Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX +1.1% rebounds on Tech and Consumer led rally post strong housing, consumer confidence numbers; AI led names back strong after recent profit taking; China Primier says more stimulus</li>
<li>JAPAN. NKY Futs +0.8% vs Cash; USDJPY 144.1;  Speculation grows on MoF Yen intervention as Japan appoints official who led last years intervention; Nintendo Family Office prevails over Toyo Construction</li>
<li>NUGGET. KEPCO(9503) formed a 50-50 JV with US DataCenter specialist CyrusOne. Will look to get 900MW over then next 10 years.  Could be significant future earnings driver for KEPCO.</li>
</ul>


OVERSEAS. SPX +1.1% rebounds on Tech and Consumer led rally post strong housing, consumer confidence numbers; AI led names back strong after recent profit taking; China Primier says more stimulus
JAPAN. NKY Futs +0.8% vs Cash; USDJPY 144.1;  Speculation grows on MoF Yen intervention as Japan appoints official who led last years intervention; Nintendo Family Office prevails over Toyo Construction
NUGGET. KEPCO(9503) formed a 50-50 JV with US DataCenter specialist CyrusOne. Will look to get 900MW over then next 10 years.  Could be significant future earnings driver for KEPCO.


Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

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>Inbound tourism only got going again from October but the pent up demand to visit Japan has meant a surge in visitors. </li>
<li>Since many tourists also have stuffed wallets due to curtailed spending during the pandemic and the Yen is at very low levels, there is much higher spending. </li>
<li>Key beneficiaries are listed below among department stores, premium fashion stores and drugstores.</li>
</ul>


Inbound tourism only got going again from October but the pent up demand to visit Japan has meant a surge in visitors. 
Since many tourists also have stuffed wallets due to curtailed spending during the pandemic and the Yen is at very low levels, there is much higher spending. 
Key beneficiaries are listed below among department stores, premium fashion stores and drugstores.


Inbound Tourism up 50%, Spending Almost at 2019 Levels

<ul>
<li>As outlined in an overview on Japanese drugstores, the sector has outperformed all retail formats and grown 30% since 2015.</li>
<li>The sector continues to consolidate too, with greater share for a smaller number of leading firms.</li>
<li>This is being driven by organic expansion in and outside drugstores as well as M&amp;A, with a lot more of both to come.</li>
</ul>


As outlined in an overview on Japanese drugstores, the sector has outperformed all retail formats and grown 30% since 2015.
The sector continues to consolidate too, with greater share for a smaller number of leading firms.
This is being driven by organic expansion in and outside drugstores as well as M&amp;A, with a lot more of both to come.


<ul>
<li>The drugstore sector is now 30% larger than it was in 2015, the fastest growth of any retail channel other than e-commerce. </li>
<li>In 2020 and 2021 that growth continued, with only some minor signs of slowing after the boost that many chains enjoyed at the beginning of the pandemic. </li>
<li>Expansion into food means that drugstores are fast becoming competitors to other retailers and, by 2025, the sector could even break ¥10 trillion, matching the size of convenience stores.</li>
</ul>


The drugstore sector is now 30% larger than it was in 2015, the fastest growth of any retail channel other than e-commerce. 
In 2020 and 2021 that growth continued, with only some minor signs of slowing after the boost that many chains enjoyed at the beginning of the pandemic. 
Expansion into food means that drugstores are fast becoming competitors to other retailers and, by 2025, the sector could even break ¥10 trillion, matching the size of convenience stores.


Japanese Drugstores: The Best Retail Bet Japan Has

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

• RESULTS - 6th APRIL •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/143/original/image_48903433121617743112480.png?1617743113" class="editor-image img-responsive" data-smartkarma-image-id="199143"></figure><div class="content-caption"> Source for all charts &amp; tables: Japan Analytics</div>RESULTS - A weak fourth quarter and cautious interim forecast from drugstore <a href="https://www.smartkarma.com/entities/sugi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:9255:1" rel="noopener">Sugi (7649 JP)</a> should cap its recent three-month 29% rally. Meanwhile, <a href="https://www.smartkarma.com/entities/san-a-co-ltd" target="_blank" data-smartkarma-citation="entities:20755:1" rel="noopener">San-A (2659 JP)</a> continues to see margin compression but expects a reversal in the new fiscal year. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/144/original/image_43671087431617743435802.png?1617743436" class="editor-image img-responsive" data-smartkarma-image-id="199144"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/145/original/image_77617965041617743669042.png?1617743669" class="editor-image img-responsive" data-smartkarma-image-id="199145"></figure>• FORECASTS/REVISIONS - 5th APRIL •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/146/original/image_76585369451617743732286.png?1617743732" class="editor-image img-responsive" data-smartkarma-image-id="199146"></figure>FORECASTS/REVISIONS - <a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson (2651 JP)</a>  revises up but to below TTM, while <a href="https://www.smartkarma.com/entities/takashimaya-co-ltd" target="_blank" data-smartkarma-citation="entities:370:1" rel="noopener">Takashimaya (8233 JP)</a> expects to finish the year with a ¥34 billion net loss.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/147/original/image_68585463461617743969672.png?1617743970" class="editor-image img-responsive" data-smartkarma-image-id="199147"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/149/original/image_25082609781617744023412.png?1617744024" class="editor-image img-responsive" data-smartkarma-image-id="199149"></figure>

• RESULTS - 6th APRIL • Source for all charts &amp; tables: Japan AnalyticsRESULTS - A weak fourth quarter and cautious interim forecast from drugstore Sugi (7649 JP) should cap its recent three-month 29% rally. Meanwhile, San-A (2659 JP) continues to see margin compression but expects a reversal in the new fiscal year. • FORECASTS/REVISIONS - 5th APRIL •FORECASTS/REVISIONS - Lawson (2651 JP)  revises up but to below TTM, while Takashimaya (8233 JP) expects to finish the year with a ¥34 billion net loss.

🇯🇵 JAPAN • Results & Revisions 04/​​06  -Sugi, San-A & Lawson

Japan

SUGI HOLDINGS CO., LTD. operates a chain of drug stores located mainly in Aichi Prefecture.  The Company sells prescription and nonprescription medicine, cosmetics, health foods, and general merchandise.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sugi Holdings (7649 JP)

Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

US stocks rebound on strong Macro; NKY Futs +0.8% vs Cash; USDJPY 144.1; Speculation grows on MoF Yen intervention; Nintendo Family Office...

Mark Chadwick

Inbound Tourism up 50%, Spending Almost at 2019 Levels

Of course inbound tourism will rebound in Japan in 2023 but spending per visitor may well exceed 2019 levels due to the weak Yen and full wallets....

Michael Causton

Drugstores in Japan: Winners and Losers

Japan's drugstore sector continues to grow but only a few retailers will emerge as winners as competitors carve out greater market share.

Michael Causton

Japanese Drugstores: The Best Retail Bet Japan Has

Japan's drugstore sector has been written off by many leading analysts in the past. They were wrong then and are wrong now. The sector has plenty...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 04/06 -Sugi, San-A & Lawson

RESULTS - A weak fourth quarter and cautious interim forecast from drugstore Sugi (7649 JP) should cap its recent three-month 29% rally.

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

US stocks rebound on strong Macro; NKY Futs +0.8% vs Cash; USDJPY 144.1; Speculation grows on MoF Yen intervention; Nintendo Family Office...

Mark Chadwick

Inbound Tourism up 50%, Spending Almost at 2019 Levels

Of course inbound tourism will rebound in Japan in 2023 but spending per visitor may well exceed 2019 levels due to the weak Yen and full wallets....

Michael Causton

Drugstores in Japan: Winners and Losers

Japan's drugstore sector continues to grow but only a few retailers will emerge as winners as competitors carve out greater market share.

Michael Causton

Japanese Drugstores: The Best Retail Bet Japan Has

Japan's drugstore sector has been written off by many leading analysts in the past. They were wrong then and are wrong now. The sector has plenty...

Michael Causton

🇯🇵 JAPAN • Results & Revisions 04/​​06 -Sugi, San-A & Lawson

RESULTS - A weak fourth quarter and cautious interim forecast from drugstore Sugi (7649 JP) should cap its recent three-month 29% rally.

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 04/06 -Sugi, San-A & Lawson