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.

Asics Closes in on ¥1 Trillion but Still Lacks Support at Home

Equity Bottom-Up

<ul>
<li>On Holding AG’s double-digit sell-off reflects disappointment with 2026 guidance rather than weak execution — a reminder that premium growth stocks are punished when expectations outrun delivery.</li>
<li>Asics Corporation trades on a lower multiple, with 2026 margin expansion and record profits already guided, leaving less valuation risk embedded in its shares.</li>
<li>The key vulnerability is Japan’s high-margin inbound tourism boom; any slowdown in Chinese or US visitor spending would disproportionately pressure group profits despite solid global momentum.</li>
</ul>


On Holding AG’s double-digit sell-off reflects disappointment with 2026 guidance rather than weak execution — a reminder that premium growth stocks are punished when expectations outrun delivery.
Asics Corporation trades on a lower multiple, with 2026 margin expansion and record profits already guided, leaving less valuation risk embedded in its shares.
The key vulnerability is Japan’s high-margin inbound tourism boom; any slowdown in Chinese or US visitor spending would disproportionately pressure group profits despite solid global momentum.


ASICS Corp

Asics (7936) | Keeping Pace