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.

Shimano (7309) | A Slow but Steady Ascent

Equity Bottom-Up

<ul>
<li>Shimano beat Q1 profit expectations but stuck to cautious full-year guidance, signalling stabilisation in bike markets rather than a real recovery.</li>
<li>Margins improved, inventories stabilised — but Shimano’s profitability remains well below historic highs, with recovery likely to stay slow and steady.</li>
<li>Strong balance sheet, resilient pricing, limited US exposure: Shimano looks a defensive bet, even if management's guidance ends up on the optimistic side.</li>
</ul>


Shimano beat Q1 profit expectations but stuck to cautious full-year guidance, signalling stabilisation in bike markets rather than a real recovery.
Margins improved, inventories stabilised — but Shimano’s profitability remains well below historic highs, with recovery likely to stay slow and steady.
Strong balance sheet, resilient pricing, limited US exposure: Shimano looks a defensive bet, even if management's guidance ends up on the optimistic side.


Shimano Inc

Shimano (7309) | Coasting, Not Sprinting