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>Kusuri no Aoki is hugely successful but shareholder pressure is a problem. </li>
<li>This provides an insight into some of the current dynamics in the retail sector now that foreign capital is so involved.</li>
<li>Like Tsuruha, the Ishikawa company faces activist fund intervention and, also like Tsuruha, Aeon seems to be waiting in the wings to snap up the company.</li>
</ul>


Kusuri no Aoki is hugely successful but shareholder pressure is a problem. 
This provides an insight into some of the current dynamics in the retail sector now that foreign capital is so involved.
Like Tsuruha, the Ishikawa company faces activist fund intervention and, also like Tsuruha, Aeon seems to be waiting in the wings to snap up the company.


Kusuri No Aoki: Activist Pressure and Another Aeon Target

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Feb 27th. The aggregated net margin trading position is USD24,962m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Rakuten Bank, Lasertec, Disco, Kandenko, Toho, SoftBank, Advantest, Sanrio, Tokyo Electron, Create Restaurants.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Feb 27th. The aggregated net margin trading position is USD24,962m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Rakuten Bank, Lasertec, Disco, Kandenko, Toho, SoftBank, Advantest, Sanrio, Tokyo Electron, Create Restaurants.


JPX Margin Trading Weekly (Feb 27th): Rakuten Bank, Lasertec, Disco, Kandenko, Toho, SoftBank

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This morning, Elliott made its case to interested investors, explaining much of its presentation and the possible choices investors face. TF's average buy price is &lt;¥18,000. Q3 BVPS likely ¥20k+.</li>
<li>But of course, realtime BVPS is higher, and transaction structure BVPS comes out near ¥24k. This is too cheap. Still. </li>
<li>Post-Close today, BidCo said "[The TOB Price] is the best possible price that reflects the intrinsic value of [TICO]". That tells me and many others, Bidco isn't the right buyer. </li>
</ul>


This morning, Elliott made its case to interested investors, explaining much of its presentation and the possible choices investors face. TF's average buy price is &lt;¥18,000. Q3 BVPS likely ¥20k+.
But of course, realtime BVPS is higher, and transaction structure BVPS comes out near ¥24k. This is too cheap. Still. 
Post-Close today, BidCo said "[The TOB Price] is the best possible price that reflects the intrinsic value of [TICO]". That tells me and many others, Bidco isn't the right buyer. 


[Japan M&A/Activism] Toyota RE Says No Bump for Toyota Inds (6201) Part III - Elliott Makes Its Case

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten, Sumitomo Mitsui Financial.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten, Sumitomo Mitsui Financial.


MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

David Blennerhassett

Hisamitsu Pharmaceutical Co / Event-Driven

<ul>
<li>For January 2026, 6 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$8bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in January was ~42%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For January 2026, 6 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$8bn.
The average premium for the new transactions announced (or first discussed) in January was ~42%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A, Jan 2026 Wrap: Hisamitsu Pharma, IJM Corp, Sankei Real Estate, BioDlink, Skyworth

Japan

TSURUHA HOLDINGS INC. is a holding company which manages subsidiaries that operate drug stores in Hokkaido and the Tohoku area.  The Company's product line includes drugs, cosmetics, and household utensils.

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Tsuruha Holdings (3391 JP)

Kusuri No Aoki: Activist Pressure and Another Aeon Target

Kusuri no Aoki faces shareholder pressure amid foreign capital involvement, mirroring dynamics in retail sector with activist fund intervention...

Michael Causton

JPX Margin Trading Weekly (Feb 27th): Rakuten Bank, Lasertec, Disco, Kandenko, Toho, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Rakuten Bank, Lasertec, Disco, Kandenko, Toho, SoftBank,...

Ke Yan, CFA, FRM

[Japan M&A/Activism] Toyota RE Says No Bump for Toyota Inds (6201) Part III - Elliott Makes Its Case

Elliott today made a technical filing, with a slightly larger position (7.14% vs 6.65%) They bought shares at a pace of 5-7bp of outstanding per...

Travis Lundy

MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

We analyzed MS-Japan's consensus for Jan 2026 and highlighted changes of EPS in Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten,...

Ke Yan, CFA, FRM

Asia-Pac M&A, Jan 2026 Wrap: Hisamitsu Pharma, IJM Corp, Sankei Real Estate, BioDlink, Skyworth

For the month of Jan 2026, 6 new deals were discussed on Smartkarma with an overall deal size of ~US$8bn. The average premium for these new deals...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kusuri No Aoki: Activist Pressure and Another Aeon Target

​Kusuri no Aoki faces shareholder pressure amid foreign capital involvement, mirroring dynamics in retail sector with activist fund intervention...

Michael Causton

JPX Margin Trading Weekly (Feb 27th): Rakuten Bank, Lasertec, Disco, Kandenko, Toho, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Rakuten Bank, Lasertec, Disco, Kandenko, Toho, SoftBank,...

Ke Yan, CFA, FRM

[Japan M&A/Activism] Toyota RE Says No Bump for Toyota Inds (6201) Part III - Elliott Makes Its Case

Elliott today made a technical filing, with a slightly larger position (7.14% vs 6.65%) They bought shares at a pace of 5-7bp of outstanding per...

Travis Lundy

MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

We analyzed MS-Japan's consensus for Jan 2026 and highlighted changes of EPS in Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten,...

Ke Yan, CFA, FRM

Asia-Pac M&A, Jan 2026 Wrap: Hisamitsu Pharma, IJM Corp, Sankei Real Estate, BioDlink, Skyworth

For the month of Jan 2026, 6 new deals were discussed on Smartkarma with an overall deal size of ~US$8bn. The average premium for these new deals...

David Blennerhassett

Kusuri no Aoki faces shareholder pressure amid foreign capital involvement, mirroring dynamics in retail sector with activist fund intervention...