Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Keisei Electric Railway Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> share price has increased but not run ahead of its fundamentals.</li>
<li>Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.</li>
<li>Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.</li>
</ul>



Keisei Electric Railway Co (9009 JP) share price has increased but not run ahead of its fundamentals.
Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.
Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.


Keisei Electric Rail (9009): Can Be Higher

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. 

Thematic (Sector/Industry)

<ul>
<li>If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.</li>
<li>Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.</li>
<li>Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.</li>
</ul>


If you need a quick overview of Japan's retail sectors and the winners and losers within, the following provides an update on 2023 and where things are headed in 2024.
Drugstore consolidation continues but so does the sector's encroachment on supermarkets while leaders in department stores are delivering record profits and lifestyle retailing is back.
Some of the best performers compared to initial forecasts include Matsuya, ABC Mart, Adastria, Isetan-Mitsukoshi, Takashimaya, Kintetsu, J Front Retailing and Lawson.


Japan Retail Update: Winners and Losers as FY2023 Ends

<ul>
<li>Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. </li>
<li>The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.</li>
<li>Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.</li>
</ul>


Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. 
The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.
Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.


Japan Shopping Malls: More Proactive and Disciplined Post-Covid

<ul>
<li>Takashimaya saw a strong increase in sales in 1H2023, helping profit rise to record levels with much of the growth coming from clothing and expects similar for the full year. </li>
<li>Unlike many rivals, the department store is not at all sanguine about the prospects for continued growth in luxury sales and the inbound tourist market - calling it a bubble.</li>
<li>It is instead emphasising profit growth over higher sales by targeting locals through store upgrades and better cost performance clothing – while also closing stores that are no longer viable.</li>
</ul>


Takashimaya saw a strong increase in sales in 1H2023, helping profit rise to record levels with much of the growth coming from clothing and expects similar for the full year. 
Unlike many rivals, the department store is not at all sanguine about the prospects for continued growth in luxury sales and the inbound tourist market - calling it a bubble.
It is instead emphasising profit growth over higher sales by targeting locals through store upgrades and better cost performance clothing – while also closing stores that are no longer viable.


Takashimaya: At Last a Revival in Department Store Profits

<ul>
<li>While big city department stores have only lost 12.8% of sales since 2009, regional stores have lost 45%, emphasising how wide the gap in performance has become. </li>
<li>But Japan is also witnessing the emergence of a new elite group of department stores who are far ahead even of their big city peers.</li>
<li>This elite group have found more traction among the new wealthy and affluent city dwellers and growth is set to continue, with record sales and – especially – profit.</li>
</ul>


While big city department stores have only lost 12.8% of sales since 2009, regional stores have lost 45%, emphasising how wide the gap in performance has become. 
But Japan is also witnessing the emergence of a new elite group of department stores who are far ahead even of their big city peers.
This elite group have found more traction among the new wealthy and affluent city dwellers and growth is set to continue, with record sales and – especially – profit.


Japan's Department Stores: Elitism Rules and There's Profit in It

Japan

Takashimaya Company, Limited., founded in Kyoto in 1831, operates department stores.  The Company's main stores are located in Tokyo, Osaka, and Kyoto. Takashimaya also operates department stores in Paris, France, Singapore, China, Australia, and New York, USA.  The Company retails clothing, foods, art objects, sundry goods, and household utensils.  The Company also operates restaurants.

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Takashimaya (8233 JP)

Keisei Electric Rail (9009): Can Be Higher

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

Japan Retail Update: Winners and Losers as FY2023 Ends

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Takashimaya: At Last a Revival in Department Store Profits

Takashimaya's strong sales boost profits to record levels. It warns of a luxury sales bubble and is shifting focus to local customers and expects...

Michael Causton

Japan's Department Stores: Elitism Rules and There's Profit in It

Regional department stores in Japan have lost 45% of sales since 2009, while big city stores have only lost 12.8% and a new elite group of...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Keisei Electric Rail (9009): Can Be Higher

​Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

Japan Retail Update: Winners and Losers as FY2023 Ends

​Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Michael Causton

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

​Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Takashimaya: At Last a Revival in Department Store Profits

​Takashimaya's strong sales boost profits to record levels. It warns of a luxury sales bubble and is shifting focus to local customers and expects...

Michael Causton

Japan's Department Stores: Elitism Rules and There's Profit in It

​Regional department stores in Japan have lost 45% of sales since 2009, while big city stores have only lost 12.8% and a new elite group of...

Michael Causton

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Summary: Japan's retail sectors in 2023 saw drugstore consolidation and encroachment on supermarkets, while dept. stores and lifestyle retailing...

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Takashimaya's strong sales boost profits to record levels. It warns of a luxury sales bubble and is shifting focus to local customers and expects...

Regional department stores in Japan have lost 45% of sales since 2009, while big city stores have only lost 12.8% and a new elite group of...