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>Q1 revenue grew +27% YoY to ¥12.1bn, while gross margin expanded +3.5ppts to 53.9%, reinforcing confidence in Appier’s improving profitability trajectory.</li>
<li>Japan and Korea remain core growth drivers, while US &amp; EMEA accelerated sharply on new customer wins, vertical diversification, and strong enterprise customer momentum.</li>
<li>Shares remain undervalued at 2x sales and 11.5x EBITDA despite &gt;20% growth, with AI monetisation and margin expansion supporting continued bullish positioning.</li>
</ul>


Q1 revenue grew +27% YoY to ¥12.1bn, while gross margin expanded +3.5ppts to 53.9%, reinforcing confidence in Appier’s improving profitability trajectory.
Japan and Korea remain core growth drivers, while US &amp; EMEA accelerated sharply on new customer wins, vertical diversification, and strong enterprise customer momentum.
Shares remain undervalued at 2x sales and 11.5x EBITDA despite &gt;20% growth, with AI monetisation and margin expansion supporting continued bullish positioning.


Appier (4180) | Q1 Results: Margin Expansion Supports Bullish View

Appier Group

Appier (4180) | Q1 Results: Margin Expansion Supports Bullish View