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>Q2 saw sales growth slow sharply (+8% yoy vs +16% in Q1) with OPM collapsing 600bps qoq; OP cut 34% sequentially.</li>
<li>China sales reset to long-term average, but FY25 outlook slashed to ¥58b (-42% vs prior) with limited disclosure on margin impact.</li>
<li>Stock down 25% post-results; buyback expansion (¥50b cap maintained) and long-only accumulation (First Eagle to 9.4%) provide near-term support.</li>
</ul>


Q2 saw sales growth slow sharply (+8% yoy vs +16% in Q1) with OPM collapsing 600bps qoq; OP cut 34% sequentially.
China sales reset to long-term average, but FY25 outlook slashed to ¥58b (-42% vs prior) with limited disclosure on margin impact.
Stock down 25% post-results; buyback expansion (¥50b cap maintained) and long-only accumulation (First Eagle to 9.4%) provide near-term support.


Shimano (7309 JP) — Q2 Miss Resets Expectations; China Drag Masks EU Recovery

Shimano Inc

Shimano (7309 JP) — Q2 Miss Resets Expectations; China Drag Masks EU Recovery