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>
AI-Levered core: Precision Machinery drives &gt;60% of future profits via CMP near-duopoly and dry vacuum leadership, tightly linked to AI, HBM and advanced-node WFE capex.</li>
<li>
 Balanced earnings base: Data-centre liquid cooling in BS&amp;I adds defensive, secular growth and margin upside, while Energy provides niche LNG/hydrogen optionality and earnings diversification.</li>
<li>
 Valuation disconnect: Trades at industrial multiples despite semi-like growth; SOTP implies ~35% upside as capex peaks, margins normalize and FCF inflect into FY26–27.</li>
</ul>



AI-Levered core: Precision Machinery drives &gt;60% of future profits via CMP near-duopoly and dry vacuum leadership, tightly linked to AI, HBM and advanced-node WFE capex.

 Balanced earnings base: Data-centre liquid cooling in BS&amp;I adds defensive, secular growth and margin upside, while Energy provides niche LNG/hydrogen optionality and earnings diversification.

 Valuation disconnect: Trades at industrial multiples despite semi-like growth; SOTP implies ~35% upside as capex peaks, margins normalize and FCF inflect into FY26–27.


Ebara Corp (6361 JP) | A Mispriced AI Enabler