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) | Footwear Fallout as Nike's Q2 Sends Sector Shockwaves

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Equity Bottom-Up

<ul>
<li>Asics unveils MTP with focus on financial milestones: 7-10% Sales CAGR to 660 billion yen and Operating profit of 80 billion yen by 2026. </li>
<li>The biggest risk to the MTP looks to be market share goals in the US. However, we think overall sales and margin targets are achievable.</li>
<li>The share price is up 80% YTD and stock is no longer cheap. However, plugging in the MTP assumptions into a DCF reveals further 17% upside</li>
</ul>


Asics unveils MTP with focus on financial milestones: 7-10% Sales CAGR to 660 billion yen and Operating profit of 80 billion yen by 2026. 
The biggest risk to the MTP looks to be market share goals in the US. However, we think overall sales and margin targets are achievable.
The share price is up 80% YTD and stock is no longer cheap. However, plugging in the MTP assumptions into a DCF reveals further 17% upside


Asics (7936) | Stepping Ahead with New MTP

ASICS Corp

Asics (7936) | Stepping Ahead with New MTP