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

<p>IKEA’s stores, like many non-essential retailers, will have had a tough year, but with three new, smaller format stores opening in Tokyo in the past 18 months, the Swedish furniture chain has shown that it still has a lot to offer. Although it remains far behind sector leader, <a href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20386:1" rel="noopener">Nitori Holdings (9843 JP),</a> it is a sign of improving competition.</p>

IKEA’s stores, like many non-essential retailers, will have had a tough year, but with three new, smaller format stores opening in Tokyo in the past 18 months, the Swedish furniture chain has shown that it still has a lot to offer. Although it remains far behind sector leader, Nitori Holdings (9843 JP), it is a sign of improving competition.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<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>
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<p>I number 37, mostly firm, deals around the region.</p>
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<p>More below the fold.</p>
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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

<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>
<p>I number 36, mostly firm, deals around the region.</p>
<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 36, mostly firm, deals around the region.
More below the fold.


Asia-Pac Weekly Risk Arb Summary: Beijing Capital Land, Suchuang Gas, Siam Dev, 1300Smiles

<p>At long last - a summary of M&amp;A spreads (on deals discussed on Smartkarma) across Asia-Pacific.</p>
<p>I number 32, mostly firm, deals around the region.</p>
<p>This insight provides a quick summary of gross/annualised (where possible) spreads 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>
<p>More below the fold.</p>

At long last - a summary of M&amp;A spreads (on deals discussed on Smartkarma) across Asia-Pacific.
I number 32, mostly firm, deals around the region.
This insight provides a quick summary of gross/annualised (where possible) spreads 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
More below the fold.

Asia-Pac Weekly Risk Arb Summary: Sydney Aiport, Beijing Capital Land, IGO/Western Areas

Travis Lundy

<p><a href="https://www.smartkarma.com/entities/otsuka-kagu-ltd" target="_blank" data-smartkarma-citation="entities:5139:1" rel="noopener">Otsuka Kagu Ltd (8186 JP)</a> had cash problems in 2019 which required a saviour. <a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP)</a> stepped in as that saviour, injecting cash and buying shares, leaving Kumiko Otsuka in charge of the previous family battleground company.</p><p>As <a href="https://www.smartkarma.com/profiles/michael-causton" target="_blank" data-smartkarma-citation="accounts:2415" rel="noopener">Michael Causton</a> wrote six months ago in <a href="https://www.smartkarma.com/insights/otsuka-kagu-to-be-absorbed-by-yamada-denki-as-family-ceo-departs" target="_blank" data-smartkarma-citation="insights:46202" rel="noopener">Otsuka Kagu to Be Absorbed by Yamada Denki as Family CEO Departs</a>, that family control did not last as the recovery and rebound did not work as well as it might have, despite the substantial rebound in furniture sales in the WFH era.  </p><p>Back then, Michael said, </p><blockquote><p>The departure of the founding family signals that Otsuka will likely become a wholly owned subsidiary sooner rather than later. On acquisition, Yamada provided a large cash injection to help with the chain’s operations, but with Otsuka having sold off most of its major assets, reducing fixed assets to just ¥164 million compared to ¥3.1 billion in 2010, and with sales still only growing slowly, it now looks as if Yamada will need to inject even more. Delisting the company and taking over complete control of strategy and operations is the only option left.</p></blockquote><p>That was prescient. </p><p>Today, Yamada Denki and Otsuka Kagu <a href="https://www.yamada-holdings.jp/lang-en/pdf/press/210609_1_en.pdf" target="_blank" rel="noopener">announced</a> plans to merge. The Otsuka Kagu shareholder meeting is in 7 weeks (record date was 30 April), and the merger is scheduled to be effective in 12 weeks. </p><p>A foreshortened timeframe on an 'easy' smallcap deal. </p>

Otsuka Kagu Ltd (8186 JP) had cash problems in 2019 which required a saviour. Yamada Denki (9831 JP) stepped in as that saviour, injecting cash and buying shares, leaving Kumiko Otsuka in charge of the previous family battleground company.As Michael Causton wrote six months ago in Otsuka Kagu to Be Absorbed by Yamada Denki as Family CEO Departs, that family control did not last as the recovery and rebound did not work as well as it might have, despite the substantial rebound in furniture sales in the WFH era.  Back then, Michael said, The departure of the founding family signals that Otsuka will likely become a wholly owned subsidiary sooner rather than later. On acquisition, Yamada provided a large cash injection to help with the chain’s operations, but with Otsuka having sold off most of its major assets, reducing fixed assets to just ¥164 million compared to ¥3.1 billion in 2010, and with sales still only growing slowly, it now looks as if Yamada will need to inject even more. Delisting the company and taking over complete control of strategy and operations is the only option left.That was prescient. Today, Yamada Denki and Otsuka Kagu announced plans to merge. The Otsuka Kagu shareholder meeting is in 7 weeks (record date was 30 April), and the merger is scheduled to be effective in 12 weeks. A foreshortened timeframe on an 'easy' smallcap deal. 

Yamada Denki and Otsuka Kagu Do The Deed - A Quick Merger

Japan

OTSUKA KAGU. LTD. retails furniture and interior decor nationwide. The main showrooms are located in Tokyo and Osaka. The Company sells living room furniture, Japanese furniture, dining furniture, carpets and curtains, bedding, electric appliance and others. OTSUKA KAGU also operates in real estate rental and leasing.

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Otsuka Kagu Ltd (8186 JP)

IKEA Japan’s Comeback

Nitori has faced little competition on its rise to dominance in Japanese home retailing after it squashed IKEA after the latter's entry in 2006 but...

Michael Causton

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

Asia-Pac Weekly Risk Arb Summary: Beijing Capital Land, Suchuang Gas, Siam Dev, 1300Smiles

This insight provides a quick summary of gross/annualised (where possible) spreads on 36 (mostly) firm deals as at the last trading date, and how...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: Sydney Aiport, Beijing Capital Land, IGO/Western Areas

This insight provides a quick summary of gross/annualised spreads as at the last trading day, and how those spreads have changed over the last...

David Blennerhassett

Yamada Denki and Otsuka Kagu Do The Deed - A Quick Merger

Yamada Denki and Otsuka Kagu was a marriage made in... Ariake? OK needed cash. YD provided it. Then provided management. Now taking it out. Safe...

Travis Lundy

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