Japan Specialist

Mark Chadwick

Equity Bottom-Up

GOLDWIN INC. manufactures and markets sportswear for skiing, snowboarding, soccer, tennis, swimming, and other outdoor activities.

<ul>
<li>Growth Inflection: Goldwin's mid-term plan targets ¥190 billion in sales, driven by The North Face's expansion and a transformation of the Goldwin brand globally.</li>
<li>Profitability: Shifting from wholesale to direct-to-consumer, Goldwin has achieved significant margin growth, expanding operating margins to 19%, with further gains expected.</li>
<li>Strong Capital Position: Goldwin's robust balance sheet and anticipated ¥100 billion free cash flow support shareholder returns, alongside a proven management track record of delivering on growth objectives.</li>
</ul>


Growth Inflection: Goldwin's mid-term plan targets ¥190 billion in sales, driven by The North Face's expansion and a transformation of the Goldwin brand globally.
Profitability: Shifting from wholesale to direct-to-consumer, Goldwin has achieved significant margin growth, expanding operating margins to 19%, with further gains expected.
Strong Capital Position: Goldwin's robust balance sheet and anticipated ¥100 billion free cash flow support shareholder returns, alongside a proven management track record of delivering on growth objectives.


Thematic (Sector/Industry)

<ul>
<li>U.S. stocks soared Thursday, with the Dow Jones climbing 522 points (1.26%) to close above 42,000 for the first time</li>
<li>European vehicle sales dropped 17% year-on-year to 755,000 units in August, with electric vehicle (EV) sales down 36%</li>
<li>Japanese household financial assets reached a record 2,212 trillion yen (about $15.4 trillion) by June, rising 4.6% year-on-year, driven by higher share price</li>
</ul>


U.S. stocks soared Thursday, with the Dow Jones climbing 522 points (1.26%) to close above 42,000 for the first time
European vehicle sales dropped 17% year-on-year to 755,000 units in August, with electric vehicle (EV) sales down 36%
Japanese household financial assets reached a record 2,212 trillion yen (about $15.4 trillion) by June, rising 4.6% year-on-year, driven by higher share price


<ul>
<li>U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points</li>
<li>The Fed’s projections suggest a fed funds rate of 4.4% by 2024, with further easing into 2025</li>
<li>Japan's exports grew 5.6% in August, marking the ninth consecutive month of increase. Semiconductor-related goods drove growth</li>
</ul>


U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points
The Fed’s projections suggest a fed funds rate of 4.4% by 2024, with further easing into 2025
Japan's exports grew 5.6% in August, marking the ninth consecutive month of increase. Semiconductor-related goods drove growth


Ohayo Japan | Fed Signals Two More Rate Cuts in 2024

<ul>
<li>The S&amp;P 500 closed slightly higher on Tuesday, gaining 0.03% to finish at 5,635 after hitting a record intraday high of 5,670</li>
<li>Investors are focused on the Federal Reserve's anticipated rate cut decision on Wednesday, with a 63% chance of a 50 basis point reduction</li>
<li>Japan's average land prices rose 1.4% in July 2023, marking the third consecutive annual increase</li>
</ul>


The S&amp;P 500 closed slightly higher on Tuesday, gaining 0.03% to finish at 5,635 after hitting a record intraday high of 5,670
Investors are focused on the Federal Reserve's anticipated rate cut decision on Wednesday, with a 63% chance of a 50 basis point reduction
Japan's average land prices rose 1.4% in July 2023, marking the third consecutive annual increase


<ul>
<li>U.S. stocks closed mixed on Monday as expectations for a 50-basis-point rate cut by the Federal Reserve grew</li>
<li>The dollar weakened as the yen hit a one-year high, with expectations growing for a significant Federal Reserve rate cut this week</li>
<li>GU, Uniqlo's sister brand, has opened a New York headquarters to oversee its U.S. expansion, coinciding with the launch of its first permanent U.S. store.</li>
</ul>


U.S. stocks closed mixed on Monday as expectations for a 50-basis-point rate cut by the Federal Reserve grew
The dollar weakened as the yen hit a one-year high, with expectations growing for a significant Federal Reserve rate cut this week
GU, Uniqlo's sister brand, has opened a New York headquarters to oversee its U.S. expansion, coinciding with the launch of its first permanent U.S. store.


Ohayo Japan | Stocks Higher on Rate Expectations

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.

Mark Chadwick
Japan Specialist

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Goldwin (8111) | Scaling New Peaks

​Goldwin aims for ¥190 billion in sales through The North Face expansion and global brand transformation, with a shift to direct-to-consumer...

Mark Chadwick

Ohayo Japan | Dow Breaks 42K

​Stocks in the U.S. hit record highs, European vehicle sales decline, Japanese household financial assets reach all-time high.

Mark Chadwick

Ohayo Japan | Fed Signals Two More Rate Cuts in 2024

​U.S. stocks dip after Fed cuts rates, while Japan's exports rise for ninth straight month led by semiconductor sales. Fed projects further easing...

Mark Chadwick

Ohayo Japan | Markets Await

​S&P 500 closes slightly higher, investors await Fed rate cut decision; Japan's land prices rise for third year in a row.

Mark Chadwick

Ohayo Japan | Stocks Higher on Rate Expectations

​U.S. stocks mixed on Monday amid growing expectations for a significant Federal Reserve rate cut, dollar weakens as yen hits one-year high, GU...

Mark Chadwick

Goldwin aims for ¥190 billion in sales through The North Face expansion and global brand transformation, with a shift to direct-to-consumer...

Stocks in the U.S. hit record highs, European vehicle sales decline, Japanese household financial assets reach all-time high.

U.S. stocks dip after Fed cuts rates, while Japan's exports rise for ninth straight month led by semiconductor sales. Fed projects further easing...

S&P 500 closes slightly higher, investors await Fed rate cut decision; Japan's land prices rise for third year in a row.

U.S. stocks mixed on Monday amid growing expectations for a significant Federal Reserve rate cut, dollar weakens as yen hits one-year high, GU...