Japan Specialist

Mark Chadwick

Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>MHI remains our top pick on the energy transition in Japan and globally</li>
<li>The new next-gen nuclear reactor will be a significant improvement on the current technology and help Japan to become carbon neutral</li>
<li>We believe the stock is a bargain at book value and should be picked up on any correction</li>
</ul>


MHI remains our top pick on the energy transition in Japan and globally
The new next-gen nuclear reactor will be a significant improvement on the current technology and help Japan to become carbon neutral
We believe the stock is a bargain at book value and should be picked up on any correction


Mitsubishi Heavy Industries (7011) | New Nuclear Deal

Thematic (Sector/Industry)

<ul>
<li>Inflation is impacting everything, from the price of pints to the cost of funerals</li>
<li>The BOJ wants more of it, but the weak yen is now officially a problem</li>
<li>What to do? If you believe we are in for a decade of inflation, then Buy Value - this week that means Japan Steel Works, MHI and Iwatani</li>
</ul>


Inflation is impacting everything, from the price of pints to the cost of funerals
The BOJ wants more of it, but the weak yen is now officially a problem
What to do? If you believe we are in for a decade of inflation, then Buy Value - this week that means Japan Steel Works, MHI and Iwatani


<ul>
<li>MHI has a roadmap for becoming carbon neutral by 2040.  The transition to a decarbonized society will be funded by green/transition bonds</li>
<li>MHI has issued its first green/transition bond amounting to 10 billion yen</li>
<li>We remain bullish on MHI and believe it is a key beneficiary of decarbonization trends in Japan</li>
</ul>


MHI has a roadmap for becoming carbon neutral by 2040.  The transition to a decarbonized society will be funded by green/transition bonds
MHI has issued its first green/transition bond amounting to 10 billion yen
We remain bullish on MHI and believe it is a key beneficiary of decarbonization trends in Japan


Mitsubishi Heavy Industries (7011) | Green Transition Bonds

<ul>
<li>The recent correction in the share price offers a good chance for long-term bulls to get into the stock</li>
<li>MHI is the core play on Japan's energy security given its portfolio of gas and nuclear power plant assets</li>
<li>The unseasonably HOT weather and potential power cuts, at the same time as soaring energy costs, could be the catalyst for the government to push for nuclear restarts</li>
</ul>


The recent correction in the share price offers a good chance for long-term bulls to get into the stock
MHI is the core play on Japan's energy security given its portfolio of gas and nuclear power plant assets
The unseasonably HOT weather and potential power cuts, at the same time as soaring energy costs, could be the catalyst for the government to push for nuclear restarts


Mitsubishi Heavy Industries (7011) | Three Reasons to BUY

<ul>
<li>MHI reported a strong 7% growth in the order backlog to ¥5,500 billion</li>
<li>MHI is a beneficiary of the global energy crisis, geared into gas turbine and nuclear supply chains</li>
<li>The stock is trading below book value (10 year average 1x) at a time when the core energy order book is as strong as ever</li>
</ul>


MHI reported a strong 7% growth in the order backlog to ¥5,500 billion
MHI is a beneficiary of the global energy crisis, geared into gas turbine and nuclear supply chains
The stock is trading below book value (10 year average 1x) at a time when the core energy order book is as strong as ever


Mitsubishi Heavy (7011 JP) | Just Getting (Re)Started

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

Mitsubishi Heavy Industries (7011) | New Nuclear Deal

MHI's next-gen nuclear reactor will be a significant improvement on the current technology and help Japan to become carbon neutral.

Mark Chadwick

Japan Weekly | Inflation Is the Story

If you believe we are in for a decade of inflation, then Buy Value - this week that means Japan Steel Works, MHI and Iwatani

Mark Chadwick

Mitsubishi Heavy Industries (7011) | Green Transition Bonds

We remain bullish on MHI and believe it is a key beneficiary of decarbonization trends in Japan. The issuance of green / transition bonds will fund...

Mark Chadwick

Mitsubishi Heavy Industries (7011) | Three Reasons to BUY

Nuclear restart discussions will inevitably gather steam during the summer as power shortages and potential blackouts take the spotlight. MHI is...

Mark Chadwick

Mitsubishi Heavy (7011 JP) | Just Getting (Re)Started

MHI is a beneficiary of the global energy crisis, geared into gas turbine and nuclear supply chains. The stock is trading below its 10-year...

Mark Chadwick

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