* * * * * * * * * T E R R I E 'S T A K E * * * * * * *<br>A weekly roundup of news & information from Terrie Lloyd.<br>(<a href="http://www.terrie.com">http://www.terrie.com</a>)<br><br>General Edition Sunday, September 11, 2011, Issue No. 629<br>
<br>+++ INDEX<br><br>- What's New -- Small Companies Get in on M&A Trend<br>- News -- Israeli drug mule gets acquittal<br>- Candidate Roundup/Vacancies<br>- Upcoming Events<br>- Corrections/Feedback -- NOT a fan of McDonalds<br>
- News Credits<br><br>SUBSCRIBE to, UNSUBSCRIBE from Terrie's Take at:<br><a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a><br><br>BACK ISSUES<br><a href="http://www.japaninc.com/terries_take">http://www.japaninc.com/terries_take</a>, or,<br>
<a href="http://mailman.japaninc.com/pipermail/terrie/">http://mailman.japaninc.com/pipermail/terrie/</a><br><br><br>----------- UPGRADE TODAY TO PBXL IP TELEPHONY ------------<br><br>PBXL has the solution for your office. PBXL will purchase<br>
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<br>------------ PBXL is BUSINESS COMMUNICATIONS --------------<br><br><br>+++ WHAT'S NEW<br><br>The world is watching the steady march of Japanese <br>companies abroad, and the surge of big-number M&A's. As we <br>
mentioned in TT-627 several weeks ago, Japanese <br>international M&A activity is up 67% over last year, with <br>401 deals worth around US$45bn being done between January <br>and July. The Nikkei reckons that about 80% of all listed <br>
firms' earnings now comes from abroad, not from their <br>moribund domestic businesses. <br><br>While all attention is on the big numbers, there is plenty <br>of action going on at the lower levels as well. One such <br>
example is a smallish (as far as Japanese multinationals <br>go) Osaka firm called Endo Lighting. Run by a Mr. Endo, <br>naturally. This company had sales last year of JPY18.3bn <br>and is currently the largest LED lighting manufacturer in <br>
Japan in the commercial lighting space. It has about 30% <br>market share. Endo Lighting is a perfect case study of the <br>hollowing out of the Japanese electrical manufacturing <br>sector over the last two decades, having set up a small <br>
factory in Thailand back in 1989, then based on that <br>experience much bigger ones in China in 2003 and again in <br>2005. <br><br>The firm appears to have been through some rough times in <br>the last three years, and in February 2009 its shares were <br>
worth just JPY105. That was the fiscal year that Endo <br>Lighting lost JPY1.3bn, so it's no wonder its shares <br>tanked. You would have been happy to buy in at that point, <br>though, because now the company has since clawed its way <br>
back to profitability, and the shares are up 1,000%. It <br>does help that the demand for energy-saving LED lighting <br>has soared since the earthquake and is likely to stay that <br>way. Indeed, since June, LED bulbs have been outselling <br>
incandescent ones in Japan.<br><br>[Continued below...]<br><br>-- NAGAMINE & MISHIMA - Securing Your Success in Japan ---<br><br>Starting a new company in Japan? Looking to streamline <br>your current operations?<br><br>
The team of bilingual experts at Nagamine & Mishima is able<br>to provide high quality accounting, payroll and tax <br>services that both exceed expectations and fit your budget.<br>Our services help customers improve their operations and <br>
bottom line results. <br><br>To find out more about our services and how we can help <br>your business in Japan succeed, please visit our website <br><a href="http://www.nagamine-mishima.com">www.nagamine-mishima.com</a> or reach us directly by telephone<br>
at 03-3581-1975 or by email at <a href="mailto:info@nagamine-mishima.com">info@nagamine-mishima.com</a>.<br><br>---------- YOUR BOTTOM LINE IS OUR TOP PRIORITY------------<br><br>[...Article continues]<br><br>There is very little information available on Endo Lighting <br>
as a company, even though it's listed, but what drew our <br>attention was the fact that after having a close call with <br>death, the firm is once again riding high, and announced <br>this last week that it was going to buy out a small <br>
lighting distributor in the USA for JPY850m. Endo Lighting <br>says that it plans to turn the acquired company, called <br>Icon International, into a platform for distribution of its<br>products into the US market. <br><br>
The company says, possibly somewhat optimistically, that it<br> expects to lift Icon's sales from around JPY940m last year<br>to JPY10bn over the next three years. They're not <br>disclosing how they are going to do this, but what is <br>
amazing to us is the speed of Endo's turn-around, and also <br>the fact that they can pull together JPY850m in cash to do <br>an M&A at a time when the US market has to be hurting. <br>Either Endo Lighting has a secret treasure stash, or the <br>
banks are sufficiently eager to lend money to anyone with a<br>positive P&L and a plan for the future that involves <br>international earnings. We suspect the second option is the<br>likely one.<br><br>The fact is that money for M&A by Japanese firms is easy to<br>
come by, costing a firm like Endo Lighting all of 1% or so <br>per annum for a 10-year loan. This is low enough that with <br>Icon making an operating profit of around 15% (US$1.5m) in <br>FY2010, this deal will give Endo Lighting around JPY140m of<br>
new profit annually, representing a helpful 20% increase <br>over Endo's mainly Japan-based earnings last year. Not bad <br>for one modest M&A.<br><br>This kind of leveraging, buying new profit streams for a <br>fraction of the financing cost, and having your own major <br>
production facilities in China, is the template of choice <br>for Japanese manufacturers these days, and everyone from <br>pharmaceuticals to LED lighting makers is doing it. The <br>banks presumably understand the value being unlocked with <br>
each M&A loan and have decided to make substantial funds <br>available even for the small-to-mid-sized guys such as Endo<br>Lighting. If the markets continue to hold in their current <br>pattern and do not take a deep dive again, then we can <br>
expect to see a lot more smaller M&As such as this one, and<br>a massive increase in profits overall for Japanese firms. <br>Whether they repatriate these profits to Japan or use them <br>to continue pursuing a growth strategy abroad is of course <br>
a big question the Japanese government is trying to find<br>answers for.<br><br>Anyway, the surge in M&As across the board is also having <br>an electrifying effect on business consultants overseas, <br>and interest in Japanese firms as acquirers is at an <br>
all-time high. If we were in the M&A consulting business, <br>we would most certainly be talking to any company owner in <br>the USA or Europe with positive cash flow, a reliable <br>business history, and a strong product distribution <br>
business. Right now there have to be thousands of <br>small-to-medium sized Japanese manufacturing firms who are <br>watching compatriots like Endo Lighting and are drawing the<br>conclusion that they have to follow suit or die out.<br>
<br>The going rate for such consultants is also very <br>attractive, so deal flow is pretty much guaranteed. In some<br>cases they are on retainers from the Japanese buy side, <br>searching for acquisitions and typically are drawing <br>
JPY300,000 or so per month retainer, plus a percentage of<br>any deals that go through. To operate on this side of the <br>fence, the consultants are typically Japanese and are on <br>close personal terms with their sponsors. <br>
<br>On the US sell side, the field is far more open and the <br>rate for putting a deal together appears to be around 5% <br>for deals under US$10m, and a number dropping to around 1% <br>on deals over US$50m. Bilingual capability seems to be <br>
less important than does the consultant's personal track <br>record and their business network for finding deals. The <br>challenge for US based consultants is of course finding a <br>route in to a suitable buyer back here in Japan. Often <br>
going through the front door is greeted with skepticism or<br>suspicion by the Japanese side, not to mention the cost <br>and time needed to visit 50 companies to find 1-2 <br>interested parties.<br><br>We're cheering on the M&A wave because we believe this is <br>
Japan's best chance to internationalize its SMEs, which <br>employ 80% of the nation's working population. Japan has a <br>history of performing in times of extreme pressure, and in <br>a fight for survival the pressure has never been greater for<br>
small businesses. The cross-border opportunities associated<br>with this ground shift in company strategy and behavior <br>will also start to become clear, leading, we think, to a <br>substantially increased demand for foreign employees and <br>
services in Japan.<br><br>*************<br><br>Lastly, a comment about Metropolis' new online wine shop,<br>produced by the owners of Village Cellars under a new brand<br>called WineBuzz. If you like new world wines, then you <br>
should check out the shop, at:<br><br><a href="http://shop.metropolis.co.jp/">http://shop.metropolis.co.jp/</a><br><br>We love Chardonnay, and bought a mixed half dozen, which<br>arrived just a day and a half later at the office. Wine <br>
Buzz has a great selection of Chardonnays and the one that<br>we're going to definitely buy again was the Tasmanian 9th<br>Island -- a little oak, light but balanced acidity from <br>the low temperature location, extremely drinkable, and <br>
just JPY2,500 a bottle. Yum.<br><br><a href="http://bit.ly/rnN318">http://bit.ly/rnN318</a><br><br>...The information janitors/<br><br>***------------------------****-------------------------***<br><br>--------- BIOS - Bilingual IT Systems and Support ---------<br>
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<br>+++ NEWS<br><br>- JPY500bn to keep companies in Japan<br>- Sale of state assets to pay quake recovery bills<br>- Israeli drug mule gets acquittal<br>- Ritz-Carlton expands in Japan<br>- Consumers redeem gold for cash<br>
<br><br><br>-> JPY500bn to keep companies in Japan<br><br>The government is concerned that the high yen, up an <br>additional 5% against the US dollar since June, is <br>accelerating the hollowing out of industrial production <br>
from Japan, as companies set up overseas manufacturing <br>facilities to overcome the yen appreciation. The <br>government says that it will set aside JPY500bn in the <br>third budget of the year, to address the problem. ***Ed: <br>
The high yen is what it is, and subsidies alone will not <br>keep companies producing here. What is needed instead is <br>substantial tax cuts, as Keidanren has been asking for <br>some time now, and subsidies on consumer items based on <br>
technologies the government wants to promote, such as <br>autos and solar panels.** (Source: TT commentary from <br><a href="http://reuters.com">reuters.com</a>, Sep 9, 2011)<br><br><a href="http://af.reuters.com/article/energyOilNews/idAFL3E7K91GH20110909">http://af.reuters.com/article/energyOilNews/idAFL3E7K91GH20110909</a><br>
<br>-> Sale of state assets to pay quake recovery bills<br><br>Given the unpopularity of tax increases, the government is <br>trying to find other ways to meet the JPY13trn price tag <br>put on reconstruction efforts for Tohoku after the March 11<br>
earthquake. Assets apparently being considered for sale <br>include holdings in Japan Post, Japan Tobacco, and a <br>variety of other companies. The total value of all shares <br>is around JPY22trn, while the Japan Post and Japan Tobacco <br>
holdings are worth about JPY9.6trn and JPY1.7trn <br>respectively. (Source: TT commentary from <a href="http://marketwatch.com">marketwatch.com</a>, <br>Sep 8, 2011)<br><br><a href="http://bit.ly/nIS7eS">http://bit.ly/nIS7eS</a><br>
<br>-> Israeli drug mule gets acquittal<br><br>In a historic first for the Japanese courts, an Israeli <br>drug mule was acquitted of trafficking charges thanks to <br>expert testimony from a US witness. The witness testified <br>
that a young man of the satmar hassidic faith would be <br>highly unlikely to traffic drugs and that this type of <br>person is a frequent target elsewhere in the world by drug <br>traffickers because of their naivety. So frequent, in fact,<br>
that the phenomenon is the object of academic studies. <br>Unfortunately for the man's two companions, who did not <br>use the same defense approach, they were convicted and are <br>now languishing in a Japanese jail. ***Ed: We assume that <br>
there will be appeals from the other two, so that they can <br>use the same defense used by their luckier companion.** <br>(Source: TT commentary from <a href="http://digitaljournal.com">digitaljournal.com</a>, Sep 9, <br>
2011)<br><br><a href="http://www.digitaljournal.com/pr/416020">http://www.digitaljournal.com/pr/416020</a><br><br>-> Ritz-Carlton expands in Japan<br><br>It may be tough times for hoteliers at the moment, but the <br>forward thinkers amongst them are nonetheless looking to a <br>
turn-around in the tourism market in years to come. One <br>such firm is the Ritz-Carlton, which apparently has signed <br>two new hotel management agreements with property owners. <br>Interestingly, but perhaps not surprisingly, the <br>
Ritz-Carlton is picking Kyoto and Okinawa as its two new <br>locations, expanding on the current Tokyo and Osaka <br>hotels. ***Ed: Their target is primarily wealthy Japanese, <br>although we're sure that mainland and HK Chinese travelers <br>
will fit in there as well...** (Source: TT commentary from <br><a href="http://asiatraveltips.com">asiatraveltips.com</a>, Sep 9, 2011)<br><br><a href="http://www.asiatraveltips.com/news11/99-HotelsinJapan.shtml">http://www.asiatraveltips.com/news11/99-HotelsinJapan.shtml</a><br>
<br>-> Consumers redeem gold for cash<br><br>While the rest of the world is focusing on buying gold as a<br>value hedge in case a currency war (think Swiss Franc, <br>Euro, and US Dollar) happens, in Japan the Nikkei reports <br>
that the opposite trend is happening -- consumers are <br>cashing in their gold. The article names a number of major <br>gold buying firms who have bought a ton or more of gold <br>jewelry so far this year, which will be melted down for <br>
resale. The National Institute for Materials Science <br>reckons that Japanese consumers are sitting on around 1,500<br>tons of gold, while Gold Fields Mineral Services in the UK <br>says that Japan consumed 18.5 tons for jewelry in the last <br>
ten years. Clearly, then, most of this gold was accumulated<br>back in the 60's-80's, and represents yet another form of <br>untapped savings for the Japanese. (Source: TT commentary <br>from <a href="http://e.nikkei.com">e.nikkei.com</a>, Sep 9, 2011)<br>
<br><a href="http://e.nikkei.com/e/ac/tnks/Nni20110909D09HH266.htm">http://e.nikkei.com/e/ac/tnks/Nni20110909D09HH266.htm</a><br><br><br>NOTE: Broken links<br>Many online news sources remove their articles after just a<br>
few days of posting them, thus breaking our links -- we<br>apologize for the inconvenience.<br><br>***------------------------****-------------------------***<br><br>+++ CANDIDATE ROUND UP/VACANCIES<br><br>=> BiOS, a Division of the LINC Media group, is actively<br>
marketing the following positions for customers setting up<br>or expanding in Japan, as well as other employers of<br>bilinguals.<br><br>** HIGHLIGHTED POSITION<br><br>BiOS is urgently looking for an Project Manager with <br>
experience managing office/IT Infrastructure setup as a <br>part of a BCP project at our client’s office in the Tokyo <br>area. The candidate will be responsible for building an IT <br>infrastructure for the client’s corporate office by setting<br>
up desktops, laptops, telecommunication equipment, <br>monitors, and other equipment, as well as coordinating with<br>data center engineers regarding servers and network <br>matters. You will also be responsible for reporting project<br>
scope to internal managers and clients as a first point of <br>contact.<br><br>Due to the technical nature and demanding work environment,<br>this position is suitable for someone with solid experience<br>managing BCP (office IT infrastructure) projects. In <br>
addition, since this role requires direct negotiations with<br>both Japanese and international clients, business-level <br>communication skills in English and fluent-level <br>communication skills in Japanese will be required.<br>
<br>Remuneration is JPY7m – JPY11m depending on your experience<br>and skill level.<br><br>** POSITIONS VACANT<br><br>- Service Manager, global IT co, JPY5M – JPY7M<br>- Project Mgr (BCP Project), global IT co, JPY8M – JPY10M<br>
- Junior Account Manager, BiOS, JPY3.5M – JPY4.5M<br>- SysAdmin (Linux/Unix/Win), global IT co, JPY6M – JPY8M<br>- VoIP Engineer, global IT co, JPY6M – JPY8M<br><br>Interested individuals may e-mail resumes to:<br><a href="mailto:tomohiro.kimura@biosjp.com">tomohiro.kimura@biosjp.com</a><br>
<br>** BiOS Job Mail<br><br>Every 2 weeks BiOS sends out a regular communication to its<br>job seeking candidates, called BiOS Job Mail. Every edition<br>carries a list of BiOS's current and most up-to-date<br>vacancies, with each entry featuring a short job<br>
description and a direct link to the main entry on the BiOS<br>home page. Regardless of whether you are unemployed and<br>searching, thinking about a career change, or just curious<br>to know if there is something out there that might suit you<br>
better, the BiOS Job Mail newsletter is an easy and<br>convenient way for you to stay informed. If you would like<br>to register for the BiOS Job Mail, or to find out more,<br>please email <a href="mailto:kenji.sakota@biosjp.com">kenji.sakota@biosjp.com</a>.<br>
<br>Interested individuals may e-mail resumes to:<br><a href="mailto:tomohiro.kimura@biosjp.com">tomohiro.kimura@biosjp.com</a><br><br>-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br>
<br>+++ UPCOMING EVENTS/ANNOUNCEMENTS<br><br>--------- Japan's Most Popular Leadership Training --------<br><br>Japan's most popular leadership training is called Action<br>Learning, and was pioneered by Professor Reginald Revans<br>
of the UK in the 1940's.<br><br>A published expert in the field of Action Learning is Dr.<br>Michael Marquardt, Prof at George Washington University,<br>DC. Dr. Marquardt will personally be in Japan, conducting a<br>series of seminars for major Japanese corporations, and has<br>
agreed to do a single presentation for foreign managers as<br>well. Hear how Action Learning can transform your work<br>force.<br><br>Title: "Impact of Action Learning: What difference are we<br>making in the world?<br>
Speaker: Dr. Marquardt, President of World Institute for<br>Action Learning<br><br>Date: October 27, 2011, 10:00-13:00(13:30)<br>Venue: Tokyo American Club (Tokyo, Japan)<br>Fee: JPY15,000 (including lunch)<br>Contact: <a href="mailto:info@ldcjp.com">info@ldcjp.com</a><br>
Tel: 03-6809-1144 (English-Gledis Action Learning)<br>Tel: 03-6680-2698 (Japanese)<br><br><a href="http://www.ldcjp.com/seminar/20111027M.html">http://www.ldcjp.com/seminar/20111027M.html</a><br>-----------------------------------------------------------<br>
<br>--------------- Mate Rock Charity Concert -----------------<br><br>Australian Rock Legends come together to help Tohoku<br><br>Featuring: Jimmy Barnes, the Angels, & Kevin Bloody Wilson!<br>Hakuba 47, 10th of September, 2011.<br>
<br>Mate Rock is a musical extravaganza to be held in Hakuba, a<br>beautiful mountain village in the Japan Alps, about 3 hours<br>from Tokyo. The concert will run from noon to early evening<br>at the base of the 47 Ski Resort. Bring a rug and a picnic<br>
and enjoy a day of classic Australian rock in a spectacular<br>natural setting.<br><br>All proceeds of the concert will go to charities in Tohoku<br>providing scholarships for children to study overseas.<br><br>For information and bookings; <a href="http://www.materock.com">www.materock.com</a><br>
-----------------------------------------------------------<br><br>--------------- ICA Event - September 15 ------------------<br><br>Speaker: Richard Rettig, Managing Director - Monoidics <br>Japan Ltd.<br>Title: Software - Friend or Foe<br>
<br>Details: Complete event details at <a href="http://www.icajapan.jp/">http://www.icajapan.jp/</a><br>(RSVP Required)<br><br>Date: Thursday, September 15, 2011<br>Time: 6:30 Doors open, Buffet Dinner included and cash bar<br>
Cost: JPY4,000(members), JPY6,000(non-members) Open to all.<br>Venue is The Foreign Correspondents' Club of Japan<br><br><a href="http://www.fccj.or.jp/aboutus/map">http://www.fccj.or.jp/aboutus/map</a><br>-----------------------------------------------------------<br>
<br>***------------------------****-------------------------***<br><br>+++ CORRECTIONS/FEEDBACK<br><br>In this section we run comments and corrections submitted<br>by readers. We encourage you to spot our mistakes and<br>
amplify our points, by email, to <a href="mailto:editors@terrie.com">editors@terrie.com</a>.<br><br>*** In TT628 we looked at how McDonalds is likely to boost<br>their profitability given that they feel their worker<br>productivity is too low in Japan. We got some strong and<br>
interesting feedback, including the following email.<br><br>=> Reader says:<br><br>I've been reading your blog for quite some time with a <br>high regard for your acumen but your piece on MacDonalds <br>[sic] is so far out of whack it definitely takes the cake. <br>
<br>Why don't you start off by comparing their profitability <br>with the competitors here in Japan? Comparing it with <br>Australia is like apples and oranges. The minimum wage in <br>Australia is $14.25/hr, Canada is $11 depending on the <br>
province and $10.40 in New Zealand, 6 pounds in the UK. But<br>in Japan it ranges from 642 to 821 yen. So wages are not <br>the big drag on profits. Rather, maybe it is other <br>overheads that are impacting the bottom line. <br>
<br>Indeed, maybe the management is taking too high a cut, <br>maybe their incredibly expensive computer applications or <br>other "business improvement" systems have had too high<br>an investment with little to show for it. Maybe it's their <br>
cut-throat pricing?? Have you compared their pricings here <br>to what they sell their food for in Australia? Macdonalds <br>is the only fast food chain that I know of in Japan that <br>"rents" their uniforms out to the kids who are working <br>
there. <br><br>And about the high staff turnover?? Why on earth do you<br>automatically criticize the kids. Have you actually seen <br>any data that pinpoints the range of reasons. Maybe some of<br>them are Macdonalds doings and the kids are quite justified<br>
in leaving. And what is Macdonald's like to work for?? Do <br>you know??<br><br>So other than the kids who work there, you're haranguing <br>again about the "unnecessary" and superfluous levels of <br>service in Japan? So what? You advise to change the market <br>
for the benefit of one company? Do you think for one second<br>these levels of service weren't developed by the companies <br>themselves here? They've trained the consumers to expect<br>these levels and now they have to meet them. That's <br>
free-enterprise at it's roots, isn't it? <br><br>If macdonalds decides to leave the land of the fatted cow<br>(and they won't with all the money they're making) so what?<br>They wouldn't be the first of failed foreign companies here<br>
and they sure won't be the last. Maybe some of their more <br>successful Japanese competitors will start marking up <br>Macdonalds' markets outside Japan.<br><br>So, finally you want to exploit imported labour to cut the <br>
already non-survival wages? How much? What sub-standard <br>wage do you propose so poor Mac can pull himself up by his <br>sainted boot straps and make a glorious 15% margin in <br>Japan? Do you think you want to work those hours for that <br>
stipend? Would you like your wife, teenager or non-teen-age<br>kid to work for the big Mac? Why not?<br><br>*** We respond:<br><br>Thanks for your feedback. We think you have the wrong end <br>of the stick here.<br><br>Firstly, the comments about profitability and Australia <br>
were from a piece that the Nikkei did with the McDonalds <br>CEO here in Japan, and most of the key points were points <br>that they themselves brought up. The Take was to fill in <br>some of the gaps and to use that as a means of <br>
highlighting what all services companies are asking <br>themselves -- about how to compete in this declining market<br>and how to increase margins.<br><br>We don't eat at McDonalds and we certainly don't have a <br>
high opinion of their menu and dominance. But they do know <br>how to make money and in this regard will act as a <br>scout/guinea pig for many others trying to emulate them.<br><br>The point about wages was not that the kids are overpaid. <br>
We never said they are. The point is that as a services <br>business, wages make up 80% of the costs of the business <br>and so wages are the only real area that can be attacked <br>from a business viewpoint. We'd have thought it was <br>
obvious that we were making this point when coming up with <br>the list of things that could be done about wages.<br><br>Anyway, our objective was not to laud or judge McDonalds, <br>but to basically show that it's interesting the challenges <br>
faced by services companies like them, and the way that <br>they are likely to go in the future to seek more profit. Do<br>they deserve to make more profits? That's not something <br>we're concerned with, they'll do it no matter what you or <br>
we think.<br><br><br>***********************************************************<br>END<br><br>SUBSCRIBERS: 8,841 members as of Sep 11, 2011<br>(We purge our list regularly.)<br><br>+++ ABOUT US<br><br>STAFF<br>Written by: Terrie Lloyd (<a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>)<br>
<br>HELP: E-mail <a href="mailto:Terrie-request@mailman.japaninc.com">Terrie-request@mailman.japaninc.com</a><br>with the word 'help' in the subject or body (don't include<br>the quotes), and you will get back a message with<br>
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