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.

Yamaha Motors (7272 JP) | Staying the Course in Choppy Macro Waters

Equity Bottom-Up

<ul>
<li>Yamaha Motors had blow-out 1Q results. The 20% share price rally since then suggests much of the good news is in the price</li>
<li>We are concerned that deteriorating macro-economic conditions in the US due to higher interest rates could derail demand for marine engines and boats</li>
<li>The stock price of US peer, Brunswick has already started to correct. Yamaha now trades at a premium valuation</li>
</ul>


Yamaha Motors had blow-out 1Q results. The 20% share price rally since then suggests much of the good news is in the price
We are concerned that deteriorating macro-economic conditions in the US due to higher interest rates could derail demand for marine engines and boats
The stock price of US peer, Brunswick has already started to correct. Yamaha now trades at a premium valuation


Yamaha Motors (7272) | Choppy Waters Ahead