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>2Q stays strong: We expect 1H operating profit of ¥11.1bn, 11% above guidance, despite softer 2Q Marine margins after 1Q's record.</li>
<li>Raised targets are the catalyst: An upward revision to FY guidance and the mid-term plan is likely, since our FY2/29 forecast is 45% above the plan.</li>
<li>Fully valued: At 10x EV/EBITDA, twice the pre-2025 average, our DCF gives ¥7,769. Hold into results; reduce into strength above ¥8,800.</li>
</ul>


2Q stays strong: We expect 1H operating profit of ¥11.1bn, 11% above guidance, despite softer 2Q Marine margins after 1Q's record.
Raised targets are the catalyst: An upward revision to FY guidance and the mid-term plan is likely, since our FY2/29 forecast is 45% above the plan.
Fully valued: At 10x EV/EBITDA, twice the pre-2025 average, our DCF gives ¥7,769. Hold into results; reduce into strength above ¥8,800.


Furuno (6814 JP) | 2Q Preview: Good News, Full Price

Furuno Electric

Furuno (6814 JP) | 2Q Preview: Good News, Full Price