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.

Asics (7936) | It's a Marathon, Not a Sprint

Equity Bottom-Up

<ul>
<li>We see near term headwinds to the outlook from supply chain disruptions. Q4 earnings and guidance for 2022 may disappoint a market that had started to price in margin expansion. </li>
<li>Asics may have gained share in some markets during Covid but we do not see this as permanent shift in brand awareness or power.  </li>
<li>The mid-term plan, digital strategy and 2030 vision are unspectacular and undifferentiated. Fed tightening could be an achilleas heel for Asics valuation.  </li>
</ul>


We see near term headwinds to the outlook from supply chain disruptions. Q4 earnings and guidance for 2022 may disappoint a market that had started to price in margin expansion. 
Asics may have gained share in some markets during Covid but we do not see this as permanent shift in brand awareness or power.  
The mid-term plan, digital strategy and 2030 vision are unspectacular and undifferentiated. Fed tightening could be an achilleas heel for Asics valuation.  


ASICS Corp

Asics (7936) | Running Out of Steam