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. 

Event-Driven

<ul>
<li>Like all the big apparel firms, TSI sees diversification as one of the few ways to find growth in a contracting market. </li>
<li>It has the cash to do this and has just bought Daytona, the respected operator of the Freak’s store chain.</li>
<li>It will use its access to capital to accelerate expansion for new fashion chains.</li>
</ul>


Like all the big apparel firms, TSI sees diversification as one of the few ways to find growth in a contracting market. 
It has the cash to do this and has just bought Daytona, the respected operator of the Freak’s store chain.
It will use its access to capital to accelerate expansion for new fashion chains.


TSI Buys Freak’s Store Owner Daytona International

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>A bit over three years ago I <a href="https://www.smartkarma.com/insights/tsi-holdings-3608-that-old-gem-lots-of-visible-cash-and-lots-more-invisible-cash" target="_blank" rel="noopener">re-wrote</a> on <a href="https://www.smartkarma.com/entities/tsi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19259:1" rel="noopener">Tsi Holdings (3608 JP)</a>. Then? EV/Revenue and EV/EBITDA of 0.03x and 0.5x respectively. I pounded the table. </li>
<li>My recommended trade: "Buy the stock (preferably from cross-holders interested in selling). Buy with both hands. Buy a lot. Buy more later. Pressure the company to go private."
</li>
<li>Since then, total return has been +295%. Today they announced another buyback. Tomorrow morning it gets done. Details details details!</li>
</ul>


A bit over three years ago I re-wrote on Tsi Holdings (3608 JP). Then? EV/Revenue and EV/EBITDA of 0.03x and 0.5x respectively. I pounded the table. 
My recommended trade: "Buy the stock (preferably from cross-holders interested in selling). Buy with both hands. Buy a lot. Buy more later. Pressure the company to go private."

Since then, total return has been +295%. Today they announced another buyback. Tomorrow morning it gets done. Details details details!


TSI Holdings (3608) - YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Tsi Holdings (3608 JP) is a leading apparel company in Japan. Net cash was 45 billion yen at end of February 2025, representing 58% of its current market cap.</li>
<li>The company has an excellent record of increasing its BPS, reducing outstanding shares, and buying back shares. Valuations have become more attractive.</li>
<li>Its share price has had a nice pullback in the past three months (down 22% from its peak levels in February 2025). </li>
</ul>


Tsi Holdings (3608 JP) is a leading apparel company in Japan. Net cash was 45 billion yen at end of February 2025, representing 58% of its current market cap.
The company has an excellent record of increasing its BPS, reducing outstanding shares, and buying back shares. Valuations have become more attractive.
Its share price has had a nice pullback in the past three months (down 22% from its peak levels in February 2025). 


TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> is elevated vs. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> as the accretion trade unfolds.</li>
<li>As rates go up, investors may opt for direct exposure to <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, as opposed to <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> indirectly, contributing to short squeezing JPB.</li>
<li>Expect near-term weakness in <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, IF the exclusivity with Blackrock/MSC ends this weekend without resolution.</li>
</ul>



Prosus NV (PRX NA) is elevated vs. Tencent (700 HK) as the accretion trade unfolds.
As rates go up, investors may opt for direct exposure to Japan Post Bank (7182 JP), as opposed to Japan Post Holdings (6178 JP) indirectly, contributing to short squeezing JPB.
Expect near-term weakness in CK Hutchison Holdings (1 HK), IF the exclusivity with Blackrock/MSC ends this weekend without resolution.


Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

<ul>
<li>Buybacks are a central part of Corporate Japan's effort to improve corporate/capital governance. Lots of cross-holders want/need to sell. Lots of companies want to reduce excess equity.</li>
<li>This earnings season has seen a LOT of new buybacks announced. ¥7.3trln in the last month and that doesn't even include the biggest buybacks extant by March-end companies.</li>
<li>We are experimenting with new ways of displaying data/analytics for buybacks in Japan. To that end, we have a new tool. We hope users find it useful. We invite feedback.</li>
</ul>


Buybacks are a central part of Corporate Japan's effort to improve corporate/capital governance. Lots of cross-holders want/need to sell. Lots of companies want to reduce excess equity.
This earnings season has seen a LOT of new buybacks announced. ¥7.3trln in the last month and that doesn't even include the biggest buybacks extant by March-end companies.
We are experimenting with new ways of displaying data/analytics for buybacks in Japan. To that end, we have a new tool. We hope users find it useful. We invite feedback.


[Japan Buybacks] ¥7.3trln of Buybacks Announced In the Last Month - Data on Each, Plus History

Japan

TSI Holdings Company Ltd. manufactures men's and women's clothing, and retails women's clothing.  The Company produces and sells coats, dresses, suits, sweaters, shirts, skirts, and pants.

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Tsi Holdings (3608 JP)

TSI Buys Freak’s Store Owner Daytona International

TSI buys Daytona to diversify and accelerate growth in a shrinking market by expanding fashion chains but the latter will also likely take over...

Michael Causton

TSI Holdings (3608) - YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow

TSI Holding is launching another large buyback tomorrow. This is a big upgrade from the buyback announced a week-plus ago. On a cap structure...

Travis Lundy

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Buybacks] ¥7.3trln of Buybacks Announced In the Last Month - Data on Each, Plus History

Japan saw ¥7.3trln of buybacks announced in the March-end earnings season. Here we offer a tool to see them all, and past buyback patterns of each...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSI Buys Freak’s Store Owner Daytona International

​TSI buys Daytona to diversify and accelerate growth in a shrinking market by expanding fashion chains but the latter will also likely take over...

Michael Causton

TSI Holdings (3608) - YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow

TSI Holding is launching another large buyback tomorrow. This is a big upgrade from the buyback announced a week-plus ago. On a cap structure...

Travis Lundy

TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks

Tsi Holdings is a leading apparel company in Japan. Net cash is 58% of market cap. It has an excellent record of buying back shares. Recent pull...

Douglas Kim

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Buybacks] ¥7.3trln of Buybacks Announced In the Last Month - Data on Each, Plus History

Japan saw ¥7.3trln of buybacks announced in the March-end earnings season. Here we offer a tool to see them all, and past buyback patterns of each...

Travis Lundy

TSI buys Daytona to diversify and accelerate growth in a shrinking market by expanding fashion chains but the latter will also likely take over...