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. 

Event-Driven

<ul>
<li>ACT's bid for Seven &amp; I has been withdrawn and Seven will be better off long-term because of it – although we detail here how competitors are catching up fast.</li>
<li>Once York HD has been split off, the company can at last focus on its crucial local CVS operation: Japan makes up 25% of revenues but almost 50% of profits.</li>
<li>The potential is real and we are bullish on the long-term value but we would have been more bullish if the former CEO Ryuichi Isaka was still on board.</li>
</ul>


ACT's bid for Seven &amp; I has been withdrawn and Seven will be better off long-term because of it – although we detail here how competitors are catching up fast.
Once York HD has been split off, the company can at last focus on its crucial local CVS operation: Japan makes up 25% of revenues but almost 50% of profits.
The potential is real and we are bullish on the long-term value but we would have been more bullish if the former CEO Ryuichi Isaka was still on board.


The Final ACT Comedy of Errors Opens the Way for Real Value to Emerge at Seven & I

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> which proposed a takeover to <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> almost a year ago, has walked. They delivered a <a href="https://corporate.couche-tard.com/2025-07-16-ALIMENTATION-COUCHE-TARD-ANNOUNCES-WITHDRAWAL-OF-PROPOSAL-TO-ACQUIRE-SEVEN-I-HOLDINGS-DUE-TO-LACK-OF-ENGAGEMENT" target="_blank" rel="noopener">letter bomb</a> on the way out.</li>
<li>The letter is titled "ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN &amp; I HOLDINGS DUE TO LACK OF ENGAGEMENT." This is not the first time they have complained.</li>
<li>The letter is not aimed at the 7&amp;i Board or at ATD stakeholders. It is meant to drive a wedge between 7&amp;i active shareholders and its management team. We'll see.</li>
</ul>



Alimentation Couche-Tard (ATD CN) which proposed a takeover to Seven &amp; I Holdings (3382 JP) almost a year ago, has walked. They delivered a letter bomb on the way out.
The letter is titled "ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN &amp; I HOLDINGS DUE TO LACK OF ENGAGEMENT." This is not the first time they have complained.
The letter is not aimed at the 7&amp;i Board or at ATD stakeholders. It is meant to drive a wedge between 7&amp;i active shareholders and its management team. We'll see.


7&I (3382 JP) - Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

<ul>
<li>Recent reports suggest an MBO if firming up, with partial sale of US to ACT and even the Japan CVS business so a big value solution for all concerned.</li>
<li>Not so fast: an ACT purchase of 7-11 US looks more likely to be blocked given yesterday's ruling on the merger of grocery giants Kroger and Albertsons.</li>
<li>The valuation of the Japan business may need a correction too if the last six months of poor numbers continue – given this is because of price perception, they may.</li>
</ul>


Recent reports suggest an MBO if firming up, with partial sale of US to ACT and even the Japan CVS business so a big value solution for all concerned.
Not so fast: an ACT purchase of 7-11 US looks more likely to be blocked given yesterday's ruling on the merger of grocery giants Kroger and Albertsons.
The valuation of the Japan business may need a correction too if the last six months of poor numbers continue – given this is because of price perception, they may.


7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Equity Bottom-Up

<ul>
<li>Alimentation Couche-Tard just withdrew their offer to buy Seven&amp;i for $47.2bn, and within two days, Seven’s share price is down 12.5% and ACT’s is up 10.6%.</li>
<li>Seven’s management deluded itself into thinking it could match ACT’s returns by selling off non-core assets. This is pure financial gimmickry, and the market sees right through it.</li>
<li>Seven will never see a deal as good as the one ACT offered, and failing to capitalize on should be investigated as a potential crime against common sense.</li>
</ul>


Alimentation Couche-Tard just withdrew their offer to buy Seven&amp;i for $47.2bn, and within two days, Seven’s share price is down 12.5% and ACT’s is up 10.6%.
Seven’s management deluded itself into thinking it could match ACT’s returns by selling off non-core assets. This is pure financial gimmickry, and the market sees right through it.
Seven will never see a deal as good as the one ACT offered, and failing to capitalize on should be investigated as a potential crime against common sense.


Crime Scene Investigation: How Seven&I (3382-JP) Murdered the ACT (ATD-CA) Deal

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> walks away from <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.</li>
<li>Buy <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.</li>
<li>If you have borrow on <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>, use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. </li>
</ul>



Alimentation Couche-Tard (ATD CN) walks away from Seven &amp; I Holdings (3382 JP), and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.
Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. 


Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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Seven & I Holdings (3382 JP)

The Final ACT Comedy of Errors Opens the Way for Real Value to Emerge at Seven & I

ACT's bid for Seven & I withdrawn, company to focus on crucial CVS operation in Japan for long-term growth, potential vast but more bullish if...

Michael Causton

7&I (3382 JP) - Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

ATD has decided to walk from its proposal to buy 7&i. On the way out, it put out a long and somewhat detailed but also somewhat fishy letter. 7&i...

Travis Lundy

7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...

Michael Causton

Crime Scene Investigation: How Seven&I (3382-JP) Murdered the ACT (ATD-CA) Deal

Seven's idea that they could ever come close to matching ACT's offer was delusional, and failure to capitalize on such an opportunity should be...

Michael Allen

Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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The Final ACT Comedy of Errors Opens the Way for Real Value to Emerge at Seven & I

​ACT's bid for Seven & I withdrawn, company to focus on crucial CVS operation in Japan for long-term growth, potential vast but more bullish if...

Michael Causton

7&I (3382 JP) - Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

ATD has decided to walk from its proposal to buy 7&i. On the way out, it put out a long and somewhat detailed but also somewhat fishy letter. 7&i...

Travis Lundy

7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

​Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...

Michael Causton

Crime Scene Investigation: How Seven&I (3382-JP) Murdered the ACT (ATD-CA) Deal

​Seven's idea that they could ever come close to matching ACT's offer was delusional, and failure to capitalize on such an opportunity should be...

Michael Allen

Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

ACT's bid for Seven & I withdrawn, company to focus on crucial CVS operation in Japan for long-term growth, potential vast but more bullish if...

Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...

Seven's idea that they could ever come close to matching ACT's offer was delusional, and failure to capitalize on such an opportunity should be...