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>Amazon Netsuper is competing head to head with Rakuten’s online food platform in an online food sector that has <strong>grown 80% in four years</strong>. </li>
<li>Last month Amazon confirmed that Arcs, one of the largest supermarkets in Japan and the biggest in northern Japan, will join Life, Valor and Seijo Ishii in using its system.</li>
<li>Arcs’ online supermarket was already growing strongly but the tie-up with Amazon will take it to the next level, helping to compete with Aeon and Rakuten.</li>
</ul>


Amazon Netsuper is competing head to head with Rakuten’s online food platform in an online food sector that has grown 80% in four years. 
Last month Amazon confirmed that Arcs, one of the largest supermarkets in Japan and the biggest in northern Japan, will join Life, Valor and Seijo Ishii in using its system.
Arcs’ online supermarket was already growing strongly but the tie-up with Amazon will take it to the next level, helping to compete with Aeon and Rakuten.


Arcs' Online Expansion with Amazon a Worry for Rakuten and Aeon

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Asahi Group Holdings / Equity Capital Markets

<ul>
<li>Since the US$1.3 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a>’s shares are down -6.2% from the undisturbed price of JPY5,804 per share (16 November).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asahi’s shares have followed the pattern of previous large placements. </li>
<li>The offering will likely be priced on 28 November. Investors participating in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$1.3 billion secondary placement announcement, Asahi Group Holdings (2502 JP)’s shares are down -6.2% from the undisturbed price of JPY5,804 per share (16 November).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asahi’s shares have followed the pattern of previous large placements. 
The offering will likely be priced on 28 November. Investors participating in previous large Japanese placements tend to secure positive returns.


Asahi Group (2502 JP): The Current Playbook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zensho-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4586:1" rel="noopener">Zensho Holdings (7550 JP)</a> aims to raise around US$300m via a public offering.</li>
<li>As per the company it will use the proceeds from the deal for potential M&amp;A transactions.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering.
As per the company it will use the proceeds from the deal for potential M&amp;A transactions.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Zensho Placement - Good Price to Raise At, at Least for the Company

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies</a> didn't disappoint Tata Group fans, at least on the subscription front.</li>
<li>The placements continued to flow in this week as well in Japan.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tata Technologies didn't disappoint Tata Group fans, at least on the subscription front.
The placements continued to flow in this week as well in Japan.


ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

<ul>
<li>Aeon and Seven &amp; I both have large financial services arms, generating a substantial share of consolidated profits.</li>
<li>With cashless payments now the norm, the old business models that relied on fees for cash dispensing are fast becoming outdated.</li>
<li>Both retailers plan major changes to create ecosystems that should deliver a lot more data to improve targeted marketing for e-commerce and retail stores.</li>
</ul>


Aeon and Seven &amp; I both have large financial services arms, generating a substantial share of consolidated profits.
With cashless payments now the norm, the old business models that relied on fees for cash dispensing are fast becoming outdated.
Both retailers plan major changes to create ecosystems that should deliver a lot more data to improve targeted marketing for e-commerce and retail stores.


Aeon and Seven & I to Create Ecosystems Via Financial Services

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Arcs' Online Expansion with Amazon a Worry for Rakuten and Aeon

Amazon Netsuper is challenging Rakuten's online food platform in a rapidly growing sector (up 80% in 4 years), with Arcs joining its system to...

Michael Causton

Asahi Group (2502 JP): The Current Playbook

The shares are down 6.2% since announcing the offering, which will likely be priced on 28 November. Investors participating in previous large...

Arun George

Zensho Placement - Good Price to Raise At, at Least for the Company

Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Aeon and Seven & I to Create Ecosystems Via Financial Services

Aeon and Seven & I are adapting to the cashless era by focusing on data-driven ecosystems for targeted marketing, which could turnaround financial...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Arcs' Online Expansion with Amazon a Worry for Rakuten and Aeon

​Amazon Netsuper is challenging Rakuten's online food platform in a rapidly growing sector (up 80% in 4 years), with Arcs joining its system to...

Michael Causton

Asahi Group (2502 JP): The Current Playbook

The shares are down 6.2% since announcing the offering, which will likely be priced on 28 November. Investors participating in previous large...

Arun George

Zensho Placement - Good Price to Raise At, at Least for the Company

Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Aeon and Seven & I to Create Ecosystems Via Financial Services

​Aeon and Seven & I are adapting to the cashless era by focusing on data-driven ecosystems for targeted marketing, which could turnaround financial...

Michael Causton

Amazon Netsuper is challenging Rakuten's online food platform in a rapidly growing sector (up 80% in 4 years), with Arcs joining its system to...

Aeon and Seven & I are adapting to the cashless era by focusing on data-driven ecosystems for targeted marketing, which could turnaround financial...