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>ABC Mart aims to have 50 Oshman’s stores by 2031. </li>
<li>The plan is to build out Run &amp; Fitness, a new, smaller concept designed for shopping malls and to appeal to more female customers through yoga and Pilates.</li>
<li>The investment is part of wider plans to broaden ABC Mart's business beyond footwear and firmly into the still growing sports market, both in Japan and around Asia.</li>
</ul>


ABC Mart aims to have 50 Oshman’s stores by 2031. 
The plan is to build out Run &amp; Fitness, a new, smaller concept designed for shopping malls and to appeal to more female customers through yoga and Pilates.
The investment is part of wider plans to broaden ABC Mart's business beyond footwear and firmly into the still growing sports market, both in Japan and around Asia.


Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Japan's banks can benefit from continued strong loan demand, with signals from the Tankan Survey and from the loan officer survey</li>
<li>The story for Japan's banks is not only about unwinding cross shareholdings and rising interest rates, but it's also about core lending</li>
<li>With bettering loan volume, with more demand and inclination to lend, banks can see benign credit metrics, further supporting profit delta</li>
</ul>


Japan's banks can benefit from continued strong loan demand, with signals from the Tankan Survey and from the loan officer survey
The story for Japan's banks is not only about unwinding cross shareholdings and rising interest rates, but it's also about core lending
With bettering loan volume, with more demand and inclination to lend, banks can see benign credit metrics, further supporting profit delta


Japan's Banks - Lending Is Strong, Loan Officer Survey Suggests More, Credit Costs Can Be Low

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>KTX expects a pullback with the support levels at 1,280/1,273 points and the resistance at 1,334/1,364 points, though there could be a positive surprise if foreign fund flows return to Asian equity markets.</li><li>In January 2025, the SET Index underwent a sharp correction, declining more than 6% due to multiple negative factors.</li><li>This suggests that equity returns are now more attractive relative to bonds, making the current SET Index level appealing for gradual accumulation in anticipation of fund rotation from bonds back into equities.</li></ul>

KTX expects a pullback with the support levels at 1,280/1,273 points and the resistance at 1,334/1,364 points, though there could be a positive surprise if foreign fund flows return to Asian equity markets.In January 2025, the SET Index underwent a sharp correction, declining more than 6% due to multiple negative factors.This suggests that equity returns are now more attractive relative to bonds, making the current SET Index level appealing for gradual accumulation in anticipation of fund rotation from bonds back into equities.

Outlook: Expect Foreign Fund Inflows into Asia, Including Thailand, If Trump Signals No Rush to Raise Import Tariffs, While Dividend Yields Are Helping Support the Market

<ul>
<li>Key events in Japanese retailing this week include Muji raising forecasts for this FY and opening its biggest store ever, at 8,500 sqm as it goes after the food market.</li>
<li>LINE Yahoo acquires Beenos in a bid to capture more of the fast-expanding cross-border e-commerce market.</li>
<li>Fast growing, and Zozo-owned, online mall Yutori buys a cosmetics brand and in a sign of the serous labour shortage, Familymart moves to single manager franchises.</li>
</ul>


Key events in Japanese retailing this week include Muji raising forecasts for this FY and opening its biggest store ever, at 8,500 sqm as it goes after the food market.
LINE Yahoo acquires Beenos in a bid to capture more of the fast-expanding cross-border e-commerce market.
Fast growing, and Zozo-owned, online mall Yutori buys a cosmetics brand and in a sign of the serous labour shortage, Familymart moves to single manager franchises.


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.</li>
<li>EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.</li>
<li>Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.</li>
</ul>


Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.
EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.
Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.


Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

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)

ABC Mart to Double Stores for Oshman's

ABC Mart is doing all the right things in Japan: category expansion, more premium brands, and more banners, all helping drive sales and healthy op....

Michael Causton

Japan's Banks - Lending Is Strong, Loan Officer Survey Suggests More, Credit Costs Can Be Low

Japan's banks are seeing good loan volume and diffusion index on Tankan Survey and loan officer survey suggests there is more to come. Selling...

Daniel Tabbush

Outlook: Expect Foreign Fund Inflows into Asia, Including Thailand, If Trump Signals No Rush to Raise Import Tariffs, While Dividend Yields Are Helping Support the Market

KTX expects a pullback with the support levels at 1,280/1,273 points and the resistance at 1,334/1,364 points, though there could be a positive...

Krungthai XSpring

Japan's Retail Week

Japanese retailing sees major developments: Muji expands, LINE Yahoo acquires Beenos, Yutori buys cosmetics brand, and Familymart shifts to single...

Michael Causton

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ABC Mart to Double Stores for Oshman's

ABC Mart is doing all the right things in Japan: category expansion, more premium brands, and more banners, all helping drive sales and healthy op....

Michael Causton

Japan's Banks - Lending Is Strong, Loan Officer Survey Suggests More, Credit Costs Can Be Low

Japan's banks are seeing good loan volume and diffusion index on Tankan Survey and loan officer survey suggests there is more to come. Selling...

Daniel Tabbush

Outlook: Expect Foreign Fund Inflows into Asia, Including Thailand, If Trump Signals No Rush to Raise Import Tariffs, While Dividend Yields Are Helping Support the Market

KTX expects a pullback with the support levels at 1,280/1,273 points and the resistance at 1,334/1,364 points, though there could be a positive...

Krungthai XSpring

Japan's Retail Week

​Japanese retailing sees major developments: Muji expands, LINE Yahoo acquires Beenos, Yutori buys cosmetics brand, and Familymart shifts to single...

Michael Causton

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Japanese retailing sees major developments: Muji expands, LINE Yahoo acquires Beenos, Yutori buys cosmetics brand, and Familymart shifts to single...