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>Strong 1H beat driven by forex gains and fishing outperformance; full-year operating income guidance unchanged as 2H faces Middle East cost headwinds.</li>
<li>Bicycle inventory overhang in Europe and China persists, though 2Q showed early signs of stabilisation; fishing tackle momentum remains robust.</li>
<li>Valuation broadly in line with historical averages; we maintain our mildly bullish view. </li>
</ul>


Strong 1H beat driven by forex gains and fishing outperformance; full-year operating income guidance unchanged as 2H faces Middle East cost headwinds.
Bicycle inventory overhang in Europe and China persists, though 2Q showed early signs of stabilisation; fishing tackle momentum remains robust.
Valuation broadly in line with historical averages; we maintain our mildly bullish view. 


Shimano (7309) | Strong 1H Masks Cautious 2H

Shimano Inc

Shimano (7309) | Strong 1H Masks Cautious 2H