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)

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners and losers. <a href="https://www.smartkarma.com/insights/japan-retail-review-and-ranking-2018-19-profit-growth-slowing-as-competition-increases" target="_blank" rel="noopener">In an accompanying Insight, we provide an overview of retail performance for the entire sector in 2018-19 by sales, profits and margins.</a>

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners and losers. In an accompanying Insight, we provide an overview of retail performance for the entire sector in 2018-19 by sales, profits and margins.

Japan Retail Highlights 2018-19: Sector by Sector and Winners in Each Sector

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> and <a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises Ltd (1217834D IN)</a> are seeking to raise US$737 million and US$1.1 billion, respectively.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion Corp (2730 JP)</a>/ <a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Holdings (9831 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a>, <a href="https://www.smartkarma.com/entities/mgm-china-holdings-limited" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China (2282 HK)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: GO (581A JP) and Manipal Health Enterprises Ltd (1217834D IN) are seeking to raise US$737 million and US$1.1 billion, respectively.
Event-Driven developments: Kakaku.com Inc (2371 JP), Edion Corp (2730 JP)/ Yamada Holdings (9831 JP), Shinko Shoji (8141 JP), MGM China (2282 HK), Atlas Arteria (ALX AU), Cygnus Metals (CY5 AU). 



Weekly Deals Digest (07 Jun) - Kakaku, Edion/ Yamada, Shinko Shoji, MGM China, Atlas Arteria, Cygnus

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a> and <a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings Ltd (RDY AU)</a>. And <a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada (9831 JP)</a> and <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion (2730 JP)</a>negotiate a Holdco.</li>
<li>Key updates/news also took place on:<a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>, and <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a>.</li>
</ul>


I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Cygnus Metals (CY5 AU) and ReadyTech Holdings Ltd (RDY AU). And Yamada (9831 JP) and Edion (2730 JP)negotiate a Holdco.
Key updates/news also took place on:Kakaku.com (2371 JP), Humm Group (HUM AU), oOh!Media Ltd (OML AU), Tyro Payments (TYR AU), Avarga (AVARGA SP), and Magnetic Resources Nl (MAU AU).


Asia-Pac Weekly Wrap: Kakaku.com, Cygnus Metals, ReadyTech, Humm, OOh!Media, Tyro Payments

<ul>
<li>In response to a <a href="https://asia.nikkei.com/business/business-deals/japan-electronics-sellers-yamada-edion-plan-merger-to-create-industry-giant" target="_blank" rel="noopener">Nikkei article</a>, <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion Corp (2730 JP)</a> and <a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Holdings (9831 JP)</a> confirmed that they are considering a merger, presumably through a share exchange. </li>
<li>The deal is strategically sensible as it would establish Japan’s largest electronics retailer. However, a divestment of stores may be required for antitrust approval.</li>
<li>The plan is long-dated. The lack of controlling shareholders necessitates a “fair” exchange ratio. My estimated Edion/Yamada exchange ratio ranges from 3.87x to 4.35x.</li>
</ul>


In response to a Nikkei article, Edion Corp (2730 JP) and Yamada Holdings (9831 JP) confirmed that they are considering a merger, presumably through a share exchange. 
The deal is strategically sensible as it would establish Japan’s largest electronics retailer. However, a divestment of stores may be required for antitrust approval.
The plan is long-dated. The lack of controlling shareholders necessitates a “fair” exchange ratio. My estimated Edion/Yamada exchange ratio ranges from 3.87x to 4.35x.


Edion (2370 JP)/Yamada (9831 JP) Potential Merger to Establish Japan’s Largest Electronics Retailer

The increase in the consumption tax in October is a black cloud in the mind of most retailers but, like the last increase, the net effect on retailing is likely to be minimal.Seen as a necessary evil to help pay for rising social security costs, the hike probably couldn’t happen at a better time, with tourists, the Rugby World Cup, and the Tokyo Olympics all providing opportunities for an early bounce back.

The increase in the consumption tax in October is a black cloud in the mind of most retailers but, like the last increase, the net effect on retailing is likely to be minimal.Seen as a necessary evil to help pay for rising social security costs, the hike probably couldn’t happen at a better time, with tourists, the Rugby World Cup, and the Tokyo Olympics all providing opportunities for an early bounce back.

Japan

Yamada Holdings Co., Ltd. operates as a holding company. The Company, through its subsidiaries, sells home appliances and offers various services for housing, furniture and interior, remodeling, real estate, insurance, finance, and others. Yamada Holdings provides its services throughout Japan.

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Yamada Holdings (9831 JP)

Japan Retail Highlights 2018-19: Sector by Sector and Winners in Each Sector

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners...

Michael Causton

Weekly Deals Digest (07 Jun) - Kakaku, Edion/ Yamada, Shinko Shoji, MGM China, Atlas Arteria, Cygnus

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Asia-Pac Weekly Wrap: Kakaku.com, Cygnus Metals, ReadyTech, Humm, OOh!Media, Tyro Payments

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Edion (2370 JP)/Yamada (9831 JP) Potential Merger to Establish Japan’s Largest Electronics Retailer

The rumoured deal is sensible. The lack of controlling shareholders necessitates a “fair” exchange ratio. My estimated Edion/Yamada exchange ratio...

Arun George

Japan Consumption Tax Increase: A Blip

The increase in the consumption tax in October is a black cloud in the mind of most retailers but, like the last increase, the net effect on...

Michael Causton

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