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)

<p>Lopia is a small unlisted supermarket chain but we cover this here to demonstrate the following that discount supermarkets have in Japan, pointing to further growth for listed companies in this sector such as <a href="https://www.smartkarma.com/entities/kobe-bussan-co-ltd" target="_blank" data-smartkarma-citation="entities:4701:1" rel="noopener">Kobe Bussan (3038 JP),</a> <a href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" target="_blank" data-smartkarma-citation="entities:13475:1" rel="noopener">Pan Pacific International Holdings (7532 JP),</a> and <a href="https://www.smartkarma.com/entities/cosmos-pharmaceutical-corp" target="_blank" data-smartkarma-citation="entities:3797:1" rel="noopener">Cosmos Pharmaceutical (3349 JP).</a></p>
<p>With average sales growth of 18% a year since 2011, Lopia is a rising star. Alongside OK Super, another unlisted chain, Lopia has proven that aggressive and consistent low prices work in Japan, and that careful cost control can provide profits even at low margins. It is a chain to watch as it is likely to list at some point, with a target of ¥1 trillion sales by the end of the next decade.</p>
<p>Its success is also a worry for <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a>. Aeon has seen its share of food sales in the greater Tokyo region fall from 10.8% to 9.7%, overtaken by OK Super which increased from 8% to 10.9%, a jump of 2.9 points. Lopia is half the size of OK Super but has also grown from 1.2% to 2.9% in the same period, more than doubling its effective share. Aeon is <a href="https://www.smartkarma.com/insights/new-aeon-style-format-shows-hope-for-aeon-s-core-business" target="_blank" rel="noopener">fighting back</a> but still does not compete on price.</p>

Lopia is a small unlisted supermarket chain but we cover this here to demonstrate the following that discount supermarkets have in Japan, pointing to further growth for listed companies in this sector such as Kobe Bussan (3038 JP), Pan Pacific International Holdings (7532 JP), and Cosmos Pharmaceutical (3349 JP).
With average sales growth of 18% a year since 2011, Lopia is a rising star. Alongside OK Super, another unlisted chain, Lopia has proven that aggressive and consistent low prices work in Japan, and that careful cost control can provide profits even at low margins. It is a chain to watch as it is likely to list at some point, with a target of ¥1 trillion sales by the end of the next decade.
Its success is also a worry for Aeon Co Ltd (8267 JP). Aeon has seen its share of food sales in the greater Tokyo region fall from 10.8% to 9.7%, overtaken by OK Super which increased from 8% to 10.9%, a jump of 2.9 points. Lopia is half the size of OK Super but has also grown from 1.2% to 2.9% in the same period, more than doubling its effective share. Aeon is fighting back but still does not compete on price.

Why Discount Works in Japan: Lopia, Tokyo’s ‘Low Price Utopia’ Triples Sales Since 2011

'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.

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><p>Our best and worst pair from Tuesday's announcements is consumer electronics retailer <a href="https://www.smartkarma.com/entities/bic-camera-inc" target="_blank" data-smartkarma-citation="entities:11328:1" rel="noopener">Bic Camera (3048 JP)</a> and Japan's largest mall operator <a href="https://www.smartkarma.com/entities/aeon-mall-co-ltd" target="_blank" data-smartkarma-citation="entities:5262:1" rel="noopener">AEON Mall (8905 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/781/original/2020-10-07_06-18-08.png?1602019101" class="editor-image img-responsive" data-smartkarma-image-id="163781"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/782/original/2020-10-07_06-18-56.png?1602019156" class="editor-image img-responsive" data-smartkarma-image-id="163782"></figure><div class="content-caption"><span>Source for all charts &amp; tables: Japan Analytics</span></div><div><hr></div><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p style="text-align: center;"><strong>16 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 63% Positive / 0% Neutral / 37% Negative</p></li>
<li><p><strong>Average Results Score Change</strong>: +3.4 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> +3.4% Quarter YoY / -0.5% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change</strong>: +0.3ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses: </strong>25%</p></li>
</ul></div><hr><div><p style="text-align: center;"><strong>11 Annual • 3 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 45% Positive /18% Neutral / 37% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 33% Positive / 0% Neutral / 67% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -0.3 point</p></li>
</ul></div>

• BEST &amp; WORST •Our best and worst pair from Tuesday's announcements is consumer electronics retailer Bic Camera (3048 JP) and Japan's largest mall operator AEON Mall (8905 JP).Source for all charts &amp; tables: Japan AnalyticsDAILY STATS16 Quarterly Results
Results Score: 63% Positive / 0% Neutral / 37% Negative
Average Results Score Change: +3.4 points
Average % Change in Revenue: +3.4% Quarter YoY / -0.5% Rolling TTM YoY 
Average Operating Profit Margin Change: +0.3ppt
Percentage Making Quarterly Losses: 25%
11 Annual • 3 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 45% Positive /18% Neutral / 37% Negative
Interim Forecast/Revision Score Change: 33% Positive / 0% Neutral / 67% Negative
Average Forecast/Revision Score Change: -0.3 point


🇯🇵 JAPAN • Results & Revisions - 10/​​​​​​​06 -  SAN-A, AEON Mall, Consumer Electronics Retailers

<p>At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of financial results for FY2019-20.</p>
<p>Even with the crisis, results were generally better than for FY2018 – although there are big variations by sector.</p>
<p>Those differences are more or less what we’ve come to expect, with traditional formats like department stores continuing to struggle, while those formats that have adopted modern management are doing well.</p>
<p>The following is an in-depth review of Japan's retail sector, providing:</p>
<ul>
<li>An overview of consumer demand and retail performance</li>
<li>Format by format reviews showing growth and profit performance across all the main formats: convenience stores, supermarkets, GMS, consumer electronics, drugstores, homecentres, department stores, apparel, home and other specialty  formats.</li>
<li>Rankings:
<ul>
<li>Market share and size by sector/format</li>
<li>By sales for all retailers with sales over ¥250 billion</li>
<li>By gross and operating margins, split by format and category.</li>
</ul>
</li>
</ul>
<p>As this is an in-depth insight, the review is split into two parts to make it easier to read.  This is Part II which provides snapshot reviews of each format/sector. <a href="https://www.smartkarma.com/insights/the-japan-retail-review-winners-and-losers-in-japanese-retailing-part-i" target="_blank" rel="noopener">Part I, which provides a quick overview of all retailing, can be read here</a>.</p>

At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of financial results for FY2019-20.
Even with the crisis, results were generally better than for FY2018 – although there are big variations by sector.
Those differences are more or less what we’ve come to expect, with traditional formats like department stores continuing to struggle, while those formats that have adopted modern management are doing well.
The following is an in-depth review of Japan's retail sector, providing:

An overview of consumer demand and retail performance
Format by format reviews showing growth and profit performance across all the main formats: convenience stores, supermarkets, GMS, consumer electronics, drugstores, homecentres, department stores, apparel, home and other specialty  formats.
Rankings:

Market share and size by sector/format
By sales for all retailers with sales over ¥250 billion
By gross and operating margins, split by format and category.



As this is an in-depth insight, the review is split into two parts to make it easier to read.  This is Part II which provides snapshot reviews of each format/sector. Part I, which provides a quick overview of all retailing, can be read here.

Japan Retail Review 2019-20 Part II: A Sector by Sector Review of Winners and Losers

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/693/original/2020-09-14_09-50-37.png?1600044664" class="editor-image img-responsive" data-smartkarma-image-id="158693"></figure><div class="content-caption">Source for all charts &amp; tables except as stated: Japan Analytics</div><p><strong>EQUITY-DRIVEN</strong> - Japan's aggregate Shareholders' Equity has appreciated by 45% since 2014 - an annual rate of 5.5% and has been one of the key achievements of the 'Abe era'. For the five years before 2012, Shareholders Equity was unchanged, buffeted by the 2008/9 financial crisis and the 3/11.  Although the equity market has responded well to the change in reserves, Japan's PBR has remained within a range of 1.05 to 1.38 over the last decade and is unchanged compared to 2010. In prior post-bubble 'lost' decades, the average PBR was 1.8 times. In other markets, the rise of intangible assets has called the use of Book/Price as a metric and the S&amp;P 500 PBR is now almost three times that of the Japan aggregate having bottomed at 1.78 in March 2009.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/694/original/File%202020-09-14%2010%2007%2037.jpeg?1600045681" class="editor-image img-responsive" data-smartkarma-image-id="158694"></figure><div class="content-caption">Source: multpl.com</div><p><strong>BOOK VALUE PER SHARE </strong>- In this Insight, we shall look at Japan's larger-cap companies (current market value &gt;¥100 billion) through the 'lens' of book value per share. Our focus will be less on the 'winners' and 'losers' than on those companies that have seen the least change in 'BVPS' over the last seven years. Our share count excludes treasury shares which is to the benefit of companies such as <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> which has seen a 20% reduction in Net Shares Outstanding, but only a 9% increase in Shareholders' Equity. A BVPS growth metric does, however, flatter serial issuers of equity with declining share prices, such as <a href="https://www.smartkarma.com/entities/sosei-group-corp" target="_blank" data-smartkarma-citation="entities:770:1" rel="noopener">Sosei (4565 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/696/original/2020-09-14_10-26-48.png?1600046818" class="editor-image img-responsive" data-smartkarma-image-id="158696"></figure><p><strong>WINNERS</strong> - As many may ask and for the record, our 'winning' thirty companies contains many of Japan's best-performing businesses and 'priciest 'stocks, such as <a href="https://www.smartkarma.com/entities/monotaro-co-ltd" target="_blank" data-smartkarma-citation="entities:15441:1" rel="noopener">Monotaro (3064 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway (3769 JP)</a>, and <a href="https://www.smartkarma.com/entities/kobe-bussan-co-ltd" target="_blank" data-smartkarma-citation="entities:4701:1" rel="noopener">Kobe Bussan (3038 JP)</a>. Some of the more surprising entries are <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">mixi (2121 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:15457:1" rel="noopener">Tokyo Electric Power (9501 JP)</a>.  As an equally-weighted portfolio, this group has outperformed by 30% over one year and by 11% over the last three months.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/697/original/2020-09-14_10-33-13.png?1600047204" class="editor-image img-responsive" data-smartkarma-image-id="158697"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/698/original/2020-09-14_10-33-41.png?1600047231" class="editor-image img-responsive" data-smartkarma-image-id="158698"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/701/original/2020-09-14_10-47-56.png?1600048087" class="editor-image img-responsive" data-smartkarma-image-id="158701"></figure><p><strong>LOSERS</strong> - Our list of losers, who have collectively underperformed by 9% over one year, have many of Japan's weaker business models (shipping, oil &amp; gas, paper, copiers, gaming machines. The list also features some of the less-astute management 'teams' (<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a>, <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin (2503 JP)</a>, <a href="https://www.smartkarma.com/entities/lixil-group-corp" target="_blank" data-smartkarma-citation="entities:454:1" rel="noopener">Lixil (5938 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>).  Also among the latter are two medical-related business - the now remained <a href="https://www.smartkarma.com/entities/h-u-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:16580:1" rel="noopener">H.U. Group (4544 JP)</a> (formerly Miraca) and recent Bain PE target <a href="https://www.smartkarma.com/entities/nichii-gakkan-co" target="_blank" data-smartkarma-citation="entities:6790:1" rel="noopener">Nichii Gakkan (9792 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/706/original/2020-09-14_10-57-45.png?1600048692" class="editor-image img-responsive" data-smartkarma-image-id="158706"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/707/original/2020-09-14_10-59-22.png?1600048774" class="editor-image img-responsive" data-smartkarma-image-id="158707"></figure><p>In the <strong>DETAIL</strong> section below, we all review the large companies that have seen the least change in BVPS over the last seven years and those with the lowest BVPS volatility over the same period. Our lists contain quite a few surprises.</p>

Source for all charts &amp; tables except as stated: Japan AnalyticsEQUITY-DRIVEN - Japan's aggregate Shareholders' Equity has appreciated by 45% since 2014 - an annual rate of 5.5% and has been one of the key achievements of the 'Abe era'. For the five years before 2012, Shareholders Equity was unchanged, buffeted by the 2008/9 financial crisis and the 3/11.  Although the equity market has responded well to the change in reserves, Japan's PBR has remained within a range of 1.05 to 1.38 over the last decade and is unchanged compared to 2010. In prior post-bubble 'lost' decades, the average PBR was 1.8 times. In other markets, the rise of intangible assets has called the use of Book/Price as a metric and the S&amp;P 500 PBR is now almost three times that of the Japan aggregate having bottomed at 1.78 in March 2009.Source: multpl.comBOOK VALUE PER SHARE - In this Insight, we shall look at Japan's larger-cap companies (current market value &gt;¥100 billion) through the 'lens' of book value per share. Our focus will be less on the 'winners' and 'losers' than on those companies that have seen the least change in 'BVPS' over the last seven years. Our share count excludes treasury shares which is to the benefit of companies such as NTT (9432 JP) which has seen a 20% reduction in Net Shares Outstanding, but only a 9% increase in Shareholders' Equity. A BVPS growth metric does, however, flatter serial issuers of equity with declining share prices, such as Sosei (4565 JP).WINNERS - As many may ask and for the record, our 'winning' thirty companies contains many of Japan's best-performing businesses and 'priciest 'stocks, such as Monotaro (3064 JP), M3 (2413 JP), GMO Payment Gateway (3769 JP), and Kobe Bussan (3038 JP). Some of the more surprising entries are mixi (2121 JP) and Tokyo Electric Power (9501 JP).  As an equally-weighted portfolio, this group has outperformed by 30% over one year and by 11% over the last three months.LOSERS - Our list of losers, who have collectively underperformed by 9% over one year, have many of Japan's weaker business models (shipping, oil &amp; gas, paper, copiers, gaming machines. The list also features some of the less-astute management 'teams' (Toshiba (6502 JP), Nissan (7201 JP), Kirin (2503 JP), Lixil (5938 JP), and Aeon (8267 JP)).  Also among the latter are two medical-related business - the now remained H.U. Group (4544 JP) (formerly Miraca) and recent Bain PE target Nichii Gakkan (9792 JP).In the DETAIL section below, we all review the large companies that have seen the least change in BVPS over the last seven years and those with the lowest BVPS volatility over the same period. Our lists contain quite a few surprises.

🇯🇵 Japan • Every Shareholder Left Behind - The Book Value Per Share Metric

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/456/original/2020-09-12_13-08-43.png?1599883751" class="editor-image img-responsive" data-smartkarma-image-id="158456"></figure><div class="content-caption">Source for all Charts: Japan Analytics</div><p><strong>YET TO BOTTOM OUT</strong> - As we finish the first batch of results covering the period from May to July, our scoring of Results, Annual, and Interim Revisions has yet to see a bottoming out in momentum. Nevertheless, the market, aided by ample liquidity, has already discounted the first six months of a potential recovery. The market's optimism is supported by the Cabinet Office Leading Indicator of Business Conditions which, as of July, had seen two months of recovery.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/458/original/2020-09-12_13-20-58.png?1599884472" class="editor-image img-responsive" data-smartkarma-image-id="158458"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/459/original/2020-09-12_13-31-24.png?1599885118" class="editor-image img-responsive" data-smartkarma-image-id="158459"></figure><p></p><hr><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/449/original/2020-09-12_10-38-08.png?1599874697" class="editor-image img-responsive" data-smartkarma-image-id="158449"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/451/original/2020-09-12_10-40-00.png?1599874819" class="editor-image img-responsive" data-smartkarma-image-id="158451"></figure><p>Our picks of the 'best' from Friday's announcements are logistics infrastructure company <a href="https://www.smartkarma.com/entities/cre-inc-japan" target="_blank" data-smartkarma-citation="entities:25924:1" rel="noopener">CRE (3458 JP)</a> and personal products provider <a href="https://www.smartkarma.com/entities/ya-man-ltd" target="_blank" data-smartkarma-citation="entities:16129:1" rel="noopener">Ya Man (6630 JP)</a>. The 'worst' results were from Ai gaming company <a href="https://www.smartkarma.com/entities/heroz-inc" target="_blank" data-smartkarma-citation="entities:27106:1" rel="noopener">Heroz (4382 JP)</a> and commercial design and display specialist <a href="https://www.smartkarma.com/entities/tanseisha-co-ltd" target="_blank" data-smartkarma-citation="entities:10898:1" rel="noopener">Tanseisha (9743 JP)</a>, the latter due to a severe downward revision for the full year. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/452/original/2020-09-12_10-41-46.png?1599874918" class="editor-image img-responsive" data-smartkarma-image-id="158452"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/453/original/2020-09-12_10-43-21.png?1599875013" class="editor-image img-responsive" data-smartkarma-image-id="158453"></figure><p style="text-align: center;"></p><div>
<hr>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><div class="content-highlight"><p style="text-align: left;"><strong>PERCENTAGES</strong> -<strong>50%</strong> of quarterly results, <strong>66%</strong> of annual forecasts/revisions and<strong> 69%</strong> of interim forecasts have negative Scores. <strong>29%</strong> of companies reporting lost money for the quarter.</p></div></div><hr><div><p style="text-align: center;"><strong>48 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Results Score:</strong> 46% Positive / 4% Neutral / 50% Negative</li>
<li>
<strong>Average Results Score Change:</strong> +0.9 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -5.8% Quarter YoY / -3.7% Rolling TTM YoY </li>
<li>Average Operating Profit Margin Change: -4.1ppt</li>
<li>Percentage Making Quarterly Losses: 29%</li>
</ul></div><hr><div><p style="text-align: center;"><strong>29 Annual • 13 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Annual Forecast/Revision Score:</strong> 31% Positive / 3% Neutral / 66% Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 23% Positive / 8% Neutral / 69% Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -6.9 points</li>
</ul></div>

Source for all Charts: Japan AnalyticsYET TO BOTTOM OUT - As we finish the first batch of results covering the period from May to July, our scoring of Results, Annual, and Interim Revisions has yet to see a bottoming out in momentum. Nevertheless, the market, aided by ample liquidity, has already discounted the first six months of a potential recovery. The market's optimism is supported by the Cabinet Office Leading Indicator of Business Conditions which, as of July, had seen two months of recovery.• BEST &amp; WORST •Our picks of the 'best' from Friday's announcements are logistics infrastructure company CRE (3458 JP) and personal products provider Ya Man (6630 JP). The 'worst' results were from Ai gaming company Heroz (4382 JP) and commercial design and display specialist Tanseisha (9743 JP), the latter due to a severe downward revision for the full year. 

DAILY STATS
PERCENTAGES -50% of quarterly results, 66% of annual forecasts/revisions and 69% of interim forecasts have negative Scores. 29% of companies reporting lost money for the quarter.48 Quarterly Results

Results Score: 46% Positive / 4% Neutral / 50% Negative

Average Results Score Change: +0.9 points

Average % Change in Revenue: -5.8% Quarter YoY / -3.7% Rolling TTM YoY 
Average Operating Profit Margin Change: -4.1ppt
Percentage Making Quarterly Losses: 29%
29 Annual • 13 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 31% Positive / 3% Neutral / 66% Negative

Interim Forecast/Revision Score Change: 23% Positive / 8% Neutral / 69% Negative

Average Forecast/Revision Score Change: -6.9 points


🇯🇵 JAPAN • Results & Revisions 09/​​​​​11 - CRE, Ya-Man, JM, Halows, Tanseisha

Japan

KOBE BUSSAN CO., LTD. is a supermarket franchise store operator which mainly deals in foods stuffs.  The Company also has direct-run stores.

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

Kobe Bussan (3038 JP)

Why Discount Works in Japan: Lopia, Tokyo’s ‘Low Price Utopia’ Triples Sales Since 2011

The low price food market is booming in Japan but still doesn't get the recognition it deserves. As well as listed firms, we highlight the unlisted...

Michael Causton

🇯🇵 JAPAN • Results & Revisions - 10/06 - SAN-A, AEON Mall, Consumer Electronics Retailers

• BEST WORST • Our best and worst pair from Tuesday's announcements is

Campbell Gunn

Japan Retail Review 2019-20 Part II: A Sector by Sector Review of Winners and Losers

At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 09/11 - CRE, Ya-Man, JM, Halows, Tanseisha

• BEST & WORST • DAILY STATS PERCENTAGES -53% of quarterly results, 53% of annual forecasts/revisions and only 29% of interim forecasts...

Campbell Gunn

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Why Discount Works in Japan: Lopia, Tokyo’s ‘Low Price Utopia’ Triples Sales Since 2011

The low price food market is booming in Japan but still doesn't get the recognition it deserves. As well as listed firms, we highlight the unlisted...

Michael Causton

🇯🇵 JAPAN • Results & Revisions - 10/​​​​​​​06 - SAN-A, AEON Mall, Consumer Electronics Retailers

• BEST WORST • Our best and worst pair from Tuesday's announcements is

Campbell Gunn

Japan Retail Review 2019-20 Part II: A Sector by Sector Review of Winners and Losers

At least until the Covid-19 crisis hit Japan in January, the majority of retailers were gearing up to announce yet another really good year of...

Michael Causton

🇯🇵 Japan • Every Shareholder Left Behind - The Book Value Per Share Metric

EQUITY-DRIVEN - Japans

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/​​​​​11 - CRE, Ya-Man, JM, Halows, Tanseisha

• BEST & WORST • DAILY STATS PERCENTAGES -53% of quarterly results, 53% of annual forecasts/revisions and only 29% of interim forecasts...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions - 10/06 - SAN-A, AEON Mall, Consumer Electronics Retailers

🇯🇵 JAPAN • Results & Revisions 09/11 - CRE, Ya-Man, JM, Halows, Tanseisha