USD29,092m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 28th. The aggregated net margin trading position is USD29,092m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.


JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• LARGE CAP RESULTS - 5th APRIL •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/987/original/image_46394735821617656683433.png?1617656684" class="editor-image img-responsive" data-smartkarma-image-id="198987"></figure><div class="content-caption"> Source for all charts &amp; tables: Japan Analytics</div><p><strong>RESULTS</strong> - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, <a href="https://www.smartkarma.com/entities/shimamura-co-ltd" target="_blank" data-smartkarma-citation="entities:15213:1" rel="noopener">Shimamura (8227 JP)</a> had a third-successive positive quarter, while <a href="https://www.smartkarma.com/entities/kewpie-corp" target="_blank" data-smartkarma-citation="entities:10681:1" rel="noopener">Kewpie (2809 JP)</a> and <a href="https://www.smartkarma.com/entities/adastria-co-ltd" target="_blank" data-smartkarma-citation="entities:11895:1" rel="noopener">Adastria (2685 JP)</a> had double-digit year-on-year sales declines, and drugstore <a href="https://www.smartkarma.com/entities/create-sd-holdings-co" target="_blank" data-smartkarma-citation="entities:12945:1" rel="noopener">Create SD (3148 JP)</a> saw profits decline.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/989/original/image_51513331531617657092402.png?1617657093" class="editor-image img-responsive" data-smartkarma-image-id="198989"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/990/original/image_56921939741617657150504.png?1617657151" class="editor-image img-responsive" data-smartkarma-image-id="198990"></figure><p style="text-align: center;"><strong>• LARGER CAP FORECASTS/REVISIONS - 5th APRIL • </strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/991/original/image_89489650351617657220460.png?1617657221" class="editor-image img-responsive" data-smartkarma-image-id="198991"></figure><p><strong>FORECASTS/REVISIONS</strong> - Adastria offset its weak results with a bullish FY22 forecast, as did restaurant chain <a href="https://www.smartkarma.com/entities/ichibanya-co-ltd" target="_blank" data-smartkarma-citation="entities:2914:1" rel="noopener">Ichibanya (7630 JP)</a>. Shimamura's interim forecast was much more bullish than for the full year. <a href="https://www.smartkarma.com/entities/kobe-steel-ltd" target="_blank" data-smartkarma-citation="entities:209:1" rel="noopener">Kobe Steel (5406 JP)</a> revised up further into the black, while <a href="https://www.smartkarma.com/entities/jins-holdings-inc" target="_blank" data-smartkarma-citation="entities:12002:1" rel="noopener">JINS (3046 JP)</a> revised its interim and full-year sales and operating income slightly lower.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/992/original/image_65197346461617657668077.png?1617657668" class="editor-image img-responsive" data-smartkarma-image-id="198992"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/993/original/image_33740867171617657704461.png?1617657705" class="editor-image img-responsive" data-smartkarma-image-id="198993"></figure>

• LARGE CAP RESULTS - 5th APRIL • Source for all charts &amp; tables: Japan AnalyticsRESULTS - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, Shimamura (8227 JP) had a third-successive positive quarter, while Kewpie (2809 JP) and Adastria (2685 JP) had double-digit year-on-year sales declines, and drugstore Create SD (3148 JP) saw profits decline.• LARGER CAP FORECASTS/REVISIONS - 5th APRIL • FORECASTS/REVISIONS - Adastria offset its weak results with a bullish FY22 forecast, as did restaurant chain Ichibanya (7630 JP). Shimamura's interim forecast was much more bullish than for the full year. Kobe Steel (5406 JP) revised up further into the black, while JINS (3046 JP) revised its interim and full-year sales and operating income slightly lower.

🇯🇵 JAPAN • Results & Revisions 04/​05 - Shimamura & JINS

<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p style="text-align: left;">The current 'crop' of results and revisions announcements have yet to generate much to cheer about. For yesterday's 75 results the average TTM revenue decline is 8% and operating margins have declined by 4 percentage points year-on-year. 25% of the companies are still in the red for the quarter. Our best and worst pair for the day is <a href="https://www.smartkarma.com/entities/sakata-seed-corp" target="_blank" data-smartkarma-citation="entities:9825:1" rel="noopener">Sakata Seed (1377 JP)</a> and eyewear retailer <a href="https://www.smartkarma.com/entities/jins-holdings-inc" target="_blank" data-smartkarma-citation="entities:12002:1" rel="noopener">JINS (3046 JP)</a>.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/182/339/original/2021-01-14_06-42-35.png?1610574169" class="editor-image img-responsive" data-smartkarma-image-id="182339"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/182/340/original/2021-01-14_06-44-07.png?1610574261" class="editor-image img-responsive" data-smartkarma-image-id="182340"></figure></section><div class="content-caption">Source for all charts &amp; tables: Japan Analytics.</div>

• BEST &amp; WORST •The current 'crop' of results and revisions announcements have yet to generate much to cheer about. For yesterday's 75 results the average TTM revenue decline is 8% and operating margins have declined by 4 percentage points year-on-year. 25% of the companies are still in the red for the quarter. Our best and worst pair for the day is Sakata Seed (1377 JP) and eyewear retailer JINS (3046 JP).Source for all charts &amp; tables: Japan Analytics.

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​13 JINS, Pasona, Sakata Seed

<p style="text-align: center;"><strong>• LEADING INDICATOR •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/164/379/original/2020-10-10_12-16-59.png?1602299856" class="editor-image img-responsive" data-smartkarma-image-id="164379"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div><p><strong>LEADING THE WAY</strong> - The market continues to make new post-COVID highs supported by global and local liquidity conditions and now a bottoming of earnings momentum. As was the case in 2009, the Cabinet Office Leading Indicator, which is published with a lag of two months, identified the low point ahead of the market and our Results &amp; Revision Score. At present, only three Sectors - Internet Content &amp; Services, Information Technology, and Non-Bank Finance have positive Scores, of which only the first and last are rising. We expect the coming 'wave' of announcements to turn the tide as has been 'previewed' in the percentages of positive results and revision over the last week.    </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/164/382/original/2020-10-10_12-48-29.png?1602301755" class="editor-image img-responsive" data-smartkarma-image-id="164382"></figure><div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>The best and worst pair from yesterday's announcements is <a href="https://www.smartkarma.com/entities/sakata-seed-corp" target="_blank" data-smartkarma-citation="entities:9825:1" rel="noopener">Sakata Seed (1377 JP)</a>  and dental, surgical and ophthalmic instrument maker <a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani (7730 JP)</a>. the latter despite the company's very bullish fully-year forecast. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/164/515/original/2020-10-11_11-27-17.png?1602383275" class="editor-image img-responsive" data-smartkarma-image-id="164515"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/164/516/original/2020-10-11_11-30-09.png?1602383437" class="editor-image img-responsive" data-smartkarma-image-id="164516"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></section><hr>
<div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div>
<hr>
<div><p style="text-align: center;"><strong>26 Quarterly Results</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 58% Positive / 10% Neutral / 32% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> +2.2 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> +2.1% Quarter YoY / -4.5% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -1.9ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 18%</p></li>
</ul></div>
<hr>
<div><p style="text-align: center;"><strong>32 Annual • 12 Interim Forecasts/Revisions</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 41% Positive / 6% Neutral / 53% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 42% Positive / 8% Neutral / 50% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -2.1 point</p></li>
</ul></div>
</div>

• LEADING INDICATOR •Source for all charts &amp; tables: Japan AnalyticsLEADING THE WAY - The market continues to make new post-COVID highs supported by global and local liquidity conditions and now a bottoming of earnings momentum. As was the case in 2009, the Cabinet Office Leading Indicator, which is published with a lag of two months, identified the low point ahead of the market and our Results &amp; Revision Score. At present, only three Sectors - Internet Content &amp; Services, Information Technology, and Non-Bank Finance have positive Scores, of which only the first and last are rising. We expect the coming 'wave' of announcements to turn the tide as has been 'previewed' in the percentages of positive results and revision over the last week.    • BEST &amp; WORST •
The best and worst pair from yesterday's announcements is Sakata Seed (1377 JP)  and dental, surgical and ophthalmic instrument maker Mani (7730 JP). the latter despite the company's very bullish fully-year forecast. 
Source for all charts &amp; tables: Japan Analytics
DAILY STATS

26 Quarterly Results

Results Score: 58% Positive / 10% Neutral / 32% Negative
Average Results Score Change: +2.2 points
Average % Change in Revenue: +2.1% Quarter YoY / -4.5% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.9ppt
Percentage Making Quarterly Losses: 18%


32 Annual • 12 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 41% Positive / 6% Neutral / 53% Negative
Interim Forecast/Revision Score Change: 42% Positive / 8% Neutral / 50% Negative
Average Forecast/Revision Score Change: -2.1 point



🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​09 - Yaskawa, MANI, OSG, JINS, Sakata Seed

Japan

JINS HOLDINGS Inc. sells eyeglass products. The Company mainly distributes thin aspheric lenses and other products. JINS Holdings also provides medial products, apparels, and other products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JINS Inc (3046 JP)

JINS Targets Foreigners in Stagnant Local Market

Despite increased unit volumes, the eyewear market has not seen much growth in the past decade due to price competition JINS is now looking to...

Michael Causton

JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Seikoh Giken (6834 JP), Mitsubishi UFJ...

Ke Yan, CFA, FRM

🇯🇵 JAPAN • Results & Revisions 04/05 - Shimamura & JINS

RESULTS - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, Shimamura (8227...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 01/13 JINS, Pasona, Sakata Seed

The current 'crop' of results and revisions announcements have yet to generate much to cheer about. For yesterday's 75 results the average TTM...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 10/09 - Yaskawa, MANI, OSG, JINS, Sakata Seed

🇯🇵 JAPAN • Results & Revisions 10/09 - Yaskawa, MANI, OSG, JINS, Sakata Seed________________________________

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JINS Targets Foreigners in Stagnant Local Market

​Despite increased unit volumes, the eyewear market has not seen much growth in the past decade due to price competition JINS is now looking to...

Michael Causton

JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Seikoh Giken (6834 JP), Mitsubishi UFJ...

Ke Yan, CFA, FRM

🇯🇵 JAPAN • Results & Revisions 04/​05 - Shimamura & JINS

RESULTS - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, Shimamura (8227...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​13 JINS, Pasona, Sakata Seed

The current 'crop' of results and revisions announcements have yet to generate much to cheer about. For yesterday's 75 results the average TTM...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​09 - Yaskawa, MANI, OSG, JINS, Sakata Seed

🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​09 - Yaskawa, MANI, OSG, JINS, Sakata Seed________________________________

Campbell Gunn

Despite increased unit volumes, the eyewear market has not seen much growth in the past decade due to price competition JINS is now looking to...

🇯🇵 JAPAN • Results & Revisions 04/05 - Shimamura & JINS

🇯🇵 JAPAN • Results & Revisions 01/13 JINS, Pasona, Sakata Seed

🇯🇵 JAPAN • Results & Revisions 10/09 - Yaskawa, MANI, OSG, JINS, Sakata Seed

🇯🇵 JAPAN • Results & Revisions 10/09 - Yaskawa, MANI, OSG, JINS, Sakata Seed________________________________