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.

MHI (7011): AI Power Demand and Gas-Turbine Supercycle Accelerate

Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>MHI sits at the nexus of two multi-decade demand cycles: (1) hyperscaler-driven dispatchable power (GTCC) and (2) global defense rearmament</li>
<li>Energy Systems is inflecting from a legacy EPC business into a higher-margin, capacity-constrained turbine and services franchise</li>
<li>Defense provides a growing, non-correlated earnings stream; Balance sheet improvement unlocks strategic and shareholder optionality. <strong>SOTP +15% upside</strong>
</li>
</ul>


MHI sits at the nexus of two multi-decade demand cycles: (1) hyperscaler-driven dispatchable power (GTCC) and (2) global defense rearmament
Energy Systems is inflecting from a legacy EPC business into a higher-margin, capacity-constrained turbine and services franchise
Defense provides a growing, non-correlated earnings stream; Balance sheet improvement unlocks strategic and shareholder optionality. SOTP +15% upside



MHI (7011 JP) | AI Power + Defense Supercycle