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)

<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?

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Today, <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>-controlled supermarket companies <a href="https://www.smartkarma.com/entities/fuji-co-ltd-ehime" target="_blank" data-smartkarma-citation="entities:11419:1" rel="noopener">Fuji Co Ltd (8278 JP)</a> ("<strong>Fuji</strong>") and <a href="https://www.smartkarma.com/entities/maxvalu-nishinihon-co-ltd" target="_blank" data-smartkarma-citation="entities:13743:1" rel="noopener">Maxvalu Nishinihon (8287 JP)</a> ("<strong>MVNN</strong>") announced the Exchange Ratio for the first stage of their integration process.</li>
<li>This Deal is part of a long-term restructuring exercise carried out by Aeon. I previously discussed this Transaction in <a href="https://www.smartkarma.com/insights/fuji-8278-maxvalu-nishinihon-8287-aeon-family-supermarket-integration" target="_blank" data-smartkarma-citation="insights:57161" rel="noopener">Fuji (8278) &amp; Maxvalu Nishinihon (8287): Aeon Family Supermarket Integration</a>.  </li>
<li>Below is a look at the details of the latest update to this Transaction.</li>
</ul>


Today, Aeon Co Ltd (8267 JP)-controlled supermarket companies Fuji Co Ltd (8278 JP) ("Fuji") and Maxvalu Nishinihon (8287 JP) ("MVNN") announced the Exchange Ratio for the first stage of their integration process.
This Deal is part of a long-term restructuring exercise carried out by Aeon. I previously discussed this Transaction in Fuji (8278) &amp; Maxvalu Nishinihon (8287): Aeon Family Supermarket Integration.  
Below is a look at the details of the latest update to this Transaction.


Fuji (8278) & Maxvalu Nishinihon (8287): Merger Ratio Announced. Deal Done in 3 Months.

<p><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>-controlled supermarket companies <a href="https://www.smartkarma.com/entities/fuji-co-ltd-ehime" target="_blank" data-smartkarma-citation="entities:11419:1" rel="noopener">Fuji Co Ltd (8278 JP)</a> ("<strong>Fuji</strong>") and <a href="https://www.smartkarma.com/entities/maxvalu-nishinihon-co-ltd" target="_blank" data-smartkarma-citation="entities:13743:1" rel="noopener">Maxvalu Nishinihon (8287 JP)</a> ("<strong>MVNN</strong>") announced they had agreed to merge in a long-dated transaction which will complete in March 2024.</p><p>Prior to that, both companies will establish a joint holding company to become a consolidated subsidiary of Aeon and integrate the management. This process is expected to be completed by March 2022. </p><p>Below is a closer look at the details of this transaction.  </p><hr><div><div><p><em>For more information about M&amp;A rules, regulations, and practices in Japan, please refer to <a href="https://www.smartkarma.com/insights/quiddity-japan-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28911" rel="noopener">Quiddity Japan M&amp;A Guide 2019</a> </em></p></div></div>

Aeon Co Ltd (8267 JP)-controlled supermarket companies Fuji Co Ltd (8278 JP) ("Fuji") and Maxvalu Nishinihon (8287 JP) ("MVNN") announced they had agreed to merge in a long-dated transaction which will complete in March 2024.Prior to that, both companies will establish a joint holding company to become a consolidated subsidiary of Aeon and integrate the management. This process is expected to be completed by March 2022. Below is a closer look at the details of this transaction.  For more information about M&amp;A rules, regulations, and practices in Japan, please refer to Quiddity Japan M&amp;A Guide 2019 

Fuji (8278) & Maxvalu Nishinihon (8287): Aeon Family Supermarket Integration

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<div>
<p>This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.</p>
</div>
<div>
<p>I number 37, mostly firm, deals around the region.</p>
</div>
<div>
<p>More below the fold.</p>
</div>


This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.


I number 37, mostly firm, deals around the region.


More below the fold.


Asia-Pac Weekly Risk Arb Summary: China Logistics, Kerry Logistics, China Youzan

<p>All leading supermarkets saw sales improve in FY2020 as shoppers stayed away from competing formats and profits also surged.</p><p>However, while the changes confirmed stability among the largest companies and a handful of medium-sized chains, the sudden surge in profits among low-margin chains could be short-lived once shoppers become more mobile again and return to other options for their food needs.</p><p>The gap between the best and rest will widen, spurring consolidation as the leaders grab more market share in new territories.</p>

All leading supermarkets saw sales improve in FY2020 as shoppers stayed away from competing formats and profits also surged.However, while the changes confirmed stability among the largest companies and a handful of medium-sized chains, the sudden surge in profits among low-margin chains could be short-lived once shoppers become more mobile again and return to other options for their food needs.The gap between the best and rest will widen, spurring consolidation as the leaders grab more market share in new territories.

Leading Supermarkets Have a Great Year but Gap Widens Between Best and Rest

Japan

MAXVALU NISHINIHON CO., LTD. is a food supermarket chain operator which is mainly located in Western part of Hyogo.  The Company mainly sells daily foods including fresh seafood, processed and frozen foods.

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Maxvalu Nishinihon (8287 JP)

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

Fuji (8278) & Maxvalu Nishinihon (8287): Merger Ratio Announced. Deal Done in 3 Months.

Aeon-controlled supermarket companies Fuji Co Ltd and Maxvalu Nishinihon announced the Exchange Ratio for their Merger. It doesn't seem wholly fair...

Janaghan Jeyakumar, CFA

Fuji (8278) & Maxvalu Nishinihon (8287): Aeon Family Supermarket Integration

The large number of Maxvalu listed subs dwindles as Aeon slowly executes mergers and integrations. This time Fuji will take over MVNN. This will...

Janaghan Jeyakumar, CFA

Asia-Pac Weekly Risk Arb Summary: China Logistics, Kerry Logistics, China Youzan

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Leading Supermarkets Have a Great Year but Gap Widens Between Best and Rest

Japanese supermarkets had a great year in 2020 thanks to Covid. However, the gap in performance is widening and more consolidation can be expected.

Michael Causton

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52-week Range

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