Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>The US released its framework for further semiconductor related export restrictions to China late last week, including access to quantum computers and components, chipmaking tools including gate all-around (GAA) technologies.</li>
<li>US homebuilders jumped after a survey showed new home orders rebounded sharply in August ahead of the expected rate cuts in September.</li>
<li>Plenty of positive headlines for Alimentation Couche-Tard's bid for 7&amp;I, including comments that they are confident financing the deal in cash, and ready and willing to advance friendly discussions.</li>
</ul>


The US released its framework for further semiconductor related export restrictions to China late last week, including access to quantum computers and components, chipmaking tools including gate all-around (GAA) technologies.
US homebuilders jumped after a survey showed new home orders rebounded sharply in August ahead of the expected rate cuts in September.
Plenty of positive headlines for Alimentation Couche-Tard's bid for 7&amp;I, including comments that they are confident financing the deal in cash, and ready and willing to advance friendly discussions.


Japan Morning Connection: US Export Curbs Tighten on China

<ul>
<li>Not much lead from the US, although Broadcom numbers missing after hours set a slightly negative tone for tech, despite NVDA and TSLA posting gains.</li>
<li>The market should like the news that 3382 7&amp;I is engaging with ACT and asking for a higher bid, which may also indicate their failure to attain 'core' status from the JP Govt.</li>
<li>PPIH looks oversold after missing out on NKY225 inclusion yesterday, especially in comparison to Baycurrent who also missed, yet finished the day +4.5%.</li>
</ul>


Not much lead from the US, although Broadcom numbers missing after hours set a slightly negative tone for tech, despite NVDA and TSLA posting gains.
The market should like the news that 3382 7&amp;I is engaging with ACT and asking for a higher bid, which may also indicate their failure to attain 'core' status from the JP Govt.
PPIH looks oversold after missing out on NKY225 inclusion yesterday, especially in comparison to Baycurrent who also missed, yet finished the day +4.5%.


Japan Morning Connection: 7&I, PPIH, Baycurrent

<ul>
<li>Sony price hikes in Japan to have a mild positive impact. The stock still looks attractive after positives from recent earnings seem to have been lost in the recent volatility.</li>
<li>PPIH continues to look attractive as a continued laggard as the market rotates out of the big retail/inbound winners such as Isetan Mitsukoshi.</li>
<li>7&amp;I clearly showing how anti-takeover they are effectively asking for Govt protection to ward off Canada’s Alimentation Couche-Tard takeover approach.</li>
</ul>


Sony price hikes in Japan to have a mild positive impact. The stock still looks attractive after positives from recent earnings seem to have been lost in the recent volatility.
PPIH continues to look attractive as a continued laggard as the market rotates out of the big retail/inbound winners such as Isetan Mitsukoshi.
7&amp;I clearly showing how anti-takeover they are effectively asking for Govt protection to ward off Canada’s Alimentation Couche-Tard takeover approach.


Japan Morning Connection: Sony, PPIH, 7&I

<ul>
<li>TXN lowering capex slightly and commenting that demand remains below 2019 levels a slight negative for SPE and analog/power names such as Rohm and Fuji Elec.</li>
<li>Keysight technologies strong earnings and guidance beat after hours is a strong positive read for Anritsu who offers similar telco testing products.</li>
<li>Poor sales figures from Hainan Island point to a continued tough operating environment in China for cosmetics names such as Shiseido.</li>
</ul>


TXN lowering capex slightly and commenting that demand remains below 2019 levels a slight negative for SPE and analog/power names such as Rohm and Fuji Elec.
Keysight technologies strong earnings and guidance beat after hours is a strong positive read for Anritsu who offers similar telco testing products.
Poor sales figures from Hainan Island point to a continued tough operating environment in China for cosmetics names such as Shiseido.


Japan Morning Connection: Rohm, Anritsu, Shiseido

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. 

<ul>
<li>There has been a long-term trend of market concentration in Japan's retail sector for more than a decade.</li>
<li>But consolidation is accelerating due to the pressures to find growth in a depopulating market and the winner takes all phenomenon which rewards the leading chains.</li>
<li>With higher growth and greater access to capital for the best retailers, the net result is dramatically higher levels of M&amp;A in sectors like drugstores and even supermarkets.  </li>
</ul>


There has been a long-term trend of market concentration in Japan's retail sector for more than a decade.
But consolidation is accelerating due to the pressures to find growth in a depopulating market and the winner takes all phenomenon which rewards the leading chains.
With higher growth and greater access to capital for the best retailers, the net result is dramatically higher levels of M&amp;A in sectors like drugstores and even supermarkets.  


Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

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)

Japan Morning Connection: US Export Curbs Tighten on China

US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Andrew Jackson

Japan Morning Connection: 7&I, PPIH, Baycurrent

Slight negative tone for tech as Broadcom's earnings miss, while 7&I seeks higher bid from ACT and PPIH looks oversold post-NKY225 exclusion.

Andrew Jackson

Japan Morning Connection: Sony, PPIH, 7&I

Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.

Andrew Jackson

Japan Morning Connection: Rohm, Anritsu, Shiseido

TXN's lower capex and weak demand as slight negative for SPE and analog/power companies; Keysight's strong earnings and guidance is positive for...

Andrew Jackson

Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: US Export Curbs Tighten on China

​US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Andrew Jackson

Japan Morning Connection: 7&I, PPIH, Baycurrent

Slight negative tone for tech as Broadcom's earnings miss, while 7&I seeks higher bid from ACT and PPIH looks oversold post-NKY225 exclusion.

Andrew Jackson

Japan Morning Connection: Sony, PPIH, 7&I

​Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.

Andrew Jackson

Japan Morning Connection: Rohm, Anritsu, Shiseido

TXN's lower capex and weak demand as slight negative for SPE and analog/power companies; Keysight's strong earnings and guidance is positive for...

Andrew Jackson

Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

​Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...

Michael Causton

US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.

Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...