Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>We are bullish on Lawson and see fair value at Y7,500 per share based on 3% FY2/25 DPS of Y225/share</li>
<li>The domestic convenience store business is recovering post pandemic leading to a possible earnings beat</li>
<li>The market remains sceptical of mid-term growth drivers like Seijo Ishii and China expansion plans</li>
</ul>


We are bullish on Lawson and see fair value at Y7,500 per share based on 3% FY2/25 DPS of Y225/share
The domestic convenience store business is recovering post pandemic leading to a possible earnings beat
The market remains sceptical of mid-term growth drivers like Seijo Ishii and China expansion plans


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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson Inc (2651 JP)</a> has confirmed it will list its upscale supermarket subsidiary, Seijo Ishii early next year.</li>
<li>Seijo leads in premium supermarket retailing and is growing as fast as the wealth market does, with plenty of room left to expand.</li>
<li>Seijo Ishii is now building its own production and import capabilities to increase originality and could begin to challenge even some of their larger rivals.</li>
</ul>



Lawson Inc (2651 JP) has confirmed it will list its upscale supermarket subsidiary, Seijo Ishii early next year.
Seijo leads in premium supermarket retailing and is growing as fast as the wealth market does, with plenty of room left to expand.
Seijo Ishii is now building its own production and import capabilities to increase originality and could begin to challenge even some of their larger rivals.


Thematic (Sector/Industry)

<ul>
<li>The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.</li>
<li>FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. </li>
<li>We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.</li>
</ul>


The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.
FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. 
We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.


Japanese Retailing 2021-22: What's Really Going on and What's Next?

<ul>
<li>Results for FY2022-23 provide a snapshot of winners and losers in Japan's retail sector.</li>
<li>The data shows a big improvement in performance for retailers with sales of ¥250 billion or more and the outlook is positive for most, particularly for profits.</li>
<li>This also means that market concentration is intensifying, particularly in sectors like drugstores but also now in supermarkets. We highlight the winners in each sector.</li>
</ul>


Results for FY2022-23 provide a snapshot of winners and losers in Japan's retail sector.
The data shows a big improvement in performance for retailers with sales of ¥250 billion or more and the outlook is positive for most, particularly for profits.
This also means that market concentration is intensifying, particularly in sectors like drugstores but also now in supermarkets. We highlight the winners in each sector.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> yesterday announced earnings, forecast for FY23, higher dividend guidance, and a buyback. The headline number is 6% of shares and ¥300bn (which is nearer 4% now).</li>
<li>¥200bn of that ¥300bn is actually FY2022 "Additional Return" tacked onto a ¥100bn buyback for this year (FY23).  </li>
<li>As is often the case, <strong>Shareholder Structure Matters</strong>. Because Berkshire Hathaway owns a large chunk of stock (7.4% according to interviews), that carves out a fair chunk not for sale.</li>
</ul>



Mitsubishi Corp (8058 JP) yesterday announced earnings, forecast for FY23, higher dividend guidance, and a buyback. The headline number is 6% of shares and ¥300bn (which is nearer 4% now).
¥200bn of that ¥300bn is actually FY2022 "Additional Return" tacked onto a ¥100bn buyback for this year (FY23).  
As is often the case, Shareholder Structure Matters. Because Berkshire Hathaway owns a large chunk of stock (7.4% according to interviews), that carves out a fair chunk not for sale.


MitCorp (8058 JP) Earnings and Buyback - Shareholder Structure Matters

Japan

LAWSON, INC. operates a chain of convenience stores in Japan. The Company sells a variety of products including fast food, beverages, snacks, magazines, newspapers, and sundry goods.

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

Lawson Inc (2651 JP)

Lawson (2651) | Dividend Grower

Positive Q1 beat: Lawson reported +64% yoy growth in profit to Y26B. That significantly beat consensus estimates, but comps include an accounting...

Mark Chadwick

Lawson Confirms Seijo Ishii IPO

Lawson plans to list its upscale supermarket subsidiary Seijo Ishii. The latter is one of the best supermarket operators in the country and is...

Michael Causton

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

Japan's Best Performing Retailers

There were strong improvements in both sales and profits for leading retailers last year and the following insight looks at the main winners and...

Michael Causton

MitCorp (8058 JP) Earnings and Buyback - Shareholder Structure Matters

MitCorp announced good earnings, a lower FY23 forecast (expected as commodity-related over-profitability falls back), and a large buyback. It is...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)