Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Oasis has launched a hostile campaign against Tsuruha, one of the largest drug store chains in Japan</li>
<li>The company’s corporate governance needs a serious overhaul - the board is entrenched and dominated by the founding families</li>
<li>Shareholders will need to elect a Board with more independence and a greater skillset to navigate industry consolidation</li>
</ul>


Oasis has launched a hostile campaign against Tsuruha, one of the largest drug store chains in Japan
The company’s corporate governance needs a serious overhaul - the board is entrenched and dominated by the founding families
Shareholders will need to elect a Board with more independence and a greater skillset to navigate industry consolidation


Japan Weekly | Oasis Prescribe New Medicine for Tsuruha

<ul>
<li>OVERSEAS. Hawish Powell wraps up testimony; Global Rate Hikes - from UK to Norway; SPX +0.4% gains despite rise in Yields;  Confirmed- Titanic Sub Crew confirmed dead</li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle amid rise in US yields; Foreigners continue to buy Japan;  Corp Governance loss  as Cosmo(5021) approve Poison Pill</li>
<li>NUGGET. Daikin(6367)- A Global Best in Class and winner - but waiting for a pull back to jump in.</li>
</ul>


OVERSEAS. Hawish Powell wraps up testimony; Global Rate Hikes - from UK to Norway; SPX +0.4% gains despite rise in Yields;  Confirmed- Titanic Sub Crew confirmed dead
JAPAN. NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle amid rise in US yields; Foreigners continue to buy Japan;  Corp Governance loss  as Cosmo(5021) approve Poison Pill
NUGGET. Daikin(6367)- A Global Best in Class and winner - but waiting for a pull back to jump in.


Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

<ul>
<li>OVERSEAS.  Hawkish Fed Pause is Powell telegraphs +50bps hikes this year; SPX flat with most Sectors in the Red; PPI comfort as shows inflation declining; NVIDIA on the roll Again</li>
<li>JAPAN. NKY Futs +0.3% vs Cash;  Positive earning revisions driving NKY;  Investors Cheer Toyotas revamped EV strategy + votes back in board; Oasis tgts Tsuruha board; Slow Uniqlo China momentum</li>
<li>NUGGET. The Japan Renewables(+Nuclear) Opportunity. Japan is lagging in it's Renewables ramp. The government's 2030 GHG reduction commitment presents signifcant opportunities.</li>
</ul>


OVERSEAS.  Hawkish Fed Pause is Powell telegraphs +50bps hikes this year; SPX flat with most Sectors in the Red; PPI comfort as shows inflation declining; NVIDIA on the roll Again
JAPAN. NKY Futs +0.3% vs Cash;  Positive earning revisions driving NKY;  Investors Cheer Toyotas revamped EV strategy + votes back in board; Oasis tgts Tsuruha board; Slow Uniqlo China momentum
NUGGET. The Japan Renewables(+Nuclear) Opportunity. Japan is lagging in it's Renewables ramp. The government's 2030 GHG reduction commitment presents signifcant opportunities.


Ohayo Japan |Hawkish Fed Pause; SPX Falters; NUGGET: The Japan Renewables(+Nuclear) Opportunity

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. 

<ul>
<li>Drugstores were already the fastest growing format before Covid and the health scare only improved their performance further.</li>
<li>Several of the largest chains are now powerful players in food, using their non-food base to shake up the supermarket sector in ways that Japan has never seen before.</li>
<li>Being price-led, inflation is only helping them along, with a much greater capacity to hold down prices than mainstream supermarkets.</li>
</ul>


Drugstores were already the fastest growing format before Covid and the health scare only improved their performance further.
Several of the largest chains are now powerful players in food, using their non-food base to shake up the supermarket sector in ways that Japan has never seen before.
Being price-led, inflation is only helping them along, with a much greater capacity to hold down prices than mainstream supermarkets.


Discount Drugstores Challenging Japanese Supermarkets

<ul>
<li>Inflation remains the biggest headwind but most retail formats will see growth in 2023 with e-commerce expected to become the largest channel in the next 18 months.</li>
<li>Supermarkets are ripe for consolidation as new competitors emerge from the discount sector and online while convenience stores will consolidate further in a saturated sector.</li>
<li>Department stores will rebound further but only the leading firms will survive in a contracting sector.</li>
</ul>


Inflation remains the biggest headwind but most retail formats will see growth in 2023 with e-commerce expected to become the largest channel in the next 18 months.
Supermarkets are ripe for consolidation as new competitors emerge from the discount sector and online while convenience stores will consolidate further in a saturated sector.
Department stores will rebound further but only the leading firms will survive in a contracting sector.


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)

Japan Weekly | Oasis Prescribe New Medicine for Tsuruha

Oasis has launched a hostile campaign against Tsuruha, one of the largest drug store chains in Japan. This is not about poor capital allocation,...

Mark Chadwick

Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

SPX up despite Fed/Global CB hawkishness; NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle; Foreigners continue to buy Japan; Corp Governance...

Mark Chadwick

Ohayo Japan |Hawkish Fed Pause; SPX Falters; NUGGET: The Japan Renewables(+Nuclear) Opportunity

Hawkish Fed Pause; Stocks falter; NKY Futs +0.3% vs Cash; Investors Cheer Toyotas revamped EV strategy;votes back in board; Tsuruha in Oasis's...

Mark Chadwick

Discount Drugstores Challenging Japanese Supermarkets

Japan's supermarkets are facing unprecedented challenges from new competition in e-commerce but especially drugstores. We highlight the winners in...

Michael Causton

Outlook for Japanese Retail in 2023

Most Japanese retailers can look forward to a good year in 2023 but there will be challenges for formats like supermarkets where consolidation is...

Michael Causton

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