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>Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.</li>
<li>Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.</li>
<li>Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.</li>
</ul>


Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.
Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.
Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.


<ul>
<li>TSI seems to be following a strategy of diversify or die. It is using its vast cash resources to invest in and build new businesses with some success.</li>
<li>But it also has a couple of compelling brands in strong growth sectors, particularly in golf, providing growth of nearly 50% last year in one case.</li>
<li>This isn't enough to sustain overall growth however and more needs to be done to get on to a more secure footing.</li>
</ul>


TSI seems to be following a strategy of diversify or die. It is using its vast cash resources to invest in and build new businesses with some success.
But it also has a couple of compelling brands in strong growth sectors, particularly in golf, providing growth of nearly 50% last year in one case.
This isn't enough to sustain overall growth however and more needs to be done to get on to a more secure footing.


Japan Apparel Diversification: TSI Tries New Markets

<ul>
<li>The outlook for big apparel remains uncertain; most executives are optimistic about a rebound in sales of premium apparel brands, they are also running around looking for ways to diversify.</li>
<li>Despite years of closing stores and a recent re-listing, <a href="https://www.smartkarma.com/entities/world-co-ltd" target="_blank" data-smartkarma-citation="entities:27437:1" rel="noopener">World Co Ltd (3612 JP)</a> remains in uncertain territory as it tries to boost sales of key brands.</li>
<li>More brands may need to close but the apparel firm is at least investing in new ventures, even if small scale.</li>
</ul>


The outlook for big apparel remains uncertain; most executives are optimistic about a rebound in sales of premium apparel brands, they are also running around looking for ways to diversify.
Despite years of closing stores and a recent re-listing, World Co Ltd (3612 JP) remains in uncertain territory as it tries to boost sales of key brands.
More brands may need to close but the apparel firm is at least investing in new ventures, even if small scale.


Japan Apparel Rethink: World Tries Diversification

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shimamura-co-ltd" target="_blank" data-smartkarma-citation="entities:15213:1" rel="noopener">Shimamura (8227 JP)</a> is on a roll at the moment, clawing back share after a troubled few years of mis-merchandising and confused targeting.</li>
<li>After a record year, Shimamura now thinks its merchandise teams are strong enough to take on urban centre consumers – without raising operating costs. This could be a worry for Uniqlo.</li>
<li>Shimamura has tried this before but back then its focus was on young women and had weaker merchandising skills. This time around too urban consumers want more discount apparel.</li>
</ul>



Shimamura (8227 JP) is on a roll at the moment, clawing back share after a troubled few years of mis-merchandising and confused targeting.
After a record year, Shimamura now thinks its merchandise teams are strong enough to take on urban centre consumers – without raising operating costs. This could be a worry for Uniqlo.
Shimamura has tried this before but back then its focus was on young women and had weaker merchandising skills. This time around too urban consumers want more discount apparel.


Shimamura Back on Track, Targeting Urban Centres

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.</li>
<li>Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. </li>
<li>The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.</li>
</ul>


TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.
Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. 
The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.


TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

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)

Sanyo Shokai: More Unfulfilled Promises

Sanyo Shokai has promised a return to profit for more than five years. There seems to be more chance than for years for this to happen but it...

Michael Causton

Japan Apparel Diversification: TSI Tries New Markets

TSI had a better 2021 than its peers but only thanks to golf. More work is being done and it has some interesting new ventures but growth may not...

Michael Causton

Japan Apparel Rethink: World Tries Diversification

Japan's big apparel firms have slashed operations and remain bullish about their outlook despite a lot of data to the contrary. Growth won't be...

Michael Causton

Shimamura Back on Track, Targeting Urban Centres

Shimamura has fixed many underlying problems and looks stronger than in a decade. It is now targeting city centres and the athleisure and golf...

Michael Causton

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

TSI Holdings is a long-time value name. It has a bigger portfolio, still has low ROE high CF, and LOTS of financial assets. At 0.03x EV/rev +...

Travis Lundy

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