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>2QFY2/27 OP of ¥7.2bn beat our forecast by 32% and the Street by 31%; excluding FX, 1H OP still grew c.16%.</li>
<li>The FY2030 plan targets ¥180bn of sales and a 15%+ OPM, with services and defence delivering nearly half of the growth.</li>
<li>We raise FY2/27–29E OP by 8–12% and our target to ¥8,870 (from ¥7,770); we remain Bullish.</li>
</ul>


2QFY2/27 OP of ¥7.2bn beat our forecast by 32% and the Street by 31%; excluding FX, 1H OP still grew c.16%.
The FY2030 plan targets ¥180bn of sales and a 15%+ OPM, with services and defence delivering nearly half of the growth.
We raise FY2/27–29E OP by 8–12% and our target to ¥8,870 (from ¥7,770); we remain Bullish.


Furuno Electric (6814 JP): Good Quarter, Better Plan