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>Aeon is continuing its programme of subsidiary consolidation and reorganisation, with profitability improving rapidly as a result. </li>
<li>In the capital, Aeon Food Style will consolidate multiple banners, while in Kansai, Daiei will merge with Kohyo.</li>
<li>Aeon is (finally) moving towards a much more consolidated model, reducing duplication, and fusing large procurement capacity with localised knowledge but there is still so much fat to cut.</li>
</ul>


Aeon is continuing its programme of subsidiary consolidation and reorganisation, with profitability improving rapidly as a result. 
In the capital, Aeon Food Style will consolidate multiple banners, while in Kansai, Daiei will merge with Kohyo.
Aeon is (finally) moving towards a much more consolidated model, reducing duplication, and fusing large procurement capacity with localised knowledge but there is still so much fat to cut.


Aeon Restructures Mid-Sized Supermarkets in Kansai and Tokyo but Is It Enough?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sbi-shinsei-bank-8303-jp-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:211376" rel="noopener">SBI Shinsei Bank (8303 JP) IPO: The Investment Case</a><a href="https://www.smartkarma.com/insights/sbi-shinsei-bank-8303-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:211514" rel="noopener"> </a>and <a href="https://www.smartkarma.com/insights/sbi-shinsei-bank-8303-jp-ipo-price-range-is-attractive" target="_blank" data-smartkarma-citation="insights:212880" rel="noopener">SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive</a>.</li>
<li>The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.</li>
</ul>



SBI Shinsei Bank (8303 JP) is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.
I previously discussed the IPO in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive.
The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.


SBI Shinsei Bank (8303 JP) IPO: Trading Debut

<ul>
<li>The convenience store sector is not only saturated but also facing serious levels of new competition. Despite this, Seven Eleven posted much higher growth in November but problems remain.</li>
<li>The big 3 are working hard to innovate their way out of trouble and move on to new, fertile pastures of growth but Seven Eleven is behind Lawson and Familymart.</li>
<li>Innovation means high levels of differentiation across prices, tech, services and merchandising, making each chain much more distinctive and a fascinating example of where Japanese retail is headed.</li>
</ul>


The convenience store sector is not only saturated but also facing serious levels of new competition. Despite this, Seven Eleven posted much higher growth in November but problems remain.
The big 3 are working hard to innovate their way out of trouble and move on to new, fertile pastures of growth but Seven Eleven is behind Lawson and Familymart.
Innovation means high levels of differentiation across prices, tech, services and merchandising, making each chain much more distinctive and a fascinating example of where Japanese retail is headed.


Seven Eleven: Still a Work in Progress as Lawson and Familymart Innovate

<ul>
<li>Aeon Kyushu will accelerate rollout of its new, small store formats, emulating its parent company’s strategy in Tokyo.</li>
<li>The stores will also challenge local players like Cosmos Pharma and Trial. </li>
<li>A year after opening the first small-format supermarket, it has added an ultra small Maxvalu Express in Fukuoka. </li>
</ul>


Aeon Kyushu will accelerate rollout of its new, small store formats, emulating its parent company’s strategy in Tokyo.
The stores will also challenge local players like Cosmos Pharma and Trial. 
A year after opening the first small-format supermarket, it has added an ultra small Maxvalu Express in Fukuoka. 


Aeon Kyushu: The Future Is Small Format Supermarkets

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.</li>
<li>In this cut, we review CATL's H-share lock-up expiry, iron ore equity opportunities in the face of Simandou's expected supply, and the accelerating consolidation in Japan's consumer sector.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.
In this cut, we review CATL's H-share lock-up expiry, iron ore equity opportunities in the face of Simandou's expected supply, and the accelerating consolidation in Japan's consumer sector.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Powering Down CATL, Iron Ore Plays & Japan Consumer Consolidation

Japan

TRIAL Holdings, Inc. engages in the planning, management, and operation of corporate groups centered on retail, logistics, finance and payment, and retail technology businesses. The firm operates its business through two segments Distribution Retail Business and Retail AI Business. The Distribution Retail Business mainly operates stores such as the discount store Trial. The Retail AI Business mainly engages in research and development aimed at turning stores into smart stores, sales of products related to smart stores, and contract work. The company was founded in April 1974 and is headquartered in Fukuoka, Japan.

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Trial Holdings (141A JP)

Aeon Restructures Mid-Sized Supermarkets in Kansai and Tokyo but Is It Enough?

Aeon is streamlining operations through subsidiary consolidation, leading to improved profitability, with further consolidation efforts underway...

Michael Causton

SBI Shinsei Bank (8303 JP) IPO: Trading Debut

The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.

Arun George

Seven Eleven: Still a Work in Progress as Lawson and Familymart Innovate

Convenience store sector in Japan saturated and facing new competition, big 3 innovating to differentiate but Seven Eleven lagging behind.

Michael Causton

Aeon Kyushu: The Future Is Small Format Supermarkets

Aeon Kyushu is expanding its small store formats in Fukuoka to compete with local players like Cosmos Yakuhin and Trial, following its parent...

Michael Causton

Curator's Cut: Powering Down CATL, Iron Ore Plays & Japan Consumer Consolidation

This Curator's Cut highlights CATL's premium powering down, iron ore opportunities even as Simandou goes live, and Japan's consumer sector...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aeon Restructures Mid-Sized Supermarkets in Kansai and Tokyo but Is It Enough?

​Aeon is streamlining operations through subsidiary consolidation, leading to improved profitability, with further consolidation efforts underway...

Michael Causton

SBI Shinsei Bank (8303 JP) IPO: Trading Debut

The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.

Arun George

Seven Eleven: Still a Work in Progress as Lawson and Familymart Innovate

​Convenience store sector in Japan saturated and facing new competition, big 3 innovating to differentiate but Seven Eleven lagging behind.

Michael Causton

Aeon Kyushu: The Future Is Small Format Supermarkets

​Aeon Kyushu is expanding its small store formats in Fukuoka to compete with local players like Cosmos Yakuhin and Trial, following its parent...

Michael Causton

Curator's Cut: Powering Down CATL, Iron Ore Plays & Japan Consumer Consolidation

This ​Curator's Cut highlights CATL's premium powering down, iron ore opportunities even as Simandou goes live, and Japan's consumer sector...

Pranav Rao

Aeon is streamlining operations through subsidiary consolidation, leading to improved profitability, with further consolidation efforts underway...

Convenience store sector in Japan saturated and facing new competition, big 3 innovating to differentiate but Seven Eleven lagging behind.

Aeon Kyushu is expanding its small store formats in Fukuoka to compete with local players like Cosmos Yakuhin and Trial, following its parent...

This Curator's Cut highlights CATL's premium powering down, iron ore opportunities even as Simandou goes live, and Japan's consumer sector...