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>Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.</li>
<li>Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.</li>
<li>Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.</li>
</ul>


Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.
Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.
Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.


<ul>
<li>TSI seems to be following a strategy of diversify or die. It is using its vast cash resources to invest in and build new businesses with some success.</li>
<li>But it also has a couple of compelling brands in strong growth sectors, particularly in golf, providing growth of nearly 50% last year in one case.</li>
<li>This isn't enough to sustain overall growth however and more needs to be done to get on to a more secure footing.</li>
</ul>


TSI seems to be following a strategy of diversify or die. It is using its vast cash resources to invest in and build new businesses with some success.
But it also has a couple of compelling brands in strong growth sectors, particularly in golf, providing growth of nearly 50% last year in one case.
This isn't enough to sustain overall growth however and more needs to be done to get on to a more secure footing.


Japan Apparel Diversification: TSI Tries New Markets

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.</li>
<li>Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. </li>
<li>The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.</li>
</ul>


TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.
Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. 
The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.


TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

Thematic (Sector/Industry)

<ul>
<li>The last 18 months were the most traumatic for the fashion retail history since WWII. </li>
<li>Average household consumption budgets for apparel fell 18% in 2020 to a monthly average of just ¥10,655, 22% down on five years previously.</li>
<li>The following is an in-depth review of the fashion sector with unique rankings of the top 100, most profitable, fastest growing chains.</li>
</ul>


The last 18 months were the most traumatic for the fashion retail history since WWII. 
Average household consumption budgets for apparel fell 18% in 2020 to a monthly average of just ¥10,655, 22% down on five years previously.
The following is an in-depth review of the fashion sector with unique rankings of the top 100, most profitable, fastest growing chains.


Fashion Retailing 2020-21: Leading Brands Suffer Worst Year in Modern History

<p>FY2020 was clearly a year when department store executives would have been better to live in an induced coma. Big city stores suffered especially because inbound tourists, their main growth driver of the past few years, disappeared and local shoppers stayed away, although some stores did manage to harness support from Japan’s expanding wealth market to offset the rout a little bit. The good news is that executives pushing for change in the last five years in the face of perennial intransigence are increasingly taking charge and the result should be a leaner, smaller and more clearly defined format that is more overtly upscale.</p>

FY2020 was clearly a year when department store executives would have been better to live in an induced coma. Big city stores suffered especially because inbound tourists, their main growth driver of the past few years, disappeared and local shoppers stayed away, although some stores did manage to harness support from Japan’s expanding wealth market to offset the rout a little bit. The good news is that executives pushing for change in the last five years in the face of perennial intransigence are increasingly taking charge and the result should be a leaner, smaller and more clearly defined format that is more overtly upscale.

Japan's Department Stores: Radical Contraction Still to Come if Sector Is to Survive

Japan

SANYO SHOKAI LTD. manufactures and sells women's, men's, and children's clothing such as coats, suits, dresses, and casuals.  The Company also sells bags, belts, handkerchiefs, and other accessories.

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Sanyo Shokai (8011 JP)

Sanyo Shokai: More Unfulfilled Promises

Sanyo Shokai has promised a return to profit for more than five years. There seems to be more chance than for years for this to happen but it...

Michael Causton

Japan Apparel Diversification: TSI Tries New Markets

TSI had a better 2021 than its peers but only thanks to golf. More work is being done and it has some interesting new ventures but growth may not...

Michael Causton

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

TSI Holdings is a long-time value name. It has a bigger portfolio, still has low ROE high CF, and LOTS of financial assets. At 0.03x EV/rev +...

Travis Lundy

Fashion Retailing 2020-21: Leading Brands Suffer Worst Year in Modern History

This insight is an in-depth review of Japan's apparel sector providing key background and comparisons for investors, including rankings of the top...

Michael Causton

Japan's Department Stores: Radical Contraction Still to Come if Sector Is to Survive

Japan's department stores are in trouble and were well before the pandemic but their outlook is much worse now. Major changes are required, not...

Michael Causton

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