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>Tokyo Base struggled during and after Covid, but the promoter of Japanese design has begun to find a new following.</li>
<li>As well as a new generation of Japanese customers thanks to new banners, it is becoming a favourite with inbound tourists, which account for as much as 25% of sales.</li>
<li>It is now planning greater expansion both at home and overseas</li>
</ul>


Tokyo Base struggled during and after Covid, but the promoter of Japanese design has begun to find a new following.
As well as a new generation of Japanese customers thanks to new banners, it is becoming a favourite with inbound tourists, which account for as much as 25% of sales.
It is now planning greater expansion both at home and overseas


Tokyo Base: Like Human Made, a Potential Export Growth Stock

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.

Event-Driven

<ul>
<li>
<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> and <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> will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).</li>
<li>The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.</li>
<li>Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.</li>
</ul>



Tsi Holdings (3608 JP) and World Co Ltd (3612 JP) will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).
The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.
Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.


TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

<ul>
<li>United Arrows becomes Tabaya Holdings in October as preparation for expansion through M&amp;A.</li>
<li>The fashion retailer targets ¥300 billion by 2032 through M&amp;A and lifestyle diversification beyond the core fashion business.</li>
<li>It still has work to do on improving existing operations but in the last 5 years, it has transformed its core business.</li>
</ul>


United Arrows becomes Tabaya Holdings in October as preparation for expansion through M&amp;A.
The fashion retailer targets ¥300 billion by 2032 through M&amp;A and lifestyle diversification beyond the core fashion business.
It still has work to do on improving existing operations but in the last 5 years, it has transformed its core business.


United Arrows Reborn as Tabaya HD, Aims for ¥300 Billion

<ul>
<li>United Arrows has struggled to improve profitability since Covid despite significant HQ restructuring and has decided to sell its beleaguered Coen chain. </li>
<li>Gyet, formerly Mac House, will acquire the brand and plans to invest cash flow from Coen into cryptocurrencies – for reasons only it can really fathom.</li>
<li>The sale will leave United Arrows in much better shape and, combined with its pipeline of new brands and stores, should deliver expected growth.</li>
</ul>


United Arrows has struggled to improve profitability since Covid despite significant HQ restructuring and has decided to sell its beleaguered Coen chain. 
Gyet, formerly Mac House, will acquire the brand and plans to invest cash flow from Coen into cryptocurrencies – for reasons only it can really fathom.
The sale will leave United Arrows in much better shape and, combined with its pipeline of new brands and stores, should deliver expected growth.


Profit Growth to Come: United Arrows Sells Coen

<ul>
<li>United Arrows is beginning to flex its market power by launching more new brands rather than just iterations of its eponymous name</li>
<li>A key focus is a move to exploit the massive demand for Korean brands in Japan with Korean licenses for Nice Weather and Osoi.</li>
<li>More licenses are expected in the near future as the select shop retailer looks to take more share of the premium market.</li>
</ul>


United Arrows is beginning to flex its market power by launching more new brands rather than just iterations of its eponymous name
A key focus is a move to exploit the massive demand for Korean brands in Japan with Korean licenses for Nice Weather and Osoi.
More licenses are expected in the near future as the select shop retailer looks to take more share of the premium market.


United Arrows on a Roll Again with Korean Brands

Japan

UNITED ARROWS LTD., operates fashion stores, specializing in casual clothing and accessory for men and women.  The Company has stores nationwide.  Main forces are United Arrows, Green Label Relaxing and Chrome Hearts.

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United Arrows (7606 JP)

Tokyo Base: Like Human Made, a Potential Export Growth Stock

Tokyo Base, a promoter of Japanese design, is finding new success post-Covid with a growing following among Japanese customers and inbound...

Michael Causton

TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

TSI and World merge into INFINITY UNITED at 0.8x (4% premium). Terms are broadly fair to TSI; votes should pass. Long TSI/short 0.8 World yields...

Arun George

United Arrows Reborn as Tabaya HD, Aims for ¥300 Billion

United Arrows rebrands as Tabaya Holdings in October to prepare for expansion through M&A, aiming for ¥300 billion by 2032 and diversifying beyond...

Michael Causton

Profit Growth to Come: United Arrows Sells Coen

United Arrows sells struggling Coen chain to Gyet, plans to invest cash flow into cryptocurrencies, expects growth with new brands and stores.

Michael Causton

United Arrows on a Roll Again with Korean Brands

United Arrows expands market power by launching new brands, focusing on Korean licenses to meet demand and increase share of premium market.

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Base: Like Human Made, a Potential Export Growth Stock

​Tokyo Base, a promoter of Japanese design, is finding new success post-Covid with a growing following among Japanese customers and inbound...

Michael Causton

TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

TSI and World merge into INFINITY UNITED at 0.8x (4% premium). Terms are broadly fair to TSI; votes should pass. Long TSI/short 0.8 World yields...

Arun George

United Arrows Reborn as Tabaya HD, Aims for ¥300 Billion

​United Arrows rebrands as Tabaya Holdings in October to prepare for expansion through M&A, aiming for ¥300 billion by 2032 and diversifying beyond...

Michael Causton

Profit Growth to Come: United Arrows Sells Coen

​United Arrows sells struggling Coen chain to Gyet, plans to invest cash flow into cryptocurrencies, expects growth with new brands and stores.

Michael Causton

United Arrows on a Roll Again with Korean Brands

​United Arrows expands market power by launching new brands, focusing on Korean licenses to meet demand and increase share of premium market.

Michael Causton

Tokyo Base, a promoter of Japanese design, is finding new success post-Covid with a growing following among Japanese customers and inbound...

United Arrows rebrands as Tabaya Holdings in October to prepare for expansion through M&A, aiming for ¥300 billion by 2032 and diversifying beyond...

United Arrows sells struggling Coen chain to Gyet, plans to invest cash flow into cryptocurrencies, expects growth with new brands and stores.

United Arrows expands market power by launching new brands, focusing on Korean licenses to meet demand and increase share of premium market.