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.

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Aisin Corp Placement - US$1.1bn Selldown by Toyota and DENSO

Aisin (7259 JP): A US$1.1 Billion Secondary Offering

Equity Bottom-Up

<ul>
<li>Nine months have passed since Aisin announced a transformative MTP. Investors remain sceptical that it will deliver higher returns. </li>
<li>Improving margins on hybrid transmissions, new products for BEVs and better capital allocation could deliver 70% upside for investors.</li>
<li>The key risk is the assumption that operating margins can rise above 8% versus the historical average of 5%. </li>
</ul>


Nine months have passed since Aisin announced a transformative MTP. Investors remain sceptical that it will deliver higher returns. 
Improving margins on hybrid transmissions, new products for BEVs and better capital allocation could deliver 70% upside for investors.
The key risk is the assumption that operating margins can rise above 8% versus the historical average of 5%. 


Aisin

Aisin (7259) | Nine Months Ago