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. 

Thematic (Sector/Industry)

<ul>
<li>Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. </li>
<li>The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.</li>
<li>Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.</li>
</ul>


Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. 
The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.
Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.


Japan Shopping Malls: More Proactive and Disciplined Post-Covid

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/lintec-corp" target="_blank" data-smartkarma-citation="entities:5564:1" rel="noopener">Lintec Corp (7966 JP)</a> has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).</li>
<li>The offering will enable <a href="https://www.smartkarma.com/entities/nippon-paper-industries-co-l" target="_blank" data-smartkarma-citation="entities:557:1" rel="noopener">Nippon Paper Industries Co L (3863 JP)</a>, the largest shareholder, to sell all its directly owned shares.</li>
<li>The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.</li>
</ul>



Lintec Corp (7966 JP) has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).
The offering will enable Nippon Paper Industries Co L (3863 JP), the largest shareholder, to sell all its directly owned shares.
The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.


Lintec (7966 JP): A US$0.7 Billion Secondary Offering

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS: The S&amp;P 500 lost 2.9% last week, its worst performance since March;  US Auto Strike expands; US budget talks fail - Govt shutdown risk rises. </li>
<li>JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation remains at 3.1% </li>
<li>JAPAN X: Phil Spencer, the head of gaming at Microsoft, was found to have expressed keen interest in acquiring Nintendo</li>
</ul>


OVERSEAS: The S&amp;P 500 lost 2.9% last week, its worst performance since March;  US Auto Strike expands; US budget talks fail - Govt shutdown risk rises. 
JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation remains at 3.1% 
JAPAN X: Phil Spencer, the head of gaming at Microsoft, was found to have expressed keen interest in acquiring Nintendo


Ohayo Japan: SPX -2.9%WoW as UAW Auto Strikes Expand; JapanX - Nintendo Is THE Prime Gaming Asset

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Since initial publication, the company was outperforming Topix by ~10% until a reversal in January</li>
<li>We look at the causes of the reversal and whether the fundamental story has changed</li>
<li>Overall, the Q1 results reaction is an opportunity to accumulate the stock and provides Japan exposure, which isn't correlated to the AI trade</li>
</ul>


Since initial publication, the company was outperforming Topix by ~10% until a reversal in January
We look at the causes of the reversal and whether the fundamental story has changed
Overall, the Q1 results reaction is an opportunity to accumulate the stock and provides Japan exposure, which isn't correlated to the AI trade


East Japan Railway Co - Overreaction to Q1 Results Provides a Good Entry Point

Equity Capital Markets

<ul>
<li>Since the announcement of the US$1.7 billion secondary offering, <a href="https://www.smartkarma.com/entities/archion-corporation" target="_blank" data-smartkarma-citation="entities:47577:1" rel="noopener">Archion (543A JP)</a>’s shares have declined 5.8% to the undisturbed price of JPY313 (3 July).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Archion's share decline is lower than the median of recent large placements.</li>
<li>The preliminary pricing range is JPY250 to JPY300 per share. The offering will likely be priced on 22 July. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$1.7 billion secondary offering, Archion (543A JP)’s shares have declined 5.8% to the undisturbed price of JPY313 (3 July).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Archion's share decline is lower than the median of recent large placements.
The preliminary pricing range is JPY250 to JPY300 per share. The offering will likely be priced on 22 July. The average large Japanese placement tends to generate positive returns.


Japan

West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka.  The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

West Japan Railway Co (9021 JP)

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Lintec (7966 JP): A US$0.7 Billion Secondary Offering

The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements...

Arun George

Ohayo Japan: SPX -2.9%WoW as UAW Auto Strikes Expand; JapanX - Nintendo Is THE Prime Gaming Asset

OVERSEAS: UAW strike continue; US Govt shutdown risk; JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation...

Mark Chadwick

East Japan Railway Co - Overreaction to Q1 Results Provides a Good Entry Point

Q1 results overreaction and a reversal in negative sentiment on the AI/Semiconductor theme provides an opportunity in this asset recycling play

Rikki Malik

Archion (543A JP): The Current Playbook

The preliminary pricing range is JPY250 to JPY300 per share. The offering will likely be priced on 22 July. The average large Japanese placement...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

​Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

Lintec (7966 JP): A US$0.7 Billion Secondary Offering

The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements...

Arun George

Ohayo Japan: SPX -2.9%WoW as UAW Auto Strikes Expand; JapanX - Nintendo Is THE Prime Gaming Asset

OVERSEAS: UAW strike continue; US Govt shutdown risk; JAPAN: Nikkei ends the week down -3.4%; BOJ downplays policy exit; Japan Core Inflation...

Mark Chadwick

East Japan Railway Co - Overreaction to Q1 Results Provides a Good Entry Point

Q1 results overreaction and a reversal in negative sentiment on the AI/Semiconductor theme provides an opportunity in this asset recycling play

Rikki Malik

Archion (543A JP): The Current Playbook

The preliminary pricing range is JPY250 to JPY300 per share. The offering will likely be priced on 22 July. The average large Japanese placement...

Arun George

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...