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>Ezaki Glico (2206): NAVF pushing for aggressive capital reform and governance changes; excess cash and low ROE offer scope for buybacks and re-rating despite near-term earnings pressure.</li>
<li>SMS (2175): Oasis stake plus CEO transition may refocus strategy on margins and capital efficiency; valuation undemanding versus peers, though founder ownership limits activist optionality.</li>
<li>NS United Kaiun (9110): Strong freight markets driving near-term earnings; Zennor stake likely passive, with cyclical upside and future shareholder exits the longer-term catalyst.</li>
</ul>


Ezaki Glico (2206): NAVF pushing for aggressive capital reform and governance changes; excess cash and low ROE offer scope for buybacks and re-rating despite near-term earnings pressure.
SMS (2175): Oasis stake plus CEO transition may refocus strategy on margins and capital efficiency; valuation undemanding versus peers, though founder ownership limits activist optionality.
NS United Kaiun (9110): Strong freight markets driving near-term earnings; Zennor stake likely passive, with cyclical upside and future shareholder exits the longer-term catalyst.


Japan Activism Briefs | Ezaki Glico, SMS, NS United