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>Q3 net sales reached ¥652,153 million, up 1.0% quarter-on-quarter, driven by strong demand for power generators and battery energy storage systems. Operating profit of ¥54,536 million (-10.1% QoQ) missed expectations.</li>
<li>There has been a notable vibe-shift since Kishida took over as CEO - more focus on operational improvements and hopefully margin accretion.</li>
<li>Strategic M&amp;A remains a driver and the Makino Milling deal makes sense. At 14x EV / EBIT, the stock should be on the radar of value or GARP investors</li>
</ul>


Q3 net sales reached ¥652,153 million, up 1.0% quarter-on-quarter, driven by strong demand for power generators and battery energy storage systems. Operating profit of ¥54,536 million (-10.1% QoQ) missed expectations.
There has been a notable vibe-shift since Kishida took over as CEO - more focus on operational improvements and hopefully margin accretion.
Strategic M&amp;A remains a driver and the Makino Milling deal makes sense. At 14x EV / EBIT, the stock should be on the radar of value or GARP investors


Nidec Corp

Nidec | Pragmatism Shines; Q3 Results