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>Q2 revenue grew +24.6% YoY to ¥12.9bn, while gross margin broke through 60% for the first time (+4.0ppts YoY to 60.1%), with operating margin up 3.7ppts to 11.5%.</li>
<li>US &amp; EMEA remained the standout, accelerating to +59% organic growth on enterprise wins, while NEA (72% of revenue) held a steady +33% organic pace</li>
<li>Shares jumped +15% post-results to ¥1,132, still leaving the stock at ~2.1x FY26 sales and ~11x FY26 EBITDA guidance for a business now guiding to +69% operating income growth. </li>
</ul>


Q2 revenue grew +24.6% YoY to ¥12.9bn, while gross margin broke through 60% for the first time (+4.0ppts YoY to 60.1%), with operating margin up 3.7ppts to 11.5%.
US &amp; EMEA remained the standout, accelerating to +59% organic growth on enterprise wins, while NEA (72% of revenue) held a steady +33% organic pace
Shares jumped +15% post-results to ¥1,132, still leaving the stock at ~2.1x FY26 sales and ~11x FY26 EBITDA guidance for a business now guiding to +69% operating income growth. 


Appier (4180) | Margin Break-Out Confirms Structural Re-Rating Case

Appier Group

Appier (4180) | Margin Break-Out Confirms Structural Re-Rating Case