Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Equity Bottom-Up

<ul>
<li>Q3 arrived slightly soft, but currency-neutral EBIT narrows the miss; Q4 needs a steep ramp, though much of the downside risk already appears priced in.</li>
<li>Longer-Term trajectory remains solid: sustained ~25% growth and a credible path to mid-teens operating margins by FY27 as AI adoption and enterprise penetration deepen.</li>
<li>Cash flow softness reflects slower conversion and continued intangible investment, but growing pains not structural issue; valuation still shows 25%+ upside on DCF.</li>
</ul>


Q3 arrived slightly soft, but currency-neutral EBIT narrows the miss; Q4 needs a steep ramp, though much of the downside risk already appears priced in.
Longer-Term trajectory remains solid: sustained ~25% growth and a credible path to mid-teens operating margins by FY27 as AI adoption and enterprise penetration deepen.
Cash flow softness reflects slower conversion and continued intangible investment, but growing pains not structural issue; valuation still shows 25%+ upside on DCF.


Appier (4180) | A Record Quarter. So What's the Problem?

Appier Group

Appier (4180) | A Record Quarter. So What's the Problem?