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>Margin recovery drives stock higher – Operating profit beat estimates, margins rebounded to 13.6%, and forex gains provided a boost despite weak sales.</li>
<li>European rebound offers upside – Makita, with 20% market share, is set to benefit from a forecasted 2025 construction sector recovery after two years of contraction.</li>
<li>Valuation remains attractive – With improving ROIC, inventory normalisation, and steady growth prospects, a DCF model suggests an 18% upside for the stock.</li>
</ul>


Margin recovery drives stock higher – Operating profit beat estimates, margins rebounded to 13.6%, and forex gains provided a boost despite weak sales.
European rebound offers upside – Makita, with 20% market share, is set to benefit from a forecasted 2025 construction sector recovery after two years of contraction.
Valuation remains attractive – With improving ROIC, inventory normalisation, and steady growth prospects, a DCF model suggests an 18% upside for the stock.


Makita Corp

Makita (6586) | Powering Up