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>
 Revenue: JPY 10.3 billion compared to JPY 8.2 billion a year ago, +27% YoY; FX-neutral revenue of JPY 11.0 billion, +35% YoY - fastest growth in eight quarters.</li>
<li>
 Gross Margin: 56.1%, up 4.8 percentage points YoY, driven by high-margin products, organic margin improvements, and GenAI-enabled efficiencies.</li>
<li>Stock continues to offer compelling value at 3.2x revenue - a discount to US peer Braze</li>
</ul>



 Revenue: JPY 10.3 billion compared to JPY 8.2 billion a year ago, +27% YoY; FX-neutral revenue of JPY 11.0 billion, +35% YoY - fastest growth in eight quarters.

 Gross Margin: 56.1%, up 4.8 percentage points YoY, driven by high-margin products, organic margin improvements, and GenAI-enabled efficiencies.
Stock continues to offer compelling value at 3.2x revenue - a discount to US peer Braze


Appier (4180) | Sustained High-Growth Momentum with Expanding Margins

Appier Group

Appier (4180) | Sustained High-Growth Momentum with Expanding Margins