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>Akatsuki (3932): Games drive 80% of revenue at 30% margins; hidden ¥30bn investment portfolio implies negative EV; Brandes Investment Partners took 5.3% stake. </li>
<li>SAXA Holdings (6675): Cash-generative but low-growth hardware; weak margins despite asset backing; property sale planned; Asset Value Investors pushing capital allocation reform. </li>
<li>Subaru Enterprise (9632): Stable margins but JFTC probe clouds outlook; ¥940mn loss booked; Simplex Asset Management targeting parent-subsidiary discount.</li>
</ul>


Akatsuki (3932): Games drive 80% of revenue at 30% margins; hidden ¥30bn investment portfolio implies negative EV; Brandes Investment Partners took 5.3% stake. 
SAXA Holdings (6675): Cash-generative but low-growth hardware; weak margins despite asset backing; property sale planned; Asset Value Investors pushing capital allocation reform. 
Subaru Enterprise (9632): Stable margins but JFTC probe clouds outlook; ¥940mn loss booked; Simplex Asset Management targeting parent-subsidiary discount.


Japan Activism Briefs | Akatsuki, SAXA, Subaru Enterprises

Akatsuki Inc

Japan Activism Briefs | Akatsuki, SAXA, Subaru Enterprises